Voya Financial (VOYA) | Financial Analysis & Statements
Voya Financial Inc. Mid-cap Financial Services
TL;DR: Financial Overview - Revenue, Profits & Key Metrics
Latest Quarterly: Dec 2025Income Metrics
Revenue
2.0B
Net Income
149.0M
7.27%
EPS (Diluted)
$1.41
Balance Sheet Metrics
Total Assets
178.9B
Total Liabilities
171.8B
Shareholders Equity
7.0B
Debt to Equity
24.41
Cash Flow Metrics
Free Cash Flow
557.0M
Revenue & Profitability Trend
Quarter Income Flow
Dec 31, 2025
Annual Income Flow
2025
Voya Financial Income Statement From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 8.0B | 7.9B | 7.2B | 5.8B | 3.6B |
| Cost of Goods Sold | - | - | - | - | - |
| Gross Profit | - | - | - | - | - |
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Expenses | |||||
| Research & Development | - | - | - | - | - |
| Selling, General & Administrative | - | - | - | - | - |
| Other Operating Expenses | 3.5B | 3.1B | 3.1B | 2.6B | 2.6B |
| Total Operating Expenses | 3.5B | 3.1B | 3.1B | 2.6B | 2.6B |
| Operating Income | - | - | - | - | - |
| Operating Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Non-Operating Items | |||||
| Interest Income | - | - | - | - | - |
| Interest Expense | 247.0M | 299.0M | 298.0M | 183.0M | 224.0M |
| Other Non-Operating Income | 440.0M | 423.0M | 327.0M | 148.0M | 579.0M |
| Pre-tax Income | 837.0M | 799.0M | 678.0M | 428.0M | 3.1B |
| Income Tax | 104.0M | 57.0M | -51.0M | -5.0M | -34.0M |
| Effective Tax Rate % | 12.4% | 7.1% | -7.5% | -1.2% | -1.1% |
| Net Income | 733.0M | 742.0M | 729.0M | 433.0M | 3.1B |
| Net Margin % | 9.2% | 9.4% | 10.1% | 7.5% | 86.3% |
| Key Metrics | |||||
| EBITDA | - | - | - | - | - |
| EPS (Basic) | $6.40 | $6.31 | $5.74 | $4.71 | $17.92 |
| EPS (Diluted) | $6.29 | $6.17 | $5.42 | $4.30 | $16.61 |
| Basic Shares Outstanding | 95800000 | 99207607 | 103000000 | 101000000 | 117000000 |
| Diluted Shares Outstanding | 95800000 | 99207607 | 103000000 | 101000000 | 117000000 |
Income Statement Trend
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Voya Financial Balance Sheet From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Assets | |||||
| Current Assets | |||||
| Cash & Equivalents | 1.3B | 1.5B | 1.1B | 1.0B | 1.6B |
| Short-term Investments | 27.3B | 24.2B | 25.6B | 27.4B | 33.8B |
| Accounts Receivable | 10.7B | 11.3B | 12.0B | 12.4B | 13.6B |
| Inventory | - | - | - | - | - |
| Other Current Assets | - | - | - | - | - |
| Total Current Assets | - | - | - | - | - |
| Non-Current Assets | |||||
| Property, Plant & Equipment | - | - | - | - | - |
| Goodwill | 2.5B | 2.3B | 2.4B | 1.3B | 241.0M |
| Intangible Assets | 874.0M | 832.0M | 857.0M | 630.0M | 97.0M |
| Long-term Investments | - | - | - | - | - |
| Other Non-Current Assets | - | - | - | - | - |
| Total Non-Current Assets | - | - | - | - | - |
| Total Assets | 178.9B | 163.9B | - | - | - |
| Liabilities | |||||
| Current Liabilities | |||||
| Accounts Payable | - | - | - | - | - |
| Short-term Debt | 586.0M | 399.0M | 1.0M | 141.0M | 1.0M |
| Current Portion of Long-term Debt | - | - | - | - | - |
| Other Current Liabilities | - | - | - | - | - |
| Total Current Liabilities | - | - | - | - | - |
| Non-Current Liabilities | |||||
| Long-term Debt | 2.7B | 3.2B | 3.4B | 3.3B | 3.5B |
| Deferred Tax Liabilities | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - |
| Total Non-Current Liabilities | - | - | - | - | - |
| Total Liabilities | 171.8B | 157.9B | - | - | - |
| Equity | |||||
| Common Stock | 1.0M | 1.0M | 1.0M | 1.0M | 1.0M |
| Retained Earnings | 1.4B | 954.0M | 505.0M | -201.0M | -1.3B |
| Treasury Stock | 1.0B | 754.0M | 56.0M | 39.0M | 80.0M |
| Other Equity | - | - | - | - | - |
| Total Shareholders Equity | 7.0B | 6.0B | 6.1B | 5.0B | 9.8B |
| Key Metrics | |||||
| Total Debt | 3.2B | 3.6B | 3.4B | 3.5B | 3.5B |
| Working Capital | 0 | 0 | 0 | 0 | 0 |
Balance Sheet Composition
Voya Financial Cash Flow Statement From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating Activities | |||||
| Net Income | 733.0M | 667.0M | 729.0M | 433.0M | 3.1B |
| Depreciation & Amortization | - | - | - | - | - |
| Stock-Based Compensation | 72.0M | - | 126.0M | 90.0M | 88.0M |
| Working Capital Changes | 53.0M | 107.0M | 471.0M | -288.0M | -2.2B |
| Operating Cash Flow | 1.1B | 789.0M | 1.5B | 381.0M | 1.1B |
| Investing Activities | |||||
| Capital Expenditures | - | - | - | - | - |
| Acquisitions | -1.0B | -60.0M | -684.0M | -1.6B | -467.0M |
| Investment Purchases | -9.1B | -7.0M | -4.5B | -8.9B | -8.1B |
| Investment Sales | 8.9B | 35.0M | 7.3B | 8.2B | 7.2B |
| Investing Cash Flow | -1.3B | -42.0M | 2.3B | -2.1B | -811.0M |
| Financing Activities | |||||
| Share Repurchases | -200.0M | -640.0M | -369.0M | -750.0M | -1.1B |
| Dividends Paid | -219.0M | -209.0M | -163.0M | -119.0M | -116.0M |
| Debt Issuance | 1.5B | 397.0M | 875.0M | 1.6B | 1.5B |
| Debt Repayment | -2.0B | 0 | -1.2B | -1.3B | -1.7B |
| Financing Cash Flow | -85.0M | -759.0M | -4.1B | 28.0M | -265.0M |
| Free Cash Flow | 1.3B | 911.0M | 1.6B | 1.4B | 22.0M |
| Net Change in Cash | -287.0M | -12.0M | -246.0M | -1.7B | 0 |
Cash Flow Trend
Voya Financial Key Financial Ratios
Valuation Ratios
P/E Ratio (TTM)
12.54
Forward P/E
7.09
Price to Book
1.49
Price to Sales
0.89
PEG Ratio
0.26
Profitability Ratios
Profit Margin
7.99%
Operating Margin
10.71%
Return on Equity
11.24%
Return on Assets
0.40%
Financial Health
Current Ratio
4.91
Debt to Equity
68.90
Beta
0.85
Per Share Data
EPS (TTM)
$6.29
Book Value per Share
$52.78
Revenue per Share
$85.48
Peer Financial Comparison
| Company | Market Cap | P/E Ratio | P/B Ratio | ROE | Profit Margin | Debt/Equity |
|---|---|---|---|---|---|---|
| VOYA | 7.3B | 12.54 | 1.49 | 11.24% | 7.99% | 68.90 |
| Freedom Holding | 8.9B | 7,771.00 | 6.82 | 0.23% | 0.18% | 155.89 |
| Hilltop Holdings | 2.3B | 14.23 | 1.03 | 7.79% | 12.99% | 1.11 |
| LendingTree | 650.9M | 4.36 | 2.26 | 76.49% | 13.54% | 153.28 |
| B. Riley Financial | 268.6M | 1.03 | -1.94 | -248.92% | 35.37% | -13.02 |
| BrightSphere | 983.0M | 16.06 | - | 510.95% | 13.92% | 3.92 |
Financial data is updated regularly. All figures are in the company's reporting currency.





