Voya Financial, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Voya Financial, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	8,788	8,046	7,161	7,478	7,649	4,174	5,930	7,348	8,050	8,189
Operating expenses	2,655	2,562	2,599	2,753	2,654	2,586	2,542	3,096	3,082	3,447
Operating income	115							916	870	1,038
Interest expense	288	184	221	176
Other non-operating income	342	379	443	465	409	579	148
Pre-tax income	777	385	521	574	352	3,085	428	678	799	837
Income tax	-29	687	39	-217	-18	-34	-5	-51	57	104
Income from continuing operations	10	-519	337	713	177	2,322	474	589
Net income to minority interests	29	217	145	50	157	761	-77	104	75	79
Net income	-327	-2,992	762	-360	-206	2,370	510	625	667	654
EBITDA	213
EPS, basic	-1.59	-15.82	5.22	-3.07	-2.12	20.02	4.70	5.74	6.31	6.40
EPS, diluted	-1.57	-15.82	5.06	-2.95	-2.06	18.56	4.30	5.42	6.17	6.29
Shares, basic (weighted)	206	189	146	126	114	117	101	103	99.2	95.8
Shares, diluted (weighted)	208	189	151	132	118	126	110	109	101	97.4
Dividend per share	0.04	0.04	0.04	0.36	0.67	0.70	0.80	1.20	1.70	1.82

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2,096	854	1,237	1,181	1,502	1,402	1,007	1,118	1,514	1,348
Goodwill		31	48	48	48	72	327	748	748	804
Intangible assets	188	155	121	87	76	97	631	857	832	874
Total assets	214,585	222,532	155,382	168,990	180,518	171,262	146,606	157,085	163,889	178,859
Short-term debt	0	337	1	1	1	1	141	1	399	586
Long-term debt	3,550	3,123	3,136	3,042	3,044	2,595	2,094	2,097	2,103	1,518
Total liabilities	200,617	211,493	146,437	158,829	169,340	161,441	141,609	151,032	157,882	171,820
Total debt	3,550	3,460	3,137	3,043	3,045	2,596	2,235	2,098	2,502	2,104
Paid-in capital	23,609	23,821	24,316	11,184	11,183	7,542	6,643	6,143	6,266	6,358
Treasury stock	-2,796	-3,827	-4,981	-460	-1,016	-80	-39	-56	-754	-1,010
Other comprehensive income	1,921	2,731	607	3,331	4,898	1,807	-3,055	-2,400	-2,462	-1,788
Shareholders' equity	12,995	10,009	8,153	9,339	10,110	8,253	3,349	4,193	4,005	4,953
Minority interests	973	1,030	792	822	1,068	1,568	1,482	1,685	1,783	1,864
Total equity	13,968	11,268	8,945	10,161	11,178	9,668	4,831	5,878	5,788	6,817
Total liabilities and equity	214,585	222,532	155,382	168,990	180,518	171,262	146,606	157,085	163,889	178,859
Shares outstanding	200	177	135	118	111	108	97.2	103	95.5	93.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-298	-2,775	907	-310	-49	3,131	433	729	742	733
Depreciation and amortization	98.6	19
Stock-based compensation	99	117	96	98	88	88	90	126	96	72
Deferred income tax	-151	815	-81	-318	-9	410	3	-62	42	89
Cash from operations	3,692	1,582	1,868	1,310	1,362	22	1,352	1,638	1,345	1,288
Capital expenditures	-66.7
Acquisitions						0	-2	-584	0	224
Purchases of investments	-9,839	-6,445	-7,513	-6,455	-6,719	-7,831	-8,518	-4,439	-5,511	-9,007
Sales and maturities of investments	8,112	7,001	6,419	6,423	5,395	6,684	7,900	6,980	6,239	8,726
Cash from investing	-3,683	-2,428	-282	-1,255	-2,461	-327	-1,946	2,532	481	-1,369
Debt issued						0	0	388	397	0
Stock issued	1	3	3	3	4	4	7	0	6	5
Share buybacks	-687	-923	-1,025	-1,136	-516	-1,113	-750	-369	-640	-200
Dividends paid	-8	-8	-6	-44	-36	-36	-83	-127	-171	-178
Cash from financing	389	-349	-1,764	-121	1,702	-265	28	-4,059	-1,430	-85
Net change in cash	398	-1,195	-178	-66	603	-570	-566	111	396	-166
Free cash flow	3,625
Interest paid	190	174	180	159	154	157	131	113	103	115
Income taxes paid	69	-154	1	-127	-111	3	14	11	9	15

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $97.27 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	9.1%	Pre-tax income / revenue.
Net margin	7.4%	Net income / revenue.
Operating cash flow margin	14.6%	Cash from operations / revenue.
Effective tax rate	14.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	13.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.3%	Net income / average total assets.
Stock-based pay / revenue	1.1%	Stock-based compensation (from the cash flow statement) / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	1.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	19.3%	Operating income vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-1.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	8.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	1.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	13.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-4.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-1.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-1.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	7.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	31.5%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	22.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	23.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	13.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-13.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	9.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-0.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-3.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.45x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	1.1%	Total debt / total assets.
Liabilities / assets	96.4%	Total liabilities / total assets.
Net debt	$1.02B	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	0.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$3.03B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.04x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$6.59	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$88.47	Revenue / diluted weighted shares.
Operating cash flow per share	$12.91	Cash from operations / diluted weighted shares.
Book value per share	$51.72	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$33.42	Tangible book value / shares outstanding.
Cash per share	$11.98	(Cash + short-term investments) / shares outstanding.
Payout ratio	29.3%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$8.81B	Share price x shares outstanding.
Enterprise value	$9.83B	Market cap + total debt - cash - short-term investments.
P/E	14.5x	Market cap / net income. Only when net income is positive.
P/S	1.08x	Market cap / revenue.
P/B	1.88x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.91x	Market cap / tangible book value, when positive.
P/OCF	7.39x	Market cap / cash from operations, when positive.
EV/Sales	1.20x	Enterprise value / revenue.
Earnings yield	6.9%	Net income / market cap (the inverse of P/E).
Dividend yield	2.0%	Dividends paid over the period / market cap.
Shareholder yield	7.7%	(Dividends paid + share buybacks) / market cap.
PEG	1.07x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Voya Financial, Inc.'s revenue in fiscal 2025?

Voya Financial, Inc. reported revenue of $8.19B for fiscal 2025, 1.7% higher than the year before.

Was Voya Financial, Inc. profitable in fiscal 2025?

Yes. Net income was $654.0M, a net margin of 8%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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