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Athene vs Voya Financial: revenue, profit, margins and growth compared

Athene brought in $25.7B of revenue in fiscal 2025, Voya Financial $8.2B in fiscal 2025. Revenue changed by +24.1% at Athene and +1.7% at Voya Financial on the year before, so Athene grew faster. Athene kept 10.6% of its revenue as net profit, Voya Financial 8.0%.

Side by side, latest fiscal year

ATHSVOYA
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$25.7B$8.2B
Revenue growth+24.1%+1.7%
Net income$2.7B$654M
Net margin10.6%8.0%
Free cash flown/an/a
Free cash flow marginn/an/a
Earnings per share (diluted)n/a$6.29
Cash$16.9B$1.3B
Debt$7.8B$2.1B
Price to earningsn/a15.5
Market value$5B$8.8B
Dividend yieldn/a1.87%
Rank by revenue in sector#23 of 444 · Finance#67 of 444 · Finance

Over the years

Revenue
ATHS FY2018: $6.6BATHS FY2019: $16.3BATHS FY2020: $14.8BATHS FY2021: $26.3BATHS FY2022: $7.6BATHS FY2023: $28.2BATHS FY2024: $20.7BATHS FY2025: $25.7BVOYA FY2018: $7.2BVOYA FY2019: $7.5BVOYA FY2020: $7.6BVOYA FY2021: $4.2BVOYA FY2022: $5.9BVOYA FY2023: $7.3BVOYA FY2024: $8.1BVOYA FY2025: $8.2BFY18FY19FY20FY21FY22FY23FY24FY25
ATHS $25.7BVOYA $8.2B
Net income
ATHS FY2018: $1.1BATHS FY2019: $2.2BATHS FY2020: $1.5BATHS FY2021: $3.9BATHS FY2022: -$2.9BATHS FY2023: $4.7BATHS FY2024: $3.5BATHS FY2025: $2.7BVOYA FY2018: $762MVOYA FY2019: -$360MVOYA FY2020: -$206MVOYA FY2021: $2.4BVOYA FY2022: $510MVOYA FY2023: $625MVOYA FY2024: $667MVOYA FY2025: $654MFY18FY19FY20FY21FY22FY23FY24FY25
ATHS $2.7BVOYA $654M
Net margin
ATHS FY2018: 15.9%ATHS FY2019: 13.4%ATHS FY2020: 10.4%ATHS FY2021: 14.7%ATHS FY2022: -38.2%ATHS FY2023: 16.5%ATHS FY2024: 16.7%ATHS FY2025: 10.6%VOYA FY2018: 10.6%VOYA FY2019: -4.8%VOYA FY2020: -2.7%VOYA FY2021: 56.8%VOYA FY2022: 8.6%VOYA FY2023: 8.5%VOYA FY2024: 8.3%VOYA FY2025: 8.0%FY18FY19FY20FY21FY22FY23FY24FY25
ATHS 10.6%VOYA 8.0%
Revenue growth
ATHS FY2019: +145.0%ATHS FY2020: -9.2%ATHS FY2021: +78.3%ATHS FY2022: -71.0%ATHS FY2023: +269.9%ATHS FY2024: -26.6%ATHS FY2025: +24.1%VOYA FY2019: +4.4%VOYA FY2020: +2.3%VOYA FY2021: -45.4%VOYA FY2022: +42.1%VOYA FY2023: +23.9%VOYA FY2024: +9.6%VOYA FY2025: +1.7%FY19FY20FY21FY22FY23FY24FY25
ATHS +24.1%VOYA +1.7%

Fiscal years as each company reports them; the two may end in different months.

Questions about Athene and Voya Financial

Which is bigger by revenue, Athene or Voya Financial?

Athene is bigger by revenue: $25.7B in fiscal 2025, against $8.2B for Voya Financial in fiscal 2025.

Which keeps more of its revenue as profit, Athene or Voya Financial?

Athene had a net margin of 10.6% in fiscal 2025; Voya Financial had 8.0% in fiscal 2025.

Which grew revenue faster, Athene or Voya Financial?

In their latest fiscal years revenue changed by +24.1% at Athene and +1.7% at Voya Financial.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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