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VOYA-PB

Voya Financial, Inc.

VOYA-PB

Voya Financial, Inc. • NYSE
$24.33 ▲ 0.37% (+0.09)
Market Cap $7.41 B
52w High $25.34
52w Low $22.81
Dividend Yield 1.34%
P/E 2.88
Volume 6.46K
Outstanding Shares 304.52M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $-367M ▼ $192M ▲ 0% $1.83 ▲ $367M ▲
Q2-2025 $0 $-251M ▼ $166M ▲ 0% $1.68 ▲ $251M ▲
Q1-2025 $0 $-240M ▼ $156M ▲ 0% $1.45 ▲ $240M ▲
Q4-2024 $0 $-195M ▼ $97M ▼ 0% $0.97 ▼ $195M ▲
Q3-2024 $0 $-185M $114M 0% $1 $185M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $28.208B ▲ $177.448B ▲ $170.365B ▲ $4.957B ▲
Q2-2025 $27.648B ▲ $172.436B ▲ $165.883B ▲ $4.629B ▲
Q1-2025 $27.137B ▲ $163.95B ▲ $157.589B ▼ $4.383B ▲
Q4-2024 $25.697B ▼ $163.889B ▼ $157.882B ▼ $4.005B ▼
Q3-2024 $26.722B $166.933B $160.351B $4.719B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $0 $168M ▼ $-718M ▼ $505M ▲ $-45M ▼ $168M ▼
Q2-2025 $0 $742M ▲ $-524M ▼ $93M ▲ $311M ▲ $742M ▲
Q1-2025 $0 ▼ $-179M ▼ $245M ▲ $-570M ▼ $-504M ▼ $-179M ▼
Q4-2024 $97M ▲ $79M ▼ $-23M ▲ $-87M ▼ $-31M ▼ $79M ▼
Q3-2024 $0 $719M $-486M $132M $365M $719M

Revenue by Products

Product Q3-2024Q1-2025Q2-2025Q3-2025
Employee Benefits
Employee Benefits
 $890.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Investment Management
Investment Management
 $250.00M ▲$240.00M ▼$240.00M ▲$260.00M ▲
Investment Management Segment
Investment Management Segment
 $0 ▲$240.00M ▲$240.00M ▲$260.00M ▲
Retirement
Retirement
 $730.00M ▲$180.00M ▼$180.00M ▲$190.00M ▲
Retirement Segment
Retirement Segment
 $0 ▲$0 ▲$820.00M ▲$850.00M ▲
Corporate Segment
Corporate Segment
 $10.00M ▲$0 ▼$0 ▲$0 ▲
Health Solutions Segment
Health Solutions Segment
 $0 ▲$840.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Voya’s earnings profile looks healthier and more consistent than a few years ago, though still a bit uneven, which is common in financial businesses. Revenue has generally trended upward over the last few years after a dip in the early part of the period. Profitability has improved from a loss earlier in the decade to steady profits more recently, with operating income and net income both clearly positive. That said, one of the years stands out as unusually strong, suggesting there were one‑off items or market-driven gains that are unlikely to repeat at the same scale. Overall, the picture is of a company that has moved from a more volatile, mixed result period into a phase of more stable, but still cyclical, profitability.

Balance Sheet

Balance Sheet Voya’s balance sheet shows a large asset base, as expected for a financial and retirement-focused firm, with only modest changes in total assets over time. Debt levels have stayed fairly steady, not ramping up dramatically, which points to a disciplined approach to borrowing. Equity has come down from earlier higher levels to a lower, tighter base, which may reflect share repurchases, market movements, or accounting adjustments rather than simple operating weakness. Cash on hand is small compared with total assets, but that is normal for an insurance and investment platform where most resources sit in invested portfolios, not idle cash. Overall, the balance sheet looks controlled but more leveraged than earlier in the period, which can amplify both gains and losses in stressed markets.

Cash Flow

Cash Flow Cash generation from operations has been positive in most recent years, but it has swung around, reflecting the inherent sensitivity of a financial business to markets, claims experience, and interest rates. In the latest couple of years, operating cash flow appears solid, following a much weaker patch earlier in the period. Because Voya’s business is capital-light and not machinery-intensive, there is essentially no traditional capital spending, so free cash flow closely mirrors operating cash flow. This structure can be attractive because it leaves more room for capital returns and strategic investments, but it also means cash flows will ebb and flow with financial market conditions and underwriting results rather than with physical expansion plans.

Competitive Edge

Competitive Edge Voya holds a strong position in workplace-focused retirement, health, and investment solutions, which gives it deep relationships with employers and their employees. Its model is well diversified across wealth, health, and investment management, so the company is not overly dependent on any single product line. The brand is well recognized in retirement and benefits, and its broad distribution network helps it win and retain large institutional and mid-sized clients. A capital-light approach and focus on fee-based and service-oriented products support earnings resilience compared with more balance-sheet-heavy insurers. The main competitive risks come from other large benefits and asset management players, as well as from fintech platforms that aim to chip away at parts of the value chain, so continued differentiation and service quality will be critical.

Innovation and R&D

Innovation and R&D Voya’s “innovation” is more about digital platforms and data use than about traditional laboratory R&D. The company is clearly leaning into a digital-first strategy: tools like the myVoyage platform and myHealth&Wealth experience aim to give users a single, integrated view of their benefits, savings, and investments, which can increase engagement and stickiness. The use of AI and data analytics to personalize guidance, streamline claims (through initiatives like Claims 360), and improve service through chatbots and intelligent routing shows a focus on both customer satisfaction and operating efficiency. Partnerships with technology firms such as Orion and Workday extend Voya’s capabilities rather than requiring it to build everything in-house, which can speed innovation but does create some dependency on partners. The key watch point is whether these digital investments translate into stronger client retention, higher cross-selling, and lower servicing costs over time.

Summary

Voya Financial appears to have transitioned from a more volatile and mixed earnings period into a phase of steadier, though still market-sensitive, profitability. Its balance sheet looks generally sound, with stable debt and a large, diversified asset base, but with thinner equity than earlier years, which increases financial leverage. Cash flows are positive and can be strong, but they naturally move with markets and insurance dynamics rather than following a smooth path. Competitively, Voya benefits from a diversified mix of retirement, health, and investment offerings, strong employer relationships, and a capital-light model. Its digital and data-driven initiatives—especially integrated platforms that bring health and wealth together—are central to its strategy and could deepen its moat if execution remains strong. The main uncertainties for observers are how well Voya weathers future market cycles and how much tangible earnings and client gains it can extract from its ongoing digital transformation.