10-Q · May 7, 2026
In Q1 2026, Voya Financial reported strong results with a net income of $165 million and an EPS of $2.26, exceeding analyst expectations. Revenue also increased to $2.03 billion, reflecting a significant year-over-year…
Earnings analysis · 10-Q
VOYA earnings analysis
Filed November 4, 2026 · Our reading of the company's report
The latest report
Voya’s third quarter showed improving operating momentum in Retirement and Employee Benefits, including positive Retirement flows and better Group Life claims experience, but consolidated revenue fell 4.8% year over…
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Voya’s third quarter showed improving operating momentum in Retirement and Employee Benefits, including positive Retirement flows and better Group Life claims experience, but consolidated revenue fell 4.8% year over year to $2,025 million. GAAP common earnings increased to $193 million, while adjusted operating earnings were broadly stable at $288 million and investment-related losses worsened materially. The balance sheet remains supported by a 396% RBC ratio and approximately $250 million of excess capital, but leverage, unrealized fixed-income losses and year-to-date Employee Benefits earnings remain key concerns. No quantitative revenue or EPS guidance was provided.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Fee income growth offset by investment losses
Third-quarter total revenue was $2,025 million, down $103 million, or 4.8%, from $2,128 million year over year. Fee income increased $24 million to $640 million, but net losses worsened by $87 million to a loss of $108 million.
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Common earnings improved despite lower revenue
GAAP net income available to common shareholders increased to $193 million from $176 million year over year, while income before taxes declined $20 million to $287 million. Adjusted operating earnings before taxes were $288 million versus $290 million.
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Retirement assets and earnings expanded
Retirement adjusted operating earnings rose $5 million to $266 million, supported by higher fee income, higher average equity markets and commercial momentum. Retirement total client assets increased to $877,982 million from $784,821 million, up approximately 11.9%.
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Retirement flows turned strongly positive
Retirement third-quarter total defined-contribution net flows were positive $13,772 million versus negative $11,032 million a year earlier, driven by recordkeeping net flows of $16,262 million versus negative $8,110 million.
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Group Life claims experience improved
Employee Benefits adjusted operating earnings increased $4 million to $51 million, helped by favorable Group Life claims experience. The Group Life loss ratio improved to 53.6% from 74.2%.
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Capital position supports shareholder returns
Liquidity remained supported by an estimated combined RBC ratio of 396% and approximately $250 million of excess capital at September 30, 2026. The company also authorized an additional $500 million of share repurchases on October 29, 2026.
What to watch
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Investment valuation losses remain material
Interest-rate and valuation volatility materially pressured results: quarterly net gains and losses deteriorated to a loss of $108 million from a loss of $21 million, primarily from fair-value adjustments, impairments and portfolio repositioning.
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Higher leverage and lower equity
Balance-sheet leverage increased: the debt-to-capital ratio rose to 35.4% from 29.8% at December 31, 2025, while total financial debt was $2,086 million and total shareholders’ equity fell to $5,637 million from $6,817 million.
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Large unrealized fixed-income losses
Unrealized credit-related losses increased: eleven fixed maturities had unrealized losses above $10 million versus three at year-end, and losses on those securities were $149 million versus $34 million.
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Benefits profitability weakened year to date
Employee Benefits remains exposed to Stop Loss and Voluntary product pressures. Nine-month segment earnings declined $26 million to $136 million, while the Stop Loss loss ratio increased to 83.2% from 79.6% and Voluntary reserves increased.
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Severance increased corporate losses
Corporate costs rose with efficiency actions: third-quarter corporate adjusted operating earnings including noncontrolling interest worsened to a loss of $91 million from a loss of $81 million, including approximately $25 million of severance expense.
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Holding-company liquidity remains limited
Holding-company liquidity declined modestly despite new financing and subsidiary distributions: ending cash and cash equivalents were $141 million versus $155 million at the beginning of 2026, and cash plus liquid short-term investments were $240 million.
Management's outlook
The 10-Q provides no quantitative revenue or EPS guidance and does not disclose a change versus prior guidance. Management states it expects to earn 9% on certain alternative investments over the long term, based on current plans.
Earlier filings 4
10-K · February 20, 2026
Voya’s 2025 10-K positions the company as a capital-light, diversified provider of workplace retirement, investment management and employee benefits solutions with scale (consolidated AUM/AUA of $1.1 trillion) and a…
10-Q · November 6, 2025
Voya reported Q3 2025 revenue of $2,128 million and diluted EPS of $1.80, both materially higher than the prior-year quarter (revenue $1,956 million; diluted EPS $0.98). Income before income taxes rose to $307 million…
10-Q · August 1, 2024
Voya reported Q2 (three months ended June 30, 2024) total revenues of $2,033 million, up $162 million versus $1,871 million in Q2 2023, and net income available to common shareholders of $201 million (diluted EPS $1.96…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.