Voya Financial (VOYA) Q2 2026 earnings summary

Executive summary

• Net income available to common shareholders for Q2 2026 was $90 million ($0.97 per diluted share), down from $162 million ($1.66 per diluted share) in Q2 2025, mainly due to lower adjusted operating earnings and severance expenses.

• After-tax adjusted operating earnings were $140 million ($1.51 per diluted share), compared to $240 million ($2.46 per diluted share) in the prior year, reflecting lower alternative investment income and severance costs.

• Business momentum remained strong, with higher fee-based revenues, commercial growth, and disciplined execution, supported by the successful integration of OneAmerica.

• Surpassed 10 million Retirement participant accounts, enhancing scale and long-term growth in Retirement.

• Total revenues for Q2 2026 were $1,896 million, down $85 million year-over-year, mainly due to lower net investment income and losses in consolidated investment entities, partially offset by higher fee income and other revenue.

Financial highlights

• Q2 2026 net income: $90 million; after-tax adjusted operating earnings: $140 million ($1.51 per share), including $0.90 per share negative impact from alternative investments and severance.

• Fee-based revenue in Retirement increased 10% year-over-year, now over 60% of segment revenue; Retirement margins at 38%.

• Investment Management adjusted operating earnings up 12% year-over-year to $57 million; net inflows of $1.2 billion in the quarter; AUM at $377 billion.

• Employee Benefits adjusted operating earnings were $22 million in the quarter; aggregate loss ratios improved by five points over 12 months to 74%.

• Cash conversion above 100% in the quarter; $150 million excess capital generated in Q2 2026.

Outlook and guidance

• Strong underlying performance trends and benefits from expense actions support a robust outlook for the second half of 2026, with expense savings expected to fully offset severance costs within two quarters.

• Cash generation is on track to exceed 2025, with robust free cash flow conversion above 90%.

• At least $100 million planned for share repurchases in Q3, with flexibility for additional capital deployment in Q4.