Voya Financial (VOYA) Q3 2026 earnings summary

Executive summary

• Adjusted operating EPS was $2.60, up 6% YoY and more than 14% excluding severance; commercial momentum, expense discipline and share repurchases supported growth.

• Excess capital generation was $225 million, or 95% of after-tax adjusted operating earnings; Retirement and Investment Management showed momentum, while Employee Benefits profitability improved.

Financial highlights

• Adjusted operating earnings after tax were $240 million vs. $239 million; results included $25 million of pre-tax severance expense, estimated to reduce EPS by $0.20.

• Net income available to common shareholders rose to $193 million from $176 million, and diluted EPS increased to $2.09 from $1.80.

• Revenue was $2.025 billion vs. $2.128 billion; net investment losses widened to $108 million from $21 million, while Q3 fee income increased $24 million to $640 million.

Outlook and guidance

• 2026 excess capital generation is expected to exceed $800 million despite ~ $70 million of year-to-date severance costs; free cash flow is estimated at $800 million or more, with conversion at or above 90%.

• Year-to-date expense actions are expected to benefit Q4 2026 and FY 2027; Retirement and Employee Benefits administrative expenses are expected in the lower end of their guidance ranges.

• Retirement expects positive organic net flows in 2026; the large Q3 plan implementation is episodic and not expected to recur in Q4. Retirement margin guidance remains 35%-39%.

• Alternative investment returns are expected to moderate near term; Employee Benefits margin improvement is expected to continue into 2027.