Voya Financial (VOYA) Q4 2025 earnings summary

Executive summary

• Delivered strong financial and commercial results in 2025, exceeding targets and accelerating growth strategy, with robust excess cash generation of $775 million and record commercial results in Retirement and Investment Management; combined assets surpassed $1 trillion.

• Pre-tax adjusted operating earnings surpassed $1 billion for the year, with significant growth across all segments and contributions from the OneAmerica acquisition.

• Net income available to common shareholders was $613 million, with after-tax adjusted operating earnings of $861 million ($8.85 per diluted share), up from $736 million in 2024.

• Significant improvement in Employee Benefits margins, particularly in Stop Loss, contributed to overall earnings growth.

• Positioned for continued momentum and growth in 2026.

Financial highlights

• Adjusted operating earnings reached $1.038 billion in FY'25, up 19% year-over-year; adjusted operating EPS rose 22% to $8.85.

• Q4 2025 net income was $136 million, up from $93 million in Q4 2024, driven by higher after-tax adjusted operating earnings.

• Generated $775 million in excess capital for the year, a 19% increase over the prior year, including $175 million in Q4.

• Full-year net income was $613 million, slightly below the prior year due to non-recurring prior period tax benefits.

• Adjusted return on equity expanded by over 200 basis points to 18.6%.

Outlook and guidance

• Expect further improvement in excess capital generation and margin expansion in 2026, with priorities including growing cash generation, maintaining a strong balance sheet, and driving commercial momentum in Retirement and Investment Management.

• Anticipate strong defined contribution net inflows in retirement, especially in the back half of 2026.

• Investment management expected to deliver another year of organic growth above long-term targets.

• Continued focus on commercial momentum, margin improvement, and capital flexibility.