Voya Financial Reports $613 Million Net Income and $8.189 Billion Revenue for 2025

Voya Financial, Inc. reported a net income available to common shareholders of $613 million for the year ended December 31, 2025, compared to $626 million for the previous year, a decrease of approximately 2%. The aggregate market value of the company's common stock held by non-affiliates as of June 30, 2025, was approximately $6.8 billion. As of February 13, 2026, there were 92,763,060 shares of the company's common stock outstanding.

The company's total revenues increased by $139 million, reaching $8.189 billion in 2025, driven by a $244 million increase in net investment income and a $283 million increase in fee income. The increase in net investment income was primarily due to income from onboarded OneAmerica assets, overall market impacts to limited partnership valuations, active portfolio management, and interest rate movements. The increase in fee income was primarily due to onboarded OneAmerica assets, higher average equity markets, and strong commercial momentum in Retirement and Investment Management. These increases were partially offset by a $264 million decrease in premiums, primarily due to actions to improve the Stop Loss business, and a $103 million worsening in net gains (losses).

Adjusted operating earnings before income taxes increased by $168 million, from $870 million to $1.038 billion. The Retirement segment contributed $959 million, Investment Management $226 million, and Employee Benefits $152 million, while Corporate incurred a loss of $299 million. The increase in adjusted operating earnings was primarily driven by revenue growth, improved alternative investment income, strong defined contribution net flows, and disciplined management of spend. These increases were partially offset by higher expenses reflecting the onboarded business and VOBA asset amortization from the OneAmerica transaction and overall business growth.

Strategic developments during the year included the acquisition of the full-service retirement plan business of OneAmerica Financial, completed on January 2, 2025, for $50 million in cash and contingent consideration of up to $160 million. This acquisition added scale and capabilities to the Retirement segment. The company also continued to execute its capital management strategy, returning approximately $380 million to shareholders through share repurchases and dividends. As of December 31, 2025, the company's total assets under management and administration reached $1.1 trillion. The company's outlook includes a focus on increasing excess capital generation and adjusted operating earnings growth through net revenue growth, margin expansion, and disciplined capital management.