Voya Financial (VOYA) Q1 2026 earnings summary

Executive summary

• Net income available to common shareholders for Q1 2026 was $165 million ($1.75 per diluted share), up 23% year-over-year, with adjusted operating EPS of $2.26, up 13% year-over-year, and strong earnings growth across all business segments.

• Approximately $200 million of capital was generated and returned to shareholders via dividends and share repurchases in Q1 2026.

• Maintained robust and sustainable margins in Retirement and Investment Management, with margin expansion in Employee Benefits.

• Completed the acquisition and integration of OneAmerica Financial's retirement plan business, strengthening Retirement scale and earnings power.

Financial highlights

• Q1 2026 adjusted operating EPS was $2.26, up 13% year-over-year; trailing 12-month adjusted operating EPS reached $9.11, up over 20%.

• Net income available to common shareholders increased to $165 million from $139 million year-over-year.

• Net investment income rose to $569 million, and fee income increased to $604 million, reflecting higher equity markets and commercial momentum.

• All segments reported higher revenues and adjusted operating earnings, with expense discipline sustaining strong margins.

• Basic EPS was $1.78, diluted EPS was $1.75, both up from $1.45 and $1.42, respectively.

Outlook and guidance

• Expect strong net inflows in Retirement and Investment Management for Q2 and full year 2026, following a record year in 2025.

• Confident in achieving 2%+ organic growth in Investment Management for the year and further margin expansion in Employee Benefits.

• Retirement net flows expected to be positive for the full year, offsetting planned outflows from OneAmerica integration.

• Management remains focused on net revenue growth, margin expansion, and disciplined capital management to drive future earnings.