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 segments.

• 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 for 2025 was $613 million, with Q4 net income of $136 million, reflecting strong organic growth and margin improvements.

• Generated $775 million of excess capital, well above target, and surpassed $1 trillion in combined retirement and investment management assets.

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

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.

• Fourth quarter adjusted operating earnings were $226 million, a 54% increase from 4Q'24.

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

• Fee-based revenues in retirement exceeded $1.4 billion, up 21% year-over-year.

• Investment management net revenues exceeded $1 billion, with 4.8% organic growth.

Outlook and guidance

• Priorities for 2026 include growing excess cash generation, maintaining a strong balance sheet, driving commercial momentum in Retirement and Investment Management, and further improving Employee Benefits margins.

• Expect further improvement in excess capital generation in 2026 and continued strong defined contribution net inflows.

• Project further margin expansion in employee benefits, supported by pricing, risk selection, and reserving actions.

• Share repurchases of $150 million planned for each of the first two quarters of 2026, subject to macro conditions.