10-K · February 20, 2026
Voya’s 2025 10-K positions the company as a capital-light, diversified provider of workplace retirement, investment management and employee benefits solutions with scale (consolidated AUM/AUA of $1.1 trillion) and a…
Earnings analysis · 10-Q
VOYA earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
In Q1 2026, Voya Financial reported strong results with a net income of $165 million and an EPS of $2.26, exceeding analyst expectations. Revenue also increased to $2.03 billion, reflecting a significant year-over-year…
Read full summary
In Q1 2026, Voya Financial reported strong results with a net income of $165 million and an EPS of $2.26, exceeding analyst expectations. Revenue also increased to $2.03 billion, reflecting a significant year-over-year growth, driven by improved performance across all business segments, particularly in Investment Management and Employee Benefits.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.26
- Segment
- Retirement
- Segment
- Investment Management
- Segment
- Employee Benefits
What stood out
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Substantial Revenue Beat
Q1 2026 revenue reached $2.03B, surpassing estimates by 22.4%.
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EPS Surpass Expectations
Reported EPS of $2.26 exceeded estimates of $2.03, resulting in an EPS surprise of 11.3%.
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Growth Across Segments
Employee Benefits and Investment Management segments grew by 17% and 11%, respectively.
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Increased Adjusted Operating Earnings
Adjusted operating earnings rose to $257M from $232M a year ago.
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Strong Cash Generation
Operating cash flow was robust, supporting increased capital returns.
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Significant Capital Deployment
Voya deployed $129M for the contingent consideration of the OneAmerica acquisition.
What to watch
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Rising Interest Rates Impact
Interest rate fluctuations could affect investment valuations negatively.
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Increased Operating Expenses
Operating expenses grew by $24M, which could pressure margins going forward.
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Regulatory Risks
Changes in regulatory environments could impact profitability across segments.
Management's outlook
Management maintains a positive outlook for continued growth but does not provide explicit numeric guidance.
Earlier filings 4
10-Q · November 6, 2025
Voya reported Q3 2025 revenue of $2,128 million and diluted EPS of $1.80, both materially higher than the prior-year quarter (revenue $1,956 million; diluted EPS $0.98). Income before income taxes rose to $307 million…
10-Q · August 1, 2024
Voya reported Q2 (three months ended June 30, 2024) total revenues of $2,033 million, up $162 million versus $1,871 million in Q2 2023, and net income available to common shareholders of $201 million (diluted EPS $1.96…
10-Q · May 4, 2023
Voya reported Q1 2023 revenue of $1,835 million, up from $1,506 million in Q1 2022 (+$329 million, +21.8%), and net income available to common shareholders of $69 million (diluted EPS $0.63) versus $54 million ($0.46)…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.