At a glance
Voya Financial Inc is worth $8.75B, about 15 times its fiscal 2025 earnings. Revenue grew 1.7% to $8.19B in fiscal 2025, with 8.0% kept as profit; over 4 years it has grown 18.4% a year. It pays a 1.95% dividend yield, raised every year for at least 7 years, and returned $3.67B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +34.4% over the past year with dividends reinvested and +9.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 52.1% in the 2020 crash (S&P 500: 33.7%) and 23.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 7 months after the lows.
The business in plain English
Voya Financial has three businesses: workplace retirement plans, employee benefits and investment management. Employer clients range from businesses with fewer than 50 employees to large corporations, hospitals and governments. As of December 31, 2025, it had more than 18 million individual customer relationships and $1.1 trillion in assets it manages or administers. Voya was once ING Group's U.S. arm. It has sold nearly all of its older annuity and life insurance businesses, so it now ties up less capital.
Retirement is the core business. It runs defined contribution plans for about 45,000 employers and nearly 10 million participant accounts. In these plans, workers and employers pay into individual savings accounts. The segment held $796.5 billion in assets as of December 31, 2025. It earns fees for recordkeeping and advice. It also earns a spread: the gap between what its investments earn and the interest it credits to clients. Retirement produced $959 million of adjusted operating earnings before income taxes in 2025, compared with $1,038 million for the whole company.
Investment Management runs bond, stock, multi-asset and private-market strategies for pension funds, insurers and individuals in the U.S., Europe and Asia. An Allianz SE affiliate owns 24% of the subsidiary that holds it. Employee Benefits covers about 6.8 million people with life, disability and supplemental health insurance. It also offers stop loss coverage, which limits claim costs for employers that pay their own workers' health claims. Its Benefitfocus platform handles benefits enrollment for about 12.2 million employees.
Price history
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VOYA +34.4% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.90B, down 4.3% from a year earlier, and net income was $94.0M (-43.4%).
- For fiscal 2025, revenue was $8.19B (+1.7% year over year; +18.4% a year from FY2021 to FY2025) with a 8% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2025) | +18.4% good |
|---|---|
| Operating margin | 12.7% watch |
| Return on equity (FY2025) | 13.2% watch |
| Return on assets (FY2025) | 0.4% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $7.65B | $-206.0M | — |
| FY2021 | $4.17B | $2.37B | — |
| FY2022 | $5.93B | $510.0M | — |
| FY2023 | $7.35B | $625.0M | — |
| FY2024 | $8.05B | $667.0M | — |
| FY2025 | $8.19B | $654.0M | — |
Valuation snapshot
| Market value | $8.75B |
|---|---|
| P/E ratio | 15.4 |
| Dividend yield | 1.95% |
Rank among 1514 US companies
Market value at each year end
Voya Financial’s market value went from $7.63B at the end of 2016 to $8.75B on Oct 28, 2026, up 15%; since the end of 2025 it is up 23%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $8.75B | +23.4% |
| 2025 | $7.09B | +7.0% |
| 2024 | $6.62B | -13.1% |
| 2023 | $7.62B | +27.6% |
| 2022 | $5.98B | -18.8% |
| 2021 | $7.36B | -0.9% |
| 2020 | $7.43B | -9.7% |
| 2019 | $8.22B | +31.7% |
| 2018 | $6.24B | -29.8% |
| 2017 | $8.89B | +16.5% |
| 2016 | $7.63B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| VOYA price data to Oct 28, 2026 | +31.9% | +34.4% | +16.6% | +9.0% | +13.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +31.9% |
| 2025 | +11.0% |
| 2024 | -2.9% |
| 2023 | +20.7% |
| 2022 | -6.1% |
| 2021 | +14.1% |
| 2020 | -2.5% |
| 2019 | +53.7% |
| 2018 | -18.8% |
| 2017 | +26.3% |
| 2016 | +6.4% |
| 2015 | -12.8% |
| 2014 | +20.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 51.3% over that stretch · deepest drop along the way 52.1%, back to its old high 11.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 7.1% over that stretch · deepest drop along the way 23.3%, back to its old high 6.9 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 7 sales ($5.0M), 6 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 21, 2026 | Santhosh Keshavan See Remarks | sell (plan) | $1.7M |
| Aug 21, 2026 | Santhosh Keshavan See Remarks | sell (plan) | $1.7M |
| Feb 20, 2026 | Trevor Ogle See Remarks | sell (plan) | $630K |
| Jun 8, 2026 | Trevor Ogle See Remarks | sell (plan) | $359K |
| Feb 20, 2026 | Tony D Oh See Remarks | sell | $259K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9.2% | Mar 31, 2025 |
| T. Rowe Price Associates, Inc. | 7% | Sep 30, 2025 |
| Bank of New York Mellon Corp | 6.3% | Jun 30, 2026 |
| Vanguard Capital Management | 5.27% | Mar 31, 2026 |
| Vanguard Portfolio Management | 4.79% | Sep 30, 2026 |
| Wellington Management Group LLP | 4.3% | Jun 30, 2026 |
| Franklin Mutual Advisers, LLC | 2.6% | Jun 30, 2025 |
| FMR LLC | 1.3% | Jun 30, 2026 |
ETFs with the most weight in VOYA
| KBE SPDR S&P Bank ETF | 1.03% |
| BKDV BNY Mellon Dynamic Value ETF | 0.91% |
| PAMC Pacer Lunt MidCap Multi-Factor Alternator ETF | 0.62% |
| CVY Invesco Zacks Multi-Asset Income ETF | 0.59% |
| TMSL T. Rowe Price Small-Mid Cap ETF | 0.58% |
| LST Leuthold Select Industries ETF | 0.52% |
| VUSE Vident U.S. Equity Strategy ETF | 0.45% |
| NUSC Nuveen ESG Small-Cap ETF | 0.36% |
What could go wrong
- Stable value products could cause losses. Voya's stable value products aim to give retirement savers steady returns. Bad moves in interest rates or bond markets, or heavy withdrawals by plan members, could cause losses that its hedging may not fully offset.
- Interest rate swings could squeeze spread income. Part of Retirement's profit is the gap between what Voya's investments earn and the rates it credits to clients. Rapidly rising rates, or a return to very low rates, could shrink that gap.
- OneAmerica deal may not deliver as planned. Voya completed its purchase of OneAmerica's full-service retirement plan business on January 2, 2025. Moving those plans over and keeping their clients could take longer, cost more or deliver less than expected.
- Weak investment performance could drain asset management fees. If Investment Management's strategies lag, clients may pull money and fees fall. Earnings could also suffer if key asset management agreements are changed or ended, or if performance targets in them are missed.
- Claims could outrun insurance pricing assumptions. Voya prices stop loss, life and disability coverage using estimates of deaths, illness and how long policies stay in force. If claims run higher than expected, Voya could face significant losses.
- Market declines shrink fee revenue. Much of Voya's Retirement revenue is tied to account values. When stock and bond prices fall, the assets it manages and administers shrink, and so do the fees it collects.
Recent events
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Executive or board change
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Investor presentation or announcement
For income and retirement investors
Voya pays a modest but fast-growing dividend. It has raised the payout seven years in a row. Regular dividends per share rose from $0.60 in 2020 to $1.82 in 2025, about 24.8% a year. The yield was 1.95% as of October 28, 2026. Dividends used about 27% of 2025 earnings. Free cash flow is not a meaningful measure for insurers. Voya returns more cash through buybacks. It spent about $3.1 billion repurchasing shares from 2021 through 2025, against $595 million in dividends. Its share count fell about 20% between August 2021 and July 2026. Buybacks slowed to $200 million in 2025.
The stock has fallen sharply in downturns. It dropped 52.1% in the 2020 COVID crash and took about 11 months to recover. It fell 23.3% in the 2022 bear market and recovered in about 7 months. Voya was not public during the 2008 financial crisis. Like any single stock, Voya carries more risk than a diversified fund.
Questions investors ask
How does Voya Financial make money?
Mainly from workplace retirement plans. Voya earns recordkeeping and advice fees on plans for about 45,000 U.S. employers. It also earns a spread between what its investments earn and what it credits to savers. Retirement produced $959 million of Voya's $1,038 million in adjusted operating earnings before income taxes in 2025. Voya also collects insurance premiums in Employee Benefits and asset management fees in Investment Management. Total revenue in 2025 was about $8.2 billion.
Does Voya Financial raise its dividend every year?
Yes, for seven years in a row. Regular dividends per share grew from $0.60 in 2020 to $1.82 in 2025. Dividends used only about 27% of 2025 earnings. The yield was 1.95% as of October 28, 2026, so the stock has offered more dividend growth than high income. Voya returns more cash through buybacks, which totaled about $3.1 billion from 2021 through 2025. Past increases don't guarantee future ones.
Is Voya Financial still owned by ING?
No. Voya, formerly named ING U.S., was wholly owned by the Netherlands-based ING Group until its initial public offering in May 2013. ING Group sold its entire stake between 2013 and 2015. Allianz has a separate tie. An Allianz SE affiliate owns 24% of the subsidiary that holds Voya's Investment Management business, and Voya distributes retail strategies in Asia through a partnership with Allianz. Big holders include BlackRock, with 9.2% as of March 31, 2025.
How has Voya Financial stock performed over the long term?
It has risen a lot over the long run, with deep drops along the way. As of October 28, 2026, the share price had gained about 13.7% a year over ten years (261% in total). It gained about 9% a year over five years and 34.4% over one year. Calendar years were uneven: the stock lost 6.06% in 2022 and 2.93% in 2024, then gained 11.03% in 2025. Its worst fall was 52.1%, during the 2020 COVID crash.
Are Voya Financial's profits growing?
Not much. Revenue rose 1.7% to about $8.2 billion in 2025, while net income slipped 1.9% to $654 million. Diluted earnings per share edged up from $6.17 to $6.29. Return on equity, which measures profit against shareholders' capital, was 13.2%. In the quarter ended June 30, 2026, revenue fell 4.3% from a year earlier. Net income dropped 43.4% to $94 million. The stock traded at 15.4 times 2025 earnings as of October 28, 2026.