"Our capital-light businesses generate diverse revenue streams and have allowed us to consistently generate free cash flow across all market cycles."
— Heather Lavallee, CEO
03Detailed Report
VOYA-PB
Company VOYA-PB
Period
Q1 2025
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 15, 2026
Swipe to view all report sections
Executive Summary
Voya Financial’s capital-light business model delivered a solid start to 2025, supported by meaningful momentum across Wealth Solutions and Investment Management, and a favorable contribution from the OneAmerica acquisition. The quarter features adjusted operating earnings per share (AOEPS) of $2, a 13% year-over-year increase, and GAAP net income of $156 million. Management highlighted strong cash generation, with approximately $200 million of cash produced in Q1 and a robust balance sheet supported by an RBC ratio of 385% and roughly $150 million in excess capital. OneAmerica added approximately $60 billion of assets under management, and Wealth Solutions net inflows totaled roughly $30 billion in defined contribution, underscoring continued client momentum. Investment Management logged net inflows of $7.7 billion (about 2.5% organic growth), with broad-based strength across institutional and retail channels. Health Solutions margins improved in the quarter, though Stop Loss reserves and uncertain macro conditions are acknowledged as ongoing focal points. Management stressed discipline in capital deployment, with debt repayments of ~$400 million and a dividend—reflecting the expected cash-generation profile of the franchise. Near-term guidance remains cautious given the environment, but the company reaffirmed its long-term organic growth target of >2% and emphasized its ability to navigate volatility through diversified, capital-light revenue streams.
Key Performance Indicators
Operating Income
Decreasing
173.00M
QoQ: 44.17% | YoY: -45.43%
Net Income
Decreasing
156.00M
QoQ: 60.82% | YoY: -37.85%
EPS
Decreasing
1.45
QoQ: 81.25% | YoY: -36.68%
Revenue Trend
Margin Analysis
Financial Highlights
Key PoA metrics for Q1 2025 (VOYA-PB):
- AOEPS: $2.00, up 13% YoY; drivers include Health Solutions strength, OneAmerica earnings contributions, and robust momentum in Wealth Solutions and Investment Management.
- GAAP net income: $156 million; net income margin not explicitly provided in reported data; however, net income rose despite higher non-cash items elsewhere in the quarter.
- EPS and share count: EPS Diluted $1.42; GAAP EPS $1.45; weighted average shares outstanding ~95.86 million (basic) and ~97.89 million (diluted).
- Cash flow: Net cash provided by operating activities is negative $179 million; free cash flow is -$179 million; net change in cash negative $504 million for the period; cash at end of period $1.01 billion vs. $1.514 billion at beginning.
- Investing and financing activity: Acquisitions net $224 million; purchases of investments $(2.468) billion; sales/maturities of investments $2.525 billion; other investing activities $78 million; net cash used for investing activities $(245) million. Debt repayments of $0.40 billion; net cash used by financing activities $(570) million; dividends paid $(60) million.
- Balance sheet: Total assets $163.95 billion; total liabilities $157.589 billion; total stockholders’ equity $4.383 billion; cash and cash equivalents $1.01 billion; short-term investments $26.13 billion; cash and short-term investments $27.14 billion; goodwill $804 million; intangible assets $854 million; total non-current assets $125.669 billion; total non-current liabilities $157.588 billion.
- Credit metrics and multiples (from ratios): Debt/Capitalization ~0.417; Price/Book ~1.48; Price/Earnings ~10.41; Price/Sales ~3.30; Dividend Yield ~0.92%; Operating Cash Flow per Share ~-1.87; Free Cash Flow per Share ~-1.87.
Income Statement
Metric
Value
YoY Change
QoQ Change
Gross Profit
-67.00M
-103.27%
-103.41%
Operating Income
173.00M
-45.43%
44.17%
Net Income
156.00M
-37.85%
60.82%
EPS
1.45
-36.68%
81.25%
Key Financial Ratios
Gross Profit Margin
Weak
1.00%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Fair
12.20%
Operating margin is moderate, room for improvement in cost management
Net Profit Margin
Fair
7.92%
Net profit margin is moderate, room for improvement in cost management
Return on Assets
Weak
0.10%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
3.56%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
38,281.00
Current ratio indicates excellent liquidity and financial flexibility
Voya Financial Inc (VOYA-PB) QQ2 2024 Results: Diversified, Capital-Light Growth in Financial Conglomerates with Expectation of Margin Recovery in Hea...
Voya Financial Inc (VOYA-PB) QQ1 2024 Earnings Analysis – Diversified Growth, Capital Discipline and Improving Flows Across Wealth, Health and Inves...