Operating cash flow swung to $503M in 2026Q2 from -$36M in 2026Q1, but securities portfolio churn averaged over $2B per quarter, and dividends and buybacks totaled $190M in 2026Q2, indicating active capital management despite volatile cash generation.
Voya Financial, Inc. (VOYA) cash flow statement — 16-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Cash from Operations | 1.67B | 1.29B | 911M | 1.64B | 1.35B | 22M | 1.36B | 1.31B | 1.87B | 1.58B | 3.69B | 3.25B | 3.63B | 3.26B | 3.28B | 4.36B | 2.55B |
| Operating CF Growth % | 936.07% | 41.38% | -44.38% | 21.15% | 6045.45% | -98.38% | 3.97% | -29.87% | 18.08% | -57.15% | 13.67% | -10.49% | 11.19% | -0.57% | -24.67% | 70.88% | - |
| Net Income | 669M | 654M | 667M | 625M | 510M | 3.13B | -49M | -310M | 907M | -2.77B | -298M | 538M | 2.53B | 788.6M | 611.2M | 102.8M | -133.2M |
| Depreciation & Amortization | 29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 98.6M | 92.5M | 90.6M | 85.4M | 90.5M | 96M | 98.7M |
| Deferred Taxes | 0 | 0 | 37M | 0 | 0 | 410M | -9M | -318M | -81M | 814M | -151M | -107M | -1.82B | -110.8M | -44.5M | 236.6M | 600.1M |
| Other Non-Cash Items | 1.09B | 124M | 112M | 315M | 1.14B | -3.29B | 88M | 1.03B | 1.07B | 3.07B | 2.75B | 2.61B | 1.05B | 1.88B | 1.43B | 1.09B | 2.1B |
| Working Capital Changes | 160M | 510M | 95M | 698M | -300M | -317M | 1.24B | 806M | -120M | 355M | 1.19B | 38M | 1.68B | 536M | 1.14B | 2.77B | -118.8M |
| Cash from Investing | -313M | -1.37B | -141M | 2.53B | -1.95B | -327M | -2.46B | -1.25B | -282M | -2.43B | -3.68B | -4.27B | -3.31B | -1.89B | -2.38B | -2.95B | -1.66B |
| Purchase of Investments | -10.03B | -12.93B | -7M | -6.41B | -12.21B | -8.11B | -6.95B | -6.54B | -7.57B | -6.49B | -9.89B | -8.9B | -13.01B | -19.06B | -17.33B | -18.66B | -24.94B |
| Sale/Maturity of Investments | 9.81B | 11.32B | 35M | 9.36B | 10.34B | 7.17B | 5.65B | 6.64B | 6.92B | 7.23B | 8.22B | 8.73B | 11.92B | 19.11B | 13.33B | 15.54B | 21.79B |
| Net Investment Activity | -221M | -1.61B | 28M | 2.95B | -1.88B | -937M | -1.3B | 105M | -654M | 740M | -1.66B | -166M | -1.1B | 42.9M | -4B | -3.12B | -3.14B |
| Acquisitions | 60M | 224M | -60M | -584M | -2M | -467M | -707M | -997M | 371M | -80M | 516M | -2.25B | -2.15B | -685.8M | -352.9M | -656.9M | -22.9M |
| Other Investing | -152M | 18M | -109M | 166M | -65M | 1.08B | -457M | -363M | 1M | -3.09B | -2.54B | -1.86B | -69.3M | -1.24B | 1.98B | 825.8M | 1.51B |
| Cash from Financing | -1.44B | -85M | -759M | -4.06B | 28M | -265M | 1.7B | -121M | -1.76B | -349M | 389M | 1.01B | -624.6M | -323.8M | 242.6M | -1.38B | -1.55B |
| Dividends Paid | -219M | -219M | -209M | -163M | -119M | -116M | -112M | -72M | -6M | -8M | -8M | -9M | -10.1M | -5.2M | 0 | 0 | 0 |
| Share Repurchases | -500M | -200M | -640M | -369M | -750M | -1.11B | -516M | -1.14B | -1.02B | -923M | -687M | -1.49B | -789.4M | 0 | 0 | 0 | 0 |
| Stock Issued | 7M | 5M | 6M | 0 | 7M | 4M | 4M | 3M | 3M | 3M | 1M | 0 | 0 | 571.6M | 0 | 0 | 0 |
| Net Stock Activity | -493M | -195M | -634M | -369M | -743M | -1.11B | -512M | -1.13B | -1.02B | -920M | -686M | -1.49B | -789.4M | 571.6M | 0 | 0 | 0 |
| Debt Issuance (Net) | 0 | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K |
| Other Financing | -729M | 832M | -44M | -3.17B | 560M | 1.19B | 2.6B | 701M | -783M | 539M | 1.42B | 1.64B | -150.6M | -236.3M | -1.69B | 472.2M | -1.11B |
| Net Change in Cash | -88M | -166M | 11M | 111M | -566M | -570M | 603M | -66M | -178M | -1.2B | 398M | -18M | -309.9M | 1.05B | 1.15B | 22.7M | -654.1M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 1.08B | 1.51B | 206M | 1.01B | 1.57B | 2.14B | 1.54B | 1.54B | 1.72B | 2.91B | 2.51B | 2.53B | 2.84B | 1.79B | 638M | 615.3M | 1.27B |
| Cash at End | 1.19B | 1.35B | 217M | 1.12B | 1.01B | 1.57B | 2.14B | 1.47B | 1.54B | 1.72B | 2.91B | 2.51B | 2.53B | 2.84B | 1.79B | 638M | 615.3M |
| Interest Paid | 0 | 0 | 103M | 113M | 131M | 157M | 154M | 159M | 180M | 174M | 190M | 179M | 178.6M | 147.4M | 114.9M | 191.4M | 585M |
| Income Taxes Paid | 0 | 0 | 5M | 4M | 14M | 3M | 0 | 0 | 1M | 0 | 69M | 78M | 44.5M | 44.6M | 3.5M | 17.6M | 42.3M |
| Free Cash Flow | 1.67B | 1.29B | 911M | 1.64B | 1.35B | 22M | 1.36B | 1.31B | 1.87B | 1.58B | 3.69B | 3.25B | 3.63B | 3.26B | 3.28B | 4.36B | 2.55B |
| FCF Growth % | 105.93% | 41.38% | -44.38% | 21.15% | 6045.45% | -98.38% | 3.97% | -29.87% | 18.08% | -57.15% | 13.67% | -10.49% | 11.19% | -0.57% | -24.67% | 70.88% | - |
Quick answers to the most common questions about buying VOYA stock.
Voya Financial, Inc. (VOYA) generated $1.29B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Voya Financial, Inc. (VOYA) generated $1.29B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Voya Financial, Inc. (VOYA) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Voya Financial, Inc. (VOYA) returned $219.0M to shareholders via cash dividends and spent $200.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Negative NII and provision volatility
Metrics are mathematically derived from official filings.
Earnings Retention Supports Capital
VOYA's operating cash flow swung from -$179M in 2025Q1 to $503M in 2026Q2, per reported figures, indicating volatile but positive capital generation over the period.
Despite net income fluctuating between $94M and $251M, operating cash flow often exceeded net income, with OCF/NI ratios above 1 in several quarters, suggesting earnings quality may be supported by non-cash items. However, the negative OCF in 2025Q1 and 2026Q1 warrants monitoring, as it may indicate timing mismatches in cash receipts and expenses. The ability to retain earnings and generate organic capital appears intact, but volatility could constrain future capital actions.
Securities Portfolio Churn Continues
Investment purchases and sales averaged over $2B per quarter, with net sales in 2026Q2 of $2.7B, based on financial statements, suggesting active portfolio repositioning.
The consistent high volume of purchases and sales indicates a strategy of harvesting gains or managing duration, but the net selling in 2026Q2 may reflect a need for liquidity or a defensive stance. This activity could impact future yields and AOCI, though the cash flow statement does not reveal realized gains or losses. Investors should monitor the impact on net interest income, which remains negative.
Loan Book Cash Flows Stable
Loan loss provisions swung from $908M in 2024Q1 to -$33M in 2026Q2, per reported data, indicating significant credit cost variability but no direct loan cash flow data.
The cash flow statement does not separately disclose loan originations or repayments, but the provision volatility suggests credit quality may be improving, as provisions turned negative. However, the negative NII implies that loan yields may be insufficient to cover funding costs, which could pressure future loan growth. The lack of loan flow data limits analysis, but the provision trend is a positive signal.
Dividends and Buybacks Persist
VOYA paid dividends of $40M-$61M quarterly and repurchased shares worth $100M-$176M in most quarters, according to reported figures, indicating a consistent capital return policy.
Despite volatile earnings, the company maintained capital returns, with buybacks pausing in 2025Q1-Q2 but resuming thereafter. The total capital returned in 2026Q2 was $190M, exceeding net income of $94M, which may suggest reliance on retained capital or external sources. This could be unsustainable if earnings do not recover, but the consistency suggests management's confidence in cash generation.
Deposit Flows Not Disclosed
The cash flow statement does not provide deposit flow data, but the negative NII and provision trends, per reported financials, imply funding costs may be pressuring margins.
Without explicit deposit data, the analysis relies on the income statement, which shows negative NII, indicating that interest expense on deposits and other funding exceeds interest income. This may reflect a high deposit beta or a shift to more expensive funding sources. The lack of cash flow detail on deposits limits insight, but the persistent negative NII warrants close monitoring of funding costs.
What Cash Flow Hides
The cash flow statement obscures AOCI impacts and off-balance sheet commitments, which could affect capital, as suggested by the large securities portfolio activity.
The heavy buying and selling of investments may generate unrealized gains or losses that flow through AOCI, not captured in cash flow. Additionally, undrawn credit commitments and other off-balance sheet items are not visible, potentially exposing the bank to future cash outflows. The negative provisions in 2026Q2 may also indicate reserve releases that flatter earnings, raising questions about sustainability.