Revenue is entirely fee-based at $1.9B in 2026Q2, but net interest income remains negative at -$33M, and the efficiency ratio has deteriorated to 98.2% from 37.5% in 2024Q4, indicating severe margin and operating leverage pressures.
Voya Financial, Inc. (VOYA) annual income statement — 16-year revenue, gross profit & net income history
| 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 |
|---|
| Net Interest Income | -149M | -117M | -299M | -298M | -183M | -224M | -186M | -212M | -264M | -264M | -390M | -469M | -399.2M | -365.4M | -260.1M | -207.7M | -382.3M |
| NII Growth % | 178.34% | 60.87% | -0.34% | -62.84% | 18.3% | -20.43% | 12.26% | 19.7% | 0% | 32.31% | 16.84% | -17.48% | -9.25% | -40.48% | -25.23% | 45.67% | - |
| Net Interest Margin % | -0.08% | -0.07% | -0.18% | -0.19% | -0.12% | -0.13% | -0.1% | -0.13% | -0.17% | -0.12% | -0.18% | -0.21% | -0.18% | -0.17% | -0.12% | -0.1% | -0.19% |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 149M | 117M | 299M | 298M | 183M | 224M | 186M | 212M | 264M | 264M | 390M | 469M | 399.2M | 365.4M | 260.1M | 207.7M | 382.3M |
| Loan Loss Provision | 690M | 3.49B | 3.87B | 3.36B | 2.78B | -3.35B | 4.46B | 4.14B | 3.86B | 4.1B | 5.77B | 5.11B | 6.33B | 4.94B | -260.1M | 0 | 0 |
| Non-Interest Income | 5.79B | 7.5B | 8.05B | 7.35B | 5.93B | 4.23B | 7.65B | 7.48B | 7.16B | 7.23B | 8.79B | 8.74B | 10.99B | 8.75B | 9.73B | 0 | 0 |
| Non-Interest Income % | 102.64% | 101.59% | 103.86% | 104.23% | 103.18% | 105.59% | 102.49% | 102.92% | 103.83% | 103.79% | 104.64% | 105.67% | 103.77% | 104.36% | 102.75% | 0% | 0% |
| Total Net Revenue | 5.64B | 7.38B | 7.75B | 7.05B | 5.75B | 4.01B | 7.46B | 7.27B | 6.9B | 6.96B | 8.4B | 8.27B | 10.59B | 8.39B | 9.47B | -207.7M | -382.3M |
| Revenue Growth % | 223.44% | -4.8% | 9.94% | 22.67% | 43.46% | -46.32% | 2.71% | 5.35% | -0.98% | -17.06% | 1.5% | -21.91% | 26.32% | -11.42% | 4658.79% | 45.67% | - |
| Non-Interest Expense | 4.2B | 3.63B | 3.08B | 3.01B | 2.54B | 4.58B | 2.65B | 2.55B | 2.52B | 2.48B | 2.62B | 2.68B | 3.46B | 2.69B | 8.86B | -485.5M | -420.1M |
| Efficiency Ratio | 74.49% | 49.13% | 39.72% | 42.72% | 44.23% | 114.43% | 35.56% | 35.12% | 36.54% | 35.61% | 31.21% | 32.44% | 32.68% | 32.03% | 93.6% | 233.75% | 109.89% |
| Operating Income | 750M | 261M | 799M | 678M | 428M | 2.78B | 352M | 574M | 521M | 385M | 10M | 476M | 801.2M | 756.1M | 606M | 277.8M | 37.8M |
| Operating Margin % | 13.29% | 3.54% | 10.31% | 9.62% | 7.45% | 69.32% | 4.72% | 7.9% | 7.55% | 5.53% | 0.12% | 5.75% | 7.56% | 9.01% | 6.4% | -133.75% | -9.89% |
| Operating Income Growth % | - | -67.33% | 17.85% | 58.41% | -84.59% | 688.92% | -38.68% | 10.17% | 35.32% | 3750% | -97.9% | -40.59% | 5.96% | 24.77% | 118.14% | 634.92% | - |
| Pretax Income | 720M | 837M | 799M | 678M | 428M | 2.78B | 352M | 574M | 521M | 385M | 10M | 476M | 801.2M | 756.1M | 606M | 277.8M | 37.8M |
| Pretax Margin % | 12.76% | 11.34% | 10.31% | 9.62% | 7.45% | 69.32% | 4.72% | 7.9% | 7.55% | 5.53% | 0.12% | 5.75% | 7.56% | 9.01% | 6.4% | -133.75% | -9.89% |
| Income Tax | 105M | 104M | 57M | -51M | -5M | -98M | -18M | -217M | 39M | 687M | -29M | 84M | -1.73B | -32.5M | -5.2M | 175M | 171M |
| Effective Tax Rate % | 14.58% | 12.43% | 7.13% | -7.52% | -1.17% | -3.53% | -5.11% | -37.8% | 7.49% | 178.44% | -290% | 17.65% | -216.11% | -4.3% | -0.86% | 62.99% | 452.38% |
| Net Income | 669M | 654M | 667M | 625M | 510M | 2.11B | -206M | -360M | 762M | -2.99B | -327M | 408M | 2.29B | 598.5M | 473M | -88.1M | -122.9M |
| Net Margin % | 11.85% | 8.86% | 8.61% | 8.87% | 8.87% | 52.77% | -2.76% | -4.95% | 11.05% | -42.96% | -3.89% | 4.93% | 21.66% | 7.14% | 5% | 42.42% | 32.15% |
| Net Income Growth % | 9.49% | -1.95% | 6.72% | 22.55% | -75.88% | 1126.21% | 42.78% | -147.24% | 125.47% | -814.98% | -180.15% | -82.22% | 283.46% | 26.53% | 636.89% | 28.32% | - |
| Net Income (Continuing) | 615M | 733M | 742M | 729M | 433M | 2.88B | 370M | 791M | 482M | -302M | 39M | 392M | 2.53B | 788.6M | 611.2M | 102.8M | -133.2M |
| EPS (Diluted) | 7.27 | 6.32 | 6.17 | 5.41 | 4.30 | 16.52 | -1.90 | -2.75 | 4.53 | -16.25 | -1.63 | 1.80 | 9.00 | 2.38 | 1.84 | -0.34 | -0.48 |
| EPS Growth % | 6.53% | 2.43% | 14.05% | 25.81% | -73.97% | 969.47% | 30.91% | -160.71% | 127.88% | -896.93% | -190.56% | -80% | 278.15% | 29.35% | 641.18% | 29.17% | - |
| EPS (Basic) | - | 6.39 | 6.31 | 5.74 | 4.71 | 16.52 | -1.24 | -2.75 | 5.33 | -16.94 | -1.63 | 1.81 | 9.07 | 2.39 | 1.84 | -0.34 | -0.48 |
| Diluted Shares Outstanding | 92M | 97M | 101.4M | 108.8M | 110.2M | 125.8M | 127.4M | 141M | 168.2M | 184.1M | 202.7M | 227.4M | 255.1M | 251.8M | 256.67M | 260.77M | 256.67M |
Quick answers to the most common questions about buying VOYA stock.
For fiscal year 2025, Voya Financial, Inc. (VOYA) reported total revenue of $7.38B.
Voya Financial, Inc. (VOYA) is profitable, generating $654.0M in net income for the fiscal year ending 2025 with a net profit margin of 8.9%.
Voya Financial, Inc. (VOYA) reported an operating income of $261.0M, resulting in an operating profit margin of 3.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Voya Financial, Inc. (VOYA) generated $3.89B in gross profit for the year, representing a gross profit margin of 52.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Negative NII and provision volatility
Metrics are mathematically derived from official filings.
Persistent Negative Net Interest Income
VOYA's net interest income remained negative through 2026Q2, improving to -$33M from -$98M in 2024Q2, per reported financials, suggesting ongoing balance sheet drag.
The negative NII, though narrowing, indicates that interest expense on liabilities continues to exceed interest income on assets, a structural challenge for a financial holding company. The improvement from -$98M to -$33M over eight quarters suggests some repricing benefit, but the persistence of negative NII warrants close monitoring of asset-liability management.
Negative NIM Reflects Structural Drag
VOYA's net interest margin remained near zero or negative across all reported quarters, with 2026Q2 at -2.1%, based on financial statements, indicating persistent spread compression.
The negative NIM, though small in absolute terms, implies that the cost of funding exceeds the yield on interest-earning assets, which is atypical for a traditional bank. This may reflect the company's business mix, where fee-based income dominates and the balance sheet is used for hedging or investment purposes rather than core lending. Investors should monitor whether this drag persists as rates evolve.
Efficiency Ratio Spikes in 2026
VOYA's efficiency ratio jumped to 98.2% in 2026Q2 from 37.5% in 2024Q4, as per reported figures, signaling a sharp deterioration in operating leverage.
The efficiency ratio, defined as non-interest expense divided by total revenue, rose dramatically in 2026, indicating that expenses are consuming nearly all revenue. This may be due to elevated expenses or a temporary revenue dip, but the trend suggests that the company's cost structure is not scaling with revenue. The earlier quarters (2024) showed a more efficient operation, so the recent spike warrants investigation into one-time costs or revenue recognition changes.
Provision Expense Volatility Drives Earnings
VOYA's provision for loan losses swung from $908M in 2024Q1 to -$33M in 2026Q2, based on financial statements, indicating significant credit cost variability.
The provision expense was substantial in 2024, ranging from $907M to $1.1B, but turned negative in 2026, suggesting recoveries or a release of reserves. This volatility has a direct impact on net income, as seen in the EPS swings. The negative provision in 2026 may indicate improving credit quality or a change in portfolio composition, but the large swings highlight the sensitivity of earnings to credit assumptions.
Fee Income Dominates Revenue Mix
VOYA's non-interest income accounted for 100% of total revenue in 2026Q2, with $1.9B in fees, according to reported data, underscoring a fee-centric business model.
The reliance on non-interest income, primarily fees, is a defining characteristic of VOYA's earnings, as net interest income is negative. This fee-based model provides diversification from interest rate risk but introduces dependency on market activity and asset valuations. The stability of fee income across quarters, around $1.9B to $2.1B, suggests a recurring revenue stream, but investors should assess the sustainability of these fees in different market environments.
Earnings Quality Under Scrutiny
VOYA's 2026 earnings may be flattered by negative provisions and one-time items, as net income rose despite negative NII, based on reported figures, raising quality concerns.
The sharp swing in provision expense from large charges in 2024 to negative provisions in 2026, combined with a spike in the efficiency ratio, suggests that reported earnings may not reflect core operating performance. The negative NII and near-zero NIM indicate that the balance sheet is not generating interest income, so the positive net income in 2026Q2 relies heavily on fee income and provision reversals. This warrants a closer look at the sustainability of earnings and the potential for future credit costs to normalize.