Operating margins have compressed from 14.0% in 2024Q1 to 12.3% in 2026Q1, suggesting that the firm struggles to achieve consistent operating leverage.
| 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 | -209M | -117M | -299M | -298M | -183M | -224M | -186M | -212M | -264M | -264M | -390M | -469M | -399.2M | -365.4M | -260.1M | -207.7M | -382.3M |
| NII Growth % | 129.47% | 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 % | -0.12% | -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 | 209M | 117M | 299M | 298M | 183M | 224M | 186M | 212M | 264M | 264M | 390M | 469M | 399.2M | 365.4M | 260.1M | 207.7M | 382.3M |
| Loan Loss Provision | -29M | 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 | 1.87B | 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 % | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | - | - |
| Total Revenue | 1.87B | 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 |
| Revenue Growth % | -300% | -6.88% | 9.55% | 23.91% | 40.19% | -44.7% | 2.29% | 4.43% | -0.94% | -17.74% | 0.51% | -20.48% | 25.6% | -10.03% | - | - | - |
| Non-Interest Expense | 798M | 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 | 42.63% | 48.36% | 38.25% | 40.99% | 42.87% | 108.37% | 34.7% | 34.13% | 35.19% | 34.31% | 29.82% | 30.7% | 31.49% | 30.69% | 91.1% | - | - |
| Operating Income | 894M | 261M | 799M | 678M | 428M | 2.78B | 352M | 574M | 521M | 385M | 10M | 476M | 801.2M | 756.1M | 606M | 277.8M | 37.8M |
| Operating Margin % | 47.76% | 3.48% | 9.93% | 9.23% | 7.22% | 65.65% | 4.6% | 7.68% | 7.28% | 5.33% | 0.11% | 5.44% | 7.29% | 8.64% | 6.23% | - | - |
| 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 | 894M | 837M | 799M | 678M | 428M | 2.78B | 352M | 574M | 521M | 385M | 10M | 476M | 801.2M | 756.1M | 606M | 277.8M | 37.8M |
| Pretax Margin % | 47.76% | 11.17% | 9.93% | 9.23% | 7.22% | 65.65% | 4.6% | 7.68% | 7.28% | 5.33% | 0.11% | 5.44% | 7.29% | 8.64% | 6.23% | - | - |
| Income Tax | 117M | 104M | 57M | -51M | -5M | -98M | -18M | -217M | 39M | 687M | -29M | 84M | -1.73B | -32.5M | -5.2M | 175M | 171M |
| Effective Tax Rate % | 13.09% | 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 | 693M | 654M | 667M | 625M | 510M | 2.11B | -206M | -360M | 762M | -2.99B | -327M | 408M | 2.29B | 598.5M | 473M | -88.1M | -122.9M |
| Net Margin % | 37.02% | 8.72% | 8.29% | 8.51% | 8.6% | 49.98% | -2.69% | -4.81% | 10.64% | -41.39% | -3.72% | 4.67% | 20.87% | 6.84% | 4.86% | - | - |
| Net Income Growth % | 21.15% | -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) | 777M | 733M | 742M | 729M | 433M | 2.88B | 370M | 791M | 482M | -302M | 39M | 392M | 2.53B | 788.6M | 611.2M | 102.8M | -133.2M |
| EPS (Diluted) | 7.14 | 6.32 | 6.17 | 5.41 | 4.30 | 16.52 | 2.90 | 5.43 | 4.53 | -16.25 | -1.63 | 1.80 | 9.00 | 2.38 | 1.84 | -0.34 | -0.48 |
| EPS Growth % | 30.38% | 2.43% | 14.05% | 25.81% | -73.97% | 469.66% | -46.59% | 19.87% | 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 | 17.92 | -1.24 | 5.43 | 5.33 | -16.94 | -1.63 | 1.81 | 9.07 | 2.39 | 1.84 | -0.34 | -0.48 |
| Diluted Shares Outstanding | 97M | 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 |
Fee-based revenue volatility
As indicated by the most recent quarterly data, Voya's revenue trajectory appears inconsistent, with the firm reporting $1.9 billion in 2026Q1 following periods of significant reporting gaps, suggesting that organic growth remains challenged in a highly competitive environment for institutional retirement and benefits administration services.
The intermittent nature of revenue reporting in recent periods complicates a clear assessment of organic growth durability. Investors should monitor whether the integration of recent acquisitions like Benefitfocus can effectively offset the broader industry trend of fee compression within the Wealth Solutions segment.
Based on reported financial statements, Voya's gross margin reached 100% in 2026Q1, a figure that deviates sharply from the 43.4% to 52.9% range observed in 2024, highlighting potential accounting anomalies or shifts in revenue recognition that warrant further investigation by fundamental analysts.
The wide variance in gross margins suggests that the underlying cost structure is either highly sensitive to non-operating adjustments or that the company is undergoing a fundamental change in how it classifies service-related costs. This lack of margin stability makes it difficult to gauge the true pricing power of the Wealth and Health Solutions segments.
According to historical income statement data, Voya's operating margin has fluctuated significantly, peaking at 14.0% in 2024Q1 before compressing to 12.3% in 2026Q1, which suggests that the company has yet to achieve the consistent operating leverage expected from a scaled, capital-light financial services provider.
The inability to consistently scale operating income relative to gross profit indicates that fixed costs, likely related to technology infrastructure and compliance, remain a persistent drag on profitability. Future margin expansion appears contingent on the company's ability to automate administrative workflows and successfully integrate its recent platform acquisitions.
As reported in recent filings, Voya's net income has shown significant quarter-over-quarter swings, with net margins ranging from 4.8% to 12.2% over the last two years, suggesting that non-operating items or tax-related adjustments may be disproportionately influencing the bottom-line results presented to shareholders.
The discrepancy between operating income and net income suggests that investors should look past headline EPS figures to understand the core earnings power of the business. The absence of stock-based compensation in most periods may also be masking the true cost of talent retention in a highly specialized financial services niche.
Based on an analysis of the competitive landscape, short-sellers may focus on the potential for margin compression as Voya struggles to maintain top-line growth, particularly if the firm's reliance on administrative service fees proves vulnerable to technological disruption from lower-cost, digital-native retirement plan providers.
The company's pivot toward a capital-light model is theoretically sound, but the execution risk remains high given the crowded nature of the benefits-as-a-service market. If the integration of recent acquisitions fails to drive meaningful cross-selling, the firm may find itself trapped in a low-growth, high-cost cycle that limits long-term shareholder value creation.
Quick answers to the most common questions about buying VOYA stock.
Voya Financial, Inc. (VOYA) is profitable, generating $654.0M in net income for the fiscal year ending 2025 with a net profit margin of 8.7%.
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 51.8%. This demonstrates the company's core pricing power and production efficiency.