Voya Financial (VOYA) Q2 2026 earnings summary

Executive summary

• Net income available to common shareholders for Q2 2026 was $90 million ($0.97 per diluted share), down from $162 million ($1.66 per diluted share) in Q2 2025, mainly due to lower adjusted operating earnings and severance expenses.

• After-tax adjusted operating earnings were $140 million ($1.51 per diluted share), compared to $240 million ($2.46 per diluted share) in the prior year, reflecting lower alternative investment income and severance costs.

• Business momentum remained strong, with higher fee-based revenues, commercial growth, and disciplined execution, supported by the successful integration of OneAmerica.

• Surpassed 10 million Retirement participant accounts, enhancing scale and long-term growth in Retirement.

• Total revenues for Q2 2026 were $1,896 million, down $85 million year-over-year, mainly due to lower net investment income and losses in consolidated investment entities, partially offset by higher fee income and other revenue.

Financial highlights

• Q2 2026 net income: $90 million; after-tax adjusted operating earnings: $140 million ($1.51 per share), including $40 million pre-tax severance expenses and $15 million pre-tax loss from alternative investments.

• Fee-based revenue in Retirement up 10% year-over-year, now over 60% of segment revenue; Retirement margins at 38%.

• Investment Management adjusted operating earnings up 12% year-over-year to $57 million; net inflows of $1.2 billion in Q2 and $6.3 billion over 12 months.

• Employee Benefits adjusted operating earnings at $22 million in Q2, $122 million over 12 months; aggregate loss ratios improved by five points year-over-year.

• Cash conversion above 100% in Q2; $350 million excess capital generated year-to-date.

Outlook and guidance

• Strong underlying performance trends and benefits from expense actions support a robust outlook for the second half of 2026.

• Ongoing expense savings from efficiency actions are expected to fully offset severance expenses within two quarters.

• On track for 2026 cash generation to exceed 2025 levels, supported by strong business momentum and expense discipline.

• At least $100 million planned for share repurchases in Q3, with flexibility for additional capital deployment in Q4.