Voya Financial, Inc. (VOYA) Balance Sheet
VOYA balance sheet, 2025
December 31, 2025 · U.S. dollars$178.86B assets = $171.82B liabilities + $7.04B equity
Both columns are drawn to the same scale: what VOYA owns equals what it owes plus shareholders’ equity. Hover a block for its value.
VOYA financial health
Descriptive bands, not a rating. Fiscal 2025.
VOYA balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $214.59B2016 | $178.86B2025 | −2.0%/yr | |
| Total liabilities | $200.27B2016 | $171.82B2025 | −1.7%/yr | |
| Shareholders’ equity | $12.99B2016 | $4.95B2025 | −10.2%/yr | |
| Cash & short-term investments | $50.27B2016 | $1.23B2025 | −33.8%/yr | |
| Total debt | $5.52B2016 | $2.10B2025 | −10.2%/yr | |
| Net cash (debt) | $44.76B2016 | −$876.0M2025 | −$45.6B | |
| Working capital | $2.05B2016 | $11.36B2025 | +$9.3B | |
| Book value per share | $64.112016 | $51.062025 | −2.5%/yr | |
| Debt / equity | 0.422016 | 0.422025 | 0.00 | |
| Shares outstanding | 202.7M2016 | 97.0M2025 | −7.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VOYA assets
VOYA liabilities and equity
VOYA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
VOYA balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $1.23B | $25.70B | $26.71B | $2.52B | $2.94B | $46.33B | $40.98B | $3.87B | $50.23B | $50.27B |
| Cash & equivalents | $1.23B | $1.51B | $1.12B | $919.0M | $1.40B | $1.50B | $1.25B | $1.57B | $1.44B | $2.23B |
| Short-term investments | $27.30B | $24.18B | $25.59B | $1.60B | $1.54B | $44.83B | $39.73B | $37.02B | $48.80B | $48.04B |
| Receivables | $10.71B | $11.28B | $11.98B | $15.27B | $14.62B | $4.72B | $3.73B | $6.57B | $7.64B | $7.48B |
| Inventory | $0 | $0 | −$38.69B | −$3.24B | −$3.44B | −$3.15B | −$3.52B | $46.68B | $0 | $0 |
| Other current assets | $0 | $0 | $38.69B | $3.24B | $3.44B | $3.15B | $3.52B | $0 | $0 | $0 |
| Total current assets | $11.94B | $36.98B | $38.69B | $17.79B | $17.56B | $51.05B | $44.71B | $1.54B | $4.62B | $2.10B |
| Property, plant & equipment (net) | $0 | $0 | −$169.08B | $0 | −$169.0M | −$1.51B | −$2.23B | −$2.97B | −$3.37B | −$75.59B |
| Goodwill & intangible assets | $8.05B | $1.58B | $1.60B | $958.0M | $169.0M | $1.51B | $2.27B | $3.02B | $3.40B | $219.5M |
| Long-term investments | $34.27B | $31.18B | $32.38B | $1.60B | $1.54B | $60.13B | $56.42B | $66.53B | $48.33B | $69.47B |
| Other non-current assets | $124.60B | $94.15B | $253.49B | $127.30B | $152.17B | $69.14B | $67.81B | $86.28B | $169.55B | $218.39B |
| Total assets | $178.86B | $163.89B | $157.09B | $147.65B | $171.26B | $180.31B | $168.99B | $154.39B | $222.53B | $214.59B |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | — | $23.0M | $2.0M | $27.0M | — | $1.87B | $1.84B |
| Short-term debt | $586.0M | $399.0M | $1.0M | $141.0M | $1.0M | $1.0M | $1.0M | $1.0M | $337.0M | $10.5M |
| Deferred revenue | — | — | — | $909.0M | — | — | — | — | — | — |
| Total current liabilities | $586.0M | $399.0M | $1.0M | $141.0M | $1.0M | $1.0M | $1.0M | $41.0M | $755.0M | $41.9M |
| Long-term debt | $2.65B | $3.20B | $3.43B | $2.48B | $2.83B | $4.21B | $3.04B | $3.14B | $3.12B | $3.55B |
| Other long-term liabilities | $168.58B | $154.28B | $147.60B | $0 | $0 | $0 | $155.79B | $142.30B | $207.60B | $197.07B |
| Total liabilities | $171.82B | $157.88B | $151.03B | $141.53B | $161.44B | $169.00B | $158.83B | $145.45B | $211.49B | $200.27B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $2.0M | $2.0M | $3.0M | $23.82B | $23.61B |
| Retained earnings (deficit) | $1.39B | $954.0M | $505.0M | −$342.0M | −$1.31B | −$4.87B | −$4.72B | −$11.73B | −$12.72B | −$9.74B |
| Treasury stock | — | — | — | −$39.0M | −$80.0M | −$1.02B | −$460.0M | −$4.98B | −$3.83B | −$2.80B |
| Accumulated other comprehensive income | −$1.79B | −$2.46B | −$2.40B | −$1.79B | $2.10B | $4.95B | $3.33B | $607.0M | $2.73B | $1.92B |
| Minority interest | $2.09B | $2.00B | $1.86B | $1.48B | $1.57B | $1.07B | $822.0M | $728.0M | $1.03B | $973.2M |
| Total shareholders' equity | $4.95B | $4.00B | $4.19B | $6.12B | $9.82B | $11.31B | $9.34B | $8.21B | $10.01B | $12.99B |
| Key figures | ||||||||||
| Total debt | $2.10B | $3.60B | $3.43B | $2.62B | $2.83B | $4.21B | $3.52B | $3.68B | $4.51B | $5.52B |
| Net cash (debt) | −$876.0M | $22.09B | $23.28B | −$101.0M | $111.0M | $42.12B | $37.46B | $195.0M | $45.73B | $44.76B |
| Working capital | $11.36B | $36.58B | $38.69B | $17.65B | $17.56B | $51.05B | $44.71B | $1.50B | $3.86B | $2.05B |
| Tangible book value | −$3.10B | $2.42B | $2.59B | $5.16B | $9.65B | $9.80B | $7.07B | $5.19B | $6.60B | $12.78B |
| Book value per share | $51.06 | $39.50 | $38.54 | $55.51 | $78.07 | $88.80 | $66.23 | $48.83 | $54.37 | $64.11 |
| Shares outstanding | 97.0M | 101.4M | 108.8M | 110.2M | 125.8M | 127.4M | 141.0M | 168.2M | 184.1M | 202.7M |
| Current ratio | 20.38 | 92.68 | 38,688.00 | 126.19 | 17,559.00 | 51,050.00 | 44,712.00 | 37.51 | 6.12 | 50.02 |
| Quick ratio | 20.38 | 92.68 | 38,688.00 | 126.19 | 17,559.00 | 51,050.00 | 44,712.00 | 254.61 | 76.65 | 1,378.39 |
| Debt / equity | 0.42 | 0.90 | 0.82 | 0.43 | 0.29 | 0.37 | 0.38 | 0.45 | 0.45 | 0.42 |
| Equity / assets | 2.8% | 2.4% | 2.7% | 4.1% | 5.7% | 6.3% | 5.5% | 5.3% | 4.5% | 6.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.08B | $969.0M | $1.23B | $28.21B | $27.65B | $27.14B | $25.70B | $26.72B | $25.60B | $25.91B | $26.71B | $25.88B |
| Cash & equivalents | $1.08B | $969.0M | $1.23B | $1.28B | $1.32B | $1.01B | $1.51B | $1.54B | $1.18B | $1.18B | $1.12B | $917.0M |
| Short-term investments | $26.59B | $26.86B | $27.30B | $26.93B | $26.33B | $26.13B | $24.18B | $25.18B | $24.42B | $24.74B | $25.59B | $24.96B |
| Receivables | −$32.0M | $10.61B | $10.71B | $10.84B | $10.96B | $11.14B | $11.28B | $11.49B | $11.57B | $11.83B | $11.98B | $11.77B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$37.18B | −$37.74B | −$38.69B | −$18.71B |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $37.18B | $37.74B | $38.69B | $18.71B |
| Total current assets | $1.05B | $11.58B | $11.94B | $39.04B | $38.61B | $38.28B | $36.98B | $38.21B | $37.18B | $37.74B | $38.69B | $37.64B |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$1.52B | $24.32B | $24.56B | $126.00B | $0 |
| Goodwill & intangible assets | $1.66B | $958.0M | $8.05B | $1.64B | $1.64B | $1.66B | $1.58B | $1.61B | $1.60B | $1.61B | $1.60B | $1.65B |
| Long-term investments | $33.10B | $33.64B | $34.27B | $33.95B | $33.25B | $32.99B | $31.18B | $32.21B | $31.25B | $31.46B | $32.38B | $1.35B |
| Other non-current assets | $147.14B | $127.25B | $124.60B | $102.81B | $98.93B | $91.02B | $94.15B | $96.42B | $66.92B | $66.26B | $0 | $108.63B |
| Total assets | $182.95B | $173.43B | $178.86B | $177.45B | $172.44B | $163.95B | $163.89B | $166.93B | $161.28B | $161.63B | $157.09B | $149.26B |
| Liabilities | ||||||||||||
| Short-term debt | $153.0M | $587.0M | $586.0M | $586.0M | $447.0M | $1.0M | $399.0M | $397.0M | $395.0M | $393.0M | $1.0M | $2.0M |
| Total current liabilities | $152.0M | $281.0M | $586.0M | $586.0M | $447.0M | $1.0M | $399.0M | $397.0M | $395.0M | $393.0M | $1.0M | $2.0M |
| Long-term debt | $2.85B | $3.09B | $2.65B | $2.62B | $2.76B | $3.13B | $3.20B | $3.23B | $2.83B | $3.08B | $3.43B | $2.10B |
| Other long-term liabilities | $173.30B | $163.64B | $168.58B | $167.15B | $162.68B | $154.46B | $154.28B | $156.73B | $152.19B | $152.29B | $147.60B | $142.21B |
| Total liabilities | $176.30B | $166.73B | $171.82B | $170.37B | $165.88B | $157.59B | $157.88B | $160.35B | $155.41B | $155.76B | $151.03B | $144.31B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M |
| Retained earnings (deficit) | $1.56B | $1.51B | $1.39B | $1.30B | $1.17B | $1.05B | $954.0M | $907.0M | $855.0M | $697.0M | $505.0M | $302.0M |
| Accumulated other comprehensive income | −$1.95B | −$2.06B | −$1.79B | −$1.78B | −$2.07B | −$2.18B | −$2.46B | −$1.81B | −$2.58B | −$2.47B | −$2.40B | −$3.53B |
| Minority interest | $1.96B | $2.05B | $2.09B | $2.13B | $1.92B | — | — | — | — | — | — | — |
| Total shareholders' equity | $4.68B | $4.66B | $4.95B | $4.96B | $4.63B | $4.38B | $4.00B | $4.72B | $4.04B | $4.15B | $4.19B | $3.13B |
| Key figures | ||||||||||||
| Total debt | $3.94B | $2.50B | $2.10B | $3.21B | $3.21B | $3.13B | $3.60B | $3.62B | $3.22B | $3.47B | $3.43B | $3.43B |
| Net cash (debt) | −$2.86B | −$1.53B | −$876.0M | $25.00B | $24.44B | $24.00B | $22.09B | $23.10B | $22.38B | $22.45B | $23.28B | $22.45B |
| Working capital | $901.0M | $11.30B | $11.36B | $38.46B | $38.17B | $38.28B | $36.58B | $37.81B | $36.78B | $37.35B | $38.69B | $37.64B |
| Tangible book value | $3.03B | $3.70B | −$3.10B | $3.32B | $2.99B | $2.73B | $2.42B | $3.11B | $2.44B | $2.54B | $2.59B | $1.48B |
| Book value per share | $48.30 | $48.02 | $51.06 | $51.10 | $47.23 | $44.78 | $40.45 | $47.00 | $39.52 | $39.74 | $39.19 | $28.85 |
| Shares outstanding | 97.0M | 97.0M | 97.0M | 97.0M | 98.0M | 97.9M | 99.0M | 100.4M | 102.3M | 104.5M | 107.0M | 108.4M |
| Current ratio | 6.93 | 41.20 | 20.38 | 66.63 | 86.38 | 38,281.00 | 92.68 | 96.24 | 94.12 | 96.03 | 38,688.00 | 18,821.00 |
| Quick ratio | 6.93 | 41.20 | 20.38 | 66.63 | 86.38 | 38,281.00 | 92.68 | 96.24 | 94.12 | 96.03 | 38,688.00 | 18,821.00 |
| Debt / equity | 0.84 | 0.54 | 0.42 | 0.65 | 0.69 | 0.71 | 0.90 | 0.77 | 0.80 | 0.84 | 0.82 | 1.10 |
| Equity / assets | 2.6% | 2.7% | 2.8% | 2.8% | 2.7% | 2.7% | 2.4% | 2.8% | 2.5% | 2.6% | 2.7% | 2.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 20, 2026); data from EODHD.
VOYA financial position
At the end of fiscal 2025 (December 31, 2025), Voya Financial had total assets of $178.9 billion (up 9.1% from a year earlier), total liabilities of $171.8 billion and shareholders' equity of $5.0 billion. It held $1.2 billion in cash and short-term investments against $2.1 billion of debt, net debt of $876.0 million. Its current ratio was 20.38. In the latest quarter (ended June 30, 2026) total assets were $182.9 billion and equity $4.7 billion.
Related: VOYA income statement, VOYA cash flow statement, VOYA key metrics. See the VOYA stock overview for the latest quote and news.
VOYA balance sheet FAQ
What are Voya Financial's total assets?
Voya Financial reported total assets of $178.9 billion at the end of fiscal 2025 (December 31, 2025), compared with $163.9 billion a year earlier.
How much debt does Voya Financial have?
Voya Financial had $2.1 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.42.
How much cash does Voya Financial have?
Voya Financial held $1.2 billion in cash and short-term investments at the end of fiscal 2025; with $2.1 billion of debt that is net debt of $876.0 million.
What is Voya Financial's book value?
Voya Financial's shareholders' equity (book value) was $5.0 billion at the end of fiscal 2025, or $51.06 per share.
What is Voya Financial's current ratio?
Voya Financial had current assets of $11.9 billion and current liabilities of $586.0 million, a current ratio of 20.38 (it can cover its short-term obligations).
How much goodwill does Voya Financial have?
Voya Financial carried $8.1 billion of goodwill and intangible assets, 4.5% of total assets, at the end of fiscal 2025.