Voya Financial, Inc. (VOYA) Cash Flow Statement
Where VOYA’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.29B +41.4% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $1.29B 17.2% margin
- Returned to shareholders
- $419.0M 33% of free cash flow
- Change in cash
- −$166.0M cash at year-end $1.35B
Cash from operations
$1.29B
Investments (net)
−$259.0M
Acquisitions & other
−$1.11B
Dividends
−$219.0M
Share buybacks (net)
−$200.0M
Net borrowing (repayment)
−$503.0M
Other financing
+$832.0M
Change in cash
−$166.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
VOYA operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
VOYA cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $3.69B2016 | $1.29B2025 | −11.0%/yr | |
| Capital expenditures | $66.7M2016 | $02025 | −100.0% | |
| Free cash flow | $3.69B2016 | $1.29B2025 | −11.0%/yr | |
| Free cash flow margin | 42.0%2016 | 17.2%2025 | −24.8 pts | |
| Operating cash flow / net income | 2.062018 | 1.972025 | −0.09 | |
| Stock-based compensation | $99.0M2016 | $72.0M2025 | −3.5%/yr | |
| Dividends paid | $8.0M2016 | $219.0M2025 | +44.4%/yr | |
| Share buybacks (net) | $687.0M2016 | $200.0M2025 | −12.8%/yr | |
| Capex / revenue | 0.8%2016 | 0.0%2025 | −0.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VOYA cash flow by activity
OperatingInvestingFinancingChange in cash
VOYA net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
VOYA cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $654.0M | $667.0M | $625.0M | $433.0M | $2.89B | −$49.0M | −$301.0M | $907.0M | −$2.77B | −$298.0M |
| Depreciation & amortization | — | $198.0M | $20.0M | $36.0M | −$2.24B | −$84.0M | −$36.0M | $1.72B | $555.0M | $98.6M |
| Stock-based compensation | $72.0M | $96.0M | $126.0M | $90.0M | $88.0M | $88.0M | $98.0M | $96.0M | $117.0M | $99.0M |
| Change in working capital | $510.0M | $95.0M | $698.0M | −$118.0M | −$647.0M | $844.0M | $804.0M | −$120.0M | $355.0M | $1.19B |
| Other non-cash items | $52.0M | −$145.0M | $169.0M | $911.0M | −$17.0M | $410.0M | $745.0M | −$731.0M | $3.33B | $2.60B |
| Cash from operating activities | $1.29B | $911.0M | $1.64B | $1.35B | $72.0M | $1.21B | $1.31B | $1.87B | $1.58B | $3.69B |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | −$484.0M | $0 | −$233.0M | −$158.0M | −$1.94B | −$66.7M |
| Investments (net) | −$259.0M | −$141.0M | $1.70B | $350.0M | $434.0M | −$873.0M | −$267.0M | −$233.0M | $59.0M | $12.43B |
| Acquisitions & other investing | −$1.11B | $0 | $833.0M | −$2.30B | −$277.0M | −$1.59B | −$755.0M | $109.0M | −$543.0M | −$16.04B |
| Cash from investing activities | −$1.37B | −$141.0M | $2.53B | −$1.95B | −$327.0M | −$2.46B | −$1.25B | −$282.0M | −$2.43B | −$3.68B |
| Financing activities | ||||||||||
| Dividends paid | −$219.0M | −$209.0M | −$163.0M | −$119.0M | −$116.0M | −$112.0M | −$72.0M | −$6.0M | −$8.0M | −$8.0M |
| Share repurchases & issuance (net) | −$200.0M | −$640.0M | −$369.0M | −$750.0M | −$1.11B | −$516.0M | −$1.14B | −$1.02B | −$923.0M | −$687.0M |
| Net borrowing (repayment) | −$503.0M | $128.0M | $257.0M | −$366.0M | −$482.0M | −$1.0M | $113.0M | −$366.0M | −$94.0M | $73.9M |
| Shares issued | $5.0M | $6.0M | $0 | $7.0M | $4.0M | $4.0M | $296.0M | $322.0M | $0 | $0 |
| Other financing | $832.0M | −$44.0M | −$3.78B | $1.26B | $1.44B | $2.33B | $678.0M | −$689.0M | $676.0M | $1.01B |
| Cash from financing activities | −$85.0M | −$759.0M | −$4.06B | $28.0M | −$265.0M | $1.70B | −$121.0M | −$1.76B | −$349.0M | $389.0M |
| Summary | ||||||||||
| Net change in cash | −$166.0M | $11.0M | $111.0M | −$566.0M | −$520.0M | $450.0M | −$66.0M | −$178.0M | −$1.20B | $398.0M |
| Cash at end of period | $1.35B | $217.0M | $1.12B | $1.01B | $1.40B | $1.92B | $1.47B | $1.54B | $1.72B | $2.91B |
| Free cash flow | $1.29B | $911.0M | $1.64B | $1.35B | $556.0M | $1.21B | $1.08B | $1.87B | $1.58B | $3.69B |
| Free cash flow margin | 17.2% | 11.3% | 22.3% | 22.8% | 17.1% | 16.3% | 14.7% | 22.7% | 21.9% | 42.0% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 14.9% | 0.0% | 3.2% | 1.9% | 26.9% | 0.8% |
| Operating cash flow / net income | 1.97 | 1.37 | 2.62 | 3.12 | 0.02 | — | — | 2.06 | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$182.0M | $182.0M | $140.0M | $192.0M | $166.0M | $156.0M | $97.0M | −$456.0M | $205.0M | $251.0M | $122.0M | $262.0M |
| Depreciation & amortization | $29.0M | — | — | — | — | — | $128.0M | −$46.0M | $23.0M | $23.0M | −$43.0M | −$42.0M |
| Stock-based compensation | — | — | — | — | — | — | $11.0M | $23.0M | $23.0M | $39.0M | $16.0M | $21.0M |
| Change in working capital | — | — | $160.0M | — | — | — | −$85.0M | — | — | — | $376.0M | — |
| Other non-cash items | $656.0M | −$218.0M | $257.0M | −$24.0M | $576.0M | −$335.0M | −$72.0M | $1.20B | $65.0M | −$82.0M | −$107.0M | $162.0M |
| Cash from operating activities | $503.0M | −$36.0M | $557.0M | $168.0M | $742.0M | −$179.0M | $79.0M | $719.0M | $316.0M | $231.0M | $364.0M | $403.0M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$8.0M | −$8.0M |
| Investments (net) | $377.0M | −$105.0M | −$158.0M | −$718.0M | −$524.0M | $245.0M | −$645.0M | −$486.0M | −$92.0M | $1.08B | $833.0M | $296.0M |
| Acquisitions & other investing | $347.0M | −$247.0M | −$214.0M | $0 | $0 | $0 | $622.0M | $0 | $0 | $0 | $8.0M | $142.0M |
| Cash from investing activities | $724.0M | −$352.0M | −$372.0M | −$718.0M | −$524.0M | $245.0M | −$23.0M | −$486.0M | −$92.0M | $1.08B | $833.0M | $430.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$50.0M | −$61.0M | −$49.0M | −$59.0M | −$51.0M | −$60.0M | −$47.0M | −$60.0M | −$47.0M | −$58.0M | −$46.0M | −$56.0M |
| Share repurchases & issuance (net) | −$150.0M | −$150.0M | −$100.0M | −$100.0M | $0 | $0 | −$120.0M | −$172.0M | −$176.0M | −$172.0M | −$157.0M | −$50.0M |
| Net borrowing (repayment) | −$413.0M | $375.0M | $51.0M | −$42.0M | −$26.0M | −$486.0M | −$339.0M | $425.0M | — | — | — | −$218.0M |
| Shares issued | $0 | $3.0M | $0 | $2.0M | $0 | $3.0M | $0 | $3.0M | $0 | $3.0M | $0 | $0 |
| Other financing | −$619.0M | −$37.0M | −$15.0M | $704.0M | $170.0M | −$27.0M | $419.0M | −$64.0M | $3.0M | −$1.03B | −$793.0M | −$941.0M |
| Cash from financing activities | −$1.23B | $130.0M | −$113.0M | $505.0M | $93.0M | −$570.0M | −$87.0M | $132.0M | −$220.0M | −$1.25B | −$996.0M | −$1.26B |
| Summary | ||||||||||||
| Net change in cash | −$5.0M | −$258.0M | $72.0M | −$45.0M | $311.0M | −$504.0M | −$31.0M | $365.0M | $4.0M | $58.0M | $201.0M | −$432.0M |
| Cash at end of period | $1.08B | $1.09B | $1.35B | $1.28B | $1.32B | $1.01B | $1.51B | $1.54B | $1.18B | $1.18B | $1.12B | $917.0M |
| Free cash flow | $503.0M | −$36.0M | $557.0M | $168.0M | $742.0M | −$179.0M | $79.0M | $719.0M | $316.0M | $231.0M | $364.0M | $403.0M |
| Free cash flow margin | 26.5% | −1.9% | 39.3% | 7.9% | 37.5% | −9.1% | 3.9% | 36.8% | 15.5% | 11.3% | 20.0% | 22.1% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.4% | 0.4% |
| Operating cash flow / net income | — | −0.20 | 3.98 | 0.88 | 4.47 | −1.15 | 0.81 | — | 1.54 | 0.92 | 2.98 | 1.54 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
VOYA cash generation
In fiscal 2025 (ended December 31, 2025), Voya Financial generated $1.3 billion of cash from operations (up 41.4%) and spent $0 on capital expenditures, leaving free cash flow of $1.3 billion, 17.2% of revenue. It returned $419.0 million to shareholders through dividends ($219.0 million) and net share buybacks ($200.0 million). Cash and equivalents fell by $166.0 million over the year.
Related: VOYA income statement, VOYA balance sheet, VOYA dividend history. See the VOYA stock overview for the latest quote and news.
VOYA cash flow FAQ
What is Voya Financial's free cash flow?
Voya Financial's free cash flow was $1.3 billion in fiscal 2025: $1.3 billion of operating cash flow minus $0 of capital expenditures It was $911.0 million a year earlier..
How much cash does Voya Financial generate from operations?
Voya Financial generated $1.3 billion of cash from operating activities in fiscal 2025, 1.97 times its net income of $654.0 million.
How much stock does Voya Financial buy back?
Voya Financial spent $200.0 million on net share repurchases in fiscal 2025.
How much does Voya Financial pay in dividends?
Voya Financial paid $219.0 million in dividends in fiscal 2025, 17.0% of free cash flow.