VOYA NYSE Russell 1000 Earnings call
Voya Financial (VOYA) · Q2 2026 results and valuation
Share price: $103.69 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 5 Aug 2026 and 6 May 2026
Net income down 48.4% on the previous quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
−48.4%
Net income vs Q1 2026
Outlook given
Net income 94.0M vs 182.0M
Revenue −6.6%
Against the same quarter last year (Q2 2025) it is −43.4%, so it is not just seasonal.
2 · How management spoke
Typical
Less upbeat than 53% of company calls
Answers to analysts: upbeat, in line with the script.
Similar to last call.
3 · What stood out
Figure
VOYA generated over $8 billion of defined contribution net inflows in the Retirement segment during the quarter due to continued high client…
Valuation
Is Voya Financial undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 10.0% growth a year (3-year revenue growth), the model's fair value is $153.98 a share — the stock trades 33% below it. Today's price assumes 4.1% growth a year.
Current price
$103.69
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+4.1% for 10 yrs
Fair value / share
$153.98
Buy below
$115.49
Price vs fair value
Undervalued 33%
Price vs buy-below price
Undervalued 10%
Read between the lines
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Guidance
VOYA expects severance expense savings to fully offset upfront costs by year end.
Source quote
“On severance, we expect the resulting expense savings to fully offset the upfront costs by year end.”
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Guidance
Voya Financial will see how this ultimately shakes out, but I think that is a reasonable starting point And I think the broader message that and it talked...
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Fading
Wealth Management revenue increased more than 12% year-over-year in the first quarter as the company continues to expand advice, guidance, and planning services.
Source quote
“And we are building on that strong foundation by expanding the advice, guidance, and planning we provide through our Wealth... We expect to complete the integration in the second quarter. In Wealth Management, expansion remains on track, with first-quarter revenues up more than 12% year-over-year.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Stepping back, robust flows, high client retention, and growth in participant accounts reinforce the strength of our retirement franchise.”
“We delivered strong commercial results in Retirement and Investment Management, we are stabilizing and growing margins in Employee Benefits and we are expanding wealth management capabilities to drive future revenue...”
“Adjusted operating earnings were $190 million in the quarter, Results were impacted by lower spread income, reflecting alternative investment performance below expectations.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 1.90B | 2.03B | −6.6% | 1.98B | −4.3% |
| Operating income | 34.0M | 230.0M | −85.2% | 188.0M | −81.9% |
| Net income | 94.0M | 182.0M | −48.4% | 166.0M | −43.4% |
| EPS | 0.97 | 1.75 | −44.6% | 1.66 | −41.6% |
| P/E today 16.5 | 15.3 | 10.3 | +5.0 | 14.0 | +1.3 |
Topics
Most discussed now
- Excluding the alternative investment impact, core spread income remained resilient supported by reinvestment at higher rates On a trailing…
- Most importantly, cash generation remains strong and Voya Financial remains on track for 2026 to exceed 2025 levels.
- Defined contribution net flows were $8.1 billion in the quarter, supported by continued high client retention, and large plan…
- These actions improve efficiency, reduce ongoing expenses, and allow us to invest in long term growth.
- Voya Financial is still out kicking the industry quite meaningfully with its organic growth rate.
Faded since Q1 2026
- Fading This is, as Heather was mentioning, a big part of the cash generation expansion story for it in 2026 and...
- Fading Executing on its priorities, Voya Financial is building on its strong momentum, maintaining robust margins in Retirement and Investment…
- Fading Voya Financial's momentum is clear and its advantage comes from its diversified, resilient business model built to perform across markets…
- Fading Voya Financial continues to expect positive net flows for the full year, more than offsetting the exit of a large recordkeeping...
Latest announcements
Official filings, newest first.
- Regulation FD disclosure · SEC 8-K
- Director or officer change · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K