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Get filing alertsVoya reports Q2 2026 EPS of $1.51, down 39% YoY on $40M severance charge
Filed August 4, 2026 · Period ending August 4, 2026 · ~2 min read
Key Changes
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Q2 2026 adjusted operating earnings fell to $140M ($1.51/share) from $240M ($2.46/share) in Q2 2025, driven by $40M in pre-tax severance expenses for efficiency actions and a $15M alternative investment loss. Management expects the efficiency actions to fully offset the severance expense within two quarters.
Exhibit 99.1 view on EDGAR → -
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Voya completed the OneAmerica integration during Q2 2026, surpassing 10 million Retirement participant accounts. Total Retirement client assets expected to reach $863B as of June 30, 2026, up 14% year-over-year.
Exhibit 99.1 view on EDGAR → -
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The company generated approximately $150M in excess capital (exceeding 100% of after-tax adjusted operating earnings) and returned approximately $200M to shareholders through $42M in dividends and completion of a $150M accelerated share repurchase at an average price of $78.97/share. Remaining buyback authorization totaled $263M.
Exhibit 99.1 view on EDGAR → -
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Retirement segment earnings declined to $190M from $235M in Q2 2025, despite a 10% year-over-year increase in fee-based revenues, due to lower alternative investment income and planned strategic investment spending. The adjusted operating margin of 37.9% remained within target range.
Exhibit 99.1 view on EDGAR → -
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Employee Benefits earnings fell to $22M from $69M in Q2 2025, as the prior-year period benefited from favorable prior-year claims development in Stop Loss and lower Voluntary loss ratios. For the trailing twelve months, the total aggregate loss ratio improved to 74% from 79%.
Exhibit 99.1 view on EDGAR →
Summary
Voya Financial reported second-quarter 2026 adjusted operating earnings of $140 million, or $1.51 per diluted share, down 39% from $2.46 per share in the prior-year quarter. The decline was driven by approximately $40 million in pre-tax severance expenses related to targeted efficiency actions and a $15 million loss from alternative investments.
Management expects the efficiency actions to generate ongoing expense savings that fully offset the severance expense within two quarters, positioning the company for improved profitability. The quarter marked the successful completion of the OneAmerica integration, with Voya surpassing 10 million Retirement participant accounts and total Retirement client assets expected to reach $863 billion, up 14% year-over-year.
Despite the earnings decline, Voya generated approximately $150 million in excess capital (exceeding 100% conversion of after-tax adjusted operating earnings) and returned approximately $200 million to shareholders through dividends and completion of a $150 million accelerated share repurchase program at an average price of $78.97 per share. Remaining share repurchase authorization totaled $263 million as of June 30, 2026. Retail investors should note that the severance charge is a one-time expense expected to improve the company's cost structure, while the OneAmerica integration completion strengthens Voya's competitive position in the Retirement market. The company's ability to generate excess capital exceeding 100% of earnings and maintain robust capital returns demonstrates underlying business strength despite the quarterly earnings decline.
Section-by-Section Diff
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
Employee Benefits second-quarter 2026 pre-tax adjusted operating earnings were $22 million, down from $69 million in the prior-year period. The prior-year period benefited from more favorable prior-year claims development in Stop Loss. Voluntary loss ratios increased in the quarter from the lower levels observed in the prior-year period.
Employee Benefits earnings fell to $22 million from $69 million in Q2 2025, as the prior-year period benefited from favorable prior-year claims development in Stop Loss and lower Voluntary loss ratios. However, for the trailing twelve months, the total aggregate loss ratio improved to 74% from 79%, and the adjusted operating margin increased to 11.0% from 3.7%, reflecting continued underwriting discipline and pricing actions.
Event · Exhibit 99.2
Added in current filing · view on EDGAR →
Adjusted operating earnings: (1) Before income taxes 167 257 226 290 289 424 521 After income taxes 140 214 188 239 240 354 435 Effective tax rate 16.3 % 16.9 % 17.1 % 17.8 % 16.9 % 16.6 % 16.5 % Per common share (diluted) 1.51 2.26 1.94 2.45 2.46 3.79 4.45
Voya Financial reported second quarter 2026 adjusted operating earnings of $140 million, or $1.51 per diluted share, down from $240 million, or $2.46 per share, in the prior-year quarter. Year-to-date adjusted operating earnings were $354 million ($3.79/share) versus $435 million ($4.45/share) in the first half of 2025. The effective tax rate was 16.3% in Q2 2026.
Added in current filing · view on EDGAR →
(4) The second quarter of 2026 includes approximately $40 million, pre-tax, of severance expenses.
The company incurred approximately $40 million in pre-tax severance expenses during the second quarter of 2026, reported in the Corporate segment. This is a non-recurring charge that reduced quarterly earnings and reflects workforce restructuring actions.
Added in current filing · view on EDGAR →
Returned to Common Shareholders: Repurchase of common shares, excluding commissions 150 150 120 80 — 300 — Dividends to common shareholders 42 44 44 43 44 86 87 Total cash returned to common shareholders 192 194 164 123 44 386 87
Voya returned $192 million to common shareholders in Q2 2026 through $150 million in share repurchases and $42 million in dividends. Year-to-date, the company returned $386 million ($300 million buybacks, $86 million dividends) versus $87 million in the first half of 2025, reflecting resumed buyback activity after none in Q2 2025.
Added in current filing · view on EDGAR → · paraphrased
Employee Benefits Adjusted operating earnings before income taxes 22 63 (10) 47 69 85 115
The Employee Benefits segment reported adjusted operating earnings before income taxes of $22 million in Q2 2026, down from $69 million in Q2 2025. The segment's aggregate loss ratio improved to 75.0% from 70.7% year-over-year, with Stop Loss showing an 85.4% loss ratio versus 80.3% in the prior-year quarter. Year-to-date earnings were $85 million versus $115 million in 2025.
Added in current filing · view on EDGAR →
Total 377,211 353,431 360,125 366,300 359,589
Investment Management assets under management totaled $377.2 billion at June 30, 2026, up from $359.6 billion a year earlier, driven by market appreciation of $21.8 billion year-to-date. The segment reported adjusted operating earnings before income taxes of $57 million in Q2 2026 versus $51 million in Q2 2025.
Event · Item 2.02 — Results of Operations and Financial Condition
Voya Financial reported Q2 2026 financial results and furnished earnings press release and quarterly investor supplement.
Added in current filing · verify on EDGAR →
On August 4, 2026, Voya Financial, Inc. (“Voya Financial”) reported its financial results for the three months and six months ended June 30, 2026.
Voya Financial disclosed its second-quarter 2026 financial results. The 8-K furnishes the earnings press release and quarterly investor supplement as exhibits but does not include specific financial metrics in the body of the filing.
Added in current filing · verify on EDGAR →
Voya Financial will host a conference call on Wednesday, August 5, 2026 at 10:00 am ET to discuss its second-quarter 2026 results.
The company scheduled an earnings conference call for August 5, 2026 at 10:00 am ET to discuss the quarterly results with investors and analysts.
Event · Item 7.01 — Regulation FD Disclosure
Voya Financial made available investor presentation slides for an earnings conference call on its investor relations website.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
On August 4, 2026, Voya Financial made available a slide presentation that will accompany the conference call described above in Item 2.02. These slides are available on Voya Financial’s investor relations website at http://investors.voya.com.
The company disclosed that it has published presentation slides on its investor relations website to accompany an earnings conference call referenced in Item 2.02 of this filing. This is a routine procedural disclosure under Regulation FD to ensure equal access to investor materials.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 5, 2026 · How we verify