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Voya Financial cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$644M in Q3 2026 · $1.7B over twelve months

Operating cash flow$644M
Free cash flow+$644M
Cash / net income2.5×

Analysis

In Q3 2026, Voya Financial generated $644M of operating cash flow. That is $476M more than in Q3 2025 ($168M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.7B; the largest uses were other financing ($1.3B), buybacks ($500M), other investing ($313M); besides operations, cash came from partners ($534M), shares issued ($7.0M); the cash balance fell by $88.0M.

Operating cash flow was $644M against net income of $253M — 2.5× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$21.0M.

Free cash flow

Voya Financial: free cash flow by quarterVoya Financial: free cash flow by quarter$79.0MQ4 2024−$179MQ1 2025$742MQ2 2025$168MQ3 2025$557MQ4 2025−$36.0MQ1 2026$503MQ2 2026$644MQ3 2026
Operating cash flow less capital spending.
Voya Financial: operating cash flow against capital spendingVoya Financial: operating cash flow against capital spendingOperating cash flowCapital spending$79.0M$0Q4 2024−$179M$0Q1 2025$742M$0Q2 2025$168M$0Q3 2025$557M$0Q4 2025−$36.0M$0Q1 2026$503M$0Q2 2026$644M$0Q3 2026
Latest (Q3 2026): Operating cash flow $644M, Capital spending $0.

Capital allocation, year by year

Voya Financial: where the cash came from (up) and went (down), by fiscal yearVoya Financial: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesAcquisitionsBuybacksDividendsFY2021: Operating cash flow $22.0MFY2021: Net borrowing −$503MFY2021: Shares issued $4.0MFY2021: Asset sales $274MFY2021: Buybacks −$1.1BFY2021: Dividends −$36.0M$300MFY2021FY2022: Operating cash flow $1.4BFY2022: Net borrowing −$387MFY2022: Shares issued $7.0MFY2022: Acquisitions −$2.0MFY2022: Buybacks −$750MFY2022: Dividends −$83.0M$1.4BFY2022FY2023: Operating cash flow $1.6BFY2023: Net borrowing −$173MFY2023: Acquisitions −$584MFY2023: Buybacks −$369MFY2023: Dividends −$127M$1.6BFY2023FY2024: Operating cash flow $1.3BFY2024: Net borrowing $386MFY2024: Shares issued $6.0MFY2024: Buybacks −$640MFY2024: Dividends −$171M$1.7BFY2024FY2025: Operating cash flow $1.3BFY2025: Net borrowing −$408MFY2025: Shares issued $5.0MFY2025: Acquisitions $224MFY2025: Buybacks −$200MFY2025: Dividends −$178M$1.5BFY2025
Over these 5 years operating cash flow totalled $5.6B; the largest uses were buybacks ($3.1B) and net borrowing ($1.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.2B
Debt$2.1B
Net debt$911M
Due within a year$587M

Voya Financial funds itself: free cash flow was $1.7B over the last twelve months, and $1.2B of cash and investments stands against $2.1B of debt ($587M due within a year, 2.0× covered by cash).

Voya Financial: debt maturities by year (FY2025)Voya Financial: debt maturities by year (FY2025)$587MYear 1$13.0MYear 2$1.5BAfter year 5
Principal due in each year as disclosed in the annual report, against $1.2B of cash and investments now.

Where the cash came from and went

Voya Financial: sources (+) and uses (−) of cash, Q3 2026Voya Financial: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$644MOther investing−$313MCash drawn (+) / kept (−)−$103MBuybacks−$100MOther financing−$85.0MDividends−$43.0MNet borrowing (+) / repaid (−)−$15.0MPartners$11.0MShares issued$4.0M
Voya Financial: sources (+) and uses (−) of cash, TTM to Q3 2026Voya Financial: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.7BOther financing−$1.3BPartners$534MBuybacks−$500MOther investing−$313MDividends−$178MCash drawn (+) / kept (−)$88.0MNet borrowing (+) / repaid (−)−$16.0MShares issued$7.0M

From profit to cash

Voya Financial: net income to operating cash flow, Q3 2026Voya Financial: net income to operating cash flow, Q3 2026Net income$253MStock-based pay$21.0MOperating cash flow$644M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$644M—−$100M−$43.0M−$15.0M$4.0M−$103M$644M
Q2 2026$503M—−$150M−$46.0M−$396M—$5.0M$503M
Q1 2026−$36.0M—−$150M−$44.0M$395M$3.0M$258M−$36.0M
Q4 2025$557M—−$100M−$45.0M——−$72.0M$557M
Q3 2025$168M—−$100M−$43.0M—$2.0M$45.0M$168M
Q2 2025$742M——−$47.0M——−$311M$742M
Q1 2025−$179M$224M—−$43.0M−$400M$3.0M$504M−$179M
Q4 2024$79.0M—−$120M−$43.0M−$1.0M—$31.0M$79.0M

Voya Financial: income statement and cash flow

Voya Financial, Q3 2026: revenue $2.0B (-5% year over year), operating margin 14.2%. The chart follows the revenue to costs, profit and cash.

Voya Financial: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.