Voya Financial (VOYA) plans $250M share repurchases, guides Q4 2025 alternative investment income

Rhea-AI Filing Summary

Voya Financial, Inc. is updating investors on capital deployment and investment income as it participates in the 2025 Goldman Sachs Financial Services Conference. The company expects to repurchase $100 million of its shares in the fourth quarter of 2025 and intends to enter into a new share repurchase plan to buy back an additional $150 million in the first quarter of 2026. Voya also estimates that combined alternative investment income for the fourth quarter of 2025 will be $42 million to $57 million pre-tax, with the midpoint of this range representing an annualized return of 9%. Management plans to provide further updates on these topics during its fourth quarter and full-year earnings call in February 2026.

Insights

Equity & capital management analyst

Voya outlines near-term buybacks and alternative investment income expectations.

Voya Financial signals continued capital return by planning share repurchases of $100 million in Q4 2025 and intending to enter a new plan for an additional $150 million in Q1 2026. These figures indicate an ongoing program rather than a one-time action, but the excerpt does not quantify them relative to the company’s size.

The company also provides guidance for combined alternative investment income of $42 million to $57 million pre-tax for Q4 2025, with a midpoint implying a 9% annualized return. This range covers income from both the general account and investment capital in the Investment Management segment, giving investors a sense of expected contribution from these assets.

Voya notes that it will give further detail on its Q4 and full-year performance on the earnings call in February 2026. Actual results may differ from these expectations, as highlighted by the forward-looking statement language referencing broader risk factors in its periodic reports.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

December 9, 2025

VOYA FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

Delaware

001-35897

No.

52-1222820

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification Number)

200 Park Avenue

New York

New York

10166

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (212) 309-8200

N/A

(Former name or former address, if changed since last report)

     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading symbol			Name of each exchange on which registered
Common Stock, $.01 Par Value			VOYA			New York Stock Exchange
Depositary Shares, each representing a 1/40th			VOYAPrB			New York Stock Exchange
interest in a share of 5.35% Fixed-Rate Non-Cumulative Preferred Stock, Series B, $0.01 par value

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 

Item 7.01    Regulation FD Disclosure

Voya Financial (the “Company”) is making the following public disclosures in connection with its participation in the 2025 Goldman Sachs Financial Services Conference on December 10, 2025. The information is being disclosed to facilitate discussions between the Company’s management and investors attending the conference.

Capital Deployment Update. Share repurchases for the fourth quarter of 2025 will be $100 million. Before the end of 2025, the Company intends to enter into a new share repurchase plan to repurchase $150 million in the first quarter of 2026.

Alternative Investment Income. The Company estimates that combined alternative investment income for the fourth quarter of 2025 is expected to be in the range of $42 million - $57 million (pre-tax), before variable and incentive compensation. The mid-point of this range represents an annualized return of 9%. Included in these figures is alternative investment income in our general account and investment capital returns in our Investment Management segment.

We will provide further updates on the upcoming fourth quarter and full year earnings call in February 2026.

The information in this current report on Form 8-K includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company does not assume any obligation to revise or update these statements to reflect new information, subsequent events or changes in strategy. Factors that may cause actual results to differ from those in any forward-looking statement also include those described under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Trends and Uncertainties” in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and in other documents filed from time to time with the SEC, as applicable, all of which are available at www.sec.gov.

As provided in General Instruction B.2 of Form 8-K, the information provided pursuant to this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Voya Financial, Inc.

(Registrant)

By:        /s/ Julie Watson             

Name:    Julie Watson

Title:    Vice President, Counsel and Corporate Secretary 

Dated: December 9, 2025

FAQ

What capital deployment plans did Voya Financial (VOYA) announce for late 2025 and early 2026?

Voya Financial expects to complete $100 million of share repurchases in the fourth quarter of 2025 and intends to enter into a new share repurchase plan to buy back an additional $150 million in the first quarter of 2026.

What alternative investment income does Voya Financial (VOYA) expect for Q4 2025?

For the fourth quarter of 2025, Voya estimates combined alternative investment income of $42 million to $57 million pre-tax, before variable and incentive compensation.

What return does the midpoint of Voya Financial's Q4 2025 alternative investment income range imply?

The midpoint of the Q4 2025 alternative investment income range represents an annualized return of approximately 9%, based on the company’s estimate.

Which parts of Voya Financial's business contribute to the alternative investment income range?

The alternative investment income figures include income from Voya’s general account and investment capital returns in its Investment Management segment.

When will Voya Financial (VOYA) provide more details on its Q4 2025 results?

Voya plans to provide further updates on the fourth quarter of 2025 and full-year results during its earnings call in February 2026.

Why did Voya Financial (VOYA) make these disclosures now?

The company made these disclosures in connection with its participation in the 2025 Goldman Sachs Financial Services Conference, to facilitate discussions between management and investors attending the event.