segmentwise revenue and margins check their latest 10k

Here is the accurate segment-wise revenue and margin breakdown from Voya's latest 2025 filings.

To clarify the numbers: Voya reported a total GAAP revenue of $8.19 billion for 2025. However, they evaluate their individual business segments using Net Revenue, which strips out massive pass-through items (like interest credited to participant accounts and direct insurance payouts). The combined segment Net Revenue sits at roughly $4.6 billion.

• Retirement: Their largest and highest-margin segment. Revenue here was bolstered by record organic net inflows and massive asset pools onboarded from their recent OneAmerica acquisition.
• Investment Management: This division pushed past $1 billion in net revenue for the first time in firm history, maintaining stable, healthy margins just under 30%.
• Employee Benefits: Margins here expanded dramatically—jumping from around 4% in 2024 to nearly 15% in 2025. This was driven by aggressive pricing corrections and much tighter risk selection in their stop-loss insurance business.

Voya Financial Q4 2025 Earnings Call

This recording of the most recent earnings call provides direct commentary from Voya's executives detailing these segment revenue figures and the strategies behind their margin expansion.