Voya Financial, Inc.VOYA

Voya Financial, Inc. Earnings Per Share Disclosure

10-KFiled Feb 20, 20261 min read
Earnings per Common Share
The following table presents a reconciliation of Net income and shares used in calculating basic and diluted net income (loss) per common share for the periods indicated:
(in millions, except for per share data)
Year Ended December 31,
Earnings202520242023
Net income available to common shareholders:
Net income
$733 $742 $729 
Less: Preferred stock dividends41 41 36 
Less: Net income attributable to noncontrolling interest and redeemable noncontrolling interest
79 75 104 
Net income available to Voya Financial, Inc.'s common shareholders
$613 $626 $589 
Weighted-average common shares outstanding
Basic95.8 99.2 102.7 
Dilutive Effects:
Warrants(1)
— — 3.3 
RSUs
1.0 1.1 1.2 
PSUs
0.4 0.7 1.1 
Stock Options
0.2 0.4 0.5 
Diluted97.4 101.4 108.8 
Net income available to Voya Financial, Inc.'s common shareholders per common share(2)
Basic
$6.40 $6.31 $5.74 
Diluted
$6.29 $6.17 $5.42 
(1) See the Shareholders' Equity Note to these Consolidated Financial Statements for additional information on warrants settled.
(2) Basic and diluted earnings per share are calculated using unrounded, actual amounts. Therefore, the components of earnings per share may not sum to its corresponding total. Diluted earnings per share is computed assuming the issuance of restricted stock units, stock options, performance share units and warrants using the treasury stock method.

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

Income TaxesRevenueFair ValueGoodwill & IntangiblesSegmentsDebtCommitmentsStock CompensationNew StandardsPay vs Performance