Voya Financial, Inc.VOYA

Voya Financial, Inc. Revenue Disclosure

10-KFiled Feb 20, 20261 min read
Revenue from Contracts with Customers
Financial services and software subscriptions and services revenue is disaggregated by type of service in the following table: 

Year Ended December 31,
202520242023
Retirement
Advisory and R&A
$740 $625 $497 
Distribution and shareholder servicing131 133 121 
Investment Management
Advisory, asset management and R&A
1,008 1,004 924 
Distribution and shareholder servicing132 153 146 
Employee Benefits
R&A
44 26 18 
Software subscriptions and services198 206 205 
Corporate
R&A
2 3 28 
Total financial services and software subscriptions and services revenue2,255 2,150 1,939 
Revenue from other sources(1)
581 386 304 
Total Fee income and Other revenue$2,836 $2,536 $2,243 
(1) Primarily consists of revenue from insurance contracts and financial instruments.
Net receivables of $378 and $361 are included in Other assets on the Consolidated Balance Sheets as of December 31, 2025 and 2024, respectively.

As of December 31, 2025 and 2024 contract cost assets were $109 and $105, respectively. For the years ended December 31, 2025, 2024 and 2023 amortization expense of $23, $21 and $20, respectively, were recorded in Operating expenses. The estimated lives of capitalized contract costs typically range from 5 to 15 years. There was no impairment loss in relation to the contract costs capitalized.

Historical Timeline

Fiscal YearFiled
2025Feb 20, 2026Showing above
2024Feb 21, 2025
2023Feb 23, 2024

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

Other Available Disclosures

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