Voya Financial, Inc.
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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FY2025 · Filed Feb 20, 2026
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17. Revenue from Contracts with Customers
- 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, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Retirement | |||
| Advisory and R&A | $740 | $625 | $497 |
| Distribution and shareholder servicing | 131 | 133 | 121 |
| Investment Management | |||
| Advisory, asset management and R&A | 1,008 | 1,004 | 924 |
| Distribution and shareholder servicing | 132 | 153 | 146 |
| Employee Benefits | |||
| R&A | 44 | 26 | 18 |
| Software subscriptions and services | 198 | 206 | 205 |
| Corporate | |||
| R&A | 2 | 3 | 28 |
| Total financial services and software subscriptions and services revenue | 2,255 | 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 wasno impairment loss in relation to the contract costs capitalized.
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