Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefit) consisted of the following for the periods indicated:


	Year Ended December 31,
	2025		2024		2023
Current tax expense (benefit):
Federal	$	1	$	1	$	2
Foreign	1		9		4
State	13		5		5
Total current tax expense (benefit)	15		15		11
Deferred tax expense (benefit):
Federal	95		38		(50)
State	(6)		4		(12)
Total deferred tax expense (benefit)	89		42		(62)
Total income tax expense (benefit)	$	104	$	57	$	(51)

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

Income before income taxes consisted of the following for the periods indicated:


	Year Ended December 31,
	2025		2024		2023
Income:
Domestic	$	834	$	772	$	668
Foreign	3		27		10
Total income before income taxes	$	837	$	799	$	678

Schedule of Effective Income Tax Rate Reconciliation

Income taxes were different from the amount computed by applying the federal income tax rate to Income before income taxes for the following reasons for the periods indicated:


	Year Ended December 31,
	2025				2024				2023
	Amount		Percent		Amount		Percent		Amount		Percent
U.S Federal Statutory Rate	$	176	21.0	%	$	168	21.0	%	$	142	21.0	%
State and Local Income Taxes, Net of Federal Income Tax Effect	2		0.2	%	9		1.1	%	(7)		(1.0)	%
Foreign Tax Effects	1		0.1	%	9		1.1	%	4		0.6	%


Tax Credits
Foreign tax credits	(20)		(2.4)	%	(22)		(2.8)	%	(18)		(2.7)	%
Research and development tax credits	(5)		(0.6)	%	(6)		(0.8)	%	(3)		(0.4)	%

Nontaxable or Nondeductible Items
Dividends received deduction	(36)		(4.3)	%	(49)		(6.1)	%	(38)		(5.6)	%
Noncontrolling interest	(17)		(2.0)	%	(16)		(2.0)	%	(22)		(3.3)	%
Nontaxable foreign subsidiary gain	—		—	%	—		—	%	(10)		(1.5)	%
Executive compensation disallowed under §162(m)	6		0.7	%	6		0.8	%	8		1.2	%
Other	(1)		(0.1)	%	(4)		(0.5)	%	(2)		(0.3)	%

Other Adjustments
Security Life of Denver Company capital loss carryback(1)	—		—	%	(38)		(4.8)	%	(92)		(13.6)	%
Other	(2)		(0.2)	%	—		—	%	(13)		(1.9)	%
Effective tax rate	$	104	12.4	%	$	57	7.1	%	$	(51)	(7.5)	%

(1) See Other Tax Matters section below

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities were as follows as of the dates indicated:


	December 31,
	2025		2024
Deferred tax assets
Federal and state loss carryforwards	$	1,167	$	1,421
Net unrealized investment losses	351		522
Compensation and benefits	175		161
Current discount rate	156		165
Tax credits	155		154


Other assets	280		222
Total gross assets before valuation allowance	2,284		2,645
Less: Valuation allowance	75		96
Assets, net of valuation allowance	2,209		2,549
Deferred tax liabilities
Deferred policy acquisition costs	(277)		(324)

Other liabilities	(61)		(91)
Total gross liabilities	(338)		(415)
Net deferred income tax asset	$	1,871	$	2,134

Summary of Operating Loss Carryforwards

The following table sets forth the federal, state and credit carryforwards for tax purposes as of the dates indicated:


	December 31,
	2025			2024
Federal net operating loss carryforward	$	5,186	(1)	$	6,335
State net operating loss carryforward	2,148		(2)	2,412

Credit carryforward	155		(3)	154

(1) Approximately $2,419 of the net operating loss carryforwards ("NOL") are not subject to expiration. $2,767 of the NOLs expire between 2026 and 2037.

(2) Approximately $503 of the NOLs not subject to expiration. $1,645 of the NOLs expire between 2026 and 2045.

(3) Expires between 2026 and 2045.

Schedule of Unrecognized Tax Benefits

Reconciliations of the change in the unrecognized income tax benefits were as follows for the periods indicated:


	Year Ended December 31,
	2025		2024		2023
Balance at beginning of period	$	24	$	27	$	33
Additions (reductions) for tax positions related to current year	—		—		—
Additions (reductions) for tax positions related to prior years	(3)		(3)		(6)



Balance at end of period	$	21	$	24	$	27

Voya Financial, Inc. 10-K