Lincoln National (LNC) Financials

$39.87 -0.01 (-0.03%)

Closing price 03:59 PM Eastern

Extended Trading

$39.93 +0.06 (+0.15%)

As of 07:59 PM Eastern

Annual Income Statements for Lincoln National

This table shows Lincoln National's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-1,097	1,913	2,079	1,641	886	3,757	3,778	1,358	-834	3,184
Consolidated Net Income / (Loss)	1,154	1,192	2,079	1,641	886	499	3,778	1,358	-752	3,275
Net Income / (Loss) Continuing Operations	1,154	1,192	2,079	1,641	886	499	3,778	1,358	-752	3,275
Total Pre-Tax Income	1,430	1,458	1,130	1,885	919	423	4,643	1,725	-1,148	4,022
Total Revenue	13,572	13,330	14,004	16,127	16,932	17,439	17,445	18,810	11,645	18,442
Net Interest Income / (Expense)	0.00	0.00	-253	-297	-326	0.00	-270	0.00	0.00	0.00
Total Interest Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Interest Expense	0.00	0.00	253	297	326	0.00	270	0.00	0.00	0.00
Total Non-Interest Income	13,572	13,330	14,257	16,424	17,258	17,439	17,715	18,810	11,645	18,442
Other Service Charges	5,045	5,244	6,158	6,588	7,101	6,371	6,816	5,603	5,467	5,402
Net Realized & Unrealized Capital Gains on Investments	4,750	4,608	4,843	5,235	4,644	5,038	5,282	6,355	1,568	5,794
Premiums Earned	3,246	2,987	3,256	4,601	5,513	5,372	5,617	6,087	3,672	6,425
Other Non-Interest Income	531	491	-	-	-	658	-	765	938	821
Total Non-Interest Expense	12,142	11,872	12,874	14,242	16,013	17,016	12,802	17,085	12,793	14,420
Property & Liability Insurance Claims	7,552	7,256	7,750	9,403	10,660	11,600	11,249	11,356	9,386	11,361
Insurance Policy Acquisition Costs	-	-	-	-	-	-	-	2,766	-152	-190
Other Operating Expenses	4,318	4,285	4,219	4,839	5,353	5,132	5,306	2,046	3,228	2,913
Impairment Charge	54	102	905	-	-	0.00	0.00	634	0.00	0.00
Other Special Charges	272	331	-	-	-	284	-3,753	283	331	336
Income Tax Expense	276	266	-949	244	33	-76	865	367	-396	747
Preferred Stock Dividends Declared	-	-	-	-	-	-	-	0.00	82	91
Basic Earnings per Share	$4.60	$5.09	$9.36	$7.60	$4.41	$2.58	$20.17	$7.93	($4.92)	$18.66
Weighted Average Basic Shares Outstanding	250.63M	234.18M	222.13M	215.94M	195.37M	191.96M	172.45M	169.22M	169.67M	170.40M
Diluted Earnings per Share	$4.51	$5.03	$9.22	$7.40	$4.38	$2.56	$19.96	$7.78	($4.92)	$18.41
Weighted Average Diluted Shares Outstanding	250.63M	234.18M	222.13M	215.94M	195.37M	191.96M	172.45M	169.22M	169.67M	170.40M
Weighted Average Basic & Diluted Shares Outstanding	250.63M	234.18M	222.13M	215.94M	195.37M	191.96M	172.45M	169.22M	169.67M	170.40M
Cash Dividends to Common per Share	$0.85	$1.04	$1.20	$1.36	$1.51	$1.62	$1.71	$1.80	$1.80	$1.80

This table shows Lincoln National's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-1,777	7,489	-909	502	819	-1,246	1,191	884	-562	1,671	-756
Consolidated Net Income / (Loss)	-1,776	812	-881	511	853	-1,235	1,222	895	-528	1,686	-722
Net Income / (Loss) Continuing Operations	-1,776	812	-881	511	853	-1,235	1,222	895	-528	1,686	-722
Total Pre-Tax Income	-2,126	984	-1,170	602	1,034	-1,614	1,528	1,096	-703	2,101	-949
Total Revenue	4,672	3,841	3,731	2,929	4,203	782	4,035	5,153	4,111	5,143	4,691
Net Interest Income / (Expense)	0.00	-	-83	0.00	0.00	83	-81	0.00	0.00	81	0.00
Total Interest Income	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Interest Expense	0.00	-	83	0.00	0.00	-83	81	0.00	0.00	-81	0.00
Total Non-Interest Income	4,672	3,841	3,814	2,929	4,203	699	4,116	5,153	4,111	5,062	4,691
Other Service Charges	1,381	1,355	1,588	1,365	1,363	1,151	1,615	1,339	1,352	1,096	1,365
Net Realized & Unrealized Capital Gains on Investments	1,554	688	647	-267	1,041	147	900	1,983	980	1,931	1,468
Premiums Earned	1,548	1,564	1,579	1,612	1,566	-1,085	1,601	1,625	1,614	1,585	1,676
Other Non-Interest Income	189	234	-	219	233	-	-	206	165	-	182
Total Non-Interest Expense	6,798	2,857	4,901	2,327	3,169	2,396	2,507	4,057	4,814	3,042	5,640
Property & Liability Insurance Claims	2,875	2,964	2,958	3,000	2,983	445	2,813	2,861	2,817	2,870	2,958
Insurance Policy Acquisition Costs	2,692	-52	-	-110	159	-	-	-105	-50	-	-59
Other Operating Expenses	526	-133	1,324	-647	-57	2,608	1,601	1,215	1,961	-1,864	2,661
Other Special Charges	71	78	619	84	84	-456	-1,907	86	86	2,071	80
Income Tax Expense	-350	172	-289	91	181	-379	306	201	-175	415	-227
Preferred Stock Dividends Declared	0.00	-	25	11	34	12	34	11	34	12	34
Basic Earnings per Share	($10.46)	$4.98	($5.35)	$2.95	$4.82	($7.34)	$6.98	$5.18	($3.29)	$9.79	($4.41)
Weighted Average Basic Shares Outstanding	169.22M	169.22M	169.56M	169.64M	169.66M	169.67M	170.03M	170.20M	170.34M	170.40M	170.73M
Diluted Earnings per Share	($10.47)	$5.03	($5.37)	$2.94	$4.79	($7.28)	$6.93	$5.11	($3.29)	$9.66	($4.41)
Weighted Average Diluted Shares Outstanding	169.22M	169.22M	169.56M	169.64M	169.66M	169.67M	170.03M	170.20M	170.34M	170.40M	170.73M
Weighted Average Basic & Diluted Shares Outstanding	169.22M	169.22M	169.56M	169.64M	169.66M	169.67M	170.03M	170.20M	170.34M	170.40M	170.73M
Cash Dividends to Common per Share	$0.45	$0.90	$0.45	$562.95	$1,719.20	($2,280.80)	$0.45	$562.95	$1,719.20	($2,280.80)	$0.45

This table details how cash moves in and out of Lincoln National's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-773	-424	-1,094	717	218	-855	904	731	22	2,436
Net Cash From Operating Activities	2,243	1,272	788	1,943	-2,686	534	-217	3,609	-2,074	-2,007
Net Cash From Continuing Operating Activities	2,243	1,272	788	1,943	-2,686	534	-217	3,609	-2,074	-2,007
Net Income / (Loss) Continuing Operations	1,154	1,192	2,079	1,641	886	499	3,778	1,358	-752	3,275
Consolidated Net Income / (Loss)	1,154	1,192	2,079	1,641	886	499	3,778	1,358	-752	3,275
Amortization Expense	-193	70	-7.00	-90	-440	7.00	-38	488	637	689
Non-Cash Adjustments to Reconcile Net Income	406	812	1,296	-187	-1,475	948	-3,374	-2,877	2,043	-3,608
Changes in Operating Assets and Liabilities, net	876	-802	-2,580	579	-1,657	-920	-583	4,640	-4,002	-2,363
Net Cash From Investing Activities	-4,223	-3,666	-4,188	-5,815	-5,499	-9,481	-3,584	-11,646	-3,334	821
Net Cash From Continuing Investing Activities	-4,223	-3,666	-4,188	-5,815	-5,499	-9,481	-3,584	-11,646	-3,334	821
Purchase of Investment Securities	-9,753	-11,415	-13,105	-14,374	-15,727	-17,157	-17,672	-15,477	-11,761	-12,832
Divestitures	75	0.00	-	-	-	-	-	0.00	0.00	619
Sale and/or Maturity of Investments	7,414	9,904	8,917	11,691	14,490	9,476	17,167	6,338	10,373	17,180
Other Investing Activities, net	-1,959	-2,155	-	-3,120	-4,262	-1,800	-3,079	-2,507	-1,946	-4,146
Net Cash From Financing Activities	1,207	1,970	2,306	4,589	8,403	8,092	4,705	8,768	5,430	3,622
Net Cash From Continuing Financing Activities	1,207	1,970	2,306	4,589	8,403	8,092	4,705	8,768	5,430	3,622
Net Change in Deposits	10,769	10,053	10,797	13,638	16,069	14,034	13,426	16,203	16,404	16,060
Issuance of Debt	298	395	0.00	1,094	744	1,289	0.00	296	0.00	346
Issuance of Preferred Equity	-	-	-	-	-	0.00	0.00	986	0.00	0.00
Issuance of Common Equity	47	26	-	-	-20	-7.00	20	-16	-7.00	-5.00
Repayment of Debt	-250	-659	0.00	-560	-350	-1,109	-8.00	-300	-500	-100
Repurchase of Common Equity	-900	-879	-725	-906	-550	-275	-1,105	-550	0.00	0.00
Payment of Dividends	-204	-238	-262	-289	-303	-311	-319	-310	-387	-398
Other Financing Activities, Net	-8,553	-6,728	-7,504	-8,388	-7,187	-5,529	-7,309	-7,541	-10,080	-12,281

This table details how cash moves in and out of Lincoln National's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-95	1,871	423	2.00	-1,239	836	757	1,353	538	-212	-1,517
Net Cash From Operating Activities	650	594	-774	522	46	-1,868	-1,343	-859	-27	222	-272
Net Cash From Continuing Operating Activities	650	594	-774	522	46	-1,868	-1,343	-859	-27	222	-272
Net Income / (Loss) Continuing Operations	-1,776	813	-881	511	853	-1,235	1,222	894	-528	1,687	-722
Consolidated Net Income / (Loss)	-1,776	813	-881	511	853	-1,235	1,222	894	-528	1,687	-722
Amortization Expense	-253	519	-9.00	-10	514	142	12	379	147	151	156
Non-Cash Adjustments to Reconcile Net Income	-57	-788	1,710	-41	-902	1,276	-1,953	-891	1,057	-1,821	980
Changes in Operating Assets and Liabilities, net	2,736	50	-1,594	62	-419	-2,051	-624	-1,241	-703	205	-686
Net Cash From Investing Activities	-3,115	-1,783	-325	-857	-1,438	-714	1,639	601	-702	-717	-2,046
Net Cash From Continuing Investing Activities	-3,115	-1,783	-325	-857	-1,438	-714	1,639	601	-702	-717	-2,046
Purchase of Investment Securities	-3,858	-2,985	-3,169	-2,476	-3,029	-3,087	-2,675	-2,988	-2,919	-4,250	-4,119
Sale and/or Maturity of Investments	1,301	1,785	3,113	2,069	2,249	2,942	4,885	4,529	3,185	4,581	2,992
Other Investing Activities, net	-558	-583	-269	-450	-658	-569	-571	-1,561	-966	-1,048	-919
Net Cash From Financing Activities	2,370	3,060	1,522	337	153	3,418	461	1,611	1,267	283	801
Net Cash From Continuing Financing Activities	2,370	3,060	1,522	337	153	3,418	461	1,611	1,267	283	801
Net Change in Deposits	4,425	4,358	4,192	3,332	3,605	5,275	3,602	4,506	4,204	3,748	4,434
Issuance of Debt	-1.00	-	0.00	-	-	-	347	-1.00	-	-	0.00
Issuance of Common Equity	-1.00	-1.00	-4.00	-2.00	-	-1.00	-5.00	-1.00	2.00	-1.00	-4.00
Repayment of Debt	-	-	0.00	-	-500	-	-47	-53	-	-	-300
Payment of Dividends	-77	-76	-102	-87	-111	-87	-111	-88	-111	-88	-111
Other Financing Activities, Net	-1,926	-2,207	-2,564	-2,906	-2,841	-1,769	-3,325	-2,752	-2,828	-3,376	-3,218

This table presents Lincoln National's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	251,908	261,627	281,763	298,147	334,761	365,948	386,945	334,331	372,413	390,831
Cash and Due from Banks	3,146	2,722	1,628	2,345	2,563	1,708	2,612	3,343	3,365	5,801
Interest Bearing Deposits at Other Banks	-	-	-	-	-	-	-	11,628	29,247	30,776
Trading Account Securities	89,190	92,127	97,621	97,180	111,887	130,783	129,243	107,255	97,877	99,107
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accrued Investment Income	1,070	1,062	1,078	1,119	1,148	1,257	1,189	1,253	1,082	1,108
Mortgage Servicing Rights	8,678	9,889	10,762	13,260	16,339	16,763	17,991	18,301	18,963	21,083
Deferred Acquisition Cost	9,510	9,134	8,403	10,264	7,694	5,812	6,083	12,235	12,397	12,537
Separate Account Business Assets	123,619	128,397	144,219	132,833	153,566	167,965	182,583	143,536	158,257	168,438
Goodwill	2,273	2,273	1,368	1,782	1,778	1,778	1,778	1,144	1,144	1,144
Other Assets	14,046	15,593	16,288	38,794	39,321	39,396	45,466	35,636	50,081	50,837
Total Liabilities & Shareholders' Equity	251,908	261,627	281,763	298,147	334,761	365,948	386,945	334,331	372,413	390,831
Total Liabilities	238,291	247,149	264,441	283,797	315,072	343,249	366,191	329,229	365,520	382,562
Short-Term Debt	-	0.00	450	0.00	300	0.00	300	500	250	300
Long-Term Debt	10,210	10,340	9,311	10,644	11,149	12,904	15,271	12,667	13,804	15,876
Future Policy Benefits	20,708	21,576	22,887	34,648	36,420	40,814	41,030	38,826	39,864	39,807
Participating Policy Holder Equity	77,362	78,903	80,209	91,233	98,018	105,405	111,710	114,435	120,737	126,197
Separate Account Business Liabilities	123,619	128,397	144,219	132,833	153,566	167,965	182,583	143,536	158,257	168,438
Other Long-Term Liabilities	6,392	7,933	7,365	14,439	15,619	16,161	15,297	19,265	32,608	31,944
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	13,617	14,478	17,322	14,350	19,689	22,699	20,754	5,102	6,893	8,269
Total Preferred & Common Equity	13,617	14,478	17,322	14,350	19,689	22,699	20,754	5,102	6,893	8,269
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	986	986	986
Total Common Equity	13,617	14,478	17,322	14,350	19,689	22,699	20,754	4,116	5,907	7,283
Common Stock	6,298	5,869	5,693	5,392	5,162	5,082	4,735	4,544	4,605	4,674
Retained Earnings	6,474	7,043	8,399	8,551	8,854	8,686	9,578	5,924	4,778	7,645
Accumulated Other Comprehensive Income / (Loss)	845	1,566	3,230	407	5,673	8,931	6,441	-6,352	-3,476	-5,036

This table presents Lincoln National's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	324,683	343,142	348,612	338,411	383,381	384,533	396,840	382,898
Cash and Due from Banks	1,472	3,766	3,768	2,529	4,122	5,475	6,013	4,284
Interest Bearing Deposits at Other Banks	-	-	-	-	28,904	29,888	30,501	31,048
Trading Account Securities	105,260	109,621	109,391	106,765	98,704	98,278	102,703	98,475
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accrued Investment Income	1,283	1,277	1,277	1,372	1,127	1,135	1,160	1,134
Mortgage Servicing Rights	18,066	18,327	18,460	18,751	19,266	20,152	20,856	21,558
Deferred Acquisition Cost	13,676	12,277	12,316	12,341	12,405	12,435	12,475	12,563
Separate Account Business Assets	137,295	148,421	153,246	145,810	166,225	165,199	171,483	162,506
Goodwill	1,144	1,144	1,144	1,144	1,144	1,144	1,144	1,144
Other Assets	45,904	48,309	49,010	49,699	51,484	50,827	50,505	50,186
Total Liabilities & Shareholders' Equity	324,683	343,142	348,612	338,411	383,381	384,533	396,840	382,898
Total Liabilities	322,466	336,410	342,793	335,212	375,835	376,584	387,827	374,705
Short-Term Debt	500	500	500	0.00	503	450	300	0.00
Long-Term Debt	12,824	12,777	13,016	13,951	15,843	16,830	16,467	14,150
Future Policy Benefits	41,716	39,757	39,711	39,362	38,848	38,560	41,169	40,665
Participating Policy Holder Equity	118,174	116,167	117,598	117,210	122,300	124,113	125,968	125,262
Separate Account Business Liabilities	137,295	148,421	153,246	145,810	166,225	165,199	171,483	162,506
Other Long-Term Liabilities	11,957	18,788	18,722	18,879	32,116	31,432	32,440	32,122
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,217	6,732	5,819	3,199	7,546	7,949	9,013	8,193
Total Preferred & Common Equity	2,217	6,732	5,819	3,199	7,546	7,949	9,013	8,193
Preferred Stock	0.00	986	986	986	986	986	986	986
Total Common Equity	2,217	5,746	4,833	2,213	6,560	6,963	8,027	7,207
Common Stock	4,534	4,560	4,575	4,591	4,624	4,641	4,660	4,703
Retained Earnings	6,311	4,940	5,362	6,102	5,887	6,691	6,049	6,810
Accumulated Other Comprehensive Income / (Loss)	-8,628	-3,754	-5,104	-8,480	-3,951	-4,369	-2,682	-4,306

This table displays calculated financial ratios and metrics derived from Lincoln National's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.13%	-1.78%	5.06%	15.16%	4.99%	2.99%	0.03%	7.82%	-38.09%	58.37%
EBITDA Growth	-12.02%	23.52%	-26.51%	59.84%	-73.31%	-10.23%	970.93%	-51.94%	-123.09%	1,021.92%
EBIT Growth	-28.39%	1.96%	-22.50%	66.81%	-51.25%	-53.97%	997.64%	-62.85%	-166.55%	450.35%
NOPAT Growth	-23.78%	3.29%	74.41%	-21.07%	-46.01%	-43.68%	657.11%	-64.06%	-159.18%	507.54%
Net Income Growth	-23.83%	3.29%	74.41%	-21.07%	-46.01%	-43.68%	657.11%	-64.06%	-155.38%	535.51%
EPS Growth	-20.46%	11.53%	83.30%	-19.74%	-40.81%	-41.55%	679.69%	-61.02%	-163.24%	474.19%
Operating Cash Flow Growth	-11.20%	-43.29%	-38.05%	146.57%	-238.24%	119.88%	-140.64%	1,763.13%	-157.47%	3.23%
Free Cash Flow Firm Growth	282.24%	-93.29%	-192.54%	2,105.38%	-240.97%	24.57%	177.06%	535.27%	-117.93%	93.59%
Invested Capital Growth	-7.18%	4.16%	9.13%	-7.71%	24.58%	14.34%	2.03%	-49.71%	14.66%	16.70%
Revenue Q/Q Growth	-3.65%	0.63%	1.16%	6.94%	-1.10%	0.47%	-7.77%	5.36%	-19.25%	34.12%
EBITDA Q/Q Growth	1.89%	-7.62%	-32.88%	65.59%	2.79%	-31.64%	142.11%	-37.26%	-126.42%	1,409.94%
EBIT Q/Q Growth	-5.36%	-9.55%	-34.11%	84.44%	0.99%	-48.23%	198.20%	-55.96%	-179.17%	1,210.10%
NOPAT Q/Q Growth	-5.33%	-7.31%	43.08%	-20.22%	3.87%	-36.68%	184.49%	-56.74%	-162.05%	825.14%
Net Income Q/Q Growth	-5.41%	-7.31%	43.08%	-20.22%	3.87%	-36.68%	184.49%	-56.74%	-158.07%	825.14%
EPS Q/Q Growth	-4.04%	-5.45%	43.61%	-19.83%	9.50%	-33.85%	182.32%	-52.93%	-166.58%	1,152.38%
Operating Cash Flow Q/Q Growth	-23.13%	-11.42%	-34.39%	60.18%	-37.89%	4.30%	-172.09%	34.16%	-634.54%	51.01%
Free Cash Flow Firm Q/Q Growth	355.32%	118.34%	-107.43%	3.52%	11.75%	-97.02%	2,193.15%	-18.33%	-1,008.79%	97.31%
Invested Capital Q/Q Growth	-5.83%	-10.35%	1.69%	-0.37%	-2.38%	2.61%	0.42%	17.55%	22.14%	-5.18%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	9.11%	11.46%	8.02%	11.13%	2.83%	2.47%	26.40%	11.77%	-4.39%	25.55%
EBIT Margin	10.54%	10.94%	8.07%	11.69%	5.43%	2.43%	26.62%	9.17%	-9.86%	21.81%
Profit (Net Income) Margin	8.50%	8.94%	14.85%	10.18%	5.23%	2.86%	21.66%	7.22%	-6.46%	17.76%
Tax Burden Percent	80.70%	81.76%	183.98%	87.06%	96.41%	117.97%	81.37%	78.72%	65.51%	81.43%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	19.30%	18.24%	-83.98%	12.94%	3.59%	-17.97%	18.63%	21.28%	0.00%	18.57%
Return on Invested Capital (ROIC)	4.66%	4.90%	8.01%	6.30%	3.16%	1.50%	10.50%	4.97%	-4.10%	14.43%
ROIC Less NNEP Spread (ROIC-NNEP)	4.66%	4.90%	8.01%	6.30%	3.16%	1.50%	10.50%	4.97%	-3.72%	14.43%
Return on Net Nonoperating Assets (RNNOA)	3.20%	3.58%	5.06%	4.06%	2.05%	0.86%	6.88%	5.53%	-8.44%	28.77%
Return on Equity (ROE)	7.86%	8.49%	13.08%	10.36%	5.21%	2.35%	17.39%	10.50%	-12.54%	43.20%
Cash Return on Invested Capital (CROIC)	12.11%	0.83%	-0.72%	14.32%	-18.73%	-11.88%	8.50%	71.12%	-17.76%	-0.98%
Operating Return on Assets (OROA)	0.57%	0.57%	0.42%	0.65%	0.29%	0.12%	1.23%	0.48%	-0.32%	1.05%
Return on Assets (ROA)	0.46%	0.46%	0.77%	0.57%	0.28%	0.14%	1.00%	0.38%	-0.21%	0.86%
Return on Common Equity (ROCE)	7.86%	8.49%	13.08%	10.36%	5.21%	2.35%	17.39%	10.10%	-10.48%	37.58%
Return on Equity Simple (ROE_SIMPLE)	8.47%	8.23%	12.00%	11.44%	4.50%	2.20%	18.20%	26.62%	-10.91%	39.61%
Net Operating Profit after Tax (NOPAT)	1,154	1,192	2,079	1,641	886	499	3,778	1,358	-804	3,275
NOPAT Margin	8.50%	8.94%	14.85%	10.18%	5.23%	2.86%	21.66%	7.22%	-6.90%	17.76%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.38%	0.00%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	89.46%	89.06%	91.93%	88.31%	94.57%	97.57%	73.38%	90.83%	109.86%	78.19%
Earnings before Interest and Taxes (EBIT)	1,430	1,458	1,130	1,885	919	423	4,643	1,725	-1,148	4,022
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,237	1,528	1,123	1,795	479	430	4,605	2,213	-511	4,711
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.67	0.79	0.75	0.60	0.48	0.36	0.51	1.09	0.72	0.73
Price to Tangible Book Value (P/TBV)	0.81	0.94	0.81	0.68	0.52	0.39	0.56	1.51	0.89	0.87
Price to Revenue (P/Rev)	0.68	0.86	0.92	0.53	0.55	0.47	0.61	0.24	0.36	0.29
Price to Earnings (P/E)	0.00	5.98	6.21	5.23	10.60	2.17	2.81	3.30	0.00	1.67
Dividend Yield	2.70%	2.00%	1.97%	3.29%	3.13%	3.80%	2.86%	6.79%	7.19%	5.76%
Earnings Yield	0.00%	16.73%	16.10%	19.14%	9.43%	46.17%	35.60%	30.26%	0.00%	59.80%
Enterprise Value to Invested Capital (EV/IC)	0.68	0.77	0.78	0.68	0.59	0.54	0.65	0.20	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	1.20	1.43	1.50	1.05	1.08	1.11	1.35	0.20	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	13.12	12.47	18.74	9.40	38.16	44.96	5.12	1.66	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	11.35	13.07	18.63	8.95	19.89	45.70	5.08	2.13	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	14.07	15.98	10.12	10.28	20.63	38.74	6.24	2.70	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	7.24	14.98	26.71	8.68	0.00	36.20	0.00	1.02	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	5.42	94.78	0.00	4.52	0.00	0.00	7.71	0.19	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.75	0.71	0.56	0.74	0.58	0.57	0.75	2.58	2.04	1.96
Long-Term Debt to Equity	0.75	0.71	0.54	0.74	0.57	0.57	0.74	2.48	2.00	1.92
Financial Leverage	0.69	0.73	0.63	0.64	0.65	0.57	0.66	1.11	2.27	1.99
Leverage Ratio	17.21	18.28	17.09	18.31	18.59	16.53	17.33	27.90	58.92	50.34
Compound Leverage Factor	17.21	18.28	17.09	18.31	18.59	16.53	17.33	27.90	58.92	50.34
Debt to Total Capital	42.85%	41.66%	36.04%	42.59%	36.77%	36.24%	42.87%	72.07%	67.09%	66.17%
Short-Term Debt to Total Capital	0.00%	0.00%	1.66%	0.00%	0.96%	0.00%	0.83%	2.74%	1.19%	1.23%
Long-Term Debt to Total Capital	42.85%	41.66%	34.38%	42.59%	35.81%	36.24%	42.04%	69.34%	65.90%	64.95%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.40%	4.71%	4.03%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	57.15%	58.34%	63.96%	57.41%	63.23%	63.76%	57.13%	22.53%	28.20%	29.79%
Debt to EBITDA	8.25	6.77	8.69	5.93	23.90	30.01	3.38	5.95	-27.50	3.43
Net Debt to EBITDA	5.71	4.99	7.24	4.62	18.55	26.04	2.81	-0.82	36.32	-4.33
Long-Term Debt to EBITDA	8.25	6.77	8.29	5.93	23.28	30.01	3.32	5.72	-27.01	3.37
Debt to NOPAT	8.85	8.67	4.70	6.49	12.92	25.86	4.12	9.70	-17.49	4.94
Net Debt to NOPAT	6.12	6.39	3.91	5.06	10.03	22.44	3.43	-1.33	23.09	-6.23
Long-Term Debt to NOPAT	8.85	8.67	4.48	6.49	12.58	25.86	4.04	9.33	-17.18	4.85
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.81%	16.44%	13.01%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,996	201	-186	3,730	-5,258	-3,966	3,056	19,414	-3,482	-223
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-0.74	12.56	-16.13	0.00	11.32	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	3.11	6.54	-8.24	0.00	-0.80	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	3.11	6.54	-8.24	0.00	-0.80	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.05	0.05	0.05	0.06	0.05	0.05	0.05	0.05	0.03	0.05
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	23,827	24,818	27,083	24,994	31,138	35,603	36,325	18,269	20,947	24,445
Invested Capital Turnover	0.55	0.55	0.54	0.62	0.60	0.52	0.49	0.69	0.59	0.81
Increase / (Decrease) in Invested Capital	-1,842	991	2,265	-2,089	6,144	4,465	722	-18,056	2,678	3,498
Enterprise Value (EV)	16,232	19,051	21,047	16,874	18,277	19,333	23,572	3,670	-13,322	-14,091
Market Capitalization	9,168	11,433	12,914	8,575	9,391	8,137	10,613	4,488	4,250	5,324
Book Value per Share	$55.02	$63.34	$79.16	$67.18	$99.27	$117.45	$114.85	$24.32	$34.82	$42.75
Tangible Book Value per Share	$45.84	$53.40	$72.91	$58.84	$90.31	$108.25	$105.01	$17.56	$28.07	$36.04
Total Capital	23,827	24,818	27,083	24,994	31,138	35,603	36,325	18,269	20,947	24,445
Total Debt	10,210	10,340	9,761	10,644	11,449	12,904	15,571	13,167	14,054	16,176
Total Long-Term Debt	10,210	10,340	9,311	10,644	11,149	12,904	15,271	12,667	13,804	15,876
Net Debt	7,064	7,618	8,133	8,299	8,886	11,196	12,959	-1,804	-18,558	-20,401
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-52	0.00
Net Nonoperating Obligations (NNO)	10,210	10,340	9,761	10,644	11,449	12,904	15,571	13,167	14,054	16,176
Total Depreciation and Amortization (D&A)	-193	70	-7.00	-90	-440	7.00	-38	488	637	689
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.60	$5.09	$9.36	$7.60	$4.41	$2.58	$7.50	($13.02)	($4.92)	$18.66
Adjusted Weighted Average Basic Shares Outstanding	240.96M	225.21M	218.26M	204.29M	195.37M	191.96M	172.45M	169.22M	169.67M	170.40M
Adjusted Diluted Earnings per Share	$4.51	$5.03	$9.22	$7.40	$4.38	$2.56	$7.43	($13.10)	($4.92)	$18.41
Adjusted Weighted Average Diluted Shares Outstanding	240.96M	225.21M	218.26M	204.29M	195.37M	191.96M	172.45M	169.22M	169.67M	170.40M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$4.41	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	240.96M	225.21M	218.26M	204.29M	195.37M	191.96M	172.45M	169.22M	169.67M	170.40M
Normalized Net Operating Profit after Tax (NOPAT)	1,417	1,546	1,425	1,641	886	495	724	2,080	-572	3,549
Normalized NOPAT Margin	10.44%	11.60%	10.17%	10.18%	5.23%	2.84%	4.15%	11.06%	-4.91%	19.24%
Pre Tax Income Margin	10.54%	10.94%	8.07%	11.69%	5.43%	2.43%	26.62%	9.17%	-9.86%	21.81%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	4.47	6.35	2.82	0.00	17.20	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	8.22	5.53	2.72	0.00	13.99	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	4.47	6.35	2.82	0.00	17.20	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	8.22	5.53	2.72	0.00	13.99	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	17.68%	19.97%	12.60%	17.61%	34.20%	62.32%	8.44%	22.83%	-51.46%	12.15%
Augmented Payout Ratio	95.67%	93.71%	47.47%	72.82%	96.28%	117.43%	37.69%	63.33%	-51.46%	12.15%

This table displays calculated financial ratios and metrics derived from Lincoln National's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-10.86%	33.18%	-20.95%	-47.48%	-10.04%	-79.64%	8.15%	75.93%	-2.19%	557.67%	13.97%
EBITDA Growth	-502.54%	-46.65%	-164.64%	-53.20%	165.07%	-197.94%	230.62%	149.16%	-135.92%	252.99%	-146.16%
EBIT Growth	-677.72%	-69.02%	-163.76%	-41.67%	148.64%	-264.02%	230.60%	82.06%	-167.99%	230.17%	-162.11%
NOPAT Growth	-567.99%	-68.68%	-155.26%	-39.17%	157.32%	-239.14%	249.21%	75.15%	-157.69%	249.23%	-154.36%
Net Income Growth	-658.49%	-68.68%	-159.45%	-39.17%	148.03%	-252.09%	238.71%	75.15%	-161.90%	236.52%	-159.08%
EPS Growth	-723.21%	-63.50%	-164.00%	-39.13%	145.75%	-244.73%	229.05%	73.81%	-168.68%	232.69%	-163.64%
Operating Cash Flow Growth	91.74%	282.77%	-262.61%	-72.37%	-92.92%	-414.48%	-73.51%	-264.56%	-158.70%	111.88%	79.75%
Free Cash Flow Firm Growth	1,755.95%	908.44%	85.00%	-69.13%	-103.95%	-120.18%	-128.39%	-213.98%	-1,106.63%	52.41%	133.25%
Invested Capital Growth	-57.04%	-49.71%	-33.75%	-16.70%	10.35%	14.66%	19.41%	30.48%	50.32%	16.70%	-6.48%
Revenue Q/Q Growth	-16.23%	-17.79%	4.86%	-21.50%	43.50%	-81.39%	794.68%	27.71%	-20.22%	25.10%	-8.79%
EBITDA Q/Q Growth	-288.06%	163.18%	-221.17%	150.21%	161.49%	-195.09%	195.18%	-4.22%	-137.69%	505.04%	-135.21%
EBIT Q/Q Growth	-306.01%	146.28%	-218.90%	151.45%	71.76%	-256.09%	194.67%	-28.27%	-164.14%	398.86%	-145.17%
NOPAT Q/Q Growth	-277.17%	154.56%	-200.86%	162.39%	66.93%	-232.45%	208.16%	-26.76%	-154.98%	442.61%	-139.40%
Net Income Q/Q Growth	-311.43%	145.72%	-208.50%	158.00%	66.93%	-244.78%	198.95%	-26.76%	-158.99%	419.32%	-142.82%
EPS Q/Q Growth	-316.77%	148.04%	-206.76%	154.75%	62.93%	-251.98%	195.19%	-26.26%	-164.38%	393.62%	-145.65%
Operating Cash Flow Q/Q Growth	-65.59%	-8.62%	-230.30%	167.44%	-91.19%	-4,160.87%	28.10%	36.04%	96.86%	922.22%	-222.52%
Free Cash Flow Firm Q/Q Growth	34.73%	-1.44%	-50.33%	-53.20%	-117.24%	-403.68%	30.12%	-87.86%	-82.48%	80.14%	148.82%
Invested Capital Q/Q Growth	-33.04%	17.55%	9.52%	-3.37%	-11.30%	22.14%	14.06%	5.60%	2.18%	-5.18%	-8.60%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	-50.92%	39.13%	-31.60%	20.21%	36.83%	-188.24%	38.17%	28.62%	-13.52%	43.79%	-16.90%
EBIT Margin	-45.51%	25.62%	-31.36%	20.55%	24.60%	-206.39%	37.87%	21.27%	-17.10%	40.85%	-20.23%
Profit (Net Income) Margin	-38.01%	21.14%	-23.61%	17.45%	20.30%	-157.93%	30.29%	17.37%	-12.84%	32.78%	-15.39%
Tax Burden Percent	83.54%	82.52%	75.30%	84.88%	82.50%	76.52%	79.97%	81.66%	75.11%	80.25%	76.08%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	17.48%	0.00%	15.12%	17.50%	0.00%	20.03%	18.34%	0.00%	19.75%	0.00%
Return on Invested Capital (ROIC)	-21.99%	14.57%	-15.34%	12.21%	17.91%	-85.80%	16.03%	10.79%	-7.67%	26.64%	-11.65%
ROIC Less NNEP Spread (ROIC-NNEP)	-24.03%	14.57%	-15.77%	12.21%	17.91%	-86.58%	16.03%	10.79%	-7.90%	26.64%	-12.03%
Return on Net Nonoperating Assets (RNNOA)	-29.10%	16.19%	-21.15%	22.41%	90.17%	-196.47%	33.26%	24.13%	-19.88%	53.11%	-23.31%
Return on Equity (ROE)	-51.09%	30.76%	-36.48%	34.62%	108.08%	-282.27%	49.29%	34.92%	-27.54%	79.75%	-34.95%
Cash Return on Invested Capital (CROIC)	91.93%	71.12%	37.03%	12.59%	-1.92%	-17.76%	-11.54%	-18.67%	-38.56%	-0.98%	12.46%
Operating Return on Assets (OROA)	-2.32%	1.34%	-1.55%	0.89%	1.07%	-6.80%	1.21%	0.80%	-0.64%	1.97%	-1.00%
Return on Assets (ROA)	-1.93%	1.10%	-1.17%	0.76%	0.88%	-5.20%	0.97%	0.66%	-0.48%	1.58%	-0.76%
Return on Common Equity (ROCE)	-51.09%	29.59%	-34.81%	32.35%	88.40%	-235.87%	42.48%	29.92%	-23.10%	69.38%	-30.57%
Return on Equity Simple (ROE_SIMPLE)	141.59%	0.00%	-14.93%	-22.92%	40.48%	0.00%	17.90%	21.83%	3.93%	0.00%	16.25%
Net Operating Profit after Tax (NOPAT)	-1,488	812	-819	511	853	-1,130	1,222	895	-492	1,686	-664
NOPAT Margin	-31.85%	21.14%	-21.95%	17.45%	20.30%	-144.48%	30.29%	17.37%	-11.97%	32.78%	-14.16%
Net Nonoperating Expense Percent (NNEP)	2.03%	0.00%	0.43%	0.00%	0.00%	0.77%	0.00%	0.00%	0.23%	0.00%	0.38%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	145.51%	74.38%	131.36%	79.45%	75.40%	306.39%	62.13%	78.73%	117.10%	59.15%	120.23%
Earnings before Interest and Taxes (EBIT)	-2,126	984	-1,170	602	1,034	-1,614	1,528	1,096	-703	2,101	-949
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-2,379	1,503	-1,179	592	1,548	-1,472	1,540	1,475	-556	2,252	-793
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.97	1.09	0.60	0.83	1.75	0.72	0.80	0.75	0.66	0.73	0.84
Price to Tangible Book Value (P/TBV)	6.13	1.51	0.74	1.09	3.62	0.89	0.97	0.90	0.77	0.87	1.00
Price to Revenue (P/Rev)	0.37	0.24	0.20	0.27	0.27	0.36	0.45	0.38	0.38	0.29	0.32
Price to Earnings (P/E)	0.00	3.30	0.61	0.76	0.49	0.00	3.90	3.01	15.15	1.67	4.87
Dividend Yield	4.58%	6.79%	8.89%	7.59%	7.89%	7.19%	5.81%	5.87%	5.79%	5.76%	5.08%
Earnings Yield	0.00%	30.26%	164.49%	131.91%	204.16%	0.00%	25.63%	33.20%	6.60%	59.80%	20.54%
Enterprise Value to Invested Capital (EV/IC)	1.19	0.20	0.70	0.76	0.95	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	1.03	0.20	0.79	0.99	1.13	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	5.23	1.66	0.00	0.00	8.42	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	4.71	2.13	0.00	0.00	11.23	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	5.87	2.70	0.00	0.00	12.57	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	6.85	1.02	5.90	14.87	41.95	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.78	0.19	1.50	5.51	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	6.01	2.58	1.97	2.32	4.36	2.04	2.17	2.17	1.86	1.96	1.73
Long-Term Debt to Equity	5.78	2.48	1.90	2.24	4.36	2.00	2.10	2.12	1.83	1.92	1.73
Financial Leverage	1.21	1.11	1.34	1.84	5.04	2.27	2.07	2.24	2.52	1.99	1.94
Leverage Ratio	30.01	27.90	33.07	45.60	122.43	58.92	50.88	53.25	60.21	50.34	48.69
Compound Leverage Factor	30.01	27.90	33.07	45.60	122.43	58.92	50.88	53.25	60.21	50.34	48.69
Debt to Total Capital	85.73%	72.07%	66.36%	69.90%	81.35%	67.09%	68.42%	68.49%	65.04%	66.17%	63.33%
Short-Term Debt to Total Capital	3.22%	2.74%	2.50%	2.59%	0.00%	1.19%	2.11%	1.78%	1.16%	1.23%	0.00%
Long-Term Debt to Total Capital	82.52%	69.34%	63.86%	67.32%	81.35%	65.90%	66.31%	66.71%	63.88%	64.95%	63.33%
Preferred Equity to Total Capital	0.00%	5.40%	4.93%	5.10%	5.75%	4.71%	4.13%	3.91%	3.82%	4.03%	4.41%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	14.27%	22.53%	28.72%	25.00%	12.90%	28.20%	27.46%	27.60%	31.14%	29.79%	32.26%
Debt to EBITDA	3.78	5.95	-10.06	-6.78	7.21	-27.50	10.66	7.15	53.74	3.43	6.43
Net Debt to EBITDA	3.36	-0.82	-7.21	-4.89	5.91	36.32	-10.88	-7.48	-63.29	-4.33	-9.63
Long-Term Debt to EBITDA	3.64	5.72	-9.68	-6.53	7.21	-27.01	10.33	6.97	52.78	3.37	6.43
Debt to NOPAT	4.24	9.70	-14.82	-11.29	10.77	-17.49	12.10	9.96	47.36	4.94	10.63
Net Debt to NOPAT	3.78	-1.33	-10.62	-8.14	8.82	23.09	-12.35	-10.42	-55.78	-6.23	-15.91
Long-Term Debt to NOPAT	4.09	9.33	-14.26	-10.87	10.77	-17.18	11.73	9.70	46.52	4.85	10.63
Noncontrolling Interest Sharing Ratio	0.00%	3.81%	4.60%	6.57%	18.21%	16.44%	13.81%	14.32%	16.15%	13.01%	12.53%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	19,143	18,868	9,372	4,386	-756	-3,808	-2,661	-4,999	-9,122	-1,812	885
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	112.92	0.00	0.00	0.00	-32.85	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	-9.33	0.00	0.00	0.00	-16.58	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	-9.33	0.00	0.00	0.00	-16.58	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.05	0.05	0.05	0.04	0.04	0.03	0.03	0.04	0.04	0.05	0.05
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	15,541	18,269	20,009	19,335	17,150	20,947	23,892	25,229	25,780	24,445	22,343
Invested Capital Turnover	0.69	0.69	0.70	0.70	0.88	0.59	0.53	0.62	0.64	0.81	0.82
Increase / (Decrease) in Invested Capital	-20,631	-18,056	-10,191	-3,875	1,609	2,678	3,883	5,894	8,630	3,498	-1,549
Enterprise Value (EV)	18,431	3,670	13,923	14,756	16,278	-13,322	-10,434	-11,886	-13,474	-14,091	-14,160
Market Capitalization	6,579	4,488	3,426	4,022	3,870	4,250	5,260	5,211	5,287	5,324	6,036
Book Value per Share	$13.02	$24.32	$33.96	$28.50	$13.05	$34.82	$38.58	$40.95	$47.16	$42.75	$42.29
Tangible Book Value per Share	$6.30	$17.56	$27.20	$21.76	$6.30	$28.07	$31.85	$34.22	$40.44	$36.04	$35.58
Total Capital	15,541	18,269	20,009	19,335	17,150	20,947	23,892	25,229	25,780	24,445	22,343
Total Debt	13,324	13,167	13,277	13,516	13,951	14,054	16,346	17,280	16,767	16,176	14,150
Total Long-Term Debt	12,824	12,667	12,777	13,016	13,951	13,804	15,843	16,830	16,467	15,876	14,150
Net Debt	11,852	-1,804	9,511	9,748	11,422	-18,558	-16,680	-18,083	-19,747	-20,401	-21,182
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	288	0.00	62	0.00	0.00	105	0.00	0.00	36	0.00	58
Net Nonoperating Obligations (NNO)	13,324	13,167	13,277	13,516	13,951	14,054	16,346	17,280	16,767	16,176	14,150
Total Depreciation and Amortization (D&A)	-253	519	-9.00	-10	514	142	12	379	147	151	156
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($15.17)	$4.98	($5.35)	$2.95	$4.82	($7.34)	$6.98	$5.18	($3.29)	$9.79	($4.41)
Adjusted Weighted Average Basic Shares Outstanding	169.22M	169.22M	169.56M	169.64M	169.66M	169.67M	170.03M	170.20M	170.34M	170.40M	170.73M
Adjusted Diluted Earnings per Share	($15.17)	$5.03	($5.37)	$2.94	$4.79	($7.28)	$6.93	$5.11	($3.29)	$9.66	($4.41)
Adjusted Weighted Average Diluted Shares Outstanding	169.22M	169.22M	169.56M	169.64M	169.66M	169.67M	170.03M	170.20M	170.34M	170.40M	170.73M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	169.22M	169.22M	169.56M	169.64M	169.66M	169.67M	170.03M	170.20M	170.34M	170.40M	170.73M
Normalized Net Operating Profit after Tax (NOPAT)	-995	876	-386	582	922	-1,449	-303	965	-432	3,348	-608
Normalized NOPAT Margin	-21.29%	22.82%	-10.34%	19.88%	21.94%	-185.29%	-7.51%	18.73%	-10.51%	65.10%	-12.97%
Pre Tax Income Margin	-45.51%	25.62%	-31.36%	20.55%	24.60%	-206.39%	37.87%	21.27%	-17.10%	40.85%	-20.23%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	-14.10	0.00	0.00	0.00	18.86	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	-9.87	0.00	0.00	0.00	15.09	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	-14.10	0.00	0.00	0.00	18.86	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	-9.87	0.00	0.00	0.00	15.09	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	9.94%	22.83%	-33.13%	-25.64%	29.03%	-51.46%	29.31%	22.88%	112.15%	12.15%	29.90%
Augmented Payout Ratio	48.17%	63.33%	-33.13%	-25.64%	29.03%	-51.46%	29.31%	22.88%	112.15%	12.15%	29.90%

Financials Breakdown Chart

Key Financial Trends

Lincoln National Corporation (NYSE: LNC) has shown significant fluctuations in its financial performance and cash flows over the past four years through Q1 2025. Here is an analysis highlighting key trends from the company's income statements, cash flow statements, and balance sheets.

Recent Revenue Growth: In Q1 2025, total revenue stood at $4.691 billion, slightly below Q4 2024's $5.143 billion but higher than Q1 2024’s $4.035 billion, indicating relative stability and growth in top-line revenues.
Non-Interest Income Strength: Non-interest income, including premiums earned and realized & unrealized capital gains, has consistently contributed over $4 billion each quarter since 2023, demonstrating diversified income sources beyond interest.
Insurance Products Premium Earned: Premiums earned have increased to $1.676 billion in Q1 2025, up from $1.585 billion in Q4 2024 and $1.601 billion in Q1 2024, signaling growth in insurance underwriting.
Large Separate Account Business Assets & Liabilities: As of Q1 2025, separate account business assets and liabilities stand at $162.5 billion, remaining consistently large over the years, reflective of fiduciary responsibilities in policyholder investments.
Stable Common Equity: Total common equity was approximately $7.207 billion at Q1 2025, fairly consistent over recent quarters, suggesting a stable capitalization base despite net income volatility.
Q1 2025 Net Loss: The company reported a net loss attributable to common shareholders of $756 million in Q1 2025, a reversal from a net income of $1.686 billion in Q4 2024 and $1.191 billion in Q1 2024, highlighting recent profitability challenges.
Pressures from Total Non-Interest Expenses: Non-interest expenses have risen sharply to $5.64 billion in Q1 2025 from $3.042 billion in Q4 2024 and $2.507 billion in Q1 2024, driven by higher operating and insurance claim costs.
Operating Cash Flow Impact: Net cash from continuing operating activities was negative $272 million in Q1 2025 compared with positive cash flows in prior quarters, indicating operational cash flow stress.
Increased Investing Cash Outflows: Net cash used in investing activities was $2.046 billion in Q1 2025, a significant increase compared to previous quarters, reflecting aggressive purchases of investment securities.
Reduced Earnings Per Share & Dividend Impact: Basic and diluted EPS turned negative at -$4.41 in Q1 2025 from positive $9.79 in Q4 2024 and $6.98 in Q1 2024. Though dividends per share remain steady around $0.45, the sustained losses could pressure future dividend policy.

Summary: Over the last four years, Lincoln National showed periods of strong earnings and cash flow generation, particularly through 2023 and early 2024, supported by robust non-interest income and premium growth. However, Q1 2025 marks a reversal with sizable net losses driven by elevated operating expenses and insurance claims, accompanied by negative operating cash flows and increased investing outflows. The company's large asset base and stable equity provide a solid foundation, but profitability and cash flow trends in early 2025 warrant investor caution. Market participants should watch future quarterly results closely for signs of margin improvement and return to positive earnings.

10/10/25 12:08 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Lincoln National's Financials

When does Lincoln National's fiscal year end?

According to the most recent income statement we have on file, Lincoln National's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Lincoln National's net income changed over the last 9 years?

Lincoln National's net income appears to be on an upward trend, with a most recent value of $3.28 billion in 2024, rising from $1.15 billion in 2015. The previous period was -$752 million in 2023. Find out what analysts predict for Lincoln National in the coming months.

How has Lincoln National's revenue changed over the last 9 years?

Over the last 9 years, Lincoln National's total revenue changed from $13.57 billion in 2015 to $18.44 billion in 2024, a change of 35.9%.

How much debt does Lincoln National have?

Lincoln National's total liabilities were at $382.56 billion at the end of 2024, a 4.7% increase from 2023, and a 60.5% increase since 2015.

How much cash does Lincoln National have?

In the past 9 years, Lincoln National's cash and equivalents has ranged from $1.63 billion in 2017 to $5.80 billion in 2024, and is currently $5.80 billion as of their latest financial filing in 2024.

How has Lincoln National's book value per share changed over the last 9 years?

Over the last 9 years, Lincoln National's book value per share changed from 55.02 in 2015 to 42.75 in 2024, a change of -22.3%.

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This page (NYSE:LNC) was last updated on 10/9/2025 by MarketBeat.com Staff

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Lincoln National (LNC) Financials

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Lincoln National (LNC) Financials

Annual Income Statements for Lincoln National

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Quarterly Cash Flow Statements for Lincoln National

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Quarterly Balance Sheets for Lincoln National

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Quarterly Metrics And Ratios for Lincoln National

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Key Financial Trends

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