Go Pro
→ Porter flew 3,300 miles to investigate this system (From Porter & Company) (Ad)tc pixel Free LNC Stock Alerts

Lincoln National (LNC) Financials

Lincoln National logo
$45.47 +0.19 (+0.43%)
Closing price 08/14/2026 03:59 PM Eastern
Extended Trading
$45.46 -0.01 (-0.02%)
As of 08/14/2026 07:34 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
Compare
Annual Income Statements for Lincoln National

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 2025
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 12/31/2025
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 1,086
Consolidated Net Income / (Loss)		 1,154 1,192 2,079 1,641 886 499 3,778 1,358 -752 3,275 1,177
Net Income / (Loss) Continuing Operations		 1,154 1,192 2,079 1,641 886 499 3,778 1,358 -752 3,275 1,177
Total Pre-Tax Income 		1,430 1,458 1,130 1,885 919 423 4,643 1,725 -1,148 4,022 1,338
Total Revenue		 13,572 13,330 14,004 16,127 16,932 17,439 17,445 18,810 11,645 18,442 18,212
Net Interest Income / (Expense)		 0.00 0.00 -253 -297 -326 0.00 -270 0.00 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 0.00
Total Interest Expense		 0.00 0.00 253 297 326 0.00 270 0.00 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 18,212
Other Service Charges		 5,045 5,244 6,158 6,588 7,101 6,371 6,816 5,603 5,467 5,402 5,496
Net Realized & Unrealized Capital Gains on Investments		 4,750 4,608 4,843 5,235 4,644 5,038 5,282 6,355 1,589 5,813 5,276
Premiums Earned		 3,246 2,987 3,256 4,601 5,513 5,372 5,617 6,087 3,672 6,425 6,666
Other Non-Interest Income		 531 491 - - - 658 - 765 917 802 774
Total Non-Interest Expense		 12,142 11,872 12,874 14,242 16,013 17,016 12,802 17,085 12,793 14,420 16,874
Property & Liability Insurance Claims		 7,552 7,256 7,750 9,403 10,660 11,600 11,249 11,356 9,386 11,361 11,703
Insurance Policy Acquisition Costs		 - - - - - - - 2,766 -152 -190 -191
Other Operating Expenses		 4,318 4,285 4,219 4,839 5,353 5,132 5,306 2,046 3,228 2,913 5,135
Other Special Charges		 272 331 - - - 284 -3,753 283 331 336 227
Income Tax Expense		 276 266 -949 244 33 -76 865 367 -396 747 161
Preferred Stock Dividends Declared		 - - - - - - - 0.00 82 91 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 $5.94
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 190.09M
Diluted Earnings per Share		 $4.51 $5.03 $9.22 $7.40 $4.38 $2.56 $19.96 $7.78 ($4.92) $18.41 $5.83
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 190.09M
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 190.09M
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 $1.80

Quarterly Income Statements for Lincoln National

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -1,246 1,188 884 -562 1,671 -756 688 411 743 -206 1,321
Consolidated Net Income / (Loss)		 -1,235 1,222 895 -528 1,686 -722 699 445 755 -172 1,332
Net Income / (Loss) Continuing Operations		 -1,235 1,222 895 -528 1,686 -722 699 445 755 -172 1,332
Total Pre-Tax Income 		-1,614 1,528 1,096 -703 2,101 -949 848 524 915 -246 1,643
Total Revenue		 782 4,116 5,067 4,025 5,143 4,691 4,044 4,476 5,001 5,306 4,542
Net Interest Income / (Expense)		 83 0.00 -86 -86 81 -80 13 -79 79 -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		 -83 0.00 86 86 -81 80 -13 79 -79 81 0.00
Total Non-Interest Income		 699 4,116 5,153 4,111 5,062 4,691 4,044 4,555 4,922 5,306 4,542
Other Service Charges		 1,151 1,324 1,533 1,512 1,096 1,373 1,348 1,590 1,201 1,377 1,608
Net Realized & Unrealized Capital Gains on Investments		 147 912 1,995 985 1,931 1,473 830 1,328 1,655 2,071 1,219
Premiums Earned		 -1,085 1,601 1,625 1,614 1,585 1,676 1,682 1,637 1,671 1,674 1,715
Total Non-Interest Expense		 2,396 2,588 3,971 4,728 3,042 5,640 3,196 3,952 4,086 5,552 2,899
Property & Liability Insurance Claims		 445 2,825 2,756 2,767 2,870 2,958 2,910 2,881 2,954 3,054 2,944
Other Operating Expenses		 2,608 -306 1,351 1,304 -1,864 2,661 387 1,414 673 2,463 -59
Income Tax Expense		 -379 306 201 -175 415 -227 149 79 160 -74 311
Preferred Stock Dividends Declared		 12 34 11 34 12 34 11 34 12 34 11
Basic Earnings per Share		 ($7.34) $6.98 $5.18 ($3.29) $9.79 ($4.41) $3.88 $2.15 $4.32 ($1.08) $6.85
Weighted Average Basic Shares Outstanding		 169.67M 170.03M 170.20M 170.34M 170.40M 170.73M 189.58M 189.94M 190.09M 191.21M 191.45M
Diluted Earnings per Share		 ($7.28) $6.93 $5.11 ($3.29) $9.66 ($4.41) $3.80 $2.12 $4.32 ($1.10) $6.72
Weighted Average Diluted Shares Outstanding		 169.67M 170.03M 170.20M 170.34M 170.40M 170.73M 189.58M 189.94M 190.09M 191.21M 191.45M
Weighted Average Basic & Diluted Shares Outstanding		 169.67M 170.03M 170.20M 170.34M 170.40M 170.73M 189.58M 189.94M 190.09M 191.21M 191.45M
Cash Dividends to Common per Share		 ($2,280.80) $0.45 $0.45 $0.45 ($2,280.80) $0.45 $0.45 $0.45 $0.45 $0.45 $0.45

Annual Cash Flow Statements for Lincoln National

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 2025
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 12/31/2025
Net Change in Cash & Equivalents		 -773 -424 -1,094 717 218 -855 904 731 22 2,436 3,701
Net Cash From Operating Activities		 2,243 1,272 788 1,943 -2,686 534 -217 3,609 -2,074 -2,007 -167
Net Cash From Continuing Operating Activities		 2,243 1,272 788 1,943 -2,686 534 -217 3,609 -2,074 -2,007 -167
Net Income / (Loss) Continuing Operations		 1,154 1,192 2,079 1,641 886 499 3,778 1,358 -752 3,275 1,177
Consolidated Net Income / (Loss)		 1,154 1,192 2,079 1,641 886 499 3,778 1,358 -752 3,275 1,177
Amortization Expense		 -193 70 -7.00 -90 -440 7.00 -38 488 637 689 574
Non-Cash Adjustments to Reconcile Net Income		 406 812 1,296 -187 -1,475 948 -3,374 -2,877 2,287 -2,862 608
Changes in Operating Assets and Liabilities, net		 876 -802 -2,580 579 -1,657 -920 -583 4,640 -4,246 -3,109 -2,526
Net Cash From Investing Activities		 -4,223 -3,666 -4,188 -5,815 -5,499 -9,481 -3,584 -11,646 -3,334 821 -4,013
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 -4,013
Purchase of Investment Securities		 -9,753 -11,415 -13,105 -14,374 -15,727 -17,157 -17,672 -15,477 -11,761 -12,832 -21,338
Divestitures		 75 0.00 - - - - - 0.00 0.00 619 0.00
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 21,580
Other Investing Activities, net		 -1,959 -2,155 - -3,120 -4,262 -1,800 -3,079 -2,507 -1,946 -4,146 -4,255
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 7,881
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 7,881
Net Change in Deposits		 10,769 10,053 10,797 13,638 16,069 14,034 13,426 16,203 16,404 16,060 21,109
Issuance of Debt		 298 395 0.00 1,094 744 1,289 0.00 296 0.00 346 495
Issuance of Common Equity		 47 26 - - -20 -7.00 20 -16 -7.00 -5.00 829
Repayment of Debt		 -250 -659 0.00 -560 -350 -1,109 -8.00 -300 -500 -100 -721
Payment of Dividends		 -204 -238 -262 -289 -303 -311 -319 -310 -387 -398 -416
Other Financing Activities, Net		 -8,553 -6,728 -7,504 -8,388 -7,187 -5,529 -7,309 -7,541 -10,080 -12,281 -13,415

Quarterly Cash Flow Statements for Lincoln National

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 836 757 1,353 538 -212 -1,517 2,859 3,525 -1,166 -2,157 2,820
Net Cash From Operating Activities		 -1,868 -1,343 -859 -27 222 -272 1,013 -1,141 233 138 -558
Net Cash From Continuing Operating Activities		 -1,868 -1,343 -859 -27 222 -272 1,013 -1,141 233 138 -558
Net Income / (Loss) Continuing Operations		 -1,235 1,222 894 -528 1,687 -722 699 446 754 -172 1,332
Consolidated Net Income / (Loss)		 -1,235 1,222 894 -528 1,687 -722 699 446 754 -172 1,332
Non-Cash Adjustments to Reconcile Net Income		 1,276 -1,953 -891 1,057 -1,821 1,213 -73 -572 273 659 -1,366
Changes in Operating Assets and Liabilities, net		 -2,051 -802 -1,241 -703 205 -919 543 -1,015 -1,368 -512 -361
Net Cash From Investing Activities		 -714 1,639 601 -702 -717 -2,046 -266 2,212 -3,913 -3,454 2,578
Net Cash From Continuing Investing Activities		 -714 1,639 601 -702 -717 -2,046 -266 2,212 -3,913 -3,454 2,578
Purchase of Investment Securities		 -3,087 -2,675 -2,988 -2,919 -4,250 -3,910 -4,352 -7,966 -4,901 -5,264 -7,992
Sale and/or Maturity of Investments		 2,942 4,885 4,529 3,185 4,581 2,783 5,173 8,172 5,243 3,194 9,186
Net Cash From Financing Activities		 3,418 461 1,611 1,267 283 801 2,112 2,454 2,514 1,159 800
Net Cash From Continuing Financing Activities		 3,418 461 1,611 1,267 283 801 2,112 2,454 2,514 1,159 800
Net Change in Deposits		 5,275 3,602 4,506 4,204 3,748 4,434 5,189 5,771 5,715 4,947 4,748
Issuance of Debt		 - 347 -1.00 - - 0.00 - - 495 250 494
Issuance of Common Equity		 -1.00 -5.00 -1.00 2.00 -1.00 -4.00 822 7.00 4.00 -23 23
Payment of Dividends		 -87 -111 -88 -111 -88 -111 -88 -120 -97 -120 -98
Other Financing Activities, Net		 -1,769 -3,325 -2,752 -2,828 -3,376 -3,218 -3,390 -3,208 -3,599 -3,745 -4,340

Annual Balance Sheets for Lincoln National

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 2025
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 12/31/2025
Total Assets		 251,908 261,627 281,763 298,147 334,761 365,948 386,945 334,331 372,413 390,831 417,204
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 9,502
Interest Bearing Deposits at Other Banks		 - - - - - - - 11,628 29,247 30,776 33,690
Trading Account Securities		 89,190 92,127 97,621 97,180 111,887 130,783 129,243 107,255 97,877 99,107 105,705
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 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 1,122
Mortgage Servicing Rights		 8,678 9,889 10,762 13,260 16,339 16,763 17,991 18,301 18,963 21,083 22,472
Deferred Acquisition Cost		 9,510 9,134 8,403 10,264 7,694 5,812 6,083 12,235 12,397 12,537 12,827
Separate Account Business Assets		 123,619 128,397 144,219 132,833 153,566 167,965 182,583 143,536 158,257 168,438 180,092
Goodwill		 2,273 2,273 1,368 1,782 1,778 1,778 1,778 1,144 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 50,650
Total Liabilities & Shareholders' Equity		 251,908 261,627 281,763 298,147 334,761 365,948 386,945 334,331 372,413 390,831 417,204
Total Liabilities		 238,291 247,149 264,441 283,797 315,072 343,249 366,191 329,229 365,520 382,562 406,298
Short-Term Debt		 - 0.00 450 0.00 300 0.00 300 500 250 300 400
Long-Term Debt		 10,210 10,340 9,311 10,644 11,149 12,904 15,271 12,667 13,804 15,876 13,820
Future Policy Benefits		 20,708 21,576 22,887 34,648 36,420 40,814 41,030 38,826 39,864 39,807 42,077
Participating Policy Holder Equity		 77,362 78,903 80,209 91,233 98,018 105,405 111,710 114,435 120,737 126,197 136,245
Separate Account Business Liabilities		 123,619 128,397 144,219 132,833 153,566 167,965 182,583 143,536 158,257 168,438 180,092
Other Long-Term Liabilities		 6,392 7,933 7,365 14,439 15,619 16,161 15,297 19,265 32,608 31,944 33,664
Commitments & Contingencies		 0.00 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 10,906
Total Preferred & Common Equity		 13,617 14,478 17,322 14,350 19,689 22,699 20,754 5,102 6,893 8,269 10,906
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 986 986 986 986
Total Common Equity		 13,617 14,478 17,322 14,350 19,689 22,699 20,754 4,116 5,907 7,283 9,920
Common Stock		 6,298 5,869 5,693 5,392 5,162 5,082 4,735 4,544 4,605 4,674 5,592
Retained Earnings		 6,474 7,043 8,399 8,551 8,854 8,686 9,578 5,924 4,778 7,645 8,386
Accumulated Other Comprehensive Income / (Loss)		 845 1,566 3,230 407 5,673 8,931 6,441 -6,352 -3,476 -5,036 -4,058

Quarterly Balance Sheets for Lincoln National

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 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 343,142 348,612 338,411 383,381 384,533 396,840 382,898 399,065 415,275 406,161 429,797
Cash and Due from Banks		 3,766 3,768 2,529 4,122 5,475 6,013 4,284 7,143 10,668 7,345 10,165
Interest Bearing Deposits at Other Banks		 - - - 28,904 29,888 30,501 31,048 31,754 33,066 33,597 33,619
Trading Account Securities		 109,621 109,391 106,765 98,704 98,278 102,703 98,475 99,985 103,502 104,564 108,438
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 0.00
Accrued Investment Income		 1,277 1,277 1,372 1,127 1,135 1,160 1,134 1,136 1,172 1,170 1,169
Mortgage Servicing Rights		 18,327 18,460 18,751 19,266 20,152 20,856 21,558 21,996 22,230 22,825 23,406
Deferred Acquisition Cost		 12,277 12,316 12,341 12,405 12,435 12,475 12,563 12,604 12,681 12,886 12,918
Separate Account Business Assets		 148,421 153,246 145,810 166,225 165,199 171,483 162,506 172,942 179,860 172,043 188,252
Goodwill		 1,144 1,144 1,144 1,144 1,144 1,144 1,144 1,144 1,144 1,144 1,144
Other Assets		 48,309 49,010 49,699 51,484 50,827 50,505 50,186 50,361 50,952 50,587 50,686
Total Liabilities & Shareholders' Equity		 343,142 348,612 338,411 383,381 384,533 396,840 382,898 399,065 415,275 406,161 429,797
Total Liabilities		 336,410 342,793 335,212 375,835 376,584 387,827 374,705 389,517 404,823 395,949 418,448
Short-Term Debt		 500 500 0.00 503 450 300 0.00 0.00 0.00 400 400
Long-Term Debt		 12,777 13,016 13,951 15,843 16,830 16,467 14,150 14,233 16,925 12,525 15,697
Future Policy Benefits		 39,757 39,711 39,362 38,848 38,560 41,169 40,665 41,053 41,852 42,010 42,177
Participating Policy Holder Equity		 116,167 117,598 117,210 122,300 124,113 125,968 125,262 129,209 133,223 135,683 139,510
Separate Account Business Liabilities		 148,421 153,246 145,810 166,225 165,199 171,483 162,506 172,942 179,860 172,043 188,252
Other Long-Term Liabilities		 18,788 18,722 18,879 32,116 31,432 32,440 32,122 32,080 32,963 33,288 32,412
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 6,732 5,819 3,199 7,546 7,949 9,013 8,193 9,548 10,452 10,212 11,349
Total Preferred & Common Equity		 6,732 5,819 3,199 7,546 7,949 9,013 8,193 9,548 10,452 10,212 11,349
Preferred Stock		 986 986 986 986 986 986 986 986 986 986 986
Total Common Equity		 5,746 4,833 2,213 6,560 6,963 8,027 7,207 8,562 9,466 9,226 10,363
Common Stock		 4,560 4,575 4,591 4,624 4,641 4,660 4,703 5,545 5,574 5,602 5,619
Retained Earnings		 4,940 5,362 6,102 5,887 6,691 6,049 6,810 7,409 7,731 8,091 9,322
Accumulated Other Comprehensive Income / (Loss)		 -3,754 -5,104 -8,480 -3,951 -4,369 -2,682 -4,306 -4,392 -3,839 -4,467 -4,578

Annual Metrics And Ratios for Lincoln National

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 2025
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 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
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 $5.94
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 190.09M
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 $5.83
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 190.09M
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 $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 190.09M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Lincoln National

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 190,090,406.00 191,213,197.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 190,090,406.00 191,213,197.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - -0.90 6.97
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -79.64% 8.15% 75.93% -2.19% 557.67% 13.97% -20.19% 11.21% - 13.11% 12.31%
EBITDA Growth		 -197.94% 230.62% 149.16% -135.92% 252.99% -146.16% -33.39% 174.54% - 89.53% 93.75%
EBIT Growth		 -264.02% 230.60% 82.06% -167.99% 230.17% -162.11% -22.63% 174.54% - 74.08% 93.75%
NOPAT Growth		 -239.14% 249.21% 75.15% -157.69% 249.23% -154.36% -21.90% 190.43% - 74.08% 90.56%
Net Income Growth		 -252.09% 238.71% 75.15% -161.90% 236.52% -159.08% -21.90% 184.28% - 76.18% 90.56%
EPS Growth		 -244.73% 229.05% 73.81% -168.68% 232.69% -163.64% -25.64% 164.44% - 75.06% 76.84%
Operating Cash Flow Growth		 -414.48% -73.51% -264.56% -158.70% 111.88% 79.75% 217.93% -4,125.93% - 150.74% -155.08%
Free Cash Flow Firm Growth		 -120.18% -128.39% -213.98% -1,106.63% 52.41% 133.25% 142.95% 87.37% - -209.21% -208.66%
Invested Capital Growth		 14.66% 19.41% 30.48% 50.32% 16.70% -6.48% -5.74% 6.19% - 3.55% 15.41%
Revenue Q/Q Growth		 -81.39% 794.68% 27.71% -20.22% 25.10% -8.79% -13.79% 10.68% - 6.10% -14.40%
EBITDA Q/Q Growth		 -195.09% 195.18% -4.22% -137.69% 505.04% -135.21% 206.94% -38.21% - -109.07% 2,079.52%
EBIT Q/Q Growth		 -256.09% 194.67% -28.27% -164.14% 398.86% -145.17% 189.36% -38.21% - -126.89% 767.89%
NOPAT Q/Q Growth		 -232.45% 208.16% -26.76% -154.98% 442.61% -139.40% 205.22% -36.34% - -122.81% 873.52%
Net Income Q/Q Growth		 -244.78% 198.95% -26.76% -158.99% 419.32% -142.82% 196.81% -36.34% - -122.78% 874.42%
EPS Q/Q Growth		 -251.98% 195.19% -26.26% -164.38% 393.62% -145.65% 186.17% -44.21% - -125.46% 710.91%
Operating Cash Flow Q/Q Growth		 -4,160.87% 28.10% 36.04% 96.86% 922.22% -222.52% 472.43% -212.64% - -40.77% -504.35%
Free Cash Flow Firm Q/Q Growth		 -403.68% 30.12% -87.86% -82.48% 80.14% 148.82% 142.68% -153.66% - -1,405.68% -141.46%
Invested Capital Q/Q Growth		 22.14% 14.06% 5.60% 2.18% -5.18% -8.60% 6.44% 15.12% - -7.92% 18.62%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 -188.24% 38.17% 28.62% -13.52% 43.79% -16.90% 20.97% 11.71% - -1.56% 36.17%
EBIT Margin		 -206.39% 37.87% 21.27% -17.10% 40.85% -20.23% 20.97% 11.71% - -4.64% 36.17%
Profit (Net Income) Margin		 -157.93% 30.29% 17.37% -12.84% 32.78% -15.39% 17.28% 9.94% - -3.24% 29.33%
Tax Burden Percent		 76.52% 79.97% 81.66% 75.11% 80.25% 76.08% 82.43% 84.92% - 69.92% 81.07%
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		 0.00% 20.03% 18.34% 0.00% 19.75% 0.00% 17.57% 15.08% - 0.00% 18.93%
Return on Invested Capital (ROIC)		 -85.80% 16.03% 10.79% -7.67% 26.64% -11.65% 12.69% 6.90% - -2.69% 22.13%
ROIC Less NNEP Spread (ROIC-NNEP)		 -86.58% 16.03% 10.79% -7.90% 26.64% -12.03% 12.69% 6.90% - -2.69% 22.13%
Return on Net Nonoperating Assets (RNNOA)		 -196.47% 33.26% 24.13% -19.88% 53.11% -23.31% 22.86% 11.94% - -3.95% 32.11%
Return on Equity (ROE)		 -282.27% 49.29% 34.92% -27.54% 79.75% -34.95% 35.55% 18.84% - -6.64% 54.24%
Cash Return on Invested Capital (CROIC)		 -17.76% -11.54% -18.67% -38.56% -0.98% 12.46% 10.54% 1.92% - 4.10% -5.10%
Operating Return on Assets (OROA)		 -6.80% 1.21% 0.80% -0.64% 1.97% -1.00% 0.96% 0.53% - -0.22% 1.69%
Return on Assets (ROA)		 -5.20% 0.97% 0.66% -0.48% 1.58% -0.76% 0.79% 0.45% - -0.15% 1.37%
Return on Common Equity (ROCE)		 -235.87% 42.48% 29.92% -23.10% 69.38% -30.57% 31.54% 16.93% - -5.93% 49.12%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 17.90% 21.83% 3.93% 0.00% 16.25% 11.89% 20.17% - 16.91% 20.79%
Net Operating Profit after Tax (NOPAT)		 -1,130 1,222 895 -492 1,686 -664 699 445 - -172 1,332
NOPAT Margin		 -144.48% 30.29% 17.37% -11.97% 32.78% -14.16% 17.28% 9.94% - -3.25% 29.33%
Net Nonoperating Expense Percent (NNEP)		 0.77% 0.00% 0.00% 0.23% 0.00% 0.38% 0.00% 0.00% - 0.00% 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		 306.39% 62.13% 78.73% 117.10% 59.15% 120.23% 79.03% 88.29% - 104.64% 63.83%
Earnings before Interest and Taxes (EBIT)		 -1,614 1,528 1,096 -703 2,101 -949 848 524 - -246 1,643
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -1,472 1,540 1,475 -556 2,252 -793 848 524 - -83 1,643
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.72 0.80 0.75 0.66 0.73 0.84 0.68 0.80 - 0.72 0.64
Price to Tangible Book Value (P/TBV)		 0.89 0.97 0.90 0.77 0.87 1.00 0.79 0.91 - 0.82 0.72
Price to Revenue (P/Rev)		 0.36 0.45 0.38 0.38 0.29 0.32 0.32 0.41 - 0.35 0.35
Price to Earnings (P/E)		 0.00 3.90 3.01 15.15 1.67 4.87 5.58 3.75 - 4.07 2.95
Dividend Yield		 7.19% 5.81% 5.87% 5.79% 5.76% 5.08% 5.27% 4.51% - 5.14% 5.15%
Earnings Yield		 0.00% 25.63% 33.20% 6.60% 59.80% 20.54% 17.91% 26.68% - 24.56% 33.95%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 2.04 2.17 2.17 1.86 1.96 1.73 1.49 1.62 - 1.27 1.42
Long-Term Debt to Equity		 2.00 2.10 2.12 1.83 1.92 1.73 1.49 1.62 - 1.23 1.38
Financial Leverage		 2.27 2.07 2.24 2.52 1.99 1.94 1.80 1.73 - 1.47 1.45
Leverage Ratio		 58.92 50.88 53.25 60.21 50.34 48.69 44.78 41.72 - 42.87 39.66
Compound Leverage Factor		 58.92 50.88 53.25 60.21 50.34 48.69 44.78 41.72 - 42.87 39.66
Debt to Total Capital		 67.09% 68.42% 68.49% 65.04% 66.17% 63.33% 59.85% 61.82% - 55.86% 58.65%
Short-Term Debt to Total Capital		 1.19% 2.11% 1.78% 1.16% 1.23% 0.00% 0.00% 0.00% - 1.73% 1.46%
Long-Term Debt to Total Capital		 65.90% 66.31% 66.71% 63.88% 64.95% 63.33% 59.85% 61.82% - 54.13% 57.19%
Preferred Equity to Total Capital		 4.71% 4.13% 3.91% 3.82% 4.03% 4.41% 4.15% 3.60% - 4.26% 3.59%
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		 28.20% 27.46% 27.60% 31.14% 29.79% 32.26% 36.00% 34.58% - 39.88% 37.76%
Debt to EBITDA		 -27.50 10.66 7.15 53.74 3.43 6.43 10.97 6.71 - 4.93 5.68
Net Debt to EBITDA		 36.32 -10.88 -7.48 -63.29 -4.33 -9.63 -19.02 -10.62 - -10.69 -9.76
Long-Term Debt to EBITDA		 -27.01 10.33 6.97 52.78 3.37 6.43 10.97 6.71 - 4.78 5.53
Debt to NOPAT		 -17.49 12.10 9.96 47.36 4.94 10.63 12.54 8.03 - 7.48 6.82
Net Debt to NOPAT		 23.09 -12.35 -10.42 -55.78 -6.23 -15.91 -21.73 -12.72 - -16.22 -11.73
Long-Term Debt to NOPAT		 -17.18 11.73 9.70 46.52 4.85 10.63 12.54 8.03 - 7.25 6.65
Noncontrolling Interest Sharing Ratio		 16.44% 13.81% 14.32% 16.15% 13.01% 12.53% 11.27% 10.13% - 10.71% 9.44%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -3,808 -2,661 -4,999 -9,122 -1,812 885 2,147 -1,152 - -966 -2,333
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 -32.85 0.00 0.00 0.00 0.00 0.00 -14.58 - -11.93 0.00
Operating Cash Flow to Interest Expense		 0.00 -16.58 0.00 0.00 0.00 0.00 0.00 -14.44 - 1.70 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 -16.58 0.00 0.00 0.00 0.00 0.00 -14.44 - 1.70 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.03 0.03 0.04 0.04 0.05 0.05 0.05 0.05 - 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
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 20,947 23,892 25,229 25,780 24,445 22,343 23,781 27,377 - 23,137 27,446
Invested Capital Turnover		 0.59 0.53 0.62 0.64 0.81 0.82 0.73 0.69 - 0.83 0.75
Increase / (Decrease) in Invested Capital		 2,678 3,883 5,894 8,630 3,498 -1,549 -1,448 1,597 - 794 3,665
Enterprise Value (EV)		 -13,322 -10,434 -11,886 -13,474 -14,091 -14,160 -17,848 -18,263 - -20,370 -20,019
Market Capitalization		 4,250 5,260 5,211 5,287 5,324 6,036 5,830 7,560 - 6,661 6,682
Book Value per Share		 $34.82 $38.58 $40.95 $47.16 $42.75 $42.29 $50.15 $49.93 - $48.53 $54.20
Tangible Book Value per Share		 $28.07 $31.85 $34.22 $40.44 $36.04 $35.58 $43.45 $43.90 - $42.52 $48.21
Total Capital		 20,947 23,892 25,229 25,780 24,445 22,343 23,781 27,377 - 23,137 27,446
Total Debt		 14,054 16,346 17,280 16,767 16,176 14,150 14,233 16,925 - 12,925 16,097
Total Long-Term Debt		 13,804 15,843 16,830 16,467 15,876 14,150 14,233 16,925 - 12,525 15,697
Net Debt		 -18,558 -16,680 -18,083 -19,747 -20,401 -21,182 -24,664 -26,809 - -28,017 -27,687
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)		 105 0.00 0.00 36 0.00 58 0.00 0.00 - -0.20 0.00
Net Nonoperating Obligations (NNO)		 14,054 16,346 17,280 16,767 16,176 14,150 14,233 16,925 - 12,925 16,097
Total Depreciation and Amortization (D&A)		 142 12 379 147 151 156 0.00 0.00 - 163 0.00
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($7.34) $6.98 $5.18 ($3.29) $9.79 ($4.41) $3.88 $2.15 $4.32 ($1.08) $6.85
Adjusted Weighted Average Basic Shares Outstanding		 169.67M 170.03M 170.20M 170.34M 170.40M 170.73M 189.58M 189.94M 190.09M 191.21M 191.45M
Adjusted Diluted Earnings per Share		 ($7.28) $6.93 $5.11 ($3.29) $9.66 ($4.41) $3.80 $2.12 $4.32 ($1.10) $6.72
Adjusted Weighted Average Diluted Shares Outstanding		 169.67M 170.03M 170.20M 170.34M 170.40M 170.73M 189.58M 189.94M 190.09M 191.21M 191.45M
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		 169.67M 170.03M 170.20M 170.34M 170.40M 170.73M 189.58M 189.94M 190.09M 191.21M 191.45M
Normalized Net Operating Profit after Tax (NOPAT)		 -1,449 -303 965 -432 3,348 -608 699 154 - -172 1,332
Normalized NOPAT Margin		 -185.29% -7.51% 18.73% -10.51% 65.10% -12.97% 17.28% 3.43% - -3.25% 29.33%
Pre Tax Income Margin		 -206.39% 37.87% 21.27% -17.10% 40.85% -20.23% 20.97% 11.71% - -4.64% 36.17%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 18.86 0.00 0.00 0.00 0.00 0.00 6.63 - -3.04 0.00
NOPAT to Interest Expense		 0.00 15.09 0.00 0.00 0.00 0.00 0.00 5.63 - -2.13 0.00
EBIT Less CapEx to Interest Expense		 0.00 18.86 0.00 0.00 0.00 0.00 0.00 6.63 - -3.04 0.00
NOPAT Less CapEx to Interest Expense		 0.00 15.09 0.00 0.00 0.00 0.00 0.00 5.63 - -2.13 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -51.46% 29.31% 22.88% 112.15% 12.15% 29.90% 35.07% 19.31% - 24.61% 18.43%
Augmented Payout Ratio		 -51.46% 29.31% 22.88% 112.15% 12.15% 29.90% 35.07% 19.31% - 24.61% 18.43%

Financials Breakdown Chart

Key Financial Trends

Lincoln National (NYSE: LNC) has shown a meaningful recovery in profitability and cash generation since the difficult stretch in 2023, but the latest quarter suggests the business remains volatile and balance-sheet-sensitive. Over the last four years, the company moved from heavy losses in 2023 to a strong profit rebound in 2024, followed by a mixed start to 2025 and another loss in Q1 2026. The balance sheet has also improved in some areas, but equity remains thin relative to liabilities, which is important for investors to watch.

  • Profitability improved sharply in 2024. After deep losses in 2023, Lincoln National posted strong earnings in 2024, including Q4 2024 net income of $1.69 billion and Q4 2024 EPS of $9.79.
  • Cash generation has often been supportive. The company has repeatedly generated positive financing inflows from deposit changes, and several quarters showed positive net change in cash even when earnings were weak.
  • Revenue held up reasonably well in 2025. Q3 2025 revenue was $4.48 billion and Q4 2025 revenue was $5.00 billion, suggesting the top line has remained substantial.
  • Insurance premiums remained relatively stable. Premiums earned generally stayed in the mid-$1.6 billion range across most quarters, indicating a consistent core business base.
  • Asset base remains very large and diversified. Total assets were $406.2 billion in Q1 2026, with major positions in trading securities, separate account assets, and mortgage servicing rights.
  • Leverage is still meaningful. Total liabilities were $395.9 billion in Q1 2026 versus just $10.2 billion of total equity, leaving a very thin equity cushion.
  • Book equity improved from 2023 lows. Total common equity rose from $3.2 billion in Q3 2023 to $9.2 billion in Q1 2026, but it remains modest relative to the size of the balance sheet.
  • Share count has been fairly stable. Weighted average diluted shares were around 190 million in late 2025 and early 2026, so per-share results are not being distorted by large dilution.
  • Q1 2026 was a weak quarter. The company posted a $172 million consolidated net loss, a $246 million pre-tax loss, and diluted EPS of -$1.10.
  • Operating cash flow weakened in Q1 2026. Net cash from operating activities was only $138 million, down sharply from $233 million in Q4 2025 and far below stronger periods in 2024.
  • The business has shown major earnings volatility. Results swung from losses in early 2023 and early 2025 to strong profits in late 2024, which suggests earnings quality and market conditions can materially affect results.
  • AOCI remains a drag on equity. Accumulated other comprehensive income/loss was a negative $4.5 billion in Q1 2026, reflecting persistent market-related pressure on capital.

Bottom line: Lincoln National has clearly moved off the worst of its 2023 earnings stress, but the latest quarter shows the turnaround is not yet smooth or fully durable. Investors should focus on whether the company can restore consistent operating profits, protect cash flow, and keep strengthening its capital base. For a life insurer, those three factors matter a lot.

08/15/26 09:08 AM ETAI Generated. May Contain Errors.

Lincoln National Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Lincoln National's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Lincoln National's net income were at $1.18 billion at the end of 2025, a 64.1% decrease from 2024, and a 2.0% increase since 2015. See Lincoln National's forecast for analyst expectations on what's next for the company.

Over the last 10 years, Lincoln National's total revenue changed from $13.57 billion in 2015 to $18.21 billion in 2025, a change of 34.2%.

Lincoln National's total liabilities were at $406.30 billion at the end of 2025, a 6.2% increase from 2024, and a 70.5% increase since 2015.

In the past 10 years, Lincoln National's cash and equivalents has ranged from $1.63 billion in 2017 to $9.50 billion in 2025, and is currently $9.50 billion as of their latest financial filing in 2025.


Related Companies

Financial statements for NYSE:LNC last updated on 7/30/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
From Our Partners
ALERT: Drop these 5 stocks before the market opens tomorrow!
The Wall Street Journal is already raising the alarm about a potential market crash, and Weiss Ratings researc...
Weiss Ratings | Sponsoredtc pixel
Louis Navellier: My #1 AI stock for 2026 (name & ticker inside)
Louis Navellier's Stock Grader system helped him flag Nvidia before its 82,000% run and has identified the top...
InvestorPlace | Sponsoredtc pixel
Ready to give options a try? Your first trade (Ticker included) -INSIDE
Tired of trying tactic after tactic when it comes to options trades... only to be met with market noise and st...
Base Camp Trading | Sponsoredtc pixel
They didn't warn anyone in 1971. This time someone is warning you.
On August 15, 1971, Nixon interrupted prime-time television and ended the gold standard in 15 minutes - no deb...
Reagan Gold Group | Sponsoredtc pixel
Buy this stock today
Marc Chaikin, founder of Chaikin Analytics, is sharing a strategy he calls 'Sell This, Buy That' - a way to mo...
Chaikin Analytics | Sponsoredtc pixel
My top 3 AI picks for the next decade
Alexander Green bought Apple in 1996, recommended Nvidia at a split-adjusted 66 cents in 2004, and picked up A...
The Oxford Club | Sponsoredtc pixel
CODE RED: AI Meltdown Imminent?
After correctly predicting the 2008 and 2020 stock market meltdowns, I believe this AI company is about to tri...
Paradigm Press | Sponsoredtc pixel
Here’s the stock symbol I’ve promised
Whitney Tilson of Stansberry Research has long recommended Berkshire Hathaway as a core retirement holding - b...
Stansberry Research | Sponsoredtc pixel