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Lincoln National (LNC) Financials

Lincoln National logo
$35.80 -0.23 (-0.64%)
As of 05/26/2026 03:58 PM Eastern
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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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 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
Net Income / (Loss) Attributable to Common Shareholders		 819 -1,246 1,188 884 -562 1,671 -756 688 411 743 -206
Consolidated Net Income / (Loss)		 853 -1,235 1,222 895 -528 1,686 -722 699 445 755 -172
Net Income / (Loss) Continuing Operations		 853 -1,235 1,222 895 -528 1,686 -722 699 445 755 -172
Total Pre-Tax Income 		1,034 -1,614 1,528 1,096 -703 2,101 -949 848 524 915 -246
Total Revenue		 4,203 782 4,116 5,067 4,025 5,143 4,691 4,044 4,476 5,001 5,306
Net Interest Income / (Expense)		 0.00 83 0.00 -86 -86 81 -80 0.00 -79 79 -81
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 86 86 -81 80 0.00 79 -79 81
Long-Term Debt Interest Expense		 - - - 86 86 - 80 - 79 - 81
Total Non-Interest Income		 4,203 699 4,116 5,153 4,111 5,062 4,691 4,044 4,555 4,922 5,306
Other Service Charges		 1,363 1,151 1,324 1,533 1,512 1,096 1,373 1,340 1,590 1,201 1,377
Net Realized & Unrealized Capital Gains on Investments		 1,041 147 912 1,995 985 1,931 1,473 825 1,328 1,655 2,071
Premiums Earned		 1,566 -1,085 1,601 1,625 1,614 1,585 1,676 1,682 1,637 1,671 1,674
Other Non-Interest Income		 233 - 279 - - - 169 197 - - 184
Total Non-Interest Expense		 3,169 2,396 2,588 3,971 4,728 3,042 5,640 3,196 3,952 4,086 5,552
Property & Liability Insurance Claims		 2,983 445 2,825 2,756 2,767 2,870 2,958 2,910 2,881 2,954 3,054
Insurance Policy Acquisition Costs		 159 - -12 - - - -59 -88 - - -46
Other Operating Expenses		 -57 2,608 -306 1,351 1,304 -1,864 2,661 387 1,414 673 2,463
Income Tax Expense		 181 -379 306 201 -175 415 -227 149 79 160 -74
Preferred Stock Dividends Declared		 34 12 34 11 34 12 34 11 34 12 34
Basic Earnings per Share		 $4.82 ($7.34) $6.98 $5.18 ($3.29) $9.79 ($4.41) $3.88 $2.15 $4.32 ($1.08)
Weighted Average Basic Shares Outstanding		 169.66M 169.67M 170.03M 170.20M 170.34M 170.40M 170.73M 189.58M 189.94M 190.09M 191.21M
Diluted Earnings per Share		 $4.79 ($7.28) $6.93 $5.11 ($3.29) $9.66 ($4.41) $3.80 $2.12 $4.32 ($1.10)
Weighted Average Diluted Shares Outstanding		 169.66M 169.67M 170.03M 170.20M 170.34M 170.40M 170.73M 189.58M 189.94M 190.09M 191.21M
Weighted Average Basic & Diluted Shares Outstanding		 169.66M 169.67M 170.03M 170.20M 170.34M 170.40M 170.73M 189.58M 189.94M 190.09M 191.21M
Cash Dividends to Common per Share		 $1,719.20 ($2,280.80) $0.45 $0.45 $0.45 ($2,280.80) $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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 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
Net Change in Cash & Equivalents		 -1,239 836 757 1,353 538 -212 -1,517 2,859 3,525 -1,166 -2,157
Net Cash From Operating Activities		 46 -1,868 -1,343 -859 -27 222 -272 1,013 -1,141 233 138
Net Cash From Continuing Operating Activities		 46 -1,868 -1,343 -859 -27 222 -272 1,013 -1,141 233 138
Net Income / (Loss) Continuing Operations		 853 -1,235 1,222 894 -528 1,687 -722 699 446 754 -172
Consolidated Net Income / (Loss)		 853 -1,235 1,222 894 -528 1,687 -722 699 446 754 -172
Amortization Expense		 514 142 190 379 147 151 156 - - - 163
Non-Cash Adjustments to Reconcile Net Income		 -902 1,276 -1,953 -891 1,057 -1,821 1,213 -73 -572 273 659
Changes in Operating Assets and Liabilities, net		 -419 -2,051 -802 -1,241 -703 205 -919 543 -1,015 -1,368 -512
Net Cash From Investing Activities		 -1,438 -714 1,639 601 -702 -717 -2,046 -266 2,212 -3,913 -3,454
Net Cash From Continuing Investing Activities		 -1,438 -714 1,639 601 -702 -717 -2,046 -266 2,212 -3,913 -3,454
Purchase of Investment Securities		 -3,029 -3,087 -2,675 -2,988 -2,919 -4,250 -3,910 -4,352 -7,966 -4,901 -5,264
Sale and/or Maturity of Investments		 2,249 2,942 4,885 4,529 3,185 4,581 2,783 5,173 8,172 5,243 3,194
Other Investing Activities, net		 -658 -569 -571 -1,561 -966 -1,048 -919 -1,087 - - -1,384
Net Cash From Financing Activities		 153 3,418 461 1,611 1,267 283 801 2,112 2,454 2,514 1,159
Net Cash From Continuing Financing Activities		 153 3,418 461 1,611 1,267 283 801 2,112 2,454 2,514 1,159
Net Change in Deposits		 3,605 5,275 3,602 4,506 4,204 3,748 4,434 5,189 5,771 5,715 4,947
Issuance of Debt		 - - 347 -1.00 - - 0.00 - - 495 250
Issuance of Common Equity		 - -1.00 -5.00 -1.00 2.00 -1.00 -4.00 822 7.00 4.00 -23
Repayment of Debt		 -500 - -47 -53 - - -300 -421 - - -150
Payment of Dividends		 -111 -87 -111 -88 -111 -88 -111 -88 -120 -97 -120
Other Financing Activities, Net		 -2,841 -1,769 -3,325 -2,752 -2,828 -3,376 -3,218 -3,390 -3,208 -3,599 -3,745

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 Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
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 6/30/2025 9/30/2025 3/31/2026
Total Assets		 324,683 343,142 348,612 338,411 383,381 384,533 396,840 382,898 399,065 415,275 406,161
Cash and Due from Banks		 1,472 3,766 3,768 2,529 4,122 5,475 6,013 4,284 7,143 10,668 7,345
Interest Bearing Deposits at Other Banks		 - - - - 28,904 29,888 30,501 31,048 31,754 33,066 33,597
Trading Account Securities		 105,260 109,621 109,391 106,765 98,704 98,278 102,703 98,475 99,985 103,502 104,564
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		 1,283 1,277 1,277 1,372 1,127 1,135 1,160 1,134 1,136 1,172 1,170
Mortgage Servicing Rights		 18,066 18,327 18,460 18,751 19,266 20,152 20,856 21,558 21,996 22,230 22,825
Deferred Acquisition Cost		 13,676 12,277 12,316 12,341 12,405 12,435 12,475 12,563 12,604 12,681 12,886
Separate Account Business Assets		 137,295 148,421 153,246 145,810 166,225 165,199 171,483 162,506 172,942 179,860 172,043
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		 45,904 48,309 49,010 49,699 51,484 50,827 50,505 50,186 50,361 50,952 50,587
Total Liabilities & Shareholders' Equity		 324,683 343,142 348,612 338,411 383,381 384,533 396,840 382,898 399,065 415,275 406,161
Total Liabilities		 322,466 336,410 342,793 335,212 375,835 376,584 387,827 374,705 389,517 404,823 395,949
Short-Term Debt		 500 500 500 0.00 503 450 300 0.00 0.00 0.00 400
Long-Term Debt		 12,824 12,777 13,016 13,951 15,843 16,830 16,467 14,150 14,233 16,925 12,525
Future Policy Benefits		 41,716 39,757 39,711 39,362 38,848 38,560 41,169 40,665 41,053 41,852 42,010
Participating Policy Holder Equity		 118,174 116,167 117,598 117,210 122,300 124,113 125,968 125,262 129,209 133,223 135,683
Separate Account Business Liabilities		 137,295 148,421 153,246 145,810 166,225 165,199 171,483 162,506 172,942 179,860 172,043
Other Long-Term Liabilities		 11,957 18,788 18,722 18,879 32,116 31,432 32,440 32,122 32,080 32,963 33,288
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		 2,217 6,732 5,819 3,199 7,546 7,949 9,013 8,193 9,548 10,452 10,212
Total Preferred & Common Equity		 2,217 6,732 5,819 3,199 7,546 7,949 9,013 8,193 9,548 10,452 10,212
Preferred Stock		 0.00 986 986 986 986 986 986 986 986 986 986
Total Common Equity		 2,217 5,746 4,833 2,213 6,560 6,963 8,027 7,207 8,562 9,466 9,226
Common Stock		 4,534 4,560 4,575 4,591 4,624 4,641 4,660 4,703 5,545 5,574 5,602
Retained Earnings		 6,311 4,940 5,362 6,102 5,887 6,691 6,049 6,810 7,409 7,731 8,091
Accumulated Other Comprehensive Income / (Loss)		 -8,628 -3,754 -5,104 -8,480 -3,951 -4,369 -2,682 -4,306 -4,392 -3,839 -4,467

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 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
DEI Shares Outstanding		 - - - - - - - - - - 190,090,406.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 190,090,406.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - -0.90
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -10.04% -79.64% 8.15% 75.93% -2.19% 557.67% 13.97% -20.19% 11.21% - 13.11%
EBITDA Growth		 165.07% -197.94% 230.62% 149.16% -135.92% 252.99% -146.16% -33.39% 174.54% - 89.53%
EBIT Growth		 148.64% -264.02% 230.60% 82.06% -167.99% 230.17% -162.11% -22.63% 174.54% - 74.08%
NOPAT Growth		 157.32% -239.14% 249.21% 75.15% -157.69% 249.23% -154.36% -21.90% 190.43% - 74.08%
Net Income Growth		 148.03% -252.09% 238.71% 75.15% -161.90% 236.52% -159.08% -21.90% 184.28% - 76.18%
EPS Growth		 145.75% -244.73% 229.05% 73.81% -168.68% 232.69% -163.64% -25.64% 164.44% - 75.06%
Operating Cash Flow Growth		 -92.92% -414.48% -73.51% -264.56% -158.70% 111.88% 79.75% 217.93% -4,125.93% - 150.74%
Free Cash Flow Firm Growth		 -103.95% -120.18% -128.39% -213.98% -1,106.63% 52.41% 133.25% 142.95% 87.37% - -209.21%
Invested Capital Growth		 10.35% 14.66% 19.41% 30.48% 50.32% 16.70% -6.48% -5.74% 6.19% - 3.55%
Revenue Q/Q Growth		 43.50% -81.39% 794.68% 27.71% -20.22% 25.10% -8.79% -13.79% 10.68% - 6.10%
EBITDA Q/Q Growth		 161.49% -195.09% 195.18% -4.22% -137.69% 505.04% -135.21% 206.94% -38.21% - -109.07%
EBIT Q/Q Growth		 71.76% -256.09% 194.67% -28.27% -164.14% 398.86% -145.17% 189.36% -38.21% - -126.89%
NOPAT Q/Q Growth		 66.93% -232.45% 208.16% -26.76% -154.98% 442.61% -139.40% 205.22% -36.34% - -122.81%
Net Income Q/Q Growth		 66.93% -244.78% 198.95% -26.76% -158.99% 419.32% -142.82% 196.81% -36.34% - -122.78%
EPS Q/Q Growth		 62.93% -251.98% 195.19% -26.26% -164.38% 393.62% -145.65% 186.17% -44.21% - -125.46%
Operating Cash Flow Q/Q Growth		 -91.19% -4,160.87% 28.10% 36.04% 96.86% 922.22% -222.52% 472.43% -212.64% - -40.77%
Free Cash Flow Firm Q/Q Growth		 -117.24% -403.68% 30.12% -87.86% -82.48% 80.14% 148.82% 142.68% -153.66% - -1,405.68%
Invested Capital Q/Q Growth		 -11.30% 22.14% 14.06% 5.60% 2.18% -5.18% -8.60% 6.44% 15.12% - -7.92%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 36.83% -188.24% 38.17% 28.62% -13.52% 43.79% -16.90% 20.97% 11.71% - -1.56%
EBIT Margin		 24.60% -206.39% 37.87% 21.27% -17.10% 40.85% -20.23% 20.97% 11.71% - -4.64%
Profit (Net Income) Margin		 20.30% -157.93% 30.29% 17.37% -12.84% 32.78% -15.39% 17.28% 9.94% - -3.24%
Tax Burden Percent		 82.50% 76.52% 79.97% 81.66% 75.11% 80.25% 76.08% 82.43% 84.92% - 69.92%
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		 17.50% 0.00% 20.03% 18.34% 0.00% 19.75% 0.00% 17.57% 15.08% - 0.00%
Return on Invested Capital (ROIC)		 17.91% -85.80% 16.03% 10.79% -7.67% 26.64% -11.65% 12.69% 6.90% - -2.69%
ROIC Less NNEP Spread (ROIC-NNEP)		 17.91% -86.58% 16.03% 10.79% -7.90% 26.64% -12.03% 12.69% 6.90% - -2.69%
Return on Net Nonoperating Assets (RNNOA)		 90.17% -196.47% 33.26% 24.13% -19.88% 53.11% -23.31% 22.86% 11.94% - -3.95%
Return on Equity (ROE)		 108.08% -282.27% 49.29% 34.92% -27.54% 79.75% -34.95% 35.55% 18.84% - -6.64%
Cash Return on Invested Capital (CROIC)		 -1.92% -17.76% -11.54% -18.67% -38.56% -0.98% 12.46% 10.54% 1.92% - 4.10%
Operating Return on Assets (OROA)		 1.07% -6.80% 1.21% 0.80% -0.64% 1.97% -1.00% 0.96% 0.53% - -0.22%
Return on Assets (ROA)		 0.88% -5.20% 0.97% 0.66% -0.48% 1.58% -0.76% 0.79% 0.45% - -0.15%
Return on Common Equity (ROCE)		 88.40% -235.87% 42.48% 29.92% -23.10% 69.38% -30.57% 31.54% 16.93% - -5.93%
Return on Equity Simple (ROE_SIMPLE)		 40.48% 0.00% 17.90% 21.83% 3.93% 0.00% 16.25% 11.89% 20.17% - 16.91%
Net Operating Profit after Tax (NOPAT)		 853 -1,130 1,222 895 -492 1,686 -664 699 445 - -172
NOPAT Margin		 20.30% -144.48% 30.29% 17.37% -11.97% 32.78% -14.16% 17.28% 9.94% - -3.25%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.77% 0.00% 0.00% 0.23% 0.00% 0.38% 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		 75.40% 306.39% 62.13% 78.73% 117.10% 59.15% 120.23% 79.03% 88.29% - 104.64%
Earnings before Interest and Taxes (EBIT)		 1,034 -1,614 1,528 1,096 -703 2,101 -949 848 524 - -246
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,548 -1,472 1,540 1,475 -556 2,252 -793 848 524 - -83
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.75 0.72 0.80 0.75 0.66 0.73 0.84 0.68 0.80 - 0.72
Price to Tangible Book Value (P/TBV)		 3.62 0.89 0.97 0.90 0.77 0.87 1.00 0.79 0.91 - 0.82
Price to Revenue (P/Rev)		 0.27 0.36 0.45 0.38 0.38 0.29 0.32 0.32 0.41 - 0.35
Price to Earnings (P/E)		 0.49 0.00 3.90 3.01 15.15 1.67 4.87 5.58 3.75 - 4.07
Dividend Yield		 7.89% 7.19% 5.81% 5.87% 5.79% 5.76% 5.08% 5.27% 4.51% - 5.14%
Earnings Yield		 204.16% 0.00% 25.63% 33.20% 6.60% 59.80% 20.54% 17.91% 26.68% - 24.56%
Enterprise Value to Invested Capital (EV/IC)		 0.95 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to Revenue (EV/Rev)		 1.13 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 8.42 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to EBIT (EV/EBIT)		 11.23 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 12.57 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)		 41.95 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		 4.36 2.04 2.17 2.17 1.86 1.96 1.73 1.49 1.62 - 1.27
Long-Term Debt to Equity		 4.36 2.00 2.10 2.12 1.83 1.92 1.73 1.49 1.62 - 1.23
Financial Leverage		 5.04 2.27 2.07 2.24 2.52 1.99 1.94 1.80 1.73 - 1.47
Leverage Ratio		 122.43 58.92 50.88 53.25 60.21 50.34 48.69 44.78 41.72 - 42.87
Compound Leverage Factor		 122.43 58.92 50.88 53.25 60.21 50.34 48.69 44.78 41.72 - 42.87
Debt to Total Capital		 81.35% 67.09% 68.42% 68.49% 65.04% 66.17% 63.33% 59.85% 61.82% - 55.86%
Short-Term Debt to Total Capital		 0.00% 1.19% 2.11% 1.78% 1.16% 1.23% 0.00% 0.00% 0.00% - 1.73%
Long-Term Debt to Total Capital		 81.35% 65.90% 66.31% 66.71% 63.88% 64.95% 63.33% 59.85% 61.82% - 54.13%
Preferred Equity to Total Capital		 5.75% 4.71% 4.13% 3.91% 3.82% 4.03% 4.41% 4.15% 3.60% - 4.26%
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		 12.90% 28.20% 27.46% 27.60% 31.14% 29.79% 32.26% 36.00% 34.58% - 39.88%
Debt to EBITDA		 7.21 -27.50 10.66 7.15 53.74 3.43 6.43 10.97 6.71 - 4.93
Net Debt to EBITDA		 5.91 36.32 -10.88 -7.48 -63.29 -4.33 -9.63 -19.02 -10.62 - -10.69
Long-Term Debt to EBITDA		 7.21 -27.01 10.33 6.97 52.78 3.37 6.43 10.97 6.71 - 4.78
Debt to NOPAT		 10.77 -17.49 12.10 9.96 47.36 4.94 10.63 12.54 8.03 - 7.48
Net Debt to NOPAT		 8.82 23.09 -12.35 -10.42 -55.78 -6.23 -15.91 -21.73 -12.72 - -16.22
Long-Term Debt to NOPAT		 10.77 -17.18 11.73 9.70 46.52 4.85 10.63 12.54 8.03 - 7.25
Noncontrolling Interest Sharing Ratio		 18.21% 16.44% 13.81% 14.32% 16.15% 13.01% 12.53% 11.27% 10.13% - 10.71%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -756 -3,808 -2,661 -4,999 -9,122 -1,812 885 2,147 -1,152 - -966
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 -32.85 0.00 0.00 0.00 0.00 0.00 -14.58 - -11.93
Operating Cash Flow to Interest Expense		 0.00 0.00 -16.58 0.00 0.00 0.00 0.00 0.00 -14.44 - 1.70
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 -16.58 0.00 0.00 0.00 0.00 0.00 -14.44 - 1.70
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.04 0.03 0.03 0.04 0.04 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		 17,150 20,947 23,892 25,229 25,780 24,445 22,343 23,781 27,377 - 23,137
Invested Capital Turnover		 0.88 0.59 0.53 0.62 0.64 0.81 0.82 0.73 0.69 - 0.83
Increase / (Decrease) in Invested Capital		 1,609 2,678 3,883 5,894 8,630 3,498 -1,549 -1,448 1,597 - 794
Enterprise Value (EV)		 16,278 -13,322 -10,434 -11,886 -13,474 -14,091 -14,160 -17,848 -18,263 - -20,370
Market Capitalization		 3,870 4,250 5,260 5,211 5,287 5,324 6,036 5,830 7,560 - 6,661
Book Value per Share		 $13.05 $34.82 $38.58 $40.95 $47.16 $42.75 $42.29 $50.15 $49.93 - $48.53
Tangible Book Value per Share		 $6.30 $28.07 $31.85 $34.22 $40.44 $36.04 $35.58 $43.45 $43.90 - $42.52
Total Capital		 17,150 20,947 23,892 25,229 25,780 24,445 22,343 23,781 27,377 - 23,137
Total Debt		 13,951 14,054 16,346 17,280 16,767 16,176 14,150 14,233 16,925 - 12,925
Total Long-Term Debt		 13,951 13,804 15,843 16,830 16,467 15,876 14,150 14,233 16,925 - 12,525
Net Debt		 11,422 -18,558 -16,680 -18,083 -19,747 -20,401 -21,182 -24,664 -26,809 - -28,017
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)		 0.00 105 0.00 0.00 36 0.00 58 0.00 0.00 - -0.20
Net Nonoperating Obligations (NNO)		 13,951 14,054 16,346 17,280 16,767 16,176 14,150 14,233 16,925 - 12,925
Total Depreciation and Amortization (D&A)		 514 142 12 379 147 151 156 0.00 0.00 - 163
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $4.82 ($7.34) $6.98 $5.18 ($3.29) $9.79 ($4.41) $3.88 $2.15 $4.32 ($1.08)
Adjusted Weighted Average Basic Shares Outstanding		 169.66M 169.67M 170.03M 170.20M 170.34M 170.40M 170.73M 189.58M 189.94M 190.09M 191.21M
Adjusted Diluted Earnings per Share		 $4.79 ($7.28) $6.93 $5.11 ($3.29) $9.66 ($4.41) $3.80 $2.12 $4.32 ($1.10)
Adjusted Weighted Average Diluted Shares Outstanding		 169.66M 169.67M 170.03M 170.20M 170.34M 170.40M 170.73M 189.58M 189.94M 190.09M 191.21M
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		 169.66M 169.67M 170.03M 170.20M 170.34M 170.40M 170.73M 189.58M 189.94M 190.09M 191.21M
Normalized Net Operating Profit after Tax (NOPAT)		 922 -1,449 -303 965 -432 3,348 -608 699 154 - -172
Normalized NOPAT Margin		 21.94% -185.29% -7.51% 18.73% -10.51% 65.10% -12.97% 17.28% 3.43% - -3.25%
Pre Tax Income Margin		 24.60% -206.39% 37.87% 21.27% -17.10% 40.85% -20.23% 20.97% 11.71% - -4.64%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 18.86 0.00 0.00 0.00 0.00 0.00 6.63 - -3.04
NOPAT to Interest Expense		 0.00 0.00 15.09 0.00 0.00 0.00 0.00 0.00 5.63 - -2.13
EBIT Less CapEx to Interest Expense		 0.00 0.00 18.86 0.00 0.00 0.00 0.00 0.00 6.63 - -3.04
NOPAT Less CapEx to Interest Expense		 0.00 0.00 15.09 0.00 0.00 0.00 0.00 0.00 5.63 - -2.13
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 29.03% -51.46% 29.31% 22.88% 112.15% 12.15% 29.90% 35.07% 19.31% - 24.61%
Augmented Payout Ratio		 29.03% -51.46% 29.31% 22.88% 112.15% 12.15% 29.90% 35.07% 19.31% - 24.61%

Financials Breakdown Chart

Key Financial Trends

Here are the key trends for Lincoln National (LNC) drawn from the last four years of quarterly statements provided (primarily 2022–2025). The focus is on notable movements in revenue, profitability, cash flow, and balance-sheet scale that may matter to retail investors.

  • Total Revenue in Q4 2025 was 5.001 billion, indicating a strong end-of-year top line and continued scale vs prior quarters.
  • Net Income attributable to common shareholders in Q4 2025 was 743 million, showing quarterly profitability improvement versus the prior quarter.
  • Net Interest Income turned positive in Q4 2025 at 79 million, contributing to earnings in the latest quarter.
  • Net Realized & Unrealized Capital Gains on Investments in Q4 2025 were 1.655 billion, boosting non-interest income through investment results.
  • Premiums Earned in Q4 2025 were 1.671 billion, supporting non-interest revenue alongside underwriting activities.
  • Total Non-Interest Income in Q4 2025 was 4.922 billion, reflecting a diversified revenue mix beyond core underwriting.
  • Net Cash From Financing Activities in Q4 2025 was 2.514 billion, signaling liquidity generated via financing actions during the quarter.
  • Total Assets in Q3 2025 rose to 415.275 billion, showcasing asset growth and scale for the insurer.
  • Separate Account Business Assets stood at 179.86 billion in Q3 2025, a very large asset pool characteristic of the business model (neutral in impact but notable in size).
  • Total Liabilities stood at 404.823 billion in Q3 2025, indicating higher policyholder obligations and related liabilities (neutral in the sense of scale, but a structural factor to monitor).
05/27/26 02:30 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 fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Below is a breakdown of Lincoln National's net income over the past 5 years:
  • 2021: $3.78 billion
  • 2022: $1.36 billion
  • 2023: -$752 million
  • 2024: $3.28 billion
  • 2025: $1.18 billion
Check out Lincoln National's forecast to explore projected trends and price targets.

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.


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Financial statements for NYSE:LNC last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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