NYSE : LNC
Lincoln National Corporation — Financial statements
Financials · Insurance - Life · United States
Last price 41.01 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 7.85B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 6.70B | 6.67B | 6.42B | 3.67B | 6.09B | 5.62B |
| Total Interest & Dividend Income | 6.37B | 6.08B | 5.54B | 5.90B | 5.51B | 6.11B |
| Gain (Loss) on Sale of Investments | -393.00M | -340.00M | -268.00M | -897.00M | -15.00M | 659.00M |
| Other Revenue | 6.72B | 5.87B | 6.27B | 3.03B | 7.34B | 5.34B |
| Total Revenue | 19.39B | 18.27B | 17.97B | 11.70B | 18.93B | 17.71B |
| Policy Benefits | 11.83B | 11.70B | 11.36B | 9.39B | 11.36B | 11.43B |
| Policy Acquisition & Underwriting Costs | 2.31B | 2.14B | 2.00B | 1.90B | 1.84B | 1.89B |
| Amortization of Goodwill & Intangibles | 148.00M | 148.00M | 96.00M | 44.00M | 65.00M | 50.00M |
| Selling, General & Administrative | 2.65B | 2.65B | 2.96B | 3.07B | 2.94B | 2.82B |
| Other Operating Expenses | 573.00M | 568.00M | 602.00M | 501.00M | 562.00M | 447.00M |
| Total Operating Expenses | 17.51B | 17.21B | 17.02B | 14.90B | 16.76B | 16.64B |
| Operating Income | 1.88B | 1.06B | 949.00M | -3.20B | 2.16B | 1.08B |
| Interest Expense | -324.00M | -227.00M | -336.00M | -331.00M | -283.00M | -270.00M |
| Other Non Operating Income (Expenses) | 1.34B | 563.00M | 2.87B | 2.42B | 480.00M | 3.94B |
| EBT Excluding Unusual Items | 2.90B | 1.40B | 3.48B | -1.11B | 2.36B | 4.74B |
| Merger & Restructuring Charges | -46.00M | -46.00M | -40.00M | -34.00M | -101.00M | |
| Impairment of Goodwill | -634.00M | |||||
| Gain (Loss) on Sale of Assets | -6.00M | 582.00M | ||||
| Asset Writedown | -14.00M | -14.00M | ||||
| Pretax Income | 2.84B | 1.34B | 4.02B | -1.15B | 1.73B | 4.64B |
| Income Tax Expense | 476.00M | 161.00M | 747.00M | -396.00M | 367.00M | 865.00M |
| Net Income | 2.36B | 1.18B | 3.27B | -752.00M | 1.36B | 3.78B |
| Preferred Dividends & Other Adjustments | 91.00M | 91.00M | 91.00M | 82.00M | ||
| Net Income to Common | 2.27B | 1.09B | 3.18B | -834.00M | 1.36B | 3.78B |
| Shares Outstanding (Basic) | 191.73M | 182.67M | 170.60M | 169.56M | 171.03M | 187.36M |
| Shares Outstanding (Diluted) | 197.16M | 186.06M | 173.08M | 169.56M | 172.70M | 189.64M |
| EPS (Basic) | 11.83 | 5.94 | 18.66 | -4.92 | 7.94 | 20.16 |
| EPS (Diluted) | 11.47 | 5.83 | 18.41 | -4.92 | 7.79 | 19.96 |
| Dividend Per Share | 1.80 | 1.80 | 1.80 | 1.80 | 1.80 | 1.71 |
| Operating Margin | 9.71% | 5.81% | 5.28% | -27.34% | 11.42% | 6.08% |
| Profit Margin | 11.70% | 5.94% | 17.72% | -7.13% | 7.18% | 21.33% |
| EBITDA | 1.21B | 958.00M | -3.19B | 2.19B | 1.12B | |
| EBITDA Margin | 6.62% | 5.33% | -27.26% | 11.55% | 6.30% | |
| D&A For EBITDA | 148.00M | 9.00M | 9.00M | 23.00M | 38.00M | |
| EBIT | 1.88B | 1.06B | 949.00M | -3.20B | 2.16B | 1.08B |
| EBIT Margin | 9.71% | 5.81% | 5.28% | -27.34% | 11.42% | 6.08% |
| Effective Tax Rate | 16.78% | 12.03% | 18.57% | 21.27% | 18.63% | |
| Revenue as Reported | 19.32B | 18.21B | 18.44B | 11.64B | 18.81B | 17.71B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 94.87B | 93.19B | 86.86B | 88.49B | 99.38B | 118.24B |
| Investments in Equity & Preferred Securities | 1.04B | 1.27B | 919.00M | 905.00M | 1.12B | 1.16B |
| Policy Loans | 2.60B | 2.63B | 2.48B | 2.48B | 2.36B | 2.36B |
| Other Investments | 40.74B | 40.22B | 36.99B | 33.91B | 15.03B | 3.98B |
| Total Investments | 164.18B | 161.46B | 150.35B | 147.10B | 139.69B | 148.19B |
| Cash & Equivalents | 10.16B | 9.50B | 5.80B | 3.37B | 3.34B | 2.61B |
| Reinsurance Recoverable | 27.23B | 28.01B | 28.75B | 29.84B | 19.95B | 20.30B |
| Other Receivables | 1.17B | 1.21B | 1.21B | 1.11B | 1.25B | 1.19B |
| Deferred Policy Acquisition Cost | 12.35B | 12.24B | 11.92B | 11.73B | 11.51B | 5.89B |
| Separate Account Assets | 188.25B | 180.09B | 168.44B | 158.26B | 143.54B | 182.58B |
| Property, Plant & Equipment | 58.00M | 85.00M | 118.00M | 154.00M | 184.00M | |
| Goodwill | 1.14B | 1.14B | 1.14B | 1.14B | 1.14B | 1.78B |
| Other Intangible Assets | 26.00M | 30.00M | 34.00M | 38.00M | 42.00M | |
| Other Current Assets | 12.82B | 13.02B | 12.89B | 10.12B | 8.35B | 13.25B |
| Long-Term Deferred Charges | 210.00M | 211.00M | 198.00M | 195.00M | 198.00M | 203.00M |
| Other Long-Term Assets | 12.28B | 10.23B | 10.02B | 9.39B | 5.17B | 10.73B |
| Total Assets | 429.80B | 417.20B | 390.83B | 372.41B | 334.33B | 386.94B |
| Insurance & Annuity Liabilities | 159.17B | 157.49B | 148.04B | 145.96B | 143.14B | 140.33B |
| Unpaid Claims | 5.66B | 5.71B | 5.51B | 5.57B | 5.33B | 6.28B |
| Reinsurance Payable | 16.81B | 17.92B | 16.91B | 17.64B | 5.74B | |
| Current Portion of Long-Term Debt | 400.00M | 400.00M | 300.00M | 250.00M | 500.00M | 300.00M |
| Current Portion of Leases | 26.00M | |||||
| Long-Term Debt | 6.84B | 6.59B | 6.84B | 7.36B | 7.17B | 7.15B |
| Long-Term Leases | 37.00M | 89.00M | 129.00M | 258.00M | 332.00M | |
| Separate Account Liability | 188.25B | 180.09B | 168.44B | 158.26B | 143.54B | 182.58B |
| Other Current Liabilities | 16.86B | 15.12B | 12.45B | 9.08B | 4.78B | 6.13B |
| Other Long-Term Liabilities | 24.46B | 22.91B | 23.99B | 21.28B | 18.68B | 22.96B |
| Total Liabilities | 418.45B | 406.30B | 382.56B | 365.52B | 329.23B | 366.19B |
| Preferred Stock, Redeemable | 986.00M | 986.00M | 986.00M | 986.00M | 986.00M | |
| Common Stock | 5.62B | 5.59B | 4.67B | 4.61B | 4.54B | 4.74B |
| Retained Earnings | 9.32B | 8.39B | 7.64B | 4.78B | 5.92B | 9.58B |
| Comprehensive Income & Other | -4.58B | -4.06B | -5.04B | -3.48B | -6.35B | 6.44B |
| Total Common Equity | 10.36B | 9.92B | 7.28B | 5.91B | 4.12B | 20.75B |
| Shareholders' Equity | 11.35B | 10.91B | 8.27B | 6.89B | 5.10B | 20.75B |
| Total Liabilities & Equity | 429.80B | 417.20B | 390.83B | 372.41B | 334.33B | 386.94B |
| Filing Date Shares Outstanding | 191.45M | 190.09M | 170.40M | 169.67M | 169.22M | 172.45M |
| Total Common Shares Outstanding | 191.43M | 190.05M | 170.38M | 169.67M | 169.22M | 177.19M |
| Total Debt | 7.24B | 7.05B | 7.23B | 7.74B | 7.92B | 7.78B |
| Net Cash (Debt) | 2.92B | 2.45B | -1.43B | -4.37B | -4.58B | -5.17B |
| Net Cash Per Share | 14.83 | 13.16 | -8.24 | -25.79 | -26.53 | -27.26 |
| Book Value Per Share | 54.14 | 52.20 | 42.75 | 34.82 | 24.32 | 117.13 |
| Tangible Book Value | 9.22B | 8.75B | 6.11B | 4.73B | 2.93B | 18.93B |
| Tangible Book Value Per Share | 48.16 | 46.04 | 35.86 | 27.87 | 17.34 | 106.85 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 2.36B | 1.18B | 3.27B | -752.00M | 1.36B | 3.78B |
| Depreciation & Amortization | 38.00M | |||||
| Gain (Loss) on Sale of Assets | -10.00M | -8.00M | -523.00M | -3.00M | 42.00M | 12.00M |
| Gain (Loss) on Sale of Investments | 403.00M | 340.00M | 268.00M | 897.00M | 15.00M | -659.00M |
| Change in Income Taxes | 421.00M | 77.00M | 747.00M | -396.00M | 421.00M | 864.00M |
| Change in Insurance Reserves / Liabilities | -3.39B | -2.69B | -4.07B | -3.96B | 4.38B | -2.34B |
| Change in Other Net Operating Assets | 56.00M | 85.00M | 212.00M | 113.00M | -158.00M | 415.00M |
| Other Operating Activities | -1.84B | 233.00M | -2.71B | 1.34B | -3.68B | -2.69B |
| Operating Cash Flow | -1.33B | -167.00M | -2.01B | -2.07B | 3.61B | -217.00M |
| Investment in Securities | -5.97B | -4.77B | -1.07B | -1.97B | -7.28B | -5.41B |
| Other Investing Activities | 5.15B | 2.29B | 3.75B | -570.00M | -4.12B | 2.96B |
| Investing Cash Flow | -2.58B | -4.01B | 821.00M | -3.33B | -11.65B | -3.58B |
| Long-Term Debt Issued | 495.00M | 346.00M | 296.00M | |||
| Total Debt Repaid | -155.00M | -728.00M | -117.00M | -579.00M | -370.00M | -59.00M |
| Net Debt Issued (Repaid) | 1.08B | -233.00M | 229.00M | -579.00M | -74.00M | -59.00M |
| Issuance of Common Stock | 825.00M | 20.00M | ||||
| Repurchases of Common Stock | -550.00M | -1.10B | ||||
| Issuance of Preferred Stock | 986.00M | |||||
| Common Dividends Paid | -344.00M | -325.00M | -307.00M | -305.00M | -310.00M | -319.00M |
| Preferred Dividends Paid | -91.00M | -91.00M | -91.00M | -82.00M | ||
| Total Dividends Paid | -435.00M | -416.00M | -398.00M | -387.00M | -310.00M | -319.00M |
| Other Financing Activities | -1.63B | -905.00M | -116.00M | 652.00M | 187.00M | -84.00M |
| Financing Cash Flow | 6.93B | 7.88B | 3.62B | 5.43B | 8.77B | 4.71B |
| Net Cash Flow | 3.02B | 3.70B | 2.44B | 22.00M | 731.00M | 904.00M |
| Levered Free Cash Flow | 2.07B | 2.80B | -54.88M | -13.85B | -739.62M | -5.43B |
| Unlevered Free Cash Flow | 2.27B | 2.94B | 155.12M | -13.65B | -562.75M | -5.27B |
| Cash Interest Paid | 560.00M | 560.00M | 577.00M | 484.00M | 269.00M | 277.00M |
| Cash Income Tax Paid | -34.00M | 17.00M | -7.00M | -54.00M | 1.00M | |
| Change in Working Capital | -2.28B | -1.95B | -2.42B | -3.61B | 5.13B | -583.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 7.97B | 8.46B | 5.40B | 4.58B | 5.20B | 12.34B |
| Enterprise Value | 5.05B | 6.55B | 6.86B | 10.50B | 11.50B | 17.15B |
| PE Ratio | 3.63 | 7.79 | 1.70 | 3.83 | 3.27 | |
| PS Ratio | 0.41 | 0.46 | 0.30 | 0.39 | 0.28 | 0.70 |
| PB Ratio | 0.76 | 0.78 | 0.65 | 0.66 | 1.02 | 0.59 |
| P/OCF Ratio | 1.44 | |||||
| EV/Sales Ratio | 0.26 | 0.36 | 0.38 | 0.90 | 0.61 | 0.97 |
| EV/EBITDA Ratio | 5.41 | 7.16 | 5.26 | 15.37 | ||
| EV/EBIT Ratio | 2.67 | 6.17 | 7.22 | 5.32 | 15.91 | |
| Debt / Equity Ratio | 0.64 | 0.65 | 0.87 | 1.12 | 1.55 | 0.38 |
| Debt / EBITDA Ratio | 3.78 | 5.68 | 7.27 | 3.55 | 6.68 | |
| Net Debt / Equity Ratio | -0.26 | -0.23 | 0.17 | 0.63 | 0.90 | 0.25 |
| Net Debt / EBITDA Ratio | -2.02 | 1.49 | -1.37 | 2.10 | 4.63 | |
| Quick Ratio | 1.15 | 1.15 | 1.11 | 1.08 | 1.13 | 0.57 |
| Current Ratio | 2.18 | 2.23 | 2.33 | 2.35 | 2.94 | 3.30 |
| Asset Turnover | 0.05 | 0.04 | 0.05 | 0.03 | 0.05 | 0.05 |
| Return on Equity (ROE) | 22.59% | 12.28% | 43.20% | -12.54% | 10.50% | 17.39% |
| Return on Assets (ROA) | 0.28% | 0.16% | 0.15% | -0.57% | 0.38% | 0.18% |
| Return on Invested Capital (ROIC) | 8.82% | 5.58% | 5.13% | -23.13% | 8.19% | 2.96% |
| Earnings Yield | 27.56% | 13.91% | 60.63% | -16.43% | 26.12% | 30.63% |
| Dividend Yield | 4.32% | 4.04% | 5.68% | 6.67% | 5.86% | 2.46% |
| Payout Ratio | 15.69% | 35.34% | 12.15% | 22.83% | 8.44% | |
| Buyback Yield / Dilution | -13.75% | -7.50% | -2.07% | 1.82% | 8.93% | 2.48% |
| Total Shareholder Return | -9.42% | -3.46% | 3.60% | 8.49% | 14.79% | 4.94% |