LNC · Lincoln National Corp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.31B | - | $4.55B | $4.04B | $4.69B | - | $4.11B | $5.15B | $4.12B | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | - | - | - | - | - | - | - | - | - | - |
| Total Operating Expenses | - | - | - | - | - | - | - | - | - | - |
| D&A | - | - | - | - | - | - | - | - | - | - |
| Operating Income | ($246.00M) | - | $524.00M | $848.00M | ($949.00M) | - | ($703.00M) | $1.10B | $1.53B | - |
| Interest Expense | - | - | - | - | $80.00M | - | $86.00M | $86.00M | $81.00M | - |
| Income Tax | ($74.00M) | - | $79.00M | $149.00M | ($227.00M) | - | ($175.00M) | $201.00M | $306.00M | - |
| Net Income | ($172.00M) | - | $445.00M | $699.00M | ($722.00M) | - | ($528.00M) | $895.00M | $1.22B | - |
| EPS - Basic | ($1.08) | - | $2.15 | $3.88 | ($4.41) | - | ($3.29) | $5.18 | $6.98 | - |
| EPS - Diluted | ($1.10) | - | $2.12 | $3.80 | ($4.41) | - | ($3.29) | $5.11 | $6.93 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $7.34B | $9.50B | $10.67B | $7.14B | $4.28B | $5.80B | $6.01B | $5.47B | $4.12B | $3.37B |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - | - | - | - | - |
| Total Assets | $406.16B | $417.20B | $415.27B | $399.06B | $382.90B | $390.83B | $396.84B | $384.53B | $383.38B | $372.41B |
| Current Liabilities | - | - | - | - | - | - | - | - | - | - |
| Long-term Debt | $5.97B | $6.26B | $5.77B | $5.77B | $5.87B | $6.08B | $5.90B | $5.72B | $5.73B | $5.83B |
| Total Liabilities | $395.95B | $406.30B | $404.82B | $389.52B | $374.70B | $382.56B | $387.83B | $376.58B | $375.83B | $365.52B |
| Stockholders' Equity | $10.21B | $10.91B | $10.45B | $9.55B | $8.19B | $8.27B | $9.01B | $7.95B | $7.55B | $6.89B |
| Retained Earnings | $8.09B | $8.39B | $7.73B | $7.41B | $6.81B | $7.64B | $6.05B | $6.69B | $5.89B | $4.78B |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $138.00M | - | - | - | ($272.00M) | - | - | - | ($1.34B) | - |
| Investing Cash Flow | ($3.45B) | - | - | - | ($2.05B) | - | - | - | $1.64B | - |
| Financing Cash Flow | $1.16B | - | - | - | $801.00M | - | - | - | $461.00M | - |
| CapEx | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - | - | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | -4.6% | - | 11.5% | 21.0% | -20.2% | - | -17.1% | 21.3% | 37.1% | - |
| EBITDA margin | - | - | - | - | - | - | - | - | - | - |
| Net margin | -3.2% | - | 9.8% | 17.3% | -15.4% | - | -12.8% | 17.4% | 29.7% | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | - | - | - | - | - | - | - | - | - | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - | - | - | - | - |
| Effective tax rate | - | - | 15.1% | 17.6% | - | - | - | 18.3% | 20.0% | - |
| Return on assets | -0.0% | - | 0.1% | 0.2% | -0.2% | - | -0.1% | 0.2% | 0.3% | - |
| Return on equity | -1.7% | - | 4.3% | 7.3% | -8.8% | - | -5.9% | 11.3% | 16.2% | - |
| Return on invested capital | -1.2% | - | 2.7% | 4.6% | -5.3% | - | -3.7% | 6.5% | 9.2% | - |
| Liquidity | ||||||||||
| Current ratio | - | - | - | - | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - | - | - | - | - |
| Leverage | ||||||||||
| Debt / Equity | 0.58 | 0.57 | 0.55 | 0.60 | 0.72 | 0.74 | 0.65 | 0.72 | 0.76 | 0.85 |
| Debt / Assets | 0.01 | 0.02 | 0.01 | 0.01 | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | 0.02 |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | -11.9x | - | -8.2x | 12.7x | 18.9x | - |
| Equity multiplier | 39.77 | 38.25 | 39.73 | 41.80 | 46.73 | 47.26 | 44.03 | 48.38 | 50.81 | 54.03 |
| Liabilities / Assets | 0.97 | 0.97 | 0.97 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 | 0.98 |
| Efficiency | ||||||||||
| Asset turnover | 0.01 | - | 0.01 | 0.01 | 0.01 | - | 0.01 | 0.01 | 0.01 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | 19.0x | 9.1x | - | - | - | 6.1x | 4.6x | - |
| P / B | 0.7x | - | 0.7x | 0.7x | 0.8x | - | 0.6x | 0.7x | 0.7x | - |
| P / S | 1.3x | - | 1.7x | 1.5x | 1.3x | - | 1.3x | 1.0x | 1.3x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 13.1% | - | 10.8% | -21.5% | 14.0% | - | -2.2% | 75.9% | 7.9% | - |
| Revenue CAGR (3y) | 11.6% | - | -1.7% | -7.5% | 0.0% | - | -7.8% | 2.0% | -3.2% | - |
| Revenue CAGR (5y) | 3.2% | - | -3.2% | 2.8% | 1.2% | - | -2.4% | 3.6% | 0.8% | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | 74.1% | - | - | -22.6% | - | - | - | 82.1% | - | - |
| Net income growth (YoY) | 76.2% | - | - | -21.9% | - | - | - | 75.1% | - | - |
| EPS growth (YoY) | 75.1% | - | - | -25.6% | - | - | - | 73.8% | - | - |
| EPS CAGR (3y) | - | - | - | 41.5% | - | - | - | 15.2% | 81.5% | - |
| EPS CAGR (5y) | - | - | 1.1% | - | - | - | - | 23.3% | 41.5% | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 24.6% | 31.9% | 16.0% | 20.1% | 8.6% | 20.0% | 181.7% | 36.6% | 12.1% | 68.1% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$18.19B totalGroup Protection Segment$6.10B · 33.5%
Life Segment$5.90B · 32.4%
Annuities Segment$4.86B · 26.7%
Retirement Plan Services Segment$1.33B · 7.3%
Peer comparison
Same SIC group: Life Insurance
Comparing LINCOLN NATIONAL CORP against the 5 most active filers in the same SIC group.
Dividends
$1.80/share trailing 12 months · 0.0% YoY
| Ex-date | Per share |
|---|---|
| Apr 10, 2026 | $0.4500 |
| Jan 12, 2026 | $0.4500 |
| Oct 10, 2025 | $0.4500 |
| Jul 10, 2025 | $0.4500 |
| Apr 10, 2025 | $0.4500 |
| Jan 10, 2025 | $0.4500 |
| Oct 10, 2024 | $0.4500 |
| Jul 10, 2024 | $0.4500 |
| Apr 9, 2024 | $0.4500 |
| Jan 9, 2024 | $0.4500 |
| Oct 6, 2023 | $0.4500 |
| Jul 7, 2023 | $0.4500 |
| Apr 6, 2023 | $0.4500 |
| Jan 9, 2023 | $0.4500 |
| Oct 6, 2022 | $0.4500 |
| Jul 8, 2022 | $0.4500 |
| Apr 8, 2022 | $0.4500 |
| Jan 7, 2022 | $0.4500 |
| Oct 7, 2021 | $0.4200 |
| Jul 9, 2021 | $0.4200 |
| Apr 9, 2021 | $0.4200 |
| Jan 8, 2021 | $0.4200 |
| Oct 8, 2020 | $0.4000 |
| Jul 9, 2020 | $0.4000 |