Pricing Log in Create free account
Sunday 1 November 2026 Export LNC’s income statement to Excel — free account

Lincoln National Corporation

LNC Financial Insurance Life

Lincoln National Corporation’s revenue for fiscal 2025 (year ended December 2025) was $18.2 billion, down 1.25% from fiscal 2024.

Revenue
+12.3%
EPS
+76.6%
Free cash flow
−155.1%
Total debt
+19.0%

Quarter to June 2026, against a year earlier

41.01 0.36 −0.87%
Market cap
$7.9B
P/E
3.5×
Fwd P/E
4.5×
Dividend yield
4.39%
F-score
3/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Revenue by segment Fiscal 2025

  • Group Protection
  • Life Insurance
  • Annuities
  • Retirement Plan Services

Every year since 2010 →

Insider Decisions last twelve months

Bought, $m 0.01
Sold, $m 3.69
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — 1 — — — — — — — —
Sell 1 — 1 2 — — 2 — 2 — — —
Insider Ownership 1.74%

Capital & Financial Ratios $m

Size
Market Cap 7,920.00
Revenue ttm 19,325.00
Net income ttm 2,360.00
Free cash flow ttm (1,328.00)
Net debt Q (3,300.00)
Valuation
P/E 3.47
Forward P/E 4.50
Price / sales 0.41
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.76
Financial health
Current ratio Q 0.20
Debt / equity Q 0.60
Interest coverage Q 21.04
Growth
Revenue growth Q +12.31% (above 0%: growing)
Operating income growth Q +106.59% (above 0%: growing)
EPS, this year −3.84% (below 0%: weak)
EPS, next year A +10.25%
Revenue, next year A +8.68%
EPS, past 5 yrs +17.89% (at or above 15%: strong)
EPS, next 5 yrs A +5.50%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 18.02%
10-year low 10-year high
P/S against its own 10 years 32.17%
10-year low 10-year high
P/B against its own 10 years 47.89%
10-year low 10-year high

Dividends

Yield
4.39%
Annual rate
1.80
Payout ratio
15.6%
Growth, 2017–26
+5.00%/yr
  1. 1.16 ’17
  2. 1.32 ’18 +14%
  3. 1.48 ’19 +12%
  4. 1.60 ’20 +8%
  5. 1.68 ’21 +5%
  6. 1.80 ’22 +7%
  7. 2.25 ’23 +25%
  8. 1.80 ’24 −20%
  9. 1.80 ’25 +0%
  10. 1.80 ’26 +0%
paid Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 3,365 5,801 9,502 10,165
Receivables 29,843 28,750 28,012 27,225
Inventory — — — —
Other — — — —
33,208 34,551 37,514 37,390
2023 2024 2025 Q'26
Payables 168,706 176,024 186,276 190,919
ST’ Debt 250 300 400 400
Other — — — —
168,956 176,324 186,676 191,319

Compound Annual Growth %

10y 5y 3y
Sales 2.98% 0.87% (1.07%)
Cash Flow 0.00% 0.00% 0.00%
Earnings (0.61%) 16.83% (7.18%)
Book Value (2.20%) (13.64%) 28.82%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 2.00 Actual 2.24

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 1.84 2.04 Beat by 0.20
Q4 FY25 1.86 2.21 Beat by 0.35
Q1 FY26 1.63 1.66 Beat by 0.03
Q2 FY26 2.00 2.24 Beat by 0.24
Q3 FY26 1.96 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (1.10) 6.72 — — —
’25 (4.41) 3.80 2.12 3.80 5.83
’24 6.93 5.11 (3.29) 9.63 18.41
’23 (5.37) 2.94 4.79 (7.35) (4.92)
’22 8.40 4.86 (10.38) 4.98 7.86
’21 1.16 3.34 1.68 13.73 19.92
’20 0.27 (0.49) 2.01 0.74 2.56
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 5,306 4,542 — — —
’25 4,691 4,044 4,555 4,922 18,212
’24 4,116 5,153 4,111 5,062 18,442
’23 3,814 2,929 4,203 699 11,645
’22 4,720 5,577 4,672 3,841 18,810
’21 4,534 4,851 5,241 3,089 17,715
’20 4,425 3,517 5,361 4,136 17,439
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 138 (558) — — —
’25 (272) 1,013 (1,141) 233 (167)
’24 (1,343) (859) (27) 222 (2,007)
’23 (774) 522 46 (1,868) (2,074)
’22 476 1,889 650 594 3,609
’21 (642) 411 339 (325) (217)
’20 455 516 (630) 193 534
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 138 (558) — — —
’25 (272) 1,013 (1,141) 233 (167)
’24 (1,343) (859) (27) 222 (2,007)
’23 (774) 522 46 (1,868) (2,074)
’22 476 1,889 650 594 3,609
’21 (642) 411 339 (325) (217)
’20 455 516 (630) 193 534
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 13,330 14,257 16,424 17,258 17,439 17,715 18,810 11,645 18,442 18,212 19,325 +3.5% 19,793 20,544 21,369 +5.5%
Gross margin, % 13.48 16.35 13.75 7.60 4.44 28.22 14.05 (7.02) 23.63 8.59 16.35 (4.9) pt
EBT 1,458 1,130 1,885 919 423 4,643 1,725 (1,148) 4,022 1,338 2,836 (0.9%)
EBT margin, % 10.94 7.93 11.48 5.33 2.43 26.21 9.17 (9.86) 21.81 7.35 14.68 (3.6) pt
Net income 1,192 2,079 1,641 886 499 3,778 1,358 (752) 3,275 1,177 2,360 (0.1%)
Per share, $
Per share, $ Revenue 56.92 64.18 76.06 86.03 90.07 94.55 109.98 68.68 108.10 99.70 100.20 +6.4%
Earnings 5.09 9.36 7.60 4.41 2.58 20.16 7.94 (4.92) 18.66 5.94 11.81 +1.7%
Cash flow 5.43 3.55 9.00 (13.39) 2.76 (1.16) 21.10 (12.23) (11.76) (0.91) (6.89) n/m
Capex 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 n/m
Free cash flow 5.43 3.55 9.00 (13.39) 2.76 (1.16) 21.10 (12.23) (11.76) (0.91) (6.89) n/m
Book value 61.82 77.98 66.45 98.15 117.24 110.77 29.83 40.65 48.47 59.70 58.84 (0.4%)
Shares, m 234 222 216 201 194 187 171 170 171 183 190 (2.7%)
Valuation, ×
Valuation, × P/E 13.25 8.30 6.75 13.41 19.50 3.39 3.88 0.00 1.70 8.08 3.47 7.8
P/S 1.18 1.21 0.67 0.69 0.56 0.72 0.28 0.40 0.29 0.45 0.41 0.6
P/B 1.08 1.00 0.77 0.60 0.43 0.62 1.28 0.78 0.74 0.82 0.76 0.8
EV/Sales 1.39 1.47 0.90 0.91 0.86 0.95 0.45 0.62 0.31 0.27 — 0.8
EV/FCF 14.58 26.68 7.63 (5.82) 28.12 (77.43) 2.32 (3.48) (2.87) (29.33) — (4.0)
Cash, $m
Cash, $m Operating cash flow 1,272 788 1,943 (2,686) 534 (217) 3,609 (2,074) (2,007) (167) (1,328) n/m
Capex — — — — — — — — — — — —
Free cash flow 1,272 788 1,943 (2,686) 534 (217) 3,609 (2,074) (2,007) (167) (1,328) n/m
Balance, $m
Balance, $m Working capital (96,493) (100,496) (109,469) (119,439) (133,613) (139,079) (137,177) (135,748) (141,773) (149,162) (153,929) +5.0%
Net debt 2,623 3,716 3,494 3,804 4,974 4,013 3,112 2,584 355 (3,236) (3,300) n/m
Shareholders’ equity 14,478 17,322 14,350 19,689 22,699 20,754 5,102 6,893 8,269 10,906 11,349 (3.1%)
Returns, %
Returns, % ROA 0.46 0.77 0.57 0.28 0.14 1.00 0.38 (0.24) 0.83 0.27 0.55 (0.2) pt
ROIC 6.54 4.11 7.64 3.31 1.60 12.40 15.28 (5.39) 31.58 12.75 24.53 +6.2 pt
ROE 8.49 13.08 10.36 5.21 2.35 17.39 10.92 (16.64) 48.28 12.63 23.98 +4.1 pt
People
People Employees 9,057 9,047 11,034 11,357 10,966 10,848 11,316 11,024 9,783 9,423 — +0.4%
Revenue/emp, $m 1.47 1.58 1.49 1.52 1.59 1.63 1.66 1.06 1.89 1.93 — +3.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

Lincoln National Corporation is a holding company that sells insurance and retirement products through subsidiaries under the Lincoln Financial name. It lists Fort Wayne as its headquarters and has principal executive offices in Radnor, Pennsylvania. Ellen G. Cooper is its president and chief executive officer.

Lincoln operates through four segments. Annuities sells contracts that can help individuals accumulate money for retirement and receive income, including for life. Life Insurance sells term and permanent coverage, as well as policies that combine life insurance with benefits for long-term care. Some policies also provide benefits for critical illness.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Group Protection 6,099 33.49%
Life Insurance 5,899 32.39%
Annuities 4,859 26.68%
Retirement Plan Services 1,331 7.31%
Gross margin 8.59%
Operating margin 8.59%
Pre-tax margin 7.35%

Revenue by segment since 2010

Lincoln National Corporation vs peers in Insurance Life (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
UNM Unum Group $14.5B 21.3× 12.9× +0.26% (above 0%: growing) −16.58% (below 0%: shrinking) +48.17% (above 0%: growing) 35.37% 11.36% Compare
GL Globe Life Inc. $12.3B 10.4× 10.5× +8.00% (above 0%: growing) +20.06% (above 0%: growing) +0.88% (above 0%: growing) 39.24% 24.44% Compare
JXN Jackson Financial Inc. $9.2B 182× 11.7× +135.67% (above 0%: growing) +292.31% (above 0%: growing) +57.63% (above 0%: growing) (630.95%) 411.90% Compare
PRI Primerica, Inc. $8.7B 11.3× 11.1× +9.04% (above 0%: growing) +19.41% (above 0%: growing) +5.06% (above 0%: growing) 82.88% 30.52% Compare
LNC Lincoln National Corporation $7.9B 3.5× 4.5× +12.31% (above 0%: growing) +76.55% (above 0%: growing) −155.08% (below 0%: shrinking) 37.98% 37.98%
CNO CNO Financial Group, Inc. $5.1B 19.4× 14.0× +11.61% (above 0%: growing) +45.16% (above 0%: growing) +7.63% (above 0%: growing) 44.06% 16.73% Compare
GNW Genworth Financial, Inc. $3.4B 16.5× 26.2× +5.85% (above 0%: growing) 0.00% +766.67% (above 0%: growing) 30.09% 7.10% Compare
FG F&G Annuities & Life, Inc. $2.8B 7.0× 7.9× +4.18% (above 0%: growing) n/m −8.11% (below 0%: shrinking) 16.89% (3.73%) Compare
BHF Brighthouse Financial, Inc. $2.5B 3.5× 3.4× +86.22% (above 0%: growing) +1,520.59% (above 0%: growing) −43,000.00% (below 0%: shrinking) 115.29% 75.59% Compare
Median of peers $6.9B 13.9× 11.4× +8.52% +20.06% +6.35% 37.31% 20.59%

All 17 Insurance Life stocks →

From the latest earnings call

Updated

  • CEO Ellen Cooper said Lincoln agreed to reinsure approximately $6 billion of legacy life reserves, while CFO Chris Nezypor expects the transaction to increase annual free cash flow.
  • CFO Chris Nezypor said retirement plan services outflows reflected plan terminations that missed profitability thresholds, while group disability results were normalizing from the prior year.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 85.91%
Held by the ten largest 49.20%
Holder Shares Stake Change
Vanguard 20.22m 10.56% +126.22k
Bain Capital Prairie, LLC 18.76m 9.80% 0.00
BlackRock 18.56m 9.70% +63.86k
Dimensional Fund Advisors 8.57m 4.48% +816.45k
MFS Investment Management 6.37m 3.33% +491.74k
State Street 6.11m 3.19% +215.01k
T. Rowe Price 4.99m 2.61% +565.85k
Jennison Associates 3.77m 1.97% −50.72k
Morgan Stanley 3.63m 1.90% −60.65k
Geode Capital Management 3.19m 1.67% +34.76k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 16 April 2026

Ownership

Directors and executive officers, together 1.03%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Lincoln National Corporation (LNC) Latest News

29 Oct

Impact 3 · · Zacks

27 Oct

Impact 3 · · Business Wire

23 Oct

Impact 3 · · Zacks
Impact 3 · · MarketBeat

1 Oct

Impact 4 · · Business Wire
Impact 3 · · Business Wire

29 Sep

Impact 3 · · StockStory

28 Sep

Impact 3 · · Zacks

21 Sep

Impact 3 ·

16 Sep

Impact 4 · · MarketBeat

14 Sep

Impact 3 ·

6 Sep

Impact 3 ·

19 Aug

Impact 3 ·

11 Aug

Impact 3 ·

10 Aug

Impact 3 ·

3 Aug

Impact 3 ·

31 Jul

Impact 4 ·
Impact 3 · · MarketBeat

30 Jul

Impact 4 · transcript
Impact 3 ·
Impact 3 ·
Impact 3 ·
Impact 3 ·

23 Jul

Impact 3 ·

13 Jul

Impact 4 · · Stocktwits

5 Jul

Impact 3 ·

4 Jul

Impact 3 ·

24 Jun

Impact 3 · · Bloomberg

11 Jun

Impact 4 ·

9 Jun

Impact 3 · · The Motley Fool
stockrow.com/LNC · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com