Sunday 1 November 2026 Export LNC’s income statement to Excel — free account

Lincoln National Corporation

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%

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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 Segments Filings

Lincoln National Corporation (LNC) revenue by segment, product and region

Where the money comes from and where it goes

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 $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010
Group Protection	6,099 33.49%	5,711 30.97%	5,553 47.69%	5,304 28.20%	4,995 28.20%	4,793 27.48%	4,588 26.58%	3,757 22.88%	2,201 15.44%	2,130 15.98%	2,357 17.37%	2,445 18.04%	2,260 18.88%	2,091 18.13%	1,938 18.21%	1,831 17.58%
Life Insurance	5,899 32.39%	6,288 34.10%	4,929 42.33%	6,745 35.86%	7,387 41.70%	7,516 43.10%	7,438 43.10%	6,922 42.15%	6,558 46.00%	6,246 46.86%	5,948 43.83%	6,003 44.29%	5,170 43.19%	5,056 43.83%	4,740 44.54%	4,590 44.07%
Annuities	4,859 26.68%	4,702 25.50%	732 6.29%	5,509 29.29%	4,691 26.48%	4,455 25.55%	4,600 26.65%	4,383 26.69%	4,378 30.71%	4,033 30.26%	4,120 30.36%	3,746 27.64%	3,321 27.75%	2,975 25.79%	2,871 26.98%	2,659 25.53%
Retirement Plan Services	1,331 7.31%	1,278 6.93%	1,274 10.94%	1,258 6.69%	1,322 7.46%	1,213 6.96%	1,200 6.95%	1,178 7.17%	1,165 8.17%	1,103 8.27%	1,101 8.11%	1,090 8.04%	1,071 8.95%	1,024 8.88%	1,017 9.56%	988 9.49%
Other Operations	—	—	—	—	—	185 1.06%	220 1.27%	235 1.43%	287 2.01%	332 2.49%	374 2.76%	432 3.19%	417 3.48%	423 3.67%	461 4.33%	487 4.68%
Amortization Of Dfel Associated With Benefit Ratio Unlocking Pre Tax	—	—	—	—	—	—	—	—	3 0.02%	1 0.01%	(2) (0.01%)	—	1 0.01%	1 0.01%	—	—
Amortization Of Deferred Gain Arising From Reserve Changes On Business Sold Through Reinsurance Pre Tax	—	—	—	—	—	—	—	—	1 0.01%	3 0.02%	3 0.02%	3 0.02%	3 0.03%	4 0.03%	2 0.02%	—
Excluded Realized Gain Loss Pre Tax Reconciling Item	—	—	—	—	—	—	—	—	(336) (2.36%)	(518) (3.89%)	(329) (2.42%)	(165) (1.22%)	(274) (2.29%)	(39) (0.34%)	(388) (3.65%)	—
Other, not broken out	—	463 2.51%	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Eliminations	—	—	(843) (7.24%)	—	(680) (3.84%)	(723) (4.15%)	(788) (4.57%)	—	—	—	—	—	—	—	—	(140) (1.34%)
Revenue	18,212	18,442	11,645	18,810	17,715	17,439	17,258	16,424	14,257	13,330	13,572	13,554	11,969	11,535	10,641	10,415

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010
Annuities	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Group Protection	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Retirement Plan Services	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Life Insurance	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.