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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. In the quarter to June 2026, revenue grew 12.3%, EPS grew 76.6%, free cash flow fell 155.1% and total debt rose 19.0%, each against the same quarter a year earlier. Dividend growth for ten consecutive years; insiders bought in the last twelve months.

40.23 0.76 −1.85%

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Market cap: $7.9B
P/E: 3.4×
Fwd P/E: 7.0×
Dividend yield: 4.47%
F-score: 3/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.09

Total sells 3.69

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	1	—	—	—	1	—	—	—	—	—	—	—
Sell	—	1	—	1	2	—	—	2	—	2	—	—

Insider Ownership 1.74%

Capital & Financial Ratios $m

Market Cap 7,850.00

Revenue 19,325.00

Net Income 2,360.00

Free Cash Flow (1,328.00)

Net Debt (3,300.00)

Current Ratio 0.20

Debt/Equity 0.60

P/E ratio 3.41

Fwd P/E 6.96

P/S ratio 0.40

P/B ratio 0.75

Past 5Y EPS Growth 17.89%

This Y EPS Growth (3.28%)

Next Y EPS Growth 10.12%

Next Y revenue growth 8.82%

Next 5Y EPS Growth 5.80%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 16.58%

10-year low 10-year high

P/S against its own 10 years 29.80%

10-year low 10-year high

P/B against its own 10 years 44.79%

10-year low 10-year high

Dividends

Payout Ratio 0.16

Annual Dividend Rate 1.80

Annual Dividend Yield 4.47%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	1.80	0.45 0.45 0.45 0.45
2025	1.80	0.45 0.45 0.45 0.45
2024	1.80	0.45 0.45 0.45 0.45
2023	2.25	0.45 0.45 0.45 0.45 0.45
2022	1.80	0.45 0.45 0.45 0.45
2021	1.68	0.42 0.42 0.42 0.42
2020	1.60	0.40 0.40 0.40 0.40
2019	1.48	0.37 0.37 0.37 0.37
2018	1.32	0.33 0.33 0.33 0.33
2017	1.16	0.29 0.29 0.29 0.29
2016	1.25	0.25 0.25 0.25 0.25 0.25

predictions special payouts not included in total or ratios

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%

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.

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	30.39	61.45	48.07	49.70	16.11	44.59	28.61	18.50	25.10	27.58	Analyst estimates 2026–2028 Powerpack
	High	69.49	78.74	86.68	67.52	61.96	77.57	76.40	36.50	36.98	46.71
People
People	Employees	9,057	9,047	11,034	11,357	10,966	10,848	11,316	11,024	9,783	9,423
	Revenue/emp, $m	1.47	1.58	1.49	1.52	1.59	1.63	1.66	1.06	1.89	1.93
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
	Gross margin, %	13.48	16.35	13.75	7.60	4.44	28.22	14.05	(7.02)	23.63	8.59
	EBT	1,458	1,130	1,885	919	423	4,643	1,725	(1,148)	4,022	1,338
	EBT margin, %	10.94	7.93	11.48	5.33	2.43	26.21	9.17	(9.86)	21.81	7.35
	Net income	1,192	2,079	1,641	886	499	3,778	1,358	(752)	3,275	1,177
	Depreciation	(73)	(23)	(9)	(31)	(41)	(38)	—	—	—	—
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
	Earnings	5.09	9.36	7.60	4.41	2.58	20.16	7.94	(4.92)	18.66	5.94
	Cash flow	5.43	3.55	9.00	(13.39)	2.76	(1.16)	21.10	(12.23)	(11.76)	(0.91)
	Capex	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	Free cash flow	5.43	3.55	9.00	(13.39)	2.76	(1.16)	21.10	(12.23)	(11.76)	(0.91)
	Book value	61.82	77.98	66.45	98.15	117.24	110.77	29.83	40.65	48.47	59.70
	Shares, m	234	222	216	201	194	187	171	170	171	183
Valuation, ×
Valuation, ×	P/E	13.25	8.30	6.75	13.41	19.50	3.39	3.88	0.00	1.70	8.08
	P/S	1.18	1.21	0.67	0.69	0.56	0.72	0.28	0.40	0.29	0.45
	P/B	1.08	1.00	0.77	0.60	0.43	0.62	1.28	0.78	0.74	0.82
	EV/Sales	1.39	1.47	0.90	0.91	0.86	0.95	0.45	0.62	0.31	0.27
	EV/FCF	14.58	26.68	7.63	(5.82)	28.12	(77.43)	2.32	(3.48)	(2.87)	(29.33)
Cash, $m
Cash, $m	Operating cash flow	1,272	788	1,943	(2,686)	534	(217)	3,609	(2,074)	(2,007)	(167)
	Capex	—	—	—	—	—	—	—	—	—	—
	Free cash flow	1,272	788	1,943	(2,686)	534	(217)	3,609	(2,074)	(2,007)	(167)
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)
	Total debt	5,345	5,344	5,839	6,367	6,682	6,625	6,455	5,949	6,156	6,266
	Net debt	2,623	3,716	3,494	3,804	4,974	4,013	3,112	2,584	355	(3,236)
	Shareholders’ equity	14,478	17,322	14,350	19,689	22,699	20,754	5,102	6,893	8,269	10,906
Returns, %
Returns, %	ROA	0.46	0.77	0.57	0.28	0.14	1.00	0.38	(0.24)	0.83	0.27
	ROIC	6.54	4.11	7.64	3.31	1.60	12.40	15.28	(5.39)	31.58	12.75
	ROE	8.49	13.08	10.36	5.21	2.35	17.39	10.92	(16.64)	48.28	12.63

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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	$14.7B	21.4×	11.8×	+0.26% (above 0%: growing)	−16.58% (below 0%: shrinking)	+48.17% (above 0%: growing)	35.37%	11.36%	Compare
GL Globe Life Inc.	$12.8B	10.7×	10.3×	+8.00% (above 0%: growing)	+20.06% (above 0%: growing)	+0.88% (above 0%: growing)	39.24%	24.44%	Compare
JXN Jackson Financial Inc.	$9.0B	175×	13.1×	+135.67% (above 0%: growing)	+292.31% (above 0%: growing)	+57.63% (above 0%: growing)	(630.95%)	411.90%	Compare
PRI Primerica, Inc.	$8.5B	11.0×	10.9×	+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	3.4×	7.0×	+12.31% (above 0%: growing)	+76.55% (above 0%: growing)	−155.08% (below 0%: shrinking)	37.98%	37.98%
CNO CNO Financial Group, Inc.	$5.0B	17.8×	13.0×	+11.61% (above 0%: growing)	+45.16% (above 0%: growing)	+7.63% (above 0%: growing)	44.06%	16.73%	Compare
GNW Genworth Financial, Inc.	$3.7B	17.7×	26.2×	+5.85% (above 0%: growing)	0.00%	+766.67% (above 0%: growing)	30.09%	7.10%	Compare
BHF Brighthouse Financial, Inc.	$2.8B	3.9×	3.3×	+86.22% (above 0%: growing)	+1,520.59% (above 0%: growing)	−43,000.00% (below 0%: shrinking)	115.29%	75.59%	Compare
FG F&G Annuities & Life, Inc.	$2.6B	6.4×	5.8×	+4.18% (above 0%: growing)	n/m	−8.11% (below 0%: shrinking)	16.89%	(3.73%)	Compare
Median of peers	$6.7B	14.4×	11.4×	+8.52%	+20.06%	+6.35%	37.31%	20.59%

All 17 Insurance Life stocks →