LINCOLN NATIONAL CORP LNC
Last close
45.47
2026-09-04
Market cap
$8.71B
2026-06-30 share count
52-week range
32.18 - 47.66
Valuation FY2025 figures against the last close
P/S0.5x
P/E7.8x
P/FCF—
EV/EBITDA—
Dividend yield3.7%
Diluted EPS5.83
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.21B | $18.44B | $11.64B | $18.81B | $17.71B | $17.44B | $17.26B | $16.42B | $14.26B | $13.33B |
| SG&A | $2.65B | $2.74B | $2.54B | $2.41B | $2.25B | $2.07B | $2.21B | $1.95B | $1.77B | $1.69B |
| Pre-tax income | $1.34B | $4.02B | -$1.15B | $1.73B | $4.64B | $423.0M | $919.0M | $1.89B | $1.13B | $1.46B |
| Income tax | $161.0M | $747.0M | $396.0M | $367.0M | $865.0M | $76.0M | $33.0M | $244.0M | $949.0M | $266.0M |
| Net income | $1.18B | $3.27B | -$752.0M | $1.36B | $3.78B | $499.0M | $886.0M | $1.64B | $2.08B | $1.19B |
| EPS, basic | 5.94 | 18.66 | -4.92 | 7.93 | 20.17 | 2.58 | 4.41 | 7.60 | 9.36 | 5.09 |
| EPS, diluted | 5.83 | 18.41 | -4.92 | 7.78 | 19.96 | 2.56 | 4.38 | 7.40 | 9.22 | 5.03 |
| Shares, diluted (wtd. avg.) | $186.1M | $173.1M | $170.7M | $172.7M | $189.6M | $194.5M | $202.1M | $219.6M | $226.2M | $236.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $9.50B | $5.80B | $3.37B | $3.34B | $2.61B | $1.71B | $2.56B | $2.35B | $1.63B | $2.72B |
| Goodwill | $1.14B | $1.14B | $1.14B | $1.14B | $1.78B | $1.78B | $1.78B | $1.78B | $1.37B | $2.27B |
| Total assets | $417.20B | $390.83B | $372.41B | $334.33B | $379.88B | $366.57B | $334.76B | $298.15B | $281.76B | $261.63B |
| Short-term debt | $400.0M | $300.0M | $250.0M | $500.0M | $300.0M | $300.0M | $300.0M | — | $450.0M | — |
| Long-term debt | $6.26B | $6.08B | $5.83B | $6.33B | $6.33B | $6.33B | $6.13B | $5.69B | $5.12B | $5.12B |
| Total liabilities | $406.30B | $382.56B | $365.52B | $329.23B | $358.14B | $346.99B | $315.07B | $283.80B | $264.44B | $247.15B |
| Retained earnings | $8.39B | $7.64B | $4.78B | $5.92B | $9.24B | $8.77B | $8.85B | $8.55B | $8.40B | $7.04B |
| Total equity | $10.91B | $8.27B | $6.89B | $5.10B | $19.91B | $22.70B | $19.69B | $14.35B | $17.32B | $14.48B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$167.0M | -$2.01B | -$2.07B | $3.61B | -$217.0M | $534.0M | -$2.69B | $1.94B | $788.0M | $1.27B |
| Investing cash flow | -$4.01B | $821.0M | -$3.33B | -$11.65B | -$3.58B | -$9.48B | -$5.50B | -$5.82B | -$4.19B | -$3.67B |
| Financing cash flow | $7.88B | $3.62B | $5.43B | $8.77B | $4.71B | $8.09B | $8.40B | $4.59B | $2.31B | $1.97B |
| Dividends paid | $325.0M | $307.0M | $305.0M | $310.0M | $319.0M | $311.0M | $303.0M | $289.0M | $262.0M | $238.0M |
| Buybacks | — | $0 | $0 | $550.0M | $1.10B | $275.0M | $550.0M | $900.0M | $725.0M | $879.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-157983.
Others in SIC 6311
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| MET | METLIFE INC | $62.04B | 20.7x | 8.5% |
| PRU | PRUDENTIAL FINANCIAL INC | $42.10B | 12.2x | -13.7% |
| RGA | REINSURANCE GROUP OF AMERICA INC | $16.54B | 14.3x | 7.2% |
| CRBG | Corebridge Financial, Inc. | $15.37B | — | -1.2% |
| GL | GLOBE LIFE INC. | $13.39B | 12.4x | 3.7% |
| JXN | Jackson Financial Inc. | $9.52B | — | 104.3% |
| VOYA | Voya Financial, Inc. | $9.43B | 16.5x | 4.9% |
| PRI | Primerica, Inc. | $9.10B | 12.9x | 6.6% |