LINCOLN NATIONAL CORP LNC

Financials SIC 6311 - Life Insurance NAICS Finance and Insurance › Insurance Carriers and Related Activities › Insurance Carriers › Direct Life, Health, and Medical Insurance Carriers › Direct Life Insurance Carriers derived NYSE

Last close 39.84 2026-10-23
Market cap $7.63B 2026-06-30 share count
52-week range 32.18 - 47.66

Valuation FY2025 figures against the last close

P/S0.4x
P/E6.8x
P/FCF—
EV/EBITDA—
Dividend yield4.3%
Diluted EPS5.83

Where the revenue comes from as reported in the latest 10-K

Revenue by segment

  • Group Protection
  • Life Insurance
  • Annuities
  • Retirement Plan Services
Revenue by segment, 4 categories over 2 years. The same figures are in the table below. FY2025 Group Protection, FY2025: 6.1B (33.5%) 34% Group Protection Life Insurance, FY2025: 5.9B (32.4%) 32% Life Insurance Annuities, FY2025: 4.9B (26.7%) 27% Annuities Retirement Plan Services, FY2025: 1.3B (7.3%) 7% FY2024 Group Protection, FY2024: 5.7B (31.4%) 31% Life Insurance, FY2024: 6.2B (34.4%) 34% Annuities, FY2024: 4.9B (26.9%) 27% Retirement Plan Services, FY2024: 1.3B (7.3%) 7%
Segment FY2025FY2024
Group Protection $6.10B $5.72B
Life Insurance $5.90B $6.25B
Annuities $4.86B $4.90B
Retirement Plan Services $1.33B $1.32B

As the company reported it, from the “Segment Information - Reconciliation of Revenue from Segments to Consolidated (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 5.9418.66-4.927.9320.172.584.417.609.365.09
EPS, diluted 5.8318.41-4.927.7819.962.564.387.409.225.03
Shares, diluted (wtd. avg.) 186.1M173.1M170.7M172.7M189.6M194.5M202.1M219.6M226.2M236.8M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -5B 0 5B 10B 15B 20B Revenue, FY2016: 13.3B Net income, FY2016: 1.2B Revenue, FY2017: 14.3B Net income, FY2017: 2.1B Revenue, FY2018: 16.4B Net income, FY2018: 1.6B Revenue, FY2019: 17.3B Net income, FY2019: 886M Revenue, FY2020: 17.4B Net income, FY2020: 499M Revenue, FY2021: 17.7B Net income, FY2021: 3.8B Revenue, FY2022: 18.8B Net income, FY2022: 1.4B Revenue, FY2023: 11.6B Net income, FY2023: -752M Revenue, FY2024: 18.4B Net income, FY2024: 3.3B Revenue, FY2025: 18.2B Net income, FY2025: 1.2B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $13.33B $14.26B $16.42B $17.26B $17.44B $17.71B $18.81B $11.64B $18.44B $18.21B
Gross profit — — — — — — — — — —
Net income $1.19B $2.08B $1.64B $886.0M $499.0M $3.78B $1.36B -$752.0M $3.27B $1.18B

Recent filings and events

  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Officer or director change Item 5.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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CRBG Corebridge Financial, Inc. $15.21B — -1.2%
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JXN Jackson Financial Inc. $8.82B — 104.3%
VOYA Voya Financial, Inc. $8.68B 15.2x 4.9%
PRI Primerica, Inc. $8.45B 12.0x 6.6%