8-K Announcements
6Mar 31, 2026·SEC
Feb 12, 2026·SEC
Nov 10, 2025·SEC
Lincoln National Corporation (LNC) fundamental analysis — strengths, weaknesses & financial health based on data analysis
No significant weaknesses identified
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
Lincoln National Corporation (LNC) stock price & volume — 10-year historical chart
Lincoln National Corporation (LNC) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Lincoln National Corporation (LNC) EPS & revenue vs analyst estimates — last 4 quarters
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q1 2026Latest | Feb 12, 2026 | $2.21vs $1.86+18.8% | $4.9Bvs $4.8B+1.1% |
| Q4 2025 | Oct 30, 2025 | $2.04vs $1.84+10.9% | $4.6Bvs $4.9B-5.4% |
| Q3 2025 | Jul 31, 2025 | $2.36vs $1.91+23.6% | $4.1Bvs $4.8B-15.6% |
| Q2 2025 | May 8, 2025 | $1.60vs $1.54+3.9% | $4.7Bvs $4.7B-0.5% |
Lincoln National Corporation (LNC) competitors in Group and voluntary benefits insurers — business model, growth, and fundamentals comparison
Lincoln National Corporation (LNC) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Lincoln National Corporation (LNC) annual income statement — 10-year revenue, gross profit & net income history
| Line item | Dec'16 | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 13.33B | 14.26B | 16.42B | 17.25B | 17.58B | 17.61B | 18.93B | 11.71B | 17.99B | 18.46B |
| Revenue Growth % | -1.74% | 6.95% | 15.16% | 5.1% | 1.88% | 0.15% | 7.52% | -38.13% | 53.61% | 35.46% |
| Medical Costs & Claims | 9.51B | 9.82B | 11.72B | 13.15B | 14.12B | 13.71B | 16.5B | 11.66B | 13.39B | 13.65B |
| Medical Cost Ratio % | 71.37% | 68.91% | 71.4% | 76.21% | 80.32% | 77.85% | 87.14% | 99.57% | 74.45% | 73.97% |
| Gross Profit | 3.82B▲ 0% | 4.43B▲ 16.2% | 4.7B▲ 5.9% | 4.11B▼ 12.6% | 3.46B▼ 15.7% | 3.9B▲ 12.7% | 2.43B▼ 37.6% | 50M▼ 97.9% | 4.6B▲ 9092.0% | 4.8B▲ 0% |
| Gross Margin % | 28.63% | 31.09% | 28.6% | 23.79% | 19.68% | 22.15% | 12.86% | 0.43% | 25.55% | 26.03% |
| Gross Profit Growth % | 2.11% | 16.17% | 5.93% | -12.59% | -15.74% | 12.75% | -37.59% | -97.95% | 9092% | - |
| Operating Expenses | 2.36B | 3.3B | 2.81B | 3.19B | 3.04B | -743M | 709M | 1.2B | 574M | 2.28B |
| OpEx / Revenue % | 17.69% | 23.17% | 17.12% | 18.46% | 17.27% | -4.22% | 3.75% | 10.23% | 3.19% | 12.36% |
| Depreciation & Amortization | 4M | 4M | 9M | 26M | 37M | 50M | 65M | 44M | 96M | 0 |
| Combined Ratio % | 89.06% | 92.07% | 88.52% | 94.67% | 97.59% | 73.63% | 90.89% | 109.8% | 77.64% | 86.33% |
| Operating Income | 1.46B▲ 0% | 1.13B▼ 22.5% | 1.89B▲ 66.8% | 919M▼ 51.2% | 423M▼ 54.0% | 4.64B▲ 997.6% | 1.73B▼ 62.8% | -1.15B▼ 166.6% | 4.02B▲ 450.3% | 2.52B▲ 0% |
| Operating Margin % | 10.94% | 7.93% | 11.48% | 5.33% | 2.41% | 26.37% | 9.11% | -9.8% | 22.36% | 13.67% |
| Operating Income Growth % | 1.96% | -22.5% | 66.81% | -51.25% | -53.97% | 997.64% | -62.85% | -166.55% | 450.35% | - |
| EBITDA | 1.46B | 1.13B | 1.89B | 945M | 460M | 4.69B | 1.79B | -1.1B | 4.12B | 2.77B |
| EBITDA Margin % | 10.97% | 7.95% | 11.54% | 5.48% | 2.62% | 26.66% | 9.46% | -9.43% | 22.89% | 14.98% |
| Interest Expense | 331M | 253M | 297M | 326M | 284M | 270M | 283M | 331M | 336M | 242M |
| Non-Operating Income | -331M | -253M | -297M | -326M | -284M | -270M | -283M | -331M | -336M | -242M |
| Pretax Income | 1.46B▲ 0% | 1.13B▼ 22.5% | 1.89B▲ 66.8% | 919M▼ 51.2% | 423M▼ 54.0% | 4.64B▲ 997.6% | 1.73B▼ 62.8% | -1.15B▼ 166.6% | 4.02B▲ 450.3% | 2.52B▲ 0% |
| Pretax Margin % | 10.94% | 7.93% | 11.48% | 5.33% | 2.41% | 26.37% | 9.11% | -9.8% | 22.36% | 13.67% |
| Income Tax | 266M | -949M | 244M | 33M | -76M | 865M | 367M | -396M | 747M | 414M |
| Effective Tax Rate % | 18.24% | -83.98% | 12.94% | 3.59% | -17.97% | 18.63% | 21.28% | 34.49% | 18.57% | 16.41% |
| Net Income | 1.19B▲ 0% | 2.08B▲ 74.4% | 1.64B▼ 21.1% | 886M▼ 46.0% | 499M▼ 43.7% | 3.78B▲ 657.1% | 1.36B▼ 64.1% | -752M▼ 155.4% | 3.27B▲ 535.5% | 2.11B▲ 0% |
| Net Margin % | 8.94% | 14.58% | 10% | 5.13% | 2.84% | 21.46% | 7.17% | -6.42% | 18.21% | 11.43% |
| Net Income Growth % | 3.29% | 74.41% | -21.07% | -46.01% | -43.68% | 657.11% | -64.06% | -155.38% | 535.51% | 495.76% |
| EPS (Diluted) | 5.03▲ 0% | 9.22▲ 83.3% | 7.47▼ 19.0% | 4.38▼ 41.4% | 2.57▼ 41.3% | 7.43▲ 189.1% | 7.78▲ 4.7% | -4.92▼ 163.2% | 18.41▲ 474.2% | 10.85▲ 0% |
| EPS Growth % | 11.53% | 83.3% | -18.98% | -41.37% | -41.32% | 189.11% | 4.71% | -163.24% | 474.19% | 690.78% |
| EPS (Basic) | 5.09 | 9.36 | 7.60 | 4.42 | 2.58 | 20.16 | 7.94 | -4.92 | 18.66 | - |
| Diluted Shares Outstanding | 236.83M | 226.22M | 219.55M | 202.11M | 194.47M | 189.1M | 172.7M | 169.56M | 173.8M | 194.3M |
Lincoln National Corporation (LNC) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'16 | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | 261.63B | 281.76B | 298.15B | 334.76B | 365.95B | 387.3B | 334.22B | 372.41B | 390.83B | 415.27B |
| Asset Growth % | 3.85% | 7.7% | 5.81% | 12.28% | 9.32% | 5.83% | -13.71% | 11.43% | 4.95% | 13.24% |
| Total Investment Assets | 180.69B | 191.79B | 190.1B | 215.18B | 153.96B | 242.29B | 131.65B | 124.33B | 9.68B | 4M |
| Long-Term Investments | 91.2B | 96.71B | 96.07B | 109.98B | 127.67B | 123.55B | 103.66B | 91.4B | -11.24B | 166.49B |
| Short-Term Investments | 89.49B | 95.09B | 94.02B | 105.2B | 123.04B | 118.75B | 99.74B | 88.74B | 20.92B | 23.24B |
| Total Current Assets | 110.5B | 115.8B | 118.68B | 125.37B | 0 | 142.23B | 122.96B | 0 | 55.47B | 10.67B |
| Cash & Equivalents | 2.72B | 1.63B | 2.35B | 2.56B | 1.71B | 2.61B | 3.34B | 3.37B | 5.8B | 10.67B |
| Receivables | 5.7B | 5.3B | 18.32B | 17.61B | 16.98B | 20.3B | 19.95B | 29.84B | 28.75B | 114.44B |
| Other Current Assets | 12.6B | 13.78B | 3.99B | 6.99B | -141.73B | 7.99B | 7.44B | -121.95B | 0 | -51.9B |
| Goodwill & Intangibles | 2.42B | 1.52B | 2.55B | 2.41B | 1.78B | 2.34B | 2.05B | 1.14B | 2.12B | 4.58B |
| Goodwill | 2.27B | 1.37B | 1.78B | 1.78B | 1.78B | 1.78B | 1.14B | 1.14B | 1.14B | 1.14B |
| Intangible Assets | 148M | 152M | 771M | 633M | 0 | 560M | 904M | 0 | 977M | 12.68B |
| PP&E (Net) | -1.84B | -1.07B | -1.19B | 233M | 0 | 147M | 140M | 0 | 0 | 0 |
| Other Assets | 57.65B | 67.89B | 81.61B | -505M | -129.45B | -4.98B | -3.79B | -92.55B | 344.48B | 302.88B |
| Total Liabilities | 247.15B | 264.44B | 283.8B | 315.07B | 343.25B | 367.03B | 329.12B | 365.52B | 382.56B | 404.82B |
| Total Debt | 5.34B | 5.34B | 5.84B | 6.37B | 6.66B | 6.63B | 6.46B | 6.12B | 6.36B | 5.77B |
| Net Debt | 2.62B | 3.72B | 3.49B | 3.8B | 4.95B | 4.01B | 3.11B | 2.76B | 554M | -4.9B |
| Long-Term Debt | 5.34B | 4.89B | 5.84B | 6.07B | 6.41B | 7.15B | 5.96B | 5.87B | 6.05B | 5.77B |
| Short-Term Debt | 0 | 450M | 0 | 300M | 250M | 300M | 500M | 250M | 300M | 0 |
| Total Current Liabilities | 241.8B | 259.55B | 277.96B | 300M | 0 | 300M | 750M | 0 | 17.21B | 0 |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | -5B | -4.87B | -4.8B | -5.08B | -6.47B | -8.95B | -6.46B | -8.36B | 6.89B | -11.15B |
| Deferred Taxes | -1000K | -1000K | -1000K | -1000K | 0 | 1000K | -1000K | 0 | 0 | 0 |
| Other Liabilities | -24M | -4.89B | 277.96B | 0 | -6.41B | 360.4B | -8.44B | -11.77B | 352.57B | 397.05B |
| Total Equity | 14.48B▲ 0% | 17.32B▲ 19.6% | 14.35B▼ 17.2% | 19.69B▲ 37.2% | 22.7B▲ 15.3% | 20.27B▼ 10.7% | 5.1B▼ 74.8% | 6.89B▲ 35.1% | 8.27B▲ 20.0% | 10.45B▲ 0% |
| Equity Growth % | 6.32% | 19.64% | -17.16% | 37.21% | 15.29% | -10.69% | -74.83% | 35.1% | 19.96% | 64.62% |
| Shareholders Equity | 14.48B | 17.32B | 14.35B | 19.69B | 22.7B | 20.27B | 5.1B | 6.89B | 8.27B | 10.45B |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 7.04B | 8.4B | 8.55B | 8.85B | 8.69B | 9.1B | 5.92B | 4.78B | 7.64B | 7.73B |
| Common Stock | 5.87B | 5.69B | 5.39B | 5.16B | 5.08B | 4.74B | 4.54B | 4.61B | 4.67B | 5.57B |
| Accumulated OCI | 1.57B | 3.23B | 407M | 5.67B | 8.93B | 6.44B | -6.35B | -3.48B | -5.04B | -3.84B |
| Return on Equity (ROE) | 8.49% | 13.08% | 10.36% | 5.21% | 2.35% | 17.58% | 10.7% | -12.54% | 43.2% | 20.18% |
| Return on Assets (ROA) | 0.46% | 0.77% | 0.57% | 0.28% | 0.14% | 1% | 0.38% | -0.21% | 0.86% | 0.51% |
| Equity / Assets | 5.53% | 6.15% | 4.81% | 5.88% | 6.2% | 5.23% | 1.53% | 1.85% | 2.12% | 2.52% |
| Debt / Equity | 0.37x | 0.31x | 0.41x | 0.32x | 0.29x | 0.33x | 1.27x | 0.89x | 0.77x | 0.77x |
| Book Value per Share | 61.13 | 76.57 | 65.36 | 97.42 | 116.73 | 107.20 | 29.54 | 40.65 | 47.58 | 53.79 |
| Tangible BV per Share | 50.91 | 69.85 | 53.73 | 85.49 | 107.58 | 94.84 | 17.68 | 33.90 | 35.37 | -17.36 |
Lincoln National Corporation (LNC) cash flow — operating, investing & free cash flow history
| Line item | Dec'16 | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 1.27B | 788M | 1.94B | -2.69B | 534M | -217M | 3.61B | -2.07B | -2.01B | -2.01B |
| Operating CF Growth % | -43.29% | -38.05% | 146.57% | -238.24% | 119.88% | -140.64% | 1763.13% | -157.47% | 3.23% | -3716.37% |
| Operating CF / Revenue % | 9.54% | 5.53% | 11.83% | -15.57% | 3.04% | -1.23% | 19.07% | -17.71% | -11.16% | -10.87% |
| Net Income | 1.19B | 2.08B | 1.64B | 886M | 499M | 3.78B | 1.36B | -752M | 3.27B | 2.11B |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 739M | 1.27B | -179M | -1.51B | 907M | -3.41B | -2.88B | 2.04B | -3.61B | -2.64B |
| Working Capital Changes | -659M | -2.56B | 481M | -2.07B | -872M | -583M | 5.13B | -3.37B | -1.67B | 356M |
| Cash from Investing | -3.67B | -4.19B | -5.82B | -5.5B | -9.48B | -3.58B | -11.65B | -3.33B | 821M | -817M |
| Capital Expenditures | 0 | 0 | -1.82B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | -1.42B | 0 | 0 | 0 | 0 | 0 | 619M | 0 |
| Purchase of Investments | -11.41B | -10.51B | -12.96B | -15.76B | -17.16B | -17.67B | -15.48B | -11.76B | -12.83B | -5.15B |
| Sale/Maturity of Investments | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 4M |
| Other Investing | -812M | -1.36B | -1.28B | -3.25B | 725M | 1.82B | -4.37B | -1.37B | 1.27B | -8.73B |
| Cash from Financing | 1.97B | 2.31B | 4.59B | 8.4B | 8.09B | 4.71B | 8.77B | 5.43B | 3.62B | 5.65B |
| Dividends Paid | -238M | -262M | -289M | -303M | -311M | -319M | -310M | -387M | -398M | -407M |
| Share Repurchases | -879M | -725M | -900M | -550M | -275M | -1.1B | -550M | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 829M |
| Debt Issuance (Net) | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -4M |
| Other Financing | 3.21B | 3.23B | 5.13B | 8.8B | 8.42B | 6.03B | 8.53B | 6.36B | 3.88B | 5.93B |
| Net Change in Cash | -424M▲ 0% | -1.09B▼ 158.0% | 717M▲ 165.5% | 218M▼ 69.6% | -855M▼ 492.2% | 904M▲ 205.7% | 731M▼ 19.1% | 22M▼ 97.0% | 2.44B▲ 10972.7% | 4.66B▲ 0% |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 3.15B | 2.72B | 1.63B | 2.35B | 2.56B | 1.71B | 2.61B | 3.34B | 3.37B | 7.14B |
| Cash at End | 2.72B | 1.63B | 2.35B | 2.56B | 1.71B | 2.61B | 3.34B | 3.37B | 5.8B | 10.67B |
| Free Cash Flow | 1.27B▲ 0% | 788M▼ 38.1% | 1.94B▲ 146.6% | -2.69B▼ 238.2% | 534M▲ 119.9% | -217M▼ 140.6% | 3.61B▲ 1763.1% | -2.07B▼ 157.5% | -2.01B▲ 3.2% | -178M▲ 0% |
| FCF Growth % | -43.29% | -38.05% | 146.57% | -238.24% | 119.88% | -140.64% | 1763.13% | -157.47% | 3.23% | 95.66% |
| FCF Margin % | 9.54% | 5.53% | 11.83% | -15.57% | 3.04% | -1.23% | 19.07% | -17.71% | -11.16% | -0.96% |
| FCF per Share | 5.37 | 3.48 | 8.85 | -13.29 | 2.75 | -1.15 | 20.9 | -12.23 | -11.55 | -11.55 |
Lincoln National Corporation (LNC) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Combined Ratio | 89.06% | 92.07% | 88.52% | 94.67% | 97.59% | 73.63% | 90.89% | 109.8% | 77.64% | 86.33% |
| Medical Cost Ratio | 71.37% | 68.91% | 71.4% | 76.21% | 80.32% | 77.85% | 87.14% | 99.57% | 74.45% | 73.97% |
| Return on Equity (ROE) | 8.49% | 13.08% | 10.36% | 5.21% | 2.35% | 17.58% | 10.7% | -12.54% | 43.2% | 20.18% |
| Return on Assets (ROA) | 0.46% | 0.77% | 0.57% | 0.28% | 0.14% | 1% | 0.38% | -0.21% | 0.86% | 0.51% |
| Equity / Assets | 5.53% | 6.15% | 4.81% | 5.88% | 6.2% | 5.23% | 1.53% | 1.85% | 2.12% | 2.52% |
| Book Value / Share | 61.13 | 76.57 | 65.36 | 97.42 | 116.73 | 107.2 | 29.54 | 40.65 | 47.58 | 53.79 |
| Debt / Equity | 0.37x | 0.31x | 0.41x | 0.32x | 0.29x | 0.33x | 1.27x | 0.89x | 0.77x | 0.77x |
| Revenue Growth | -1.74% | 6.95% | 15.16% | 5.1% | 1.88% | 0.15% | 7.52% | -38.13% | 53.61% | 35.46% |
Lincoln National Corporation (LNC) SEC filings — annual & quarterly reports (10-K, 10-Q)
Mar 31, 2026·SEC
Feb 12, 2026·SEC
Nov 10, 2025·SEC
Lincoln National Corporation (LNC) stock FAQ — growth, dividends, profitability & financials explained
Lincoln National Corporation (LNC) grew revenue by 53.6% over the past year. This is strong growth.
Yes, Lincoln National Corporation (LNC) is profitable, generating $2.11B in net income for fiscal year 2024 (18.2% net margin).
Yes, Lincoln National Corporation (LNC) pays a dividend with a yield of 4.71%. This makes it attractive for income-focused investors.
Lincoln National Corporation (LNC) has a return on equity (ROE) of 43.2%. This is excellent, indicating efficient use of shareholder capital.
Lincoln National Corporation (LNC) has a combined ratio of 77.6%. A ratio below 100% indicates underwriting profitability.
Lincoln National Corporation (LNC) financial analysis — history, returns, DCA and operating performance tools
Historical returns with dividends reinvested
Dollar cost averaging vs lump sum
Yield, growth, payout safety & DRIP
EPS trends, net income & profitability
Long-term charts & historical price data
Sales growth patterns & revenue breakdown
30 years of market, efficiency and balance-sheet ratios
DCF intrinsic value, peer multiples & estimates