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LNCLincoln National Corporation
$37.17$7.1B
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LNC logoLincoln National Corporation(LNC)Earnings, Financials & Key Ratios

LNC•NYSE•Insurance & Managed Care
6.4× P/E·Price updated Jun 19, 2026
SectorFinancial ServicesIndustryLife InsuranceSub-IndustryGroup and voluntary benefits insurers
AboutLincoln National Corporation, through its subsidiaries, operates multiple insurance and retirement businesses in the United States. It operates through four segments: Annuities, Retirement Plan Services, Life Insurance, and Group Protection. The Annuities segment offers fixed, variable, and indexed variable annuities. The Retirement Plan Services segment provides employers with retirement plan products and services primarily in the defined contribution retirement plan marketplace. This segment offers individual and group variable annuities, group fixed annuities, and mutual fund-based programs; and a range of plan services, including plan recordkeeping, compliance testing, participant education, and trust and custodial services. The Life Insurance segment provides life insurance products, including term insurance, such as single and survivorship versions of universal life insurance; variable universal life insurance; indexed universal life insurance products; and critical illness and long-term care riders. The Group Protection segment offers group non-medical insurance products comprising short and long-term disability, statutory disability and paid family medical leave administration and absence management services, term life, dental, vision and accident, and critical illness benefits and services to the employer marketplace through various forms of employee-paid and employer-paid plans. The company distributes its products through consultants, brokers, planners, agents, financial advisors, third-party administrators, and other intermediaries. Lincoln National Corporation was founded in 1905 and is based in Radnor, Pennsylvania.Show more
  • Revenue$18.21B+1.2%
  • Combined Ratio92.65%+19.3%
  • Net Income$1.18B-64.1%
  • Return on Equity12.28%-71.6%
  • Medical Cost Ratio42.66%-42.7%
  • Operating Margin7.35%-67.1%
  • Net Margin6.46%-64.5%
  • ROA0.29%-66.1%
  • Equity / Assets2.61%+23.6%

LNC Key Insights

Lincoln National Corporation (LNC) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Profitable underwriting: 92.7% combined ratio
  • ✓Strong 5Y profit CAGR of 18.7%
  • ✓Low loss ratio of 42.7%
  • ✓Healthy dividend yield of 4.7%
  • ✓Trading at only 0.6x book value

✗Weaknesses

  • ✗Weak Piotroski F-Score: 3/9

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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LNC Price & Volume

Lincoln National Corporation (LNC) stock price & volume — 10-year historical chart

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LNC Growth Metrics

Lincoln National Corporation (LNC) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years2.99%
5 Years0.71%
3 Years-1.28%
TTM1.58%

Profit CAGR

10 Years0.2%
5 Years18.72%
3 Years-4.66%
TTM29.58%

EPS CAGR

10 Years2.62%
5 Years17.84%
3 Years-9.12%
TTM25.71%

Return on Capital

10 Years2.53%
5 Years0.58%
3 Years0.4%
Last Year0.43%

LNC Recent Earnings

Lincoln National Corporation (LNC) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 11/12 qtrs (92%)●Beat Revenue 4/12 qtrs (33%)
Q2 2026Latest
May 7, 2026
Metric
Actual
Est
EPS
$1.66+5.1%
$1.58
Rev
$5.3B+7.5%
$4.9B
Q1 2026
Feb 12, 2026
Metric
Actual
Est
EPS
$2.21+18.8%
$1.86
Rev
$4.9B+1.1%
$4.8B
Q4 2025
Oct 30, 2025
Metric
Actual
Est
EPS
$2.04+10.9%
$1.84
Rev
$4.6B-5.4%
$4.9B
Q3 2025
Jul 31, 2025
Metric
Actual
Est
EPS
$2.36+23.6%
$1.91
Rev
$4.1B-15.6%
$4.8B
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 7, 2026
$1.66vs $1.58+5.1%
$5.3Bvs $4.9B+7.5%
Q1 2026Feb 12, 2026
$2.21vs $1.86+18.8%
$4.9Bvs $4.8B+1.1%
Q4 2025Oct 30, 2025
$2.04vs $1.84+10.9%
$4.6Bvs $4.9B-5.4%
Q3 2025Jul 31, 2025
$2.36vs $1.91+23.6%
$4.1Bvs $4.8B-15.6%
Based on last 12 quarters of dataView full earnings history →

LNC Peer Comparison

Lincoln National Corporation (LNC) competitors in Group and voluntary benefits insurers — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
PRU logoPRUPrudential Financial, Inc.Direct Competitor37.05B106.5310.42-14.01%5.62%10.26%0.65
MET logoMETMetLife, Inc.Direct Competitor55.8B85.5817.8310.22%4.7%12.72%0.70
UNM logoUNMUnum GroupDirect Competitor14.53B89.9821.022.07%5.87%7.07%0.35
PFG logoPFGPrincipal Financial Group, Inc.Direct Competitor23.74B109.5720.87-3.11%7.58%9.89%0.34
GL logoGLGlobe Life Inc.Direct Competitor13.4B170.7612.153.82%19.36%20.64%0.44
CNO logoCNOCNO Financial Group, Inc.Direct Competitor4.76B50.8321.630.94%4.94%8.6%1.54
AFL logoAFLAflac IncorporatedProduct Competitor59.49B115.4716.91-8.84%21%13.05%0.29
AIG logoAIGAmerican International Group, Inc.Product Competitor39.72B74.0213.63-1.82%11.86%7.7%0.22

Compare LNC vs Peers

Lincoln National Corporation (LNC) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs PRU

Most directly comparable listed peer for LNC.

Scale Benchmark

vs BLK

Larger-name benchmark to compare LNC against a more recognizable public peer.

Peer Set

Compare Top 5

vs PRU, MET, UNM, PFG

LNC Income Statement

Lincoln National Corporation (LNC) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue
14.26B16.42B17.25B17.58B17.61B18.93B11.71B17.99B18.21B18.88B
Revenue Growth %
6.95%15.16%5.1%1.88%0.15%7.52%-38.13%53.61%1.24%1.58%
Medical Costs & Claims
9.82B11.72B13.15B14.12B13.71B16.5B11.66B13.39B7.77B12.38B
Medical Cost Ratio %
68.91%71.4%76.21%80.32%77.85%87.14%99.57%74.45%42.66%65.56%
Gross Profit
4.43B▲ 0%
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%
10.44B▲ 127.2%
6.5B▲ 0%
Gross Margin %
31.09%28.6%23.79%19.68%22.15%12.86%0.43%25.55%57.34%34.44%
Gross Profit Growth %
16.17%5.93%-12.59%-15.74%12.75%-37.59%-97.95%9092%127.22%-
Operating Expenses
3.3B2.81B3.19B3.04B-743M709M1.2B574M9.11B4.46B
OpEx / Revenue %
23.17%17.12%18.46%17.27%-4.22%3.75%10.23%3.19%49.99%23.63%
Depreciation & Amortization
4M9M26M37M50M65M44M96M00
Combined Ratio %
92.07%88.52%94.67%97.59%73.63%90.89%109.8%77.64%92.65%89.19%
Operating Income
1.13B▲ 0%
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%
1.34B▼ 66.7%
2.04B▲ 0%
Operating Margin %
7.93%11.48%5.33%2.41%26.37%9.11%-9.8%22.36%7.35%10.81%
Operating Income Growth %
-22.5%66.81%-51.25%-53.97%997.64%-62.85%-166.55%450.35%-66.73%-
EBITDA
1.13B1.89B945M460M4.69B1.79B-1.1B4.12B1.56B2.28B
EBITDA Margin %
7.95%11.54%5.48%2.62%26.66%9.46%-9.43%22.89%8.59%12.08%
Interest Expense
253M297M326M284M270M283M331M336M227M241M
Non-Operating Income
-253M-297M-326M-284M-270M-283M-331M-336M-227M-241M
Pretax Income
1.13B▲ 0%
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%
1.34B▼ 66.7%
2.04B▲ 0%
Pretax Margin %
7.93%11.48%5.33%2.41%26.37%9.11%-9.8%22.36%7.35%10.81%
Income Tax
-949M244M33M-76M865M367M-396M747M161M315M
Effective Tax Rate %
-83.98%12.94%3.59%-17.97%18.63%21.28%34.49%18.57%12.03%15.43%
Net Income
2.08B▲ 0%
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%
1.18B▼ 64.1%
1.73B▲ 0%
Net Margin %
14.58%10%5.13%2.84%21.46%7.17%-6.42%18.21%6.46%9.14%
Net Income Growth %
74.41%-21.07%-46.01%-43.68%657.11%-64.06%-155.38%535.51%-64.06%29.58%
EPS (Diluted)
9.22▲ 0%
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%
5.84▼ 68.3%
8.79▲ 0%
EPS Growth %
83.3%-18.98%-41.37%-41.32%189.11%4.71%-163.24%474.19%-68.28%25.71%
EPS (Basic)
9.367.604.422.5820.167.94-4.9218.665.95-
Diluted Shares Outstanding
226.22M219.55M202.11M194.47M189.1M172.7M169.56M173.8M186.06M196.3M

LNC Balance Sheet

Lincoln National Corporation (LNC) balance sheet — assets, liabilities & shareholders' equity

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets
281.76B298.15B334.76B365.95B387.3B334.22B372.41B390.83B417.2B406.16B
Asset Growth %
7.7%5.81%12.28%9.32%5.83%-13.71%11.43%4.95%6.75%21.25%
Total Investment Assets
191.79B190.1B215.18B153.96B242.29B131.65B124.33B9.68B138.91B4M
Long-Term Investments
96.71B96.07B109.98B127.67B123.55B24.83B26.76B-11.24B102.02B611.33B
Short-Term Investments
95.09B94.02B105.2B123.04B118.75B99.74B88.74B20.92B36.89B0
Total Current Assets
115.8B118.68B125.37B0142.23B122.96B055.47B75.53B7.34B
Cash & Equivalents
1.63B2.35B2.56B1.71B2.61B3.34B3.37B5.8B9.5B7.34B
Receivables
5.3B18.32B17.61B16.98B20.3B19.95B29.84B28.75B29.13B88.55B
Other Current Assets
13.78B3.99B6.99B-141.73B7.99B7.44B-121.95B000
Goodwill & Intangibles
1.52B2.55B2.41B1.78B2.34B2.05B1.14B2.12B13.97B42.69B
Goodwill
1.37B1.78B1.78B1.78B1.78B1.14B1.14B1.14B1.14B1.14B
Intangible Assets
152M771M633M0560M904M0977M12.83B0
PP&E (Net)
-1.07B-1.19B233M0147M154M0000
Other Assets
67.89B81.61B-505M-129.45B-4.98B303.28B344.51B344.48B225.69B-310.78B
Total Liabilities
264.44B283.8B315.07B343.25B367.03B329.12B365.52B382.56B406.3B395.95B
Total Debt
5.34B5.84B6.37B6.66B6.63B6.63B6.12B6.36B6.43B6.37B
Net Debt
3.72B3.49B3.8B4.95B4.01B3.11B2.76B554M-3.07B-976M
Long-Term Debt
4.89B5.84B6.07B6.41B6.1B6.13B5.87B6.05B6.03B5.97B
Short-Term Debt
450M0300M250M550M500M250M300M400M400M
Total Current Liabilities
259.55B277.96B300M0300M750M017.21B161.99B400M
Accounts Payable
0000000000
Deferred Revenue
0000000000
Other Current Liabilities
-4.87B-4.8B-5.08B-6.47B-9.2B-6.46B-8.36B6.89B161.59B0
Deferred Taxes
-1000K-1000K-1000K01000K-1000K0000
Other Liabilities
-4.89B277.96B0-6.41B357.45B322.06B358.16B352.57B230.69B389.58B
Total Equity
17.32B▲ 0%
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%
10.91B▲ 31.9%
10.21B▲ 0%
Equity Growth %
19.64%-17.16%37.21%15.29%-10.69%-74.83%35.1%19.96%31.89%92.61%
Shareholders Equity
17.32B14.35B19.69B22.7B20.27B5.1B6.89B8.27B10.91B10.21B
Minority Interest
0000000000
Retained Earnings
8.4B8.55B8.85B8.69B9.1B5.92B4.78B7.64B8.39B8.09B
Common Stock
5.69B5.39B5.16B5.08B4.74B4.54B4.61B4.67B5.59B5.6B
Accumulated OCI
3.23B407M5.67B8.93B6.44B-6.35B-3.48B-5.04B-4.06B-4.47B
Return on Equity (ROE)
13.08%10.36%5.21%2.35%17.58%10.7%-12.54%43.2%12.28%16.79%
Return on Assets (ROA)
0.77%0.57%0.28%0.14%1%0.38%-0.21%0.86%0.29%0.42%
Equity / Assets
6.15%4.81%5.88%6.2%5.23%1.53%1.85%2.12%2.61%2.51%
Debt / Equity
0.31x0.41x0.32x0.29x0.33x1.30x0.89x0.77x0.59x0.62x
Book Value per Share
76.5765.3697.42116.73107.2029.5440.6547.5858.6152.02
Tangible BV per Share
69.8553.7385.49107.5894.8417.6833.9035.37-16.4746.20

LNC Cash Flow Statement

Lincoln National Corporation (LNC) cash flow — operating, investing & free cash flow history

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
788M1.94B-2.69B534M-217M3.61B-2.07B-2.01B-167M243M
Operating CF Growth %
-38.05%146.57%-238.24%119.88%-140.64%1763.13%-157.47%3.23%91.68%-3752.31%
Operating CF / Revenue %
5.53%11.83%-15.57%3.04%-1.23%19.07%-17.71%-11.16%-0.92%1.29%
Net Income
2.08B1.64B886M499M3.78B1.36B-752M3.27B1.18B1.73B
Depreciation & Amortization
0000000000
Stock-Based Compensation
0000000000
Deferred Taxes
0000000000
Other Non-Cash Items
1.27B-179M-1.51B907M-3.41B-2.88B2.04B-3.61B700M-2.38B
Working Capital Changes
-2.56B481M-2.07B-872M-583M5.13B-3.37B-1.67B-2.04B893M
Cash from Investing
-4.19B-5.82B-5.5B-9.48B-3.58B-11.65B-3.33B821M-4.01B-5.42B
Capital Expenditures
0-1.82B00000000
Acquisitions
0-1.42B00000619M00
Purchase of Investments
-10.51B-12.96B-15.76B-17.16B-17.67B-15.48B-11.76B-12.83B-25.59B-13.42B
Sale/Maturity of Investments
7.68B9.85B13.51B6.95B12.27B8.2B9.79B11.76B21.46B15.17B
Other Investing
-1.36B-1.28B-3.25B725M1.82B-4.37B-1.37B1.27B116M-7.17B
Cash from Financing
2.31B4.59B8.4B8.09B4.71B8.77B5.43B3.62B7.88B8.24B
Dividends Paid
-262M-289M-303M-311M-319M-310M-387M-398M-416M-425M
Share Repurchases
-725M-900M-550M-275M-1.1B-550M000-23M
Stock Issued
00000000825M825M
Debt Issuance (Net)
1000K1000K1000K1000K1000K1000K-1000K1000K1000K0
Other Financing
3.23B5.13B8.8B8.42B6.03B8.53B6.36B3.88B7.28B7.65B
Net Change in Cash
-1.09B▲ 0%
717M▲ 165.5%
218M▼ 69.6%
-855M▼ 492.2%
904M▲ 205.7%
731M▼ 19.1%
22M▼ 97.0%
2.44B▲ 10972.7%
3.7B▲ 51.9%
3.06B▲ 0%
Exchange Rate Effect
0000000000
Cash at Beginning
2.72B1.63B2.35B2.56B1.71B2.61B3.34B3.37B5.8B9.5B
Cash at End
1.63B2.35B2.56B1.71B2.61B3.34B3.37B5.8B9.5B7.34B
Free Cash Flow
788M▲ 0%
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%
-167M▲ 91.7%
243M▲ 0%
FCF Growth %
-38.05%146.57%-238.24%119.88%-140.64%1763.13%-157.47%3.23%91.68%125.96%
FCF Margin %
5.53%11.83%-15.57%3.04%-1.23%19.07%-17.71%-11.16%-0.92%1.29%
FCF per Share
3.488.85-13.292.75-1.1520.9-12.23-11.55-0.91.24

LNC Key Ratios

Lincoln National Corporation (LNC) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
Combined Ratio
92.07%88.52%94.67%97.59%73.63%90.89%109.8%77.64%92.65%89.19%
Medical Cost Ratio
68.91%71.4%76.21%80.32%77.85%87.14%99.57%74.45%42.66%65.56%
Return on Equity (ROE)
13.08%10.36%5.21%2.35%17.58%10.7%-12.54%43.2%12.28%16.79%
Return on Assets (ROA)
0.77%0.57%0.28%0.14%1%0.38%-0.21%0.86%0.29%0.42%
Equity / Assets
6.15%4.81%5.88%6.2%5.23%1.53%1.85%2.12%2.61%2.51%
Book Value / Share
76.5765.3697.42116.73107.229.5440.6547.5858.6152.02
Debt / Equity
0.31x0.41x0.32x0.29x0.33x1.30x0.89x0.77x0.59x0.62x
Revenue Growth
6.95%15.16%5.1%1.88%0.15%7.52%-38.13%53.61%1.24%1.58%
Related:LNC Dividend History·LNC Revenue History·LNC Price History·LNC P/E History·LNC Financial Ratios·LNC Institutional Holders

LNC SEC Filings & Documents

Lincoln National Corporation (LNC) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 7, 2026·SEC

Material company update

Apr 16, 2026·SEC

Material company update

Mar 31, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 19, 2026·SEC

FY 2025

Feb 21, 2025·SEC

10-Q Quarterly Reports

5
FY 2026

May 7, 2026·SEC

FY 2025

Oct 30, 2025·SEC

FY 2025

Jul 31, 2025·SEC

LNC Frequently Asked Questions

Lincoln National Corporation (LNC) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Lincoln National Corporation (LNC) grew revenue by 1.2% over the past year. Growth has been modest.

Yes, Lincoln National Corporation (LNC) is profitable, generating $1.73B in net income for fiscal year 2025 (6.5% net margin).

Dividend & Returns

Yes, Lincoln National Corporation (LNC) pays a dividend with a yield of 4.70%. This makes it attractive for income-focused investors.

Lincoln National Corporation (LNC) has a return on equity (ROE) of 12.3%. This is reasonable for most industries.

Industry Metrics

Lincoln National Corporation (LNC) has a combined ratio of 92.7%. A ratio below 100% indicates underwriting profitability.

What if you invested $1,000 in LNC back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

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How much would $100/month in LNC be worth today?

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