8-K Announcements
6May 7, 2026·SEC
Apr 16, 2026·SEC
Mar 31, 2026·SEC
Lincoln National Corporation (LNC) fundamental analysis — strengths, weaknesses & financial health based on data analysis
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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) |
|---|---|---|---|
| Q2 2026Latest | May 7, 2026 | $1.66vs $1.58+5.1% | $5.3Bvs $4.9B+7.5% |
| Q1 2026 | 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% |
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
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Revenue | 14.26B | 16.42B | 17.25B | 17.58B | 17.61B | 18.93B | 11.71B | 17.99B | 18.21B | 18.88B |
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 | 9.82B | 11.72B | 13.15B | 14.12B | 13.71B | 16.5B | 11.66B | 13.39B | 7.77B | 12.38B |
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 | 3.3B | 2.81B | 3.19B | 3.04B | -743M | 709M | 1.2B | 574M | 9.11B | 4.46B |
OpEx / Revenue % | 23.17% | 17.12% | 18.46% | 17.27% | -4.22% | 3.75% | 10.23% | 3.19% | 49.99% | 23.63% |
Depreciation & Amortization | 4M | 9M | 26M | 37M | 50M | 65M | 44M | 96M | 0 | 0 |
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 | 1.13B | 1.89B | 945M | 460M | 4.69B | 1.79B | -1.1B | 4.12B | 1.56B | 2.28B |
EBITDA Margin % | 7.95% | 11.54% | 5.48% | 2.62% | 26.66% | 9.46% | -9.43% | 22.89% | 8.59% | 12.08% |
Interest Expense | 253M | 297M | 326M | 284M | 270M | 283M | 331M | 336M | 227M | 241M |
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 | -949M | 244M | 33M | -76M | 865M | 367M | -396M | 747M | 161M | 315M |
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) | 9.36 | 7.60 | 4.42 | 2.58 | 20.16 | 7.94 | -4.92 | 18.66 | 5.95 | - |
Diluted Shares Outstanding | 226.22M | 219.55M | 202.11M | 194.47M | 189.1M | 172.7M | 169.56M | 173.8M | 186.06M | 196.3M |
Lincoln National Corporation (LNC) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Total Assets | 281.76B | 298.15B | 334.76B | 365.95B | 387.3B | 334.22B | 372.41B | 390.83B | 417.2B | 406.16B |
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 | 191.79B | 190.1B | 215.18B | 153.96B | 242.29B | 131.65B | 124.33B | 9.68B | 138.91B | 4M |
Long-Term Investments | 96.71B | 96.07B | 109.98B | 127.67B | 123.55B | 24.83B | 26.76B | -11.24B | 102.02B | 611.33B |
Short-Term Investments | 95.09B | 94.02B | 105.2B | 123.04B | 118.75B | 99.74B | 88.74B | 20.92B | 36.89B | 0 |
Total Current Assets | 115.8B | 118.68B | 125.37B | 0 | 142.23B | 122.96B | 0 | 55.47B | 75.53B | 7.34B |
Cash & Equivalents | 1.63B | 2.35B | 2.56B | 1.71B | 2.61B | 3.34B | 3.37B | 5.8B | 9.5B | 7.34B |
Receivables | 5.3B | 18.32B | 17.61B | 16.98B | 20.3B | 19.95B | 29.84B | 28.75B | 29.13B | 88.55B |
Other Current Assets | 13.78B | 3.99B | 6.99B | -141.73B | 7.99B | 7.44B | -121.95B | 0 | 0 | 0 |
Goodwill & Intangibles | 1.52B | 2.55B | 2.41B | 1.78B | 2.34B | 2.05B | 1.14B | 2.12B | 13.97B | 42.69B |
Goodwill | 1.37B | 1.78B | 1.78B | 1.78B | 1.78B | 1.14B | 1.14B | 1.14B | 1.14B | 1.14B |
Intangible Assets | 152M | 771M | 633M | 0 | 560M | 904M | 0 | 977M | 12.83B | 0 |
PP&E (Net) | -1.07B | -1.19B | 233M | 0 | 147M | 154M | 0 | 0 | 0 | 0 |
Other Assets | 67.89B | 81.61B | -505M | -129.45B | -4.98B | 303.28B | 344.51B | 344.48B | 225.69B | -310.78B |
Total Liabilities | 264.44B | 283.8B | 315.07B | 343.25B | 367.03B | 329.12B | 365.52B | 382.56B | 406.3B | 395.95B |
Total Debt | 5.34B | 5.84B | 6.37B | 6.66B | 6.63B | 6.63B | 6.12B | 6.36B | 6.43B | 6.37B |
Net Debt | 3.72B | 3.49B | 3.8B | 4.95B | 4.01B | 3.11B | 2.76B | 554M | -3.07B | -976M |
Long-Term Debt | 4.89B | 5.84B | 6.07B | 6.41B | 6.1B | 6.13B | 5.87B | 6.05B | 6.03B | 5.97B |
Short-Term Debt | 450M | 0 | 300M | 250M | 550M | 500M | 250M | 300M | 400M | 400M |
Total Current Liabilities | 259.55B | 277.96B | 300M | 0 | 300M | 750M | 0 | 17.21B | 161.99B | 400M |
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 | -4.87B | -4.8B | -5.08B | -6.47B | -9.2B | -6.46B | -8.36B | 6.89B | 161.59B | 0 |
Deferred Taxes | -1000K | -1000K | -1000K | 0 | 1000K | -1000K | 0 | 0 | 0 | 0 |
Other Liabilities | -4.89B | 277.96B | 0 | -6.41B | 357.45B | 322.06B | 358.16B | 352.57B | 230.69B | 389.58B |
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 | 17.32B | 14.35B | 19.69B | 22.7B | 20.27B | 5.1B | 6.89B | 8.27B | 10.91B | 10.21B |
Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Retained Earnings | 8.4B | 8.55B | 8.85B | 8.69B | 9.1B | 5.92B | 4.78B | 7.64B | 8.39B | 8.09B |
Common Stock | 5.69B | 5.39B | 5.16B | 5.08B | 4.74B | 4.54B | 4.61B | 4.67B | 5.59B | 5.6B |
Accumulated OCI | 3.23B | 407M | 5.67B | 8.93B | 6.44B | -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 | 0.31x | 0.41x | 0.32x | 0.29x | 0.33x | 1.30x | 0.89x | 0.77x | 0.59x | 0.62x |
Book Value per Share | 76.57 | 65.36 | 97.42 | 116.73 | 107.20 | 29.54 | 40.65 | 47.58 | 58.61 | 52.02 |
Tangible BV per Share | 69.85 | 53.73 | 85.49 | 107.58 | 94.84 | 17.68 | 33.90 | 35.37 | -16.47 | 46.20 |
Lincoln National Corporation (LNC) cash flow — operating, investing & free cash flow history
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operations | 788M | 1.94B | -2.69B | 534M | -217M | 3.61B | -2.07B | -2.01B | -167M | 243M |
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 | 2.08B | 1.64B | 886M | 499M | 3.78B | 1.36B | -752M | 3.27B | 1.18B | 1.73B |
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 | 1.27B | -179M | -1.51B | 907M | -3.41B | -2.88B | 2.04B | -3.61B | 700M | -2.38B |
Working Capital Changes | -2.56B | 481M | -2.07B | -872M | -583M | 5.13B | -3.37B | -1.67B | -2.04B | 893M |
Cash from Investing | -4.19B | -5.82B | -5.5B | -9.48B | -3.58B | -11.65B | -3.33B | 821M | -4.01B | -5.42B |
Capital Expenditures | 0 | -1.82B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Acquisitions | 0 | -1.42B | 0 | 0 | 0 | 0 | 0 | 619M | 0 | 0 |
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 | 7.68B | 9.85B | 13.51B | 6.95B | 12.27B | 8.2B | 9.79B | 11.76B | 21.46B | 15.17B |
Other Investing | -1.36B | -1.28B | -3.25B | 725M | 1.82B | -4.37B | -1.37B | 1.27B | 116M | -7.17B |
Cash from Financing | 2.31B | 4.59B | 8.4B | 8.09B | 4.71B | 8.77B | 5.43B | 3.62B | 7.88B | 8.24B |
Dividends Paid | -262M | -289M | -303M | -311M | -319M | -310M | -387M | -398M | -416M | -425M |
Share Repurchases | -725M | -900M | -550M | -275M | -1.1B | -550M | 0 | 0 | 0 | -23M |
Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 825M | 825M |
Debt Issuance (Net) | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 0 |
Other Financing | 3.23B | 5.13B | 8.8B | 8.42B | 6.03B | 8.53B | 6.36B | 3.88B | 7.28B | 7.65B |
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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cash at Beginning | 2.72B | 1.63B | 2.35B | 2.56B | 1.71B | 2.61B | 3.34B | 3.37B | 5.8B | 9.5B |
Cash at End | 1.63B | 2.35B | 2.56B | 1.71B | 2.61B | 3.34B | 3.37B | 5.8B | 9.5B | 7.34B |
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 | 3.48 | 8.85 | -13.29 | 2.75 | -1.15 | 20.9 | -12.23 | -11.55 | -0.9 | 1.24 |
Lincoln National Corporation (LNC) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
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 | 76.57 | 65.36 | 97.42 | 116.73 | 107.2 | 29.54 | 40.65 | 47.58 | 58.61 | 52.02 |
Debt / Equity | 0.31x | 0.41x | 0.32x | 0.29x | 0.33x | 1.30x | 0.89x | 0.77x | 0.59x | 0.62x |
Revenue Growth | 6.95% | 15.16% | 5.1% | 1.88% | 0.15% | 7.52% | -38.13% | 53.61% | 1.24% | 1.58% |
Lincoln National Corporation (LNC) SEC filings — annual & quarterly reports (10-K, 10-Q)
May 7, 2026·SEC
Apr 16, 2026·SEC
Mar 31, 2026·SEC
Lincoln National Corporation (LNC) stock FAQ — growth, dividends, profitability & financials explained
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).
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.
Lincoln National Corporation (LNC) has a combined ratio of 92.7%. A ratio below 100% indicates underwriting profitability.