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LNC logoLincoln National Corporation(LNC)Earnings, Financials & Key Ratios

LNC•NYSE•Insurance & Managed Care
$37.54
$6.4B mkt cap·2.0× P/E·Price updated May 6, 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$17.99B+53.6%
  • Combined Ratio77.64%-29.3%
  • Net Income$3.27B+535.5%
  • Return on Equity43.2%+444.5%
  • Medical Cost Ratio74.45%-25.2%
  • Operating Margin22.36%+328.1%
  • Net Margin18.21%+383.5%
  • ROA0.86%+503.3%
  • Equity / Assets2.12%+14.3%
  • Book Value per Share47.58+17.0%
  • Tangible BV/Share35.37+4.3%
  • Debt/Equity0.77-13.5%
Technical→

LNC Key Insights

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

✓Strengths

  • ✓Profitable underwriting: 77.6% combined ratio
  • ✓Strong 5Y profit CAGR of 29.9%
  • ✓Healthy dividend yield of 4.7%
  • ✓Trading at only 0.8x book value

✗Weaknesses

No significant weaknesses identified

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

LNC Price & Volume

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

Loading chart...

LNC Growth Metrics

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

Revenue CAGR

10 Years2.84%
5 Years0.84%
3 Years0.72%
TTM35.46%

Profit CAGR

10 Years8.01%
5 Years29.88%
3 Years-4.65%
TTM495.76%

EPS CAGR

10 Years12.5%
5 Years33.26%
3 Years35.32%
TTM690.78%

Return on Capital

10 Years3.2%
5 Years0.52%
3 Years0.42%
Last Year1.1%

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 3/12 qtrs (25%)
Q1 2026Latest
Feb 12, 2026
EPS
$2.21
Est $1.86
+18.8%
Revenue
$4.9B
Est $4.8B
+1.1%
Q4 2025
Oct 30, 2025
EPS
$2.04
Est $1.84
+10.9%
Revenue
$4.6B
Est $4.9B
-5.4%
Q3 2025
Jul 31, 2025
EPS
$2.36
Est $1.91
+23.6%
Revenue
$4.1B
Est $4.8B
-15.6%
Q2 2025
May 8, 2025
EPS
$1.60
Est $1.54
+3.9%
Revenue
$4.7B
Est $4.7B
-0.5%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q1 2026LatestFeb 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%
Q2 2025May 8, 2025
$1.60vs $1.54+3.9%
$4.7Bvs $4.7B-0.5%
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
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
PRU logoPRUPrudential Financial, Inc.Direct Competitor34.89B100.279.81-14.01%5.87%10.54%17.97%0.94
MET logoMETMetLife, Inc.Direct Competitor52.79B79.9013.453.29%5.43%13.16%28.63%0.68
UNM logoUNMUnum GroupDirect Competitor13.05B80.8318.892.07%5.87%7.07%4.25%0.35
PFG logoPFGPrincipal Financial Group, Inc.Direct Competitor21.86B100.8719.21-3.11%7.58%9.89%20.31%0.34
GL logoGLGlobe Life Inc.Direct Competitor12.09B154.1410.963.82%19.36%20.64%10.37%0.44
CNO logoCNOCNO Financial Group, Inc.Direct Competitor4.27B45.5219.370.94%4.94%8.6%15.84%1.54
AFL logoAFLAflac IncorporatedProduct Competitor58.97B114.4616.76-8.84%21%13.05%4.33%0.29
AIG logoAIGAmerican International Group, Inc.Product Competitor42.1B78.4714.45-1.82%11.86%7.7%7.87%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
Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Revenue13.33B14.26B16.42B17.25B17.58B17.61B18.93B11.71B17.99B18.46B
Revenue Growth %-1.74%6.95%15.16%5.1%1.88%0.15%7.52%-38.13%53.61%35.46%
Medical Costs & Claims9.51B9.82B11.72B13.15B14.12B13.71B16.5B11.66B13.39B13.65B
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 Expenses2.36B3.3B2.81B3.19B3.04B-743M709M1.2B574M2.28B
OpEx / Revenue %17.69%23.17%17.12%18.46%17.27%-4.22%3.75%10.23%3.19%12.36%
Depreciation & Amortization4M4M9M26M37M50M65M44M96M0
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%-
EBITDA1.46B1.13B1.89B945M460M4.69B1.79B-1.1B4.12B2.77B
EBITDA Margin %10.97%7.95%11.54%5.48%2.62%26.66%9.46%-9.43%22.89%14.98%
Interest Expense331M253M297M326M284M270M283M331M336M242M
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 Tax266M-949M244M33M-76M865M367M-396M747M414M
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)5.099.367.604.422.5820.167.94-4.9218.66-
Diluted Shares Outstanding236.83M226.22M219.55M202.11M194.47M189.1M172.7M169.56M173.8M194.3M

LNC Balance Sheet

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

Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Total Assets261.63B281.76B298.15B334.76B365.95B387.3B334.22B372.41B390.83B415.27B
Asset Growth %3.85%7.7%5.81%12.28%9.32%5.83%-13.71%11.43%4.95%13.24%
Total Investment Assets180.69B191.79B190.1B215.18B153.96B242.29B131.65B124.33B9.68B4M
Long-Term Investments91.2B96.71B96.07B109.98B127.67B123.55B103.66B91.4B-11.24B166.49B
Short-Term Investments89.49B95.09B94.02B105.2B123.04B118.75B99.74B88.74B20.92B23.24B
Total Current Assets110.5B115.8B118.68B125.37B0142.23B122.96B055.47B10.67B
Cash & Equivalents2.72B1.63B2.35B2.56B1.71B2.61B3.34B3.37B5.8B10.67B
Receivables5.7B5.3B18.32B17.61B16.98B20.3B19.95B29.84B28.75B114.44B
Other Current Assets12.6B13.78B3.99B6.99B-141.73B7.99B7.44B-121.95B0-51.9B
Goodwill & Intangibles2.42B1.52B2.55B2.41B1.78B2.34B2.05B1.14B2.12B4.58B
Goodwill2.27B1.37B1.78B1.78B1.78B1.78B1.14B1.14B1.14B1.14B
Intangible Assets148M152M771M633M0560M904M0977M12.68B
PP&E (Net)-1.84B-1.07B-1.19B233M0147M140M000
Other Assets57.65B67.89B81.61B-505M-129.45B-4.98B-3.79B-92.55B344.48B302.88B
Total Liabilities247.15B264.44B283.8B315.07B343.25B367.03B329.12B365.52B382.56B404.82B
Total Debt5.34B5.34B5.84B6.37B6.66B6.63B6.46B6.12B6.36B5.77B
Net Debt2.62B3.72B3.49B3.8B4.95B4.01B3.11B2.76B554M-4.9B
Long-Term Debt5.34B4.89B5.84B6.07B6.41B7.15B5.96B5.87B6.05B5.77B
Short-Term Debt0450M0300M250M300M500M250M300M0
Total Current Liabilities241.8B259.55B277.96B300M0300M750M017.21B0
Accounts Payable0000000000
Deferred Revenue0000000000
Other Current Liabilities-5B-4.87B-4.8B-5.08B-6.47B-8.95B-6.46B-8.36B6.89B-11.15B
Deferred Taxes-1000K-1000K-1000K-1000K01000K-1000K000
Other Liabilities-24M-4.89B277.96B0-6.41B360.4B-8.44B-11.77B352.57B397.05B
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 Equity14.48B17.32B14.35B19.69B22.7B20.27B5.1B6.89B8.27B10.45B
Minority Interest0000000000
Retained Earnings7.04B8.4B8.55B8.85B8.69B9.1B5.92B4.78B7.64B7.73B
Common Stock5.87B5.69B5.39B5.16B5.08B4.74B4.54B4.61B4.67B5.57B
Accumulated OCI1.57B3.23B407M5.67B8.93B6.44B-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 / Assets5.53%6.15%4.81%5.88%6.2%5.23%1.53%1.85%2.12%2.52%
Debt / Equity0.37x0.31x0.41x0.32x0.29x0.33x1.27x0.89x0.77x0.77x
Book Value per Share61.1376.5765.3697.42116.73107.2029.5440.6547.5853.79
Tangible BV per Share50.9169.8553.7385.49107.5894.8417.6833.9035.37-17.36

LNC Cash Flow Statement

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

Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Cash from Operations1.27B788M1.94B-2.69B534M-217M3.61B-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 Income1.19B2.08B1.64B886M499M3.78B1.36B-752M3.27B2.11B
Depreciation & Amortization0000000000
Stock-Based Compensation0000000000
Deferred Taxes0000000000
Other Non-Cash Items739M1.27B-179M-1.51B907M-3.41B-2.88B2.04B-3.61B-2.64B
Working Capital Changes-659M-2.56B481M-2.07B-872M-583M5.13B-3.37B-1.67B356M
Cash from Investing-3.67B-4.19B-5.82B-5.5B-9.48B-3.58B-11.65B-3.33B821M-817M
Capital Expenditures00-1.82B0000000
Acquisitions00-1.42B00000619M0
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 Investments1000K1000K1000K1000K1000K1000K1000K1000K1000K4M
Other Investing-812M-1.36B-1.28B-3.25B725M1.82B-4.37B-1.37B1.27B-8.73B
Cash from Financing1.97B2.31B4.59B8.4B8.09B4.71B8.77B5.43B3.62B5.65B
Dividends Paid-238M-262M-289M-303M-311M-319M-310M-387M-398M-407M
Share Repurchases-879M-725M-900M-550M-275M-1.1B-550M000
Stock Issued000000000829M
Debt Issuance (Net)-1000K1000K1000K1000K1000K1000K1000K-1000K1000K-4M
Other Financing3.21B3.23B5.13B8.8B8.42B6.03B8.53B6.36B3.88B5.93B
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 Effect0000000000
Cash at Beginning3.15B2.72B1.63B2.35B2.56B1.71B2.61B3.34B3.37B7.14B
Cash at End2.72B1.63B2.35B2.56B1.71B2.61B3.34B3.37B5.8B10.67B
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 Share5.373.488.85-13.292.75-1.1520.9-12.23-11.55-11.55

LNC Key Ratios

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

Metric201620172018201920202021202220232024TTM
Combined Ratio89.06%92.07%88.52%94.67%97.59%73.63%90.89%109.8%77.64%86.33%
Medical Cost Ratio71.37%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 / Assets5.53%6.15%4.81%5.88%6.2%5.23%1.53%1.85%2.12%2.52%
Book Value / Share61.1376.5765.3697.42116.73107.229.5440.6547.5853.79
Debt / Equity0.37x0.31x0.41x0.32x0.29x0.33x1.27x0.89x0.77x0.77x
Revenue Growth-1.74%6.95%15.16%5.1%1.88%0.15%7.52%-38.13%53.61%35.46%

LNC SEC Filings & Documents

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

8-K Announcements

6
Material company update

Mar 31, 2026·SEC

Material company update

Feb 12, 2026·SEC

Material company update

Nov 10, 2025·SEC

10-K Annual Reports

2
FY 2026

Feb 19, 2026·SEC

FY 2025

Feb 21, 2025·SEC

10-Q Quarterly Reports

4
FY 2025

Oct 30, 2025·SEC

FY 2025

Jul 31, 2025·SEC

FY 2025

May 8, 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 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).

Dividend & Returns

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.

Industry Metrics

Lincoln National Corporation (LNC) has a combined ratio of 77.6%. A ratio below 100% indicates underwriting profitability.

Explore More LNC

Lincoln National Corporation (LNC) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

→

Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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