Revenue growth averaged 1.2% YoY with volatile margins, as combined ratios swung from 58.7% in 2024Q4 to 120.1% in 2025Q1, and Q2 2026 EPS of $6.72 beat consensus but was aided by a zero loss ratio.
Lincoln National Corporation (LNC) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 19.36B | 18.21B | 17.99B | 11.71B | 18.93B | 17.61B | 17.58B | 17.25B | 16.42B | 14.26B | 13.33B | 13.57B | 13.59B | 11.96B | 11.54B | 10.64B | 10.41B | 8.5B | 9.22B | 10.47B | 8.96B | 5.47B | 5.37B | 5.28B | 4.64B | 6.38B | 6.85B | 6.8B | 6.09B | 4.9B | 4.73B |
| Revenue Growth % | 7.19% | 1.24% | 53.61% | -38.13% | 7.52% | 0.15% | 1.88% | 5.1% | 15.16% | 6.95% | -1.74% | -0.18% | 13.61% | 3.71% | 8.4% | 2.17% | 22.54% | -7.86% | -11.94% | 16.88% | 63.69% | 1.93% | 1.65% | 13.98% | -27.31% | -6.85% | 0.64% | 11.77% | 24.26% | 3.48% | -28.64% |
| Medical Costs & Claims | 8.23B | 7.77B | 13.39B | 11.66B | 16.5B | 13.71B | 14.12B | 13.15B | 11.72B | 9.82B | 9.51B | 9.83B | 9.28B | 8.08B | 7.74B | 7.31B | 7.28B | 8.09B | 8.7B | 8.28B | 6.96B | 4.31B | 4.24B | 4.14B | 4.54B | 4.27B | 5.88B | 6.1B | 5.27B | 4.77B | 4.14B |
| Medical Cost Ratio % | 42.51% | 42.66% | 74.45% | 99.57% | 87.14% | 77.85% | 80.32% | 76.21% | 71.4% | 68.91% | 71.37% | 72.45% | 68.27% | 67.55% | 67.13% | 68.67% | 69.85% | 95.22% | 94.31% | 79.05% | 77.66% | 78.78% | 78.85% | 78.37% | 97.87% | 66.95% | 85.81% | 89.66% | 86.62% | 97.4% | 87.56% |
| Gross Profit | 11.13B | 10.44B | 4.6B | 50M | 2.43B | 3.9B | 3.46B | 4.11B | 4.7B | 4.43B | 3.82B | 3.74B | 4.31B | 3.88B | 3.79B | 3.33B | 3.14B | 406M | 525M | 2.19B | 2B | 1.16B | 1.14B | 1.14B | 98.78M | 2.11B | 971.42M | 703.66M | 814.45M | 127.41M | 588.78M |
| Gross Margin % | 57.49% | 57.34% | 25.55% | 0.43% | 12.86% | 22.15% | 19.68% | 23.79% | 28.6% | 31.09% | 28.63% | 27.55% | 31.73% | 32.45% | 32.87% | 31.33% | 30.15% | 4.78% | 5.69% | 20.95% | 22.34% | 21.22% | 21.15% | 21.63% | 2.13% | 33.05% | 14.19% | 10.34% | 13.38% | 2.6% | 12.44% |
| Gross Profit Growth % | - | 127.22% | 9092% | -97.95% | -37.59% | 12.75% | -15.74% | -12.59% | 5.93% | 16.17% | 2.11% | -13.33% | 11.08% | 2.4% | 13.71% | 6.18% | 673.4% | -22.67% | -76.07% | 9.59% | 72.29% | 2.28% | -0.57% | 1056.84% | -95.31% | 117% | 38.05% | -13.6% | 539.26% | -78.36% | -15.78% |
| Operating Expenses | 8.29B | 9.11B | 574M | 1.2B | 709M | -743M | 3.04B | 3.19B | 2.81B | 3.3B | 2.36B | 2.31B | 2.31B | 2.25B | 2.22B | 2.83B | 2B | 927M | 662M | 320M | 224M | 87M | 100.46M | 95.1M | -2.76B | -2.14B | -3.42B | 133.7M | 117.05M | 92.52M | 84.72M |
| OpEx / Revenue % | 42.84% | 49.99% | 3.19% | 10.23% | 3.75% | -4.22% | 17.27% | 18.46% | 17.12% | 23.17% | 17.69% | 17.01% | 17.03% | 18.82% | 19.27% | 26.6% | 19.25% | 10.91% | 7.18% | 3.05% | 2.5% | 1.59% | 1.87% | 1.8% | -59.6% | -33.49% | -49.91% | 1.97% | 1.92% | 1.89% | 1.79% |
| Depreciation & Amortization | 0 | 0 | 96M | 44M | 65M | 50M | 37M | 26M | 9M | 4M | 4M | 4M | 4M | 4M | 4M | 4M | 4M | -76M | -76M | -83M | 61M | 1M | 191.16M | 12.31M | 106.6M | 199.02M | 237.01M | 167.17M | 137.51M | 140.5M | 70.75M |
| Combined Ratio % | 85.35% | 92.65% | 77.64% | 109.8% | 90.89% | 73.63% | 97.59% | 94.67% | 88.52% | 92.07% | 89.06% | 89.46% | 85.31% | 86.37% | 86.41% | 95.27% | 89.1% | 106.13% | 101.49% | 82.11% | 80.16% | 80.37% | 80.72% | 80.17% | 38.27% | 33.46% | 35.9% | 91.62% | 88.54% | 99.29% | 89.35% |
| Operating Income | 2.84B | 1.34B | 4.02B | -1.15B | 1.73B | 4.64B | 423M | 919M | 1.89B | 1.13B | 1.46B | 1.43B | 2B | 1.63B | 1.57B | 503M | 1.14B | -521M | -137M | 1.87B | 1.78B | 1.07B | 1.04B | 1.05B | 2.86B | 4.24B | 4.39B | 569.96M | 697.4M | 34.88M | 504.06M |
| Operating Margin % | 14.65% | 7.35% | 22.36% | -9.8% | 9.11% | 26.37% | 2.41% | 5.33% | 11.48% | 7.93% | 10.94% | 10.54% | 14.69% | 13.63% | 13.59% | 4.73% | 10.9% | -6.13% | -1.49% | 17.89% | 19.84% | 19.63% | 19.28% | 19.83% | 61.73% | 66.54% | 64.1% | 8.38% | 11.46% | 0.71% | 10.65% |
| Operating Income Growth % | - | -66.73% | 450.35% | -166.55% | -62.85% | 997.64% | -53.97% | -51.25% | 66.81% | -22.5% | 1.96% | -28.39% | 22.44% | 4.02% | 211.73% | -55.68% | 317.85% | -280.29% | -107.31% | 5.4% | 65.4% | 3.8% | -1.14% | -63.39% | -32.57% | -3.3% | 670.06% | -18.27% | 1899.36% | -93.08% | -19.55% |
| EBITDA | 3.16B | 1.56B | 4.12B | -1.1B | 1.79B | 4.69B | 460M | 945M | 1.89B | 1.13B | 1.46B | 1.43B | 2B | 1.64B | 1.57B | 507M | 1.14B | -597M | -213M | 1.79B | 1.84B | 1.08B | 1.23B | 1.06B | 2.97B | 4.44B | 4.63B | 737.14M | 834.91M | 175.38M | 574.81M |
| EBITDA Margin % | 16.32% | 8.59% | 22.89% | -9.43% | 9.46% | 26.66% | 2.62% | 5.48% | 11.54% | 7.95% | 10.97% | 10.57% | 14.72% | 13.67% | 13.63% | 4.76% | 10.94% | -7.02% | -2.31% | 17.1% | 20.52% | 19.65% | 22.84% | 20.06% | 64.03% | 69.66% | 67.56% | 10.83% | 13.72% | 3.58% | 12.14% |
| Interest Expense | 323M | 227M | 336M | 331M | 283M | 270M | 284M | 326M | 297M | 253M | 331M | 272M | 267M | 265M | 273M | 294M | 291M | 197M | 281M | 284M | 224M | 87M | 100.46M | 95.1M | 96.61M | 121.02M | 139.54M | 133.7M | 117.05M | 92.52M | 84.72M |
| Non-Operating Income | -323M | -227M | -336M | -331M | -283M | -270M | -284M | -326M | -297M | -253M | -331M | -272M | -267M | -265M | -273M | -294M | -291M | -197M | -281M | -284M | -224M | -87M | -100.46M | -95.1M | 2.77B | 4.12B | 4.25B | -133.7M | -117.05M | -92.52M | -84.72M |
| Pretax Income | 2.84B | 1.34B | 4.02B | -1.15B | 1.73B | 4.64B | 423M | 919M | 1.89B | 1.13B | 1.46B | 1.43B | 2B | 1.63B | 1.57B | 503M | 1.14B | -521M | -137M | 1.87B | 1.78B | 1.07B | 1.04B | 1.05B | 1.62M | 705.91M | 800.2M | 569.96M | 697.4M | 34.88M | 504.06M |
| Pretax Margin % | 14.65% | 7.35% | 22.36% | -9.8% | 9.11% | 26.37% | 2.41% | 5.33% | 11.48% | 7.93% | 10.94% | 10.54% | 14.69% | 13.63% | 13.59% | 4.73% | 10.9% | -6.13% | -1.49% | 17.89% | 19.84% | 19.63% | 19.28% | 19.83% | 0.04% | 11.07% | 11.69% | 8.38% | 11.46% | 0.71% | 10.65% |
| Income Tax | 477M | 161M | 747M | -396M | 367M | 865M | -76M | 33M | 244M | -949M | 266M | 276M | 483M | 387M | 282M | 274M | 262M | -106M | -127M | 553M | 483M | 244M | 304.15M | 280.41M | -89.97M | 144.71M | 214.9M | 109.61M | 187.62M | 12.65M | 147.67M |
| Effective Tax Rate % | 16.82% | 12.03% | 18.57% | 34.49% | 21.28% | 18.63% | -17.97% | 3.59% | 12.94% | -83.98% | 18.24% | 19.3% | 24.19% | 23.73% | 17.98% | 54.47% | 23.08% | 20.35% | 92.7% | 29.51% | 27.17% | 22.7% | 29.37% | 26.77% | -5539.78% | 20.5% | 26.86% | 19.23% | 26.9% | 36.27% | 29.3% |
| Net Income | 2.36B | 1.18B | 3.27B | -752M | 1.36B | 3.78B | 499M | 886M | 1.64B | 2.08B | 1.19B | 1.15B | 1.51B | 1.24B | 1.31B | 221M | 902M | -485M | 57M | 1.22B | 1.32B | 831M | 707.01M | 511.94M | 91.59M | 545.6M | 585.3M | 460.35M | 509.77M | 933.99M | 513.56M |
| Net Margin % | 12.18% | 6.46% | 18.21% | -6.42% | 7.17% | 21.46% | 2.84% | 5.13% | 10% | 14.58% | 8.94% | 8.51% | 11.15% | 10.4% | 11.38% | 2.08% | 8.66% | -5.71% | 0.62% | 11.6% | 14.68% | 15.18% | 13.16% | 9.69% | 1.98% | 8.55% | 8.55% | 6.77% | 8.37% | 19.07% | 10.85% |
| Net Income Growth % | 107.66% | -64.06% | 535.51% | -155.38% | -64.06% | 657.11% | -43.68% | -46.01% | -21.07% | 74.41% | 3.29% | -23.83% | 21.78% | -5.26% | 494.12% | -75.5% | 285.98% | -950.88% | -95.31% | -7.67% | 58.36% | 17.54% | 38.1% | 458.94% | -83.21% | -6.78% | 27.14% | -9.69% | -45.42% | 81.87% | 6.51% |
| EPS (Diluted) | 12.01 | 5.84 | 18.41 | -4.92 | 7.78 | 7.43 | 2.57 | 4.38 | 7.47 | 9.22 | 5.03 | 4.51 | 5.67 | 4.52 | 4.56 | 0.93 | 3.07 | -1.70 | 0.22 | 4.43 | 5.13 | 4.72 | 3.95 | 2.85 | 0.48 | 2.85 | 3.03 | 2.30 | 2.51 | 4.49 | 2.44 |
| EPS Growth % | 104.88% | -68.28% | 474.19% | -163.24% | 4.71% | 189.11% | -41.32% | -41.37% | -18.98% | 83.3% | 11.53% | -20.46% | 25.44% | -0.88% | 390.32% | -69.71% | 280.59% | -872.73% | -95.03% | -13.65% | 8.69% | 19.49% | 38.6% | 493.75% | -83.16% | -5.94% | 31.74% | -8.37% | -44.1% | 84.02% | 5.17% |
| EPS (Basic) | - | 5.95 | 18.66 | -4.92 | 7.94 | 20.16 | 2.58 | 4.42 | 7.60 | 9.36 | 5.09 | 4.60 | 5.81 | 4.68 | 4.68 | 0.72 | 3.16 | -1.73 | 0.22 | 4.50 | 5.21 | 4.80 | 4.01 | 2.89 | 0.48 | 2.89 | 3.06 | 2.33 | 2.54 | 4.56 | 2.48 |
| Diluted Shares Outstanding | 196.42M | 186.06M | 173.8M | 169.56M | 172.7M | 189.1M | 194.47M | 202.11M | 219.55M | 226.22M | 236.83M | 254.94M | 267.96M | 275.15M | 287.59M | 314.95M | 319.21M | 285.64M | 259.39M | 273.91M | 256.17M | 176.08M | 178.98M | 179.63M | 189.3M | 191.41M | 193.14M | 200.11M | 203.1M | 208.02M | 210.91M |
Quick answers to the most common questions about buying LNC stock.
For fiscal year 2025, Lincoln National Corporation (LNC) reported total revenue of $18.21B. This represents a 284.7% increase compared to $4.73B in 1996.
Lincoln National Corporation (LNC) is profitable, generating $1.18B in net income for the fiscal year ending 2025 with a net profit margin of 6.5%.
Lincoln National Corporation (LNC) reported an operating income of $1.34B, resulting in an operating profit margin of 7.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Lincoln National Corporation (LNC) generated $10.44B in gross profit for the year, representing a gross profit margin of 57.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Reserve adequacy uncertainty
Metrics are mathematically derived from official filings.
Premium Growth Stalls Amid Mixed Signals
Revenue growth averaged 1.2% year-over-year in Q2 2026, per LNC's latest filing, with quarterly swings from -11.5% to +14.7% over the past year, suggesting a volatile top-line trajectory.
The modest overall growth masks significant quarterly volatility, with 2025Q2 showing a sharp contraction and 2026Q1 a rebound. This pattern may indicate inconsistent new business momentum across annuity and life segments, possibly reflecting competitive pressures and rate environment shifts. Investors should monitor whether the recent EPS beat can translate into sustained premium expansion.
Underwriting Profitability Remains Volatile
Combined ratios swung from 58.7% in 2024Q4 to 120.1% in 2025Q1, as reported in financial statements, indicating significant instability in underwriting performance across quarters.
The extreme volatility in combined ratios suggests that LNC's underwriting results are highly sensitive to reserve adjustments and one-time items. The 2025Q1 combined ratio above 100% implies underwriting losses, while 2024Q4's sub-60% ratio appears unsustainably low. This pattern may reflect the impact of LDTI accounting and DAC unlocking, which can distort quarterly profitability.
Reserve Releases Mask Underlying Trends
Prior-year reserve releases appear to have inflated earnings in 2024Q4 and 2026Q2, as evidenced by unusually low loss ratios of 18.5% and 0% respectively, per LNC's income statement data.
The near-zero loss ratio in 2026Q2 and the exceptionally low ratio in 2024Q4 suggest that favorable reserve development is boosting reported earnings. This may indicate that core underwriting profitability is weaker than headline numbers suggest. Investors should scrutinize the sustainability of these releases, as they may not recur and could mask underlying margin pressures.
Investment Income Contribution Unclear
Investment income data is unavailable in the provided financials, leaving its contribution to LNC's earnings unquantified, though it is typically a key driver for life insurers.
The absence of investment income figures limits a full assessment of LNC's earnings quality. Given the company's reliance on spreads in its annuity segment, investment performance is likely material. The recent EPS beat may partly stem from favorable investment yields, but without explicit data, this remains speculative. Monitoring future disclosures for investment income trends is advisable.
Expense Ratio Efficiency Questioned
Operating margin of 7.35% reported in the data is thin relative to peers like Globe Life's 24.4%, suggesting LNC's expense structure may be less efficient.
LNC's operating margin is comparable to Prudential and MetLife but significantly below Globe Life's, indicating potential scale disadvantages or higher administrative costs. The company's independent distribution model may reduce fixed costs but could lead to higher commission expenses. The recent divestiture of wealth management may improve efficiency, but the impact is not yet visible in the data.
Q2 2026 Earnings Beat Marks Potential Turn
Q2 2026 EPS of $6.72, as reported in LNC's latest filing, represents a 76.4% year-over-year increase and a significant beat versus consensus, suggesting a possible inflection point.
The dramatic EPS surge in 2026Q2, following a loss in Q1, indicates a sharp reversal in profitability. This could be driven by favorable reserve developments, investment gains, or expense controls. However, the lack of forward guidance and modest revenue growth temper enthusiasm. Investors should assess whether this quarter marks a sustainable improvement or a one-time boost.
Earnings Quality May Be Overstated
The reported EPS beat in Q2 2026 may be overstated due to favorable reserve releases and accounting adjustments, as suggested by the zero loss ratio and lack of investment income data.
The combination of a zero loss ratio and a massive EPS jump raises questions about the quality of earnings. LDTI and DAC unlocking can create non-cash volatility, and the absence of investment income details obscures the true drivers. The market's skepticism, reflected in LNC's discounted valuation, may be warranted if these earnings are not repeatable. Investors should demand clarity on reserve adequacy and underlying cash generation.