Lincoln National Corporation (LNC) Revenue History
Annual and quarterly revenue from 1989 to present
LNC Revenue Over Time (1989–2025)
LNC Revenue Growth History
25 of 36 years with positive growth- FY1989 revenue growth
- N/A
- FY1990 revenue growth
- +5.1%
- FY1991 revenue growth
- +8.0%
- FY1992 revenue growth
- -12.4%
- FY1993 revenue growth
- +3.2%
- FY1994 revenue growth
- -15.7%
- FY1995 revenue growth
- -5.0%
- FY1996 revenue growth
- -28.6%
- FY1997 revenue growth
- +3.5%
- FY1998 revenue growth
- +24.3%
- FY1999 revenue growth
- +11.8%
- FY2000 revenue growth
- +0.6%
- FY2001 revenue growth
- -6.9%
- FY2002 revenue growth
- -27.3%
- FY2003 revenue growth
- +14.0%
- FY2004 revenue growth
- +1.7%
- FY2005 revenue growth
- +1.9%
- FY2006 revenue growth
- +63.7%
- FY2007 revenue growth
- +16.9%
- FY2008 revenue growth
- -11.9%
- FY2009 revenue growth
- -7.9%
- FY2010 revenue growth
- +22.5%
- FY2011 revenue growth
- +2.2%
- FY2012 revenue growth
- +8.4%
- FY2013 revenue growth
- +3.7%
- FY2014 revenue growth
- +13.6%
- FY2015 revenue growth
- -0.2%
- FY2016 revenue growth
- -1.7%
- FY2017 revenue growth
- +7.0%
- FY2018 revenue growth
- +15.2%
- FY2019 revenue growth
- +5.1%
- FY2020 revenue growth
- +1.9%
- FY2021 revenue growth
- +0.1%
- FY2022 revenue growth
- +7.5%
- FY2023 revenue growth
- -38.1%
- FY2024 revenue growth
- +53.6%
- FY2025 revenue growth
- +1.2%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $5.31B | +12.5% |
| Q4 2025 | $4.92B | -3.2% |
| Q3 2025 | $4.59B | +9.4% |
| Q2 2025 | $4.07B | -11.5% |
| Q1 2025 | $4.72B | +14.7% |
| Q4 2024 | $5.08B | +605.1% |
| Q3 2024 | $4.20B | -0.7% |
| Q2 2024 | $4.59B | +56.7% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2024)
LNC's revenue distribution by segment and geography for fiscal year 2024
By Product/Segment
LNC Revenue Analysis (1989–2025)
Current Revenue & Growth
As of June 21, 2026, Lincoln National Corporation (LNC) generated trailing twelve-month (TTM) revenue of $18.88 billion, reflecting strong growth of +12.5% year-over-year. The most recent quarter (Q1 2026) recorded $5.31 billion in revenue, up 7.8% sequentially.
Historical Growth Trajectory
LNC's 5-year compound annual growth rate (CAGR) stands at +0.7%, indicating moderate growth over time. The 3-year CAGR of -1.3% is below the 5-year average, signalling a growth deceleration in recent years. Lincoln National Corporation's highest annual revenue of $18.93 billion was recorded in 2022.
Revenue by Segment
LNC's revenue is primarily driven by Life Segment (35%), Group Protection Segment (31%), and Annuities Segment (27%). The diversified mix across segments reduces dependence on any single product line, which can support more resilient revenue in downturns.
Peer Comparison
Compared to Financial Services sector peers — including PRU (+1.9% YoY), MET (+6.1% YoY), and UNM (+4.8% YoY) — LNC has outperformed the peer group in revenue growth. Compare LNC vs PRU →
LNC Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| LNCCurrent | $18.9B | +12.5% | +0.7% | 7.3% | |
 PRU | $60.8B | +1.9% | +1.3% | 7.9% | |
 MET | $77.1B | +6.1% | +2.6% | 6.0% | |
 UNM | $13.1B | +4.8% | -0.1% | 7.2% | |
 PFG | $15.6B | -3.1% | +1.2% | 9.1% | |
 GL | $6.0B | +3.8% | +4.8% | 24.4% |
LNC Historical Revenue Data (1989–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $18.21B | +1.2% | $10.44B | 57.3% | $1.34B | 7.3% |
| 2024 | $17.99B | +53.6% | $4.60B | 25.5% | $4.02B | 22.4% |
| 2023 | $11.71B | -38.1% | $50.0M | 0.4% | $-1,148,000,000 | -9.8% |
| 2022 | $18.93B | +7.5% | $2.43B | 12.9% | $1.73B | 9.1% |
| 2021 | $17.61B | +0.1% | $3.90B | 22.2% | $4.64B | 26.4% |
| 2020 | $17.58B | +1.9% | $3.46B | 19.7% | $423.0M | 2.4% |
| 2019 | $17.25B | +5.1% | $4.11B | 23.8% | $919.0M | 5.3% |
| 2018 | $16.42B | +15.2% | $4.70B | 28.6% | $1.89B | 11.5% |
| 2017 | $14.26B | +7.0% | $4.43B | 31.1% | $1.13B | 7.9% |
| 2016 | $13.33B | -1.7% | $3.82B | 28.6% | $1.46B | 10.9% |
| 2015 | $13.57B | -0.2% | $3.74B | 27.5% | $1.43B | 10.5% |
| 2014 | $13.59B | +13.6% | $4.31B | 31.7% | $2.00B | 14.7% |
| 2013 | $11.96B | +3.7% | $3.88B | 32.5% | $1.63B | 13.6% |
| 2012 | $11.54B | +8.4% | $3.79B | 32.9% | $1.57B | 13.6% |
| 2011 | $10.64B | +2.2% | $3.33B | 31.3% | $503.0M | 4.7% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
37+ years return with dividends reinvested.
DCA Calculator
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Peer Comparison
Compare growth, multiples, and margins vs sector.
LNC — Frequently Asked Questions
Quick answers to the most common questions about buying LNC stock.
Is LNC's revenue growth accelerating or slowing?
LNC revenue growth is holding steady at +12.5% year-over-year. TTM revenue is $18.9B. The current growth rate closely tracks the 5-year CAGR of +0.7%, signalling consistent execution.
What is LNC's revenue history from 1989 to 2026?
Lincoln National Corporation (LNC) revenue history spans 1989 to 2026. TTM revenue as of 2026 is $18.9B, growing at +12.5% YoY. The 5-year CAGR is +0.7%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is LNC's long-term revenue growth rate (CAGR)?
Lincoln National Corporation's 5-year revenue CAGR of +0.7% reflects the sustained nature of its business expansion. As of 2026, the current YoY growth rate of +12.5% is in line with this long-term average. CAGR is the most reliable measure of sustained revenue momentum for LNC.
Why does LNC's quarterly revenue fluctuate?
LNC quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Lincoln National Corporation's revenue data from 1989 to 2026 shows full historical quarterly detail on this page.
How is LNC's revenue distributed by segment?
LNC reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does LNC's revenue compare to industry peers?
Lincoln National Corporation (LNC) with TTM revenue of $18.9B and +12.5% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.