NYSE · Financial Statements

Lincoln National Corporation (LNC) Financial Statements

$39.84 NYSE: LNC Market Cap $7.63B

Lincoln National Corporation most recently reported annual revenue of $18.2B, net profit of $1.2B. Revenue grew at an average annual rate of 0.7% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Lincoln National Corporation: Revenue rose from $13.3B in 2016 to $18.2B in 2025, a change of +36.6% over 9 years; net profit was positive in 9 of 10 reported years; operating margin moved from 10.9% to 7.3%, a shift of -3.6 percentage points; the most recent year shows net profit of $1.2B.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$13.3B$14.3B$16.4B$17.3B$17.6B$17.6B$18.9B$11.7B$18.0B$18.2B
Operating Expenses$11.9B$13.1B$14.5B$16.3B$17.2B$13.0B$17.2B$12.9B$14.0B$16.9B
Operating Profit$1.5B$1.1B$1.9B$919.0M$423.0M$4.6B$1.7B$-1.1B$4.0B$1.3B
Operating Margin10.9%7.9%11.5%5.3%2.4%26.4%9.1%-9.8%22.4%7.3%
Other Income$0$0$0$0$0$0$0$0$0$0
Interest$331.0M$253.0M$297.0M$326.0M$284.0M$270.0M$283.0M$331.0M$336.0M$227.0M
Depreciation$4.0M$4.0M$9.0M$26.0M$37.0M$50.0M$65.0M$44.0M$96.0M$0
Profit Before Tax$1.5B$1.1B$1.9B$919.0M$423.0M$4.6B$1.7B$-1.1B$4.0B$1.3B
Tax$18.2M$-84.0M$12.9M$3.6M$-18.0M$18.6M$21.3M$34.5M$18.6M$12.0M
Net Profit$1.2B$2.1B$1.6B$886.0M$499.0M$3.8B$1.4B$-752.0M$3.3B$1.2B
EPS$5.03$9.22$7.47$4.38$2.57$7.43$7.78$-4.92$18.41$5.84
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$4.2B$721.0M$4.1B$4.6B$4.2B$5.1B$4.7B$4.1B$4.6B$4.9B$5.3B$4.5B
Operating Expenses$3.2B$2.3B$2.6B$3.5B$4.9B$3.0B$5.7B$3.2B$4.1B$4.0B$5.6B$2.9B
Operating Profit$1.0B$-1.6B$1.5B$1.1B$-703.0M$2.1B$-949.0M$848.0M$524.0M$915.0M$-246.0M$1.6B
Operating Margin24.5%-223.9%37.1%23.9%-16.8%41.3%-20.1%20.9%11.4%18.6%-4.6%36.2%
Interest$84.0M$81.0M$81.0M$86.0M$86.0M$83.0M$80.0M$0$79.0M$81.0M$81.0M$82.0M
Profit Before Tax$1.0B$-1.6B$1.5B$1.1B$-703.0M$2.1B$-949.0M$848.0M$524.0M$915.0M$-246.0M$1.6B
Tax$17.5M$23.5M$20.0M$18.3M$24.9M$19.7M$23.9M$17.6M$15.1M$17.6M$30.1M$18.9M
Net Profit$853.0M$-1.2B$1.2B$895.0M$-528.0M$1.7B$-722.0M$699.0M$445.0M$754.0M$-172.0M$1.3B
EPS$4.79$-7.34$6.93$5.11$-3.29$9.63$-4.41$3.81$2.12$3.80$-0.88$6.72

Over the 10 years reported for Lincoln National Corporation, borrowings increased from $5.3B in 2016 to $6.4B in 2025, cash stood at $9.5B in the latest year, shareholders' equity was $5.6B, current assets covered current liabilities 0.47 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$261.6B$281.8B$298.1B$334.8B$365.9B$391.6B$334.3B$372.4B$390.8B$417.2B
Current Assets$110.5B$115.8B$118.7B$125.4B$0$3.2B$131.4B$131.9B$55.5B$75.5B
Cash$2.7B$1.6B$2.3B$2.6B$1.7B$2.6B$3.3B$3.4B$5.8B$9.5B
Inventory$0$0$0$-7.0B$0$0$0$0$0$0
Receivables$5.7B$5.3B$18.3B$17.6B$17.0B$580.0M$21.2B$30.9B$28.8B$29.1B
Fixed Assets$-1.8B$-1.1B$-1.2B$233.0M$0$147.0M$0$0$0$0
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$180.7B$191.8B$190.1B$215.2B$250.7B$336.2B$131.7B$124.3B$9.7B$138.9B
Other Assets$2.3B$1.4B$1.8B$1.8B$1.8B$1.8B$1.1B$1.1B$1.1B$1.1B
Total Liabilities$247.1B$264.4B$283.8B$315.1B$343.2B$371.3B$329.2B$365.5B$382.6B$406.3B
Current Liabilities$241.8B$259.5B$278.0B$300.0M$0$300.0M$125.6B$144.4B$17.2B$162.0B
Borrowings$5.3B$5.3B$5.8B$6.4B$6.7B$6.8B$6.6B$6.1B$6.4B$6.4B
Other Liabilities$241.8B$259.1B$278.0B$308.7B$336.6B$364.5B$322.6B$359.4B$376.2B$399.9B
Equity$5.9B$5.7B$5.4B$5.2B$5.1B$4.7B$4.5B$4.6B$4.7B$5.6B
Reserves$14.5B$17.3B$14.3B$19.7B$22.7B$20.3B$5.1B$6.9B$8.3B$10.9B

For Lincoln National Corporation, operating cash flow was positive in 5 of 10 reported years; free cash flow in the latest year was negative at $167.0M; free cash flow was positive in 5 of 10 years.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$1.3B$788.0M$1.9B$-2.7B$534.0M$-217.0M$3.6B$-2.1B$-2.0B$-167.0M
Investing Cash Flow$-3.7B$-4.2B$-9.5B$-5.5B$-9.5B$-3.6B$-11.6B$-3.3B$821.0M$-4.0B
Financing Cash Flow$2.3B$2.5B$4.2B$8.2B$8.1B$4.9B$8.0B$6.4B$3.9B$7.3B
Net Cash Flow$-424.0M$-1.1B$717.0M$218.0M$-855.0M$904.0M$731.0M$22.0M$2.4B$3.7B
Free Cash Flow$1.3B$788.0M$1.9B$-2.7B$534.0M$-217.0M$3.6B$-2.1B$-2.0B$-167.0M

Valuation & Return Ratios

MetricValue
PEG Ratio0.03
EV / EBITDA1.40
FCF Yield-17.21%
Quick Ratio25.41
Interest Coverage8.78
Return 1Y9.48%
Return 3Y111.00%
Return 5Y-25.06%

Lincoln National Corporation (LNC) financials — frequently asked questions

What is Lincoln National Corporation's annual revenue?

Lincoln National Corporation (LNC) reported annual revenue of $18.2B in its most recent fiscal year.

What is Lincoln National Corporation's net profit?

Lincoln National Corporation (LNC) reported net profit of $1.2B in its most recent fiscal year.

What is LNC EV/EBITDA?

Lincoln National Corporation's enterprise value to EBITDA (EV/EBITDA) ratio is 1.40.

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