Lincoln National Corporation (LNC) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$1.96	$2.24	+14.3%	—	—	—
Q3 26	$1.6	$1.66	+3.7%	—	—	—
Q2 26	$1.9	$2.21	+16.3%	—	—	—
Q1 26	$1.88	$2.36	+25.5%	—	—	—
Q4 25	$1.52	$1.6	+5.3%	—	—	—
Q3 25	$1.74	$1.91	+9.8%	—	—	—
Q2 25	$1.63	$2.06	+26.4%	—	—	—
Q1 25	$1.77	$1.84	+4.0%	—	—	—
Q4 24	$1.11	$0.41	-63.1%	—	—	—
Q3 24	$1.31	$1.45	+10.7%	—	—	—
Q2 24	$1.77	$0.23	-87.0%	—	—	—
Q1 24	$1.85	$2.02	+9.2%	—	—	—
Q4 23	$1.63	$1.52	-6.7%	—	—	—
Q3 23	$1.8	$0.97	-46.1%	—	—	—
Q2 23	$1.79	$1.39	-22.3%	—	—	—
Q1 23	$2.21	$2.23	+0.9%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$5.94	—	—	$18.3B	—
FY24	—	$18.7	—	—	$18B	—
FY23	—	-$4.92	—	—	$11.7B	—
FY22	—	$7.93	—	—	$18.9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$13.3B	$14.3B	$16.4B	$17.3B	$17.6B	$17.6B	$18.9B	$11.7B	$18B	$18.3B
YoY change	-1.78%	+6.95%	+15.2%	+5.1%	+1.85%	+0.15%	+7.52%	-38.1%	+53.6%	+1.96%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	13.3B	14.3B	16.4B	17.3B	17.6B	17.6B	18.9B	11.7B	18B	18.3B
Cost of revenue	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.7B	1.8B	2B	2.2B	2.1B	2.3B	2.2B	2.4B	2.7B	2.6B
Operating expenses	1.9B	2.1B	2.3B	2.6B	2.6B	-1.2B	-370M	688M	580M	2.8B
Operating income	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	73M	23M	611M	31M	699M	815M	765M	938M	821M	774M
Pretax income	1.5B	1.1B	1.9B	919M	423M	4.6B	1.7B	-1.1B	4B	1.3B
Income tax	266M	-949M	244M	33M	-76M	865M	367M	-396M	747M	161M
Net income	1.2B	2.1B	1.6B	886M	499M	3.8B	1.4B	-752M	3.3B	1.2B
Net margin	8.94%	14.6%	9.99%	5.13%	2.84%	21.5%	7.17%	-6.42%	18.2%	6.42%
EBITDA	—	—	—	—	—	—	—	—	—	—
EPS	5.27	9.53	7.88	4.51	2.59	7.93	7.93	-4.92	18.7	5.94
Diluted EPS	5.03	9.22	7.4	4.38	2.56	7.43	7.78	-4.92	18.4	5.83

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	—	—	—	—	—	—	—	4.6B	5B	5.3B	4.6B
Cost of revenue	—	—	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	—	—	—	—	—	—	—	—	-304M	4M	1B	-1.4B
Operating income	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	206M	199M	184M	202M
Pretax income	—	—	—	—	—	—	—	—	524M	915M	-246M	1.6B
Income tax	—	—	—	—	—	—	—	—	79M	161M	-74M	311M
Net income	—	—	—	—	—	—	—	—	445M	754M	-172M	1.3B
Net margin	—	—	—	—	—	—	—	—	9.69%	15.2%	-3.23%	29.1%
EBITDA	—	—	—	—	—	—	—	—	—	—	—	—
EPS	4.83	-7.34	6.99	5.18	-3.29	9.8	-4.41	3.88	2.15	3.89	-1.08	6.85
Diluted EPS	4.79	-7.35	6.93	5.11	-3.29	9.63	-4.41	3.8	2.12	3.8	-1.1	6.72

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	15B	16.8B	10.6B	11.6B	9.7B	12.1B	5.3B	4.6B	5.4B	8.1B	7.8B
Enterprise value	-71.9B	-74.6B	-80B	-90B	-108.4B	-102.6B	-91.2B	-12.3B	-15B	-20.2B	-29.3B
Shares outstanding	226.3M	218.1M	205.9M	196.7M	192.3M	177.2M	171M	169.6M	170.6M	182.7M	182.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	12.6	8.06	6.44	13.1	19.4	3.2	3.87	—	1.65	6.91	3.51
P/S	1.13	1.18	0.64	0.67	0.55	0.69	0.28	0.39	0.3	0.44	0.41
P/B	1.04	0.97	0.74	0.59	0.43	0.58	1.03	0.66	0.65	0.75	0.77
EV/Sales	-5.39	-5.23	-4.87	-5.21	-6.17	-5.83	-4.82	-1.05	-0.83	-1.1	-1.51
Earnings yield	7.95%	12.4%	15.5%	7.63%	5.16%	31.2%	25.8%	—	60.5%	14.5%	28.5%
FCF yield	8.48%	4.7%	18.4%	-23.1%	5.52%	-1.79%	68.7%	-45.3%	-37.1%	-2.05%	26.4%
PEG	—	—	—	—	—	—	—	—	—	—	0.05

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Operating margin	—	—	—	—	—	—	—	—	—	—	4.61%
Net margin	8.94%	14.6%	9.99%	5.13%	2.84%	21.5%	7.17%	-6.42%	18.2%	6.42%	12.2%
ROE	8.23%	12%	11.4%	4.5%	2.2%	18.2%	26.6%	-10.9%	39.6%	10.8%	22.6%
ROA	—	—	—	—	—	—	—	—	0.84%	0.28%	0.28%
Return on tangible assets	—	—	—	—	—	—	—	—	0.84%	0.28%	0.55%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	—	—	—	—	—	—	—	—	—	2.18
Debt / equity	0.37	0.31	0.41	0.32	0.29	0.32	1.3	0.89	0.77	0.59	0.64
Debt / assets	—	—	—	—	—	—	—	—	0.02	0.02	0.02
Interest coverage	5.4	5.47	7.35	3.82	2.49	18.2	7.1	-2.47	13	6.89	9.78
Effective tax rate	18.2%	0%	12.9%	3.59%	0%	18.6%	21.3%	0%	18.6%	12%	16.8%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	58.9	65.4	79.8	87.8	91.4	99.4	110.7	69.1	105.4	100.4	101.1
EPS (basic)	5.27	9.53	7.88	4.51	2.59	7.93	7.93	-4.92	18.7	5.94	5.94
EPS (diluted)	5.03	9.22	7.4	4.38	2.56	7.43	7.78	-4.92	18.4	5.83	11.9
Book value per share	64	79.4	69.7	100.1	118	117.1	29.8	40.6	48.5	59.7	54.1
FCF per share	5.62	3.61	9.44	-13.7	2.78	-1.22	21.1	-12.2	-11.8	-0.91	-6.76
Cash per share	407.4	443.5	468.1	547.9	648.6	684.7	602.7	135.6	156.6	190.3	237.9

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Payout ratio	20%	12.6%	17.6%	34.2%	62.3%	8.44%	22.8%	-51.5%	12.2%	35.3%	15.2%
Dividend yield	1.59%	1.56%	2.74%	2.61%	3.21%	2.64%	5.9%	8.46%	7.36%	5.11%	4.4%

Yield

4.4%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.45

ex-dividend Jul 10, 2026

Payout ratio

15%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 10, 2026	$0.45
Apr 10, 2026	$0.45
Jan 12, 2026	$0.45

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	—	—	—	—	—	—	—	$4.6B	$5B	$5.3B	$4.6B
YoY change	—	—	—	—	—	—	—	—	—	—	—	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	92.2B	96.7B	96.4B	107.8B	124.8B	121.3B	103.1B	23B	26.7B	34.8B
Receivables	5.7B	5.3B	18.3B	17.6B	17B	20.3B	20B	29.8B	28.8B	28B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	4.5B	2.7B	3.6B	3.6B	3.6B	3.6B	2.3B	2.3B	2.3B	2.3B
Total assets	—	—	—	—	—	—	—	—	390.8B	417.2B
Accounts payable	—	—	—	—	—	—	—	—	—	—
Short-term debt	0	450M	0	550M	250M	550M	500M	250M	300M	400M
Total current liabilities	—	—	—	—	—	—	—	—	—	—
Long-term debt	5.3B	4.9B	5.8B	5.7B	6.4B	6.1B	6.1B	5.9B	6.1B	6B
Total liabilities	—	—	—	—	—	—	—	—	382.6B	406.3B
Shareholders' equity	14.5B	17.3B	14.3B	19.7B	22.7B	20.8B	5.1B	6.9B	8.3B	10.9B
Total debt	5.3B	5.3B	5.8B	6.2B	6.7B	6.6B	6.6B	6.1B	6.4B	6.4B
Net debt	2.6B	3.7B	3.5B	3.6B	4.9B	4B	3.3B	2.8B	554M	-3.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	22.5B	23B	24.3B	26.6B	27.7B	26.7B	26.6B	30.1B	33.9B	34.8B	34.8B	39.4B
Receivables	18.4B	29.8B	29.5B	29.1B	29.2B	28.8B	28.6B	28.4B	28.7B	28B	27.7B	27.2B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	2.3B	2.3B	2.3B	2.3B	2.3B	2.3B	2.3B	2.3B	2.3B	2.3B	2.3B	2.3B
Total assets	—	—	383.4B	384.5B	396.8B	390.8B	382.9B	399.1B	415.3B	417.2B	406.2B	429.8B
Accounts payable	—	—	—	—	—	—	—	—	—	—	—	—
Short-term debt	0	250M	503M	450M	300M	300M	0	0	0	400M	400M	400M
Total current liabilities	—	—	—	—	—	—	—	—	—	—	—	—
Long-term debt	5.7B	5.9B	5.7B	5.7B	5.7B	6.1B	5.9B	5.8B	5.8B	6B	6B	6.5B
Total liabilities	—	—	375.8B	376.6B	387.8B	382.6B	374.7B	389.5B	404.8B	406.3B	395.9B	418.4B
Shareholders' equity	3.2B	6.9B	7.5B	7.9B	9B	8.3B	8.2B	9.5B	10.5B	10.9B	10.2B	11.3B
Total debt	5.7B	6.1B	6.2B	6.2B	6B	6.4B	5.9B	5.8B	5.8B	6.4B	6.4B	6.9B
Net debt	3.2B	2.8B	2.1B	691M	-29M	554M	1.6B	-1.4B	-4.9B	-3.1B	-976M	-3.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	1.2B	2.1B	1.6B	886M	499M	3.8B	1.4B	-752M	3.3B	1.2B
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	172M	162M	631M	-29M	-119M	139M	-584M	—	—	—
Operating cash flow	1.6B	2.3B	2.4B	1.3B	774M	-362M	-1.9B	-3.1B	-64M	-167M
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-2.5B	-3.4B	-4B	-2.4B	-8.9B	-2.4B	-11.4B	-2.5B	3.3B	-2.5B
Dividends paid	-238M	-262M	-289M	-303M	-311M	-319M	-310M	-387M	-398M	-416M
Share repurchases	-879M	-725M	-900M	-550M	-275M	-1.1B	-550M	0	0	—
Financing cash flow	1.9B	2.3B	4.6B	8.4B	8.1B	4.7B	8.8B	5.4B	3.6B	7.9B
Net change in cash	995M	1.2B	3B	7.2B	-12M	1.9B	-4.6B	-158M	6.9B	5.2B
Free cash flow	1.3B	788M	1.9B	-2.7B	534M	-217M	3.6B	-2.1B	-2B	-167M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	853M	-1.2B	1.2B	894M	-528M	1.7B	-722M	699M	446M	754M	-172M	1.3B
Depreciation & amortization	—	—	—	—	—	—	—	—	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	-472M	-521M	-1.2B	682M	172M	271M	270M	-255M	-1.1B	233M	138M	-558M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-1.2B	-458M	1.9B	1.2B	-110M	-381M	-1.6B	197M	2.4B	-3.5B	-2.9B	3.2B
Dividends paid	-111M	-87M	-111M	-88M	-111M	-88M	-111M	-88M	-120M	-97M	-120M	-98M
Share repurchases	0	0	—	—	—	—	—	—	—	—	—	—
Financing cash flow	153M	3.4B	466M	1.6B	1.3B	284M	805M	1.3B	2.4B	2.5B	1.2B	804M
Net change in cash	-1.5B	2.4B	1.3B	3.5B	1.3B	174M	-500M	1.2B	3.7B	-770M	-1.6B	3.4B
Free cash flow	46M	-1.9B	-1.3B	-859M	-27M	222M	-272M	1B	-1.1B	233M	138M	-558M

Date	Ratio
Jun 22, 1999	2:1
Jun 28, 1993	2:1

Lincoln National Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history