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Lincoln National Corporation (LNC) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

FINANCIAL SERVICES · INSURANCE - LIFE · DATA UPDATED 2026-08-02

Lincoln National Corporation (LNC) operates in the INSURANCE - LIFE industry and is headquartered in Radnor, United States with about 9,423 employees. Its market capitalization is roughly $8 billion. In the fiscal year ended 2025-12-31, LNC reported $18.2B in revenue and $1.2B in net income.

Lincoln National Corporation, through its subsidiaries, operates multiple insurance and retirement businesses in the United States. It operates through four segments: Life Insurance, Annuities, Group Protection, and Retirement Plan Services.

Interactive charts & full statements → Open the LNC valuation workbench →

LNC Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$19.4B	$18.2B	$18.0B	$11.7B	$18.8B	$17.6B	$17.6B	$17.3B	$16.4B	$14.3B	$13.3B	$13.6B	$13.6B	$12.0B	$11.5B	$10.6B	$10.4B	$8.5B	$9.2B	$10.5B	$9.0B
Gross Profit	$9.1B	$10.4B	$4.6B	$50M	$18.8B	$3.9B	$3.5B	$4.1B	$16.4B	$4.4B	$3.8B	$3.7B	$4.3B	$3.9B	$3.8B	$3.3B	$3.1B	$406M	$525M	$2.2B	$2.0B
Gross Margin %	47.2%	57.3%	25.6%	0.4%	100.0%	22.1%	19.7%	23.8%	100.0%	31.1%	28.6%	27.6%	31.7%	32.5%	32.9%	31.3%	30.1%	4.8%	5.7%	20.9%	22.3%
Operating Income (EBIT)	$2.5B	$1.3B	$4.0B	($1.1B)	($2.8B)	$4.6B	$423M	$919M	$2.2B	$1.1B	$1.5B	$1.4B	$2.0B	$1.6B	$1.6B	$503M	$1.1B	($521M)	($137M)	$1.9B	$1.8B
Operating Margin %	13.0%	7.3%	22.4%	-9.8%	-15.0%	26.4%	2.4%	5.3%	13.3%	7.9%	10.9%	10.5%	14.7%	13.6%	13.6%	4.7%	10.9%	-6.1%	-1.5%	17.9%	19.8%
Net Income	$2.0B	$1.2B	$3.3B	($752M)	($2.2B)	$3.8B	$499M	$886M	$1.6B	$2.1B	$1.2B	$1.2B	$1.5B	$1.2B	$1.3B	$221M	$902M	($485M)	$57M	$1.2B	$1.3B
Net Margin %	10.6%	6.5%	18.2%	-6.4%	-11.9%	21.5%	2.8%	5.1%	10.0%	14.6%	8.9%	8.5%	11.2%	10.4%	11.4%	2.1%	8.7%	-5.7%	0.6%	11.6%	14.7%
EBITDA	$2.8B	$1.6B	$4.5B	($773M)	$6.4B	$5.0B	$744M	$1.3B	$2.2B	$1.4B	$1.8B	$1.7B	$2.3B	$1.9B	$1.8B	$801M	$1.4B	($400M)	$68M	$2.1B	$2.1B
Earnings Per Share (EPS)	$7.49	$6.33	$18.84	$-4.43	$-12.90	$19.98	$2.57	$4.38	$7.47	$9.19	$5.03	$4.53	$5.65	$4.52	$4.57	$0.70	$2.83	$-1.70	$0.22	$4.44	$5.14
Shares Outstanding (M)	456M	186M	174M	170M	173M	189M	194M	202M	220M	226M	237M	255M	268M	275M	288M	315M	319M	286M	259M	274M	256M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

LNC Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$4.5B	$5.3B	$4.9B	$4.6B	$4.1B	$4.7B	$5.1B	$4.2B
Gross Profit	$2.5B	$3.3B	$3.0B	$296M	($84M)	$449M	$4.1B	$127M
Gross Margin %	56.0%	62.1%	60.9%	6.5%	-2.1%	9.5%	81.5%	3.0%
Operating Income (EBIT)	$1.3B	($246M)	$915M	$524M	$848M	($949M)	$2.1B	($703M)
Operating Margin %	29.3%	-4.6%	18.6%	11.4%	20.9%	-20.1%	41.3%	-16.8%
Net Income	$1.0B	($172M)	$754M	$445M	$699M	($722M)	$1.7B	($528M)
Net Margin %	22.5%	-3.2%	15.3%	9.7%	17.2%	-15.3%	33.2%	-12.6%
EBITDA	$1.4B	($165M)	$996M	$603M	$848M	($869M)	$2.2B	($617M)
Earnings Per Share (EPS)	$2.24	$-0.88	$3.84	$2.29	$3.87	$-4.15	$9.70	$-3.04
Shares Outstanding (M)	456M	196M	196M	194M	181M	174M	174M	174M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

LNC Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	($1.3B)	($167M)	($2.0B)	($2.1B)	$4.0B	$151M	$534M	($2.7B)	$1.9B	$788M	$1.3B	$2.2B	$2.5B	$799M	$1.3B	$1.3B	$1.7B	$937M	$1.3B	$2.0B	$3.0B
Capital Expenditures (CapEx)	—	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$1.8B	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M	$0M
Free Cash Flow (FCF)	($1.3B)	($167M)	($2.0B)	($2.1B)	$4.0B	$151M	$534M	($2.7B)	$122M	$788M	$1.3B	$2.2B	$2.5B	$799M	$1.3B	$1.3B	$1.7B	$937M	$1.3B	$2.0B	$3.0B
FCF Margin %	-6.9%	-0.9%	-11.2%	-17.7%	21.5%	0.9%	3.0%	-15.6%	0.7%	5.5%	9.5%	16.5%	18.6%	6.7%	11.0%	12.0%	16.5%	11.0%	13.7%	18.7%	34.0%
Dividends Paid	$411M	$416M	$398M	$387M	$310M	$319M	$311M	$303M	$289M	$262M	$238M	$204M	$170M	$128M	$91M	$61M	$42M	$79M	$430M	$430M	$385M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

LNC Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	($558M)	$138M	$233M	($1.1B)	$1.0B	($272M)	$222M	($27M)
Free Cash Flow (FCF)	($558M)	$138M	$233M	($1.1B)	$1.0B	($272M)	$222M	($27M)
FCF Margin %	-12.3%	2.6%	4.7%	-24.9%	24.9%	-5.8%	4.4%	-0.6%
Dividends Paid	$74M	$120M	$97M	$120M	$88M	$111M	$88M	$111M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

LNC Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$429.8B	$417.2B	$390.8B	$372.4B	$334.3B	$387.3B	$365.9B	$334.8B	$298.1B	$281.8B	$261.6B	$251.9B	$253.4B	$236.9B	$218.9B	$202.9B	$193.8B	$177.4B	$163.1B	$191.4B	$178.5B
Cash & Cash Equivalents	$10.2B	$9.5B	$5.8B	$3.4B	$3.3B	$2.6B	$1.7B	$2.6B	$2.3B	$1.6B	$2.7B	$3.1B	$3.9B	$2.4B	$4.2B	$4.5B	$2.7B	$4.0B	$5.9B	$1.7B	$1.6B
Total Liabilities	$418.4B	$406.3B	$382.6B	$365.5B	$329.2B	$367.0B	$6.7B	$315.1B	$283.8B	$264.4B	$247.1B	$238.3B	$237.6B	$223.5B	$203.9B	$188.7B	$181.0B	$165.7B	$155.2B	$179.7B	$166.3B
Total Debt (Short + Long-Term)	$6.9B	$6.3B	$6.4B	$5.9B	$6.5B	$6.9B	$8.9B	$8.2B	$7.6B	$7.1B	$7.3B	$12.3B	$6.3B	$6.7B	$6.6B	$5.7B	$6.9B	$5.4B	$5.5B	$5.2B	$4.1B
Total Shareholders' Equity	$11.3B	$10.9B	$8.3B	$6.9B	$5.1B	$20.3B	$359.3B	$19.7B	$14.3B	$17.3B	$14.5B	$13.6B	$15.7B	$13.5B	$15.0B	$14.2B	$12.8B	$11.7B	$8.0B	$11.7B	$12.2B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive LNC viewer.

Other Companies in INSURANCE - LIFE

PUK · Prudential PLC ADR — $32 billion
UNM · Unum Group — $15 billion
JXN · Jackson Financial Inc — $9 billion
PRI · Primerica Inc — $9 billion
CNO · CNO Financial Group Inc — $5 billion
GNW · Genworth Financial Inc — $4 billion
BHF · Brighthouse Financial, Inc. — $3 billion
ABX · Abacus Global Management, Inc. — $858 million

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