Lincoln National Corp (LNC) Financial Statements
Industry: Life Insurance
In fiscal 2025, Lincoln National reported revenue of $18.21B, down 1.2% from $18.44B the year before. Net income was $1.18B (a 6.5% net margin), or $5.83 per diluted share. Gross margin was 56.3% and operating margin was 41.8%. Operating activities generated -$167.0M of cash. At fiscal year end, Lincoln National held $417.20B in total assets against $406.30B in total liabilities.
Open the full interactive Lincoln National financials → Quarterly statements, key ratios, valuation history and price charts.
Lincoln National Key Stats
| Share Price | $40.63 |
|---|---|
| Market Cap | $7.98B |
| P/E Ratio | 7.0 |
| Revenue YoY Growth | -1.2% |
| 52-Week Range | $31.45 – $46.48 |
| Shares Outstanding | 192.9 million (basic, 2026 Q2) |
Lincoln National Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $17.44B | $19.23B | $18.78B | $11.64B | $18.44B | $18.21B |
| Cost of Goods Sold | $8.68B | $8.53B | $12.55B | $6.14B | $7.92B | $7.96B |
| Gross Profit | $8.76B | $10.70B | $6.24B | $5.51B | $10.52B | $10.25B |
| Operating Income | $6.69B | $8.45B | $4.00B | $3.12B | $7.79B | $7.61B |
| Pre-Tax Income | $423.0M | $1.64B | -$2.81B | -$1.15B | $4.02B | $1.34B |
| Income Tax | -$76.0M | $233.0M | -$584.0M | -$396.0M | $747.0M | $161.0M |
| Net Income | $499.0M | $1.41B | -$2.23B | -$752.0M | $3.27B | $1.18B |
| Diluted EPS | $2.56 | $7.43 | -$13.10 | -$4.92 | $18.41 | $5.83 |
Lincoln National Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $4.55B | $4.92B | $5.31B | $4.54B |
| Net Income | $445.0M | $755.0M | -$172.0M | $1.33B |
| Diluted EPS | $2.12 | $4.06 | -$1.10 | $6.72 |
Lincoln National Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Total Assets | $365.95B | $387.30B | $335.44B | $372.41B | $390.83B | $417.20B |
| Total Long-Term Debt | $6.33B | $6.33B | $6.33B | $5.83B | $6.08B | $6.26B |
| Total Liabilities | $343.25B | $367.03B | $331.34B | $365.52B | $382.56B | $406.30B |
| Shareholders' Equity | $22.70B | $20.27B | $4.10B | $6.89B | $8.27B | $10.91B |
Lincoln National Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $534.0M | $151.0M | $4.03B | -$2.07B | -$2.01B | -$167.0M |
| Cash From Investing | -$9.48B | -$3.57B | -$11.64B | -$3.33B | $821.0M | -$4.01B |
| Cash From Financing | $8.09B | $4.32B | $8.34B | $5.43B | $3.62B | $7.88B |
| Dividends Paid | $311.0M | $319.0M | $310.0M | — | — | — |
Figures from Lincoln National's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Lincoln National financials page for every line item.
Lincoln National Company Profile
| Ticker | LNC |
|---|---|
| Exchange | NYSE |
| Industry | Life Insurance |
| Headquarters | Radnor, Pennsylvania |
| Incorporated in | Indiana |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0000059558 |
Frequently Asked Questions
What was Lincoln National's revenue in fiscal 2025?
Lincoln National (LNC) reported revenue of $18.21B for fiscal 2025.
What is Lincoln National's annual revenue history?
Lincoln National's annual revenue by fiscal year: 2020: $17.44B; 2021: $19.23B; 2022: $18.78B; 2023: $11.64B; 2024: $18.44B; 2025: $18.21B.
What was Lincoln National's net income in fiscal 2025?
Lincoln National reported net income of $1.18B for fiscal 2025.
What was Lincoln National's earnings per share (EPS) in fiscal 2025?
Lincoln National's diluted EPS was $5.83 for fiscal 2025 (adjusted for any later stock splits).
What was Lincoln National's revenue last quarter?
In its most recent reported quarter (2026 Q2), Lincoln National reported revenue of $4.54B.
How much debt does Lincoln National have?
Lincoln National reported $6.26B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Lincoln National are outstanding?
Lincoln National reported a weighted average of 192.9 million basic shares outstanding in 2026 Q2.
What is Lincoln National's market cap?
Based on its latest closing price, Lincoln National (LNC) has a market capitalization of about $7.98B.
When does Lincoln National's fiscal year end?
Lincoln National's fiscal year end, as registered with the SEC, is December 31.
Where is Lincoln National headquartered?
Lincoln National lists its business address in Radnor, Pennsylvania in its SEC filings.