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Financials · LNC

Lincoln National Corporation (LNC) financials

For the twelve months ended Sep 30, 2026, Lincoln National Corporation reported $20.25B of revenue and $3.31B of net income.

Revenue, TTM
$20.25B
Revenue growth, YoY
+10.3%
Net income, TTM
$3.31B
Net income growth, YoY
+57.1%
Net margin
16.4%
EPS, diluted, TTM
$16.71
EPS growth, YoY
+49.6%
Cash
$9.79B
Total debt
$6.44B
P/E
2.47
P/S
0.40
Market cap
$8.18B
Annual revenue$18.21B
FY2016FY2025
Annual net income$1.18B
FY2016FY2025

LNC revenue and earnings growth

LNC revenueQ3 2026$5.48B

Quarter YoY
+20.3%
QoQ
+20.7%
FY YoY
-1.2%
5Y CAGR
+0.9%
10Y CAGR
+3.0%

LNC revenue was $5.48B in fiscal Q3 2026 (ended Sep 30, 2026), up 20.3% from a year earlier and up 20.7% from the prior quarter. For the full fiscal 2025 it was $18.21B, down 1.2% from fiscal 2024. Compound annual growth was +0.9% over 5 years and +3.0% over 10 years. It rose in 7 of the last 10 fiscal years.

LNC net incomeQ3 2026$1.40B

Quarter YoY
+214.4%
QoQ
+5.0%
FY YoY
-64.1%
5Y CAGR
+18.7%
10Y CAGR
+0.2%

LNC net income was $1.40B in fiscal Q3 2026 (ended Sep 30, 2026), up 214.4% from a year earlier and up 5.0% from the prior quarter. For the full fiscal 2025 it was $1.18B, down 64.1% from fiscal 2024. Compound annual growth was +18.7% over 5 years and +0.2% over 10 years.

LNC EPSQ3 2026$6.77

Quarter YoY
+219.3%
QoQ
+0.7%
FY YoY
-68.3%
5Y CAGR
+17.9%
10Y CAGR
+2.6%

LNC diluted EPS was $6.77 in fiscal Q3 2026 (ended Sep 30, 2026), up 219.3% from a year earlier and up 0.7% from the prior quarter. For the full fiscal 2025 it was $5.83, down 68.3% from fiscal 2024. Compound annual growth was +17.9% over 5 years and +2.6% over 10 years.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$18.21B$18.44B$11.64B$18.81B$17.71B$17.44B$17.26B$16.42B$14.26B$13.33B
Selling, general and admin$2.65B$2.74B$2.54B$2.41B$2.25B$2.07B$2.21B$1.95B$1.77B$1.69B
Pre-tax income$1.34B$4.02B-$1.15B$1.73B$4.64B$423.00M$919.00M$1.89B$1.13B$1.46B
Income tax$161.00M$747.00M-$396.00M$367.00M$865.00M-$76.00M$33.00M$244.00M-$949.00M$266.00M
Net income$1.18B$3.27B-$752.00M$1.36B$3.78B$499.00M$886.00M$1.64B$2.08B$1.19B
EPS, basic$5.94$18.66-$4.92$7.93$20.17$2.58$4.41$7.60$9.36$5.09
EPS, diluted$5.83$18.41-$4.92$7.78$19.96$2.56$4.38$7.40$9.22$5.03
Diluted shares186.1M173.1M170.7M172.7M189.6M194.5M202.1M219.6M226.2M236.8M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$9.50B$5.80B$3.37B$3.34B$2.61B$1.71B$2.56B$2.35B$1.63B$2.72B
Goodwill$1.14B$1.14B$1.14B$1.14B$1.78B$1.78B$1.78B$1.78B$1.37B$2.27B
Total assets$417.20B$390.83B$372.41B$334.33B$386.94B$365.95B$334.76B$298.15B$281.76B$261.63B
Short-term debt$400.00M$300.00M$250.00M$500.00M$300.00M-$300.00M-$450.00M-
Long-term debt----$6.63B$6.68B----
Total debt$5.87B$6.16B$5.95B$6.33B$6.92B$6.68B$6.37B$5.69B$5.12B$5.12B
Total liabilities$406.30B$382.56B$365.52B$329.23B$366.19B$343.25B$315.07B$283.80B$264.44B$247.15B
Shareholders' equity$10.91B$8.27B$6.89B$5.10B$19.91B$22.70B$19.69B$14.35B$17.32B$14.48B

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow-$167.00M-$2.01B-$2.07B$3.61B-$217.00M$534.00M-$2.69B$1.94B$788.00M$1.27B
Investing cash flow-$4.01B$821.00M-$3.33B-$11.65B-$3.58B-$9.48B-$5.50B-$5.82B-$4.19B-$3.67B
Financing cash flow$7.88B$3.62B$5.43B$8.77B$4.71B$8.09B$8.40B$4.59B$2.31B$1.97B
Dividends paid$325.00M$307.00M$305.00M$310.00M$319.00M$311.00M$303.00M$289.00M$262.00M$238.00M
Share repurchases-$0$0$550.00M$1.10B$275.00M$550.00M$900.00M$725.00M$879.00M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY-1.2%58.4%-38.1%6.2%1.6%1.0%5.1%15.2%7.0%-1.8%
Net income growth, YoY-64.1%---64.1%657.1%-43.7%-46.0%-21.1%74.4%3.3%
EPS growth, YoY-68.3%---61.0%679.7%-41.6%-40.8%-19.7%83.3%11.5%
Net margin6.5%17.8%-6.5%7.2%21.3%2.9%5.1%10.0%14.6%8.9%
Return on equity10.8%39.6%-10.9%26.6%19.0%2.2%4.5%11.4%12.0%8.2%
Return on assets0.3%0.8%-0.2%0.4%1.0%0.1%0.3%0.6%0.7%0.5%
Debt to equity0.540.740.861.240.350.290.320.400.300.35

Source: XBRL data Lincoln National Corporation files with the SEC, latest filing dated Nov 5, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

LNC peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
LNC$20.25B+10.3%$3.31B16.4%$8.18B
MFCC$8.13B+7.1%C$5.57B68.5%$73.04B
MET$82.56B+14.8%$5.13B6.2%$64.61B
PRU$61.33B+6.5%$3.88B6.3%$41.86B
SLFC$41.90B+8.0%C$3.55B8.5%$40.95B
PUK$11.49B+7.0%$3.98B34.6%$32.51B
RGA$27.32B+22.5%$1.71B6.3%$17.42B
CRBG$20.81B+13.6%$2.20B10.6%$15.74B
AEG--€977.00M-$15.45B

LNC FAQ

7 questions
  • What is LNC revenue?
    Lincoln National Corporation (LNC) reported $20.25B of revenue for the twelve months ended Sep 30, 2026. That is up 10.3% from the year before. Revenue for fiscal 2025 was $18.21B.
  • Is LNC profitable?
    Yes. Lincoln National Corporation earned $3.31B in net income for the twelve months ended Sep 30, 2026, a net margin of 16.4%.
  • How much cash and debt does LNC have?
    Lincoln National Corporation reported $9.79B in cash and cash equivalents and $6.44B of debt on its most recent balance sheet in SEC filings.
  • How fast is LNC revenue growing?
    Lincoln National Corporation's revenue changed -1.2% in fiscal 2025, to $18.21B. Its compound annual growth rate was +0.9% over 5 years and +3.0% over 10 years.
  • What is LNC earnings per share?
    Diluted earnings per share were $16.71 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did LNC last report financial results?
    The latest statements here come from Lincoln National Corporation's 10-Q filed on Nov 5, 2026, covering the period ended Sep 30, 2026.
  • Where does this LNC financial data come from?
    Quantisnow builds these statements from the structured XBRL data Lincoln National Corporation files with the SEC. It is provided for information only and is not investment advice.