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LNC

Lincoln National Corporation

LNC

Lincoln National Corporation • NYSE
$41.14 ▼ -0.51% (-0.21)
Market Cap $7.81 B
52w High $43.66
52w Low $27.58
Dividend Yield 1.80%
P/E 3.57
Volume 518.34K
Outstanding Shares 189.94M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $4.591B ▲ $-228M ▲ $445M ▼ 9.693% ▼ $2.15 ▼ $603M ▼
Q2-2025 $4.065B ▼ $-932M ▼ $699M ▲ 17.196% ▲ $3.88 ▲ $848M ▲
Q1-2025 $4.716B ▼ $1.398B ▼ $-722M ▼ -15.31% ▼ $-4.41 ▼ $-869M ▼
Q4-2024 $5.084B ▲ $2.044B ▲ $1.687B ▲ 33.183% ▲ $9.8 ▲ $2.183B ▲
Q3-2024 $4.198B $830M $-528M -12.577% $-3.29 $-617M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $33.907B ▲ $415.275B ▲ $404.823B ▲ $10.452B ▲
Q2-2025 $30.079B ▲ $399.065B ▲ $389.517B ▲ $9.548B ▲
Q1-2025 $26.628B ▼ $382.898B ▼ $374.705B ▼ $8.193B ▼
Q4-2024 $26.717B ▼ $390.831B ▼ $382.562B ▼ $8.269B ▼
Q3-2024 $27.679B $396.84B $387.827B $9.013B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $446M ▼ $-1.141B ▼ $2.212B ▲ $2.454B ▲ $3.525B ▲ $-1.141B ▼
Q2-2025 $699M ▲ $1.013B ▲ $-266M ▲ $2.112B ▲ $2.859B ▲ $1.013B ▲
Q1-2025 $-722M ▼ $-272M ▼ $-2.046B ▼ $801M ▲ $-1.517B ▼ $-272M ▼
Q4-2024 $1.687B ▲ $222M ▲ $-717M ▼ $283M ▼ $-212M ▼ $222M ▲
Q3-2024 $-528M $-27M $-702M $1.267B $538M $-27M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Annuities Segment
Annuities Segment
 $1.20Bn ▲$1.22Bn ▲$1.39Bn ▲$1.21Bn ▼
Group Protection Segment
Group Protection Segment
 $1.43Bn ▲$1.42Bn ▼$1.52Bn ▲$1.54Bn ▲
Life Segment
Life Segment
 $1.59Bn ▲$1.65Bn ▲$1.59Bn ▼$1.60Bn ▲
Retirement Plan Services Segment
Retirement Plan Services Segment
 $340.00M ▲$340.00M ▲$330.00M ▼$330.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Lincoln National’s revenue has generally trended upward over the five‑year period, but with a sharp dip in 2023 before recovering strongly in 2024. Profitability has been very uneven: solid profits in 2020–2022, a clear loss in 2023, then a strong rebound in 2024 with earnings well above earlier years. This pattern suggests a business that can generate healthy earnings in normal conditions but is exposed to swings from market movements, claims experience, and assumption changes—common in life insurance, but still a key risk to watch.

Balance Sheet

Balance Sheet The balance sheet shows a large and growing asset base and a gradual build‑up of cash on hand, which supports liquidity. Debt levels have stayed fairly steady, but shareholders’ equity dropped sharply a few years ago and is only partly rebuilt, leaving the capital cushion thinner than it used to be. Overall, Lincoln looks adequately financed but with a history of capital strain that underscores the importance of continued balance sheet strengthening and cautious risk management.

Cash Flow

Cash Flow Cash generation has been volatile. Operating and free cash flow were modestly positive in some years and strongly positive once, but turned meaningfully negative in the last two years, indicating cash outflows from the core business over that period. For an insurer, cash flows can swing with claims, investment markets, and reinsurance activity, but the recent negative pattern raises questions about the durability and timing of cash generation, even though reported earnings improved in 2024. The lack of material capital spending means changes in free cash flow mainly reflect shifts in the underlying insurance operations and investment flows.

Competitive Edge

Competitive Edge Lincoln National holds a solid position in U.S. life insurance, annuities, retirement services, and group benefits, supported by a long‑standing brand and reputation for reliability. Its broad distribution network—working through financial advisors, brokers, and employer relationships—gives it wide reach and the ability to sell a diversified set of products rather than relying on a single line. That said, the company competes in a crowded, price‑sensitive industry with large peers, and its recent financial volatility suggests its competitive strengths must continually be backed up by disciplined risk selection and product design.

Innovation and R&D

Innovation and R&D Lincoln is actively leaning into digital tools and data to modernize a traditionally slow‑moving industry. Platforms like its Spectra underwriting tool, Customer 360 data hub, and advisor‑focused solutions such as AdviceNext are aimed at making quoting, onboarding, and servicing faster and more user‑friendly. The company is also innovating in product design, especially in hybrid life and long‑term care offerings like MoneyGuard, which blend protection and retirement planning features. These initiatives can improve efficiency and customer experience, but they require sustained investment and careful navigation of evolving regulations around data and analytics.

Summary

Lincoln National appears to be a fundamentally strong but cyclical insurer that has gone through a period of stress and is now in recovery mode. Revenues and earnings have bounced back after a difficult year, yet cash flows and the reduced equity base highlight that the balance sheet still needs ongoing reinforcement. Its brand, broad distribution, and differentiated products, supported by meaningful digital investments, give it a credible competitive platform. The key issues to track going forward are the stability of earnings, consistency of cash generation, further rebuilding of capital, and execution on its digital and product strategy in a highly competitive, regulation‑heavy industry.

NEWS

November 17, 2025 · 4:05 PM UTC

Lincoln Financial names John Muething Head of Investor Relations

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November 13, 2025 · 4:30 PM UTC

Lincoln National Corporation's Board of Directors Declares Quarterly Cash Dividend

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November 4, 2025 · 9:00 AM UTC

New Data From Lincoln Financial Reveals Americans Are Concerned About Long-Term Care, But Few Are Discussing It

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October 31, 2025 · 8:00 AM UTC

Lincoln National Corporation's Board of Directors Declares Series D Preferred Stock Dividend

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October 30, 2025 · 6:00 AM UTC

Lincoln Financial Reports 2025 Third Quarter Results

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