LINCOLN NATIONAL CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data LINCOLN NATIONAL CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	13,330	14,257	16,424	17,258	17,439	17,715	18,810	11,645	18,442	18,212
General and administrative	1,687	1,766	1,953	2,210	2,072	2,252	2,407	2,543	2,738	2,647
Interest expense	331	253	297	326	284	270	283	331	336	227
Pre-tax income	1,458	1,130	1,885	919	423	4,643	1,725	-1,148	4,022	1,338
Income tax	266	-949	244	33	-76	865	367	-396	747	161
Income from continuing operations	1,192
Net income	1,192	2,079	1,641	886	499	3,778	1,358	-752	3,275	1,177
EPS, basic	10.18	18.72	15.20	8.82	5.16	20.17	7.93	-4.92	18.66	5.94
EPS, diluted	10.06	18.44	14.80	8.76	5.12	19.96	7.78	-4.92	18.41	5.83
Shares, basic (weighted)	117	111	108	100	96.8	187	171	170	171	183
Shares, diluted (weighted)	118	113	110	101	97.2	190	173	171	173	186
Dividend per share	2.08	2.40	2.72	3.02	3.24	1.71	1.80	1.80	1.80	1.80

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2,722	1,628	2,345	2,563	1,708	2,612	3,343	3,365	5,801	9,502
Lease right-of-use assets				233	182	147	140	118	85	58
Goodwill	2,273	1,368	1,782	1,778	1,778	1,778	1,144	1,144	1,144	1,144
Total assets	261,627	281,763	298,147	334,761	365,948	386,945	334,331	372,413	390,831	417,204
Short-term debt		450		300		300	500	250	300	400
Long-term debt					6,682	6,625
Total liabilities	247,149	264,441	283,797	315,072	343,249	366,191	329,229	365,520	382,562	406,298
Total debt	5,123	5,123	5,686	6,127	6,331	6,331	6,331	5,699	5,856	5,866
Retained earnings	7,043	8,399	8,551	8,854	8,686	9,578	5,924	4,778	7,645	8,386
Other comprehensive income	1,566	3,230	407	5,673	8,931	6,441	-6,352	-3,476	-5,036	-4,058
Shareholders' equity	14,478	17,322	14,350	19,689	22,699	19,915	5,102	6,893	8,269	10,906
Total equity	14,478	17,322	14,350	19,689	22,699	19,915	5,102	6,893	8,269	10,906
Total liabilities and equity	261,627	281,763	298,147	334,761	365,948	386,945	334,331	372,413	390,831	417,204
Shares outstanding	113	109	103	98.3	96.2	177	169	170	170	190

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,192	2,079	1,641	886	499	3,778	1,358	-752	3,275	1,177
Stock-based compensation	46	50	52	62	51	61	51	61	64	78
Cash from operations	1,272	788	1,943	-2,686	534	-217	3,609	-2,074	-2,007	-167
Acquisitions			-1,410
Purchases of investments	-11,113	-10,148	-12,650	-15,326	-16,761	-16,915	-14,813	-11,131	-11,442
Sales and maturities of investments	2,959	1,612	3,668	6,807	5,354	9,621	5,453	5,670	9,442	11,056
Cash from investing	-3,666	-4,188	-5,815	-5,499	-9,481	-3,584	-11,646	-3,334	821	-4,013
Debt issued	395		1,094	744	1,289	0	296	0	346	495
Debt repaid	-600		-537	-308	-1,096	0	-300	-500	-100	-300
Stock issued								0	0	825
Share buybacks	-879	-725	-900	-550	-275	-1,105	-550	0	0
Dividends paid	-238	-262	-289	-303	-311	-319	-310	-305	-307	-325
Cash from financing	1,970	2,306	4,589	8,403	8,092	4,705	8,768	5,430	3,622	7,881
Net change in cash	-424	-1,094	717	218	-855	904	731	22	2,436	3,701
Interest paid	274	248	281	281	283	277	269	344	372	336
Income taxes paid	197	170	90	260	22	1	-54	0	0	84

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $41.69 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	14.7%	Pre-tax income / revenue.
Net margin	12.2%	Net income / revenue.
Operating cash flow margin	-6.9%	Cash from operations / revenue.
Effective tax rate	16.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	20.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.5%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-1.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-64.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-4.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	18.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-68.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-9.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	2.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-11.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	31.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	28.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-13.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	7.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	13.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.57x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	1.5%	Total debt / total assets.
Liabilities / assets	97.4%	Total liabilities / total assets.
Net debt	-$3.70B	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	0.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$10.21B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.04x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$12.02	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$98.39	Revenue / diluted weighted shares.
Operating cash flow per share	-$6.76	Cash from operations / diluted weighted shares.
Book value per share	$59.29	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$53.31	Tangible book value / shares outstanding.
Cash per share	$53.10	(Cash + short-term investments) / shares outstanding.
Payout ratio	14.6%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$7.98B	Share price x shares outstanding.
Enterprise value	$4.28B	Market cap + total debt - cash - short-term investments.
P/E	3.38x	Market cap / net income. Only when net income is positive.
P/S	0.41x	Market cap / revenue.
P/B	0.70x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.78x	Market cap / tangible book value, when positive.
EV/Sales	0.22x	Enterprise value / revenue.
Earnings yield	29.6%	Net income / market cap (the inverse of P/E).
Dividend yield	4.3%	Dividends paid over the period / market cap.
Shareholder yield	4.3%	(Dividends paid + share buybacks) / market cap.

What was LINCOLN NATIONAL CORP's revenue in fiscal 2025?

LINCOLN NATIONAL CORP reported revenue of $18.21B for fiscal 2025, 1.2% lower than the year before.

Was LINCOLN NATIONAL CORP profitable in fiscal 2025?

Yes. Net income was $1.18B, a net margin of 6.5%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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