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Athene vs Lincoln National: revenue, profit, margins and growth compared

Athene brought in $25.7B of revenue in fiscal 2025, Lincoln National $18.2B in fiscal 2025. Revenue changed by +24.1% at Athene and -1.2% at Lincoln National on the year before, so Athene grew faster. Athene kept 10.6% of its revenue as net profit, Lincoln National 6.5%.

Side by side, latest fiscal year

ATHSLNC
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$25.7B$18.2B
Revenue growth+24.1%-1.2%
Net income$2.7B$1.2B
Net margin10.6%6.5%
Free cash flown/an/a
Free cash flow marginn/an/a
Earnings per share (diluted)n/a$5.83
Cash$16.9B$9.5B
Debt$7.8B$5.9B
Price to earningsn/a7.2
Market value$5B$8B
Dividend yieldn/a4.32%
Rank by revenue in sector#23 of 444 · Finance#35 of 444 · Finance

Over the years

Revenue
ATHS FY2018: $6.6BATHS FY2019: $16.3BATHS FY2020: $14.8BATHS FY2021: $26.3BATHS FY2022: $7.6BATHS FY2023: $28.2BATHS FY2024: $20.7BATHS FY2025: $25.7BLNC FY2018: $16.4BLNC FY2019: $17.3BLNC FY2020: $17.4BLNC FY2021: $17.7BLNC FY2022: $18.8BLNC FY2023: $11.6BLNC FY2024: $18.4BLNC FY2025: $18.2BFY18FY19FY20FY21FY22FY23FY24FY25
ATHS $25.7BLNC $18.2B
Net income
ATHS FY2018: $1.1BATHS FY2019: $2.2BATHS FY2020: $1.5BATHS FY2021: $3.9BATHS FY2022: -$2.9BATHS FY2023: $4.7BATHS FY2024: $3.5BATHS FY2025: $2.7BLNC FY2018: $1.6BLNC FY2019: $886MLNC FY2020: $499MLNC FY2021: $3.8BLNC FY2022: $1.4BLNC FY2023: -$752MLNC FY2024: $3.3BLNC FY2025: $1.2BFY18FY19FY20FY21FY22FY23FY24FY25
ATHS $2.7BLNC $1.2B
Net margin
ATHS FY2018: 15.9%ATHS FY2019: 13.4%ATHS FY2020: 10.4%ATHS FY2021: 14.7%ATHS FY2022: -38.2%ATHS FY2023: 16.5%ATHS FY2024: 16.7%ATHS FY2025: 10.6%LNC FY2018: 10.0%LNC FY2019: 5.1%LNC FY2020: 2.9%LNC FY2021: 21.3%LNC FY2022: 7.2%LNC FY2023: -6.5%LNC FY2024: 17.8%LNC FY2025: 6.5%FY18FY19FY20FY21FY22FY23FY24FY25
ATHS 10.6%LNC 6.5%
Revenue growth
ATHS FY2019: +145.0%ATHS FY2020: -9.2%ATHS FY2021: +78.3%ATHS FY2022: -71.0%ATHS FY2023: +269.9%ATHS FY2024: -26.6%ATHS FY2025: +24.1%LNC FY2019: +5.1%LNC FY2020: +1.0%LNC FY2021: +1.6%LNC FY2022: +6.2%LNC FY2023: -38.1%LNC FY2024: +58.4%LNC FY2025: -1.2%FY19FY20FY21FY22FY23FY24FY25
ATHS +24.1%LNC -1.2%

Fiscal years as each company reports them; the two may end in different months.

Questions about Athene and Lincoln National

Which is bigger by revenue, Athene or Lincoln National?

Athene is bigger by revenue: $25.7B in fiscal 2025, against $18.2B for Lincoln National in fiscal 2025.

Which keeps more of its revenue as profit, Athene or Lincoln National?

Athene had a net margin of 10.6% in fiscal 2025; Lincoln National had 6.5% in fiscal 2025.

Which grew revenue faster, Athene or Lincoln National?

In their latest fiscal years revenue changed by +24.1% at Athene and -1.2% at Lincoln National.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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