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Lincoln National vs Voya Financial: revenue, profit, margins and growth compared

Lincoln National brought in $18.2B of revenue in fiscal 2025, Voya Financial $8.2B in fiscal 2025. Revenue changed by -1.2% at Lincoln National and +1.7% at Voya Financial on the year before, so Voya Financial grew faster. Lincoln National kept 6.5% of its revenue as net profit, Voya Financial 8.0%.

Side by side, latest fiscal year

LNCVOYA
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$18.2B$8.2B
Revenue growth-1.2%+1.7%
Net income$1.2B$654M
Net margin6.5%8.0%
Free cash flown/an/a
Free cash flow marginn/an/a
Earnings per share (diluted)$5.83$6.29
Cash$9.5B$1.3B
Debt$5.9B$2.1B
Price to earnings7.215.5
Market value$8B$8.8B
Dividend yield4.32%1.87%
Rank by revenue in sector#35 of 444 · Finance#67 of 444 · Finance

Over the years

Revenue
LNC FY2018: $16.4BLNC FY2019: $17.3BLNC FY2020: $17.4BLNC FY2021: $17.7BLNC FY2022: $18.8BLNC FY2023: $11.6BLNC FY2024: $18.4BLNC FY2025: $18.2BVOYA FY2018: $7.2BVOYA FY2019: $7.5BVOYA FY2020: $7.6BVOYA FY2021: $4.2BVOYA FY2022: $5.9BVOYA FY2023: $7.3BVOYA FY2024: $8.1BVOYA FY2025: $8.2BFY18FY19FY20FY21FY22FY23FY24FY25
LNC $18.2BVOYA $8.2B
Net income
LNC FY2018: $1.6BLNC FY2019: $886MLNC FY2020: $499MLNC FY2021: $3.8BLNC FY2022: $1.4BLNC FY2023: -$752MLNC FY2024: $3.3BLNC FY2025: $1.2BVOYA FY2018: $762MVOYA FY2019: -$360MVOYA FY2020: -$206MVOYA FY2021: $2.4BVOYA FY2022: $510MVOYA FY2023: $625MVOYA FY2024: $667MVOYA FY2025: $654MFY18FY19FY20FY21FY22FY23FY24FY25
LNC $1.2BVOYA $654M
Net margin
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%VOYA FY2018: 10.6%VOYA FY2019: -4.8%VOYA FY2020: -2.7%VOYA FY2021: 56.8%VOYA FY2022: 8.6%VOYA FY2023: 8.5%VOYA FY2024: 8.3%VOYA FY2025: 8.0%FY18FY19FY20FY21FY22FY23FY24FY25
LNC 6.5%VOYA 8.0%
Revenue growth
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%VOYA FY2019: +4.4%VOYA FY2020: +2.3%VOYA FY2021: -45.4%VOYA FY2022: +42.1%VOYA FY2023: +23.9%VOYA FY2024: +9.6%VOYA FY2025: +1.7%FY19FY20FY21FY22FY23FY24FY25
LNC -1.2%VOYA +1.7%

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

Questions about Lincoln National and Voya Financial

Which is bigger by revenue, Lincoln National or Voya Financial?

Lincoln National is bigger by revenue: $18.2B in fiscal 2025, against $8.2B for Voya Financial in fiscal 2025.

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

Lincoln National had a net margin of 6.5% in fiscal 2025; Voya Financial had 8.0% in fiscal 2025.

Which grew revenue faster, Lincoln National or Voya Financial?

In their latest fiscal years revenue changed by -1.2% at Lincoln National and +1.7% at Voya Financial.

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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