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LINCOLN NATIONAL CORP

LNC Clue Score38
United States Fiscal year ends December CIK 0000059558
$40.23 -1.85% Close, 9 Oct 2026
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Price $40.23 −44.75% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueNet income
Fiscal year 2016Revenue13.33Net income1.19EPS, diluted5.03Fiscal year 2017Revenue14.26 +7.0%Net income2.08 +74.4%EPS, diluted9.22 +83.3%Fiscal year 2018Revenue1.34 −90.6%Net income1.64 −21.1%EPS, diluted7.40 −19.7%Fiscal year 2019Revenue17.26 +1,185.0%Net income0.89 −46.0%EPS, diluted4.38 −40.8%Fiscal year 2020Revenue17.44 +1.0%Net income0.50 −43.7%EPS, diluted2.56 −41.6%Fiscal year 2021Revenue17.72 +1.6%Net income3.78 +657.1%EPS, diluted19.96 +679.7%Fiscal year 2022Revenue18.81 +6.2%Net income1.36 −64.1%EPS, diluted7.78 −61.0%Fiscal year 2023Revenue11.65 −38.1%Net income−0.75 −155.4%EPS, diluted−4.92 −163.2%Fiscal year 2024Revenue18.44 +58.4%Net income3.28EPS, diluted18.41Fiscal year 2025Revenue18.21 −1.2%Net income1.18 −64.1%EPS, diluted5.83 −68.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 13.33 14.26 1.34 17.26 17.44 17.72 18.81 11.65 18.44 18.21
Growth +7.0% −90.6% +1,185.0% +1.0% +1.6% +6.2% −38.1% +58.4% −1.2%
Net income 1.19 2.08 1.64 0.89 0.50 3.78 1.36 −0.75 3.28 1.18
Growth +74.4% −21.1% −46.0% −43.7% +657.1% −64.1% −155.4% −64.1%
EPS, diluted 5.03 9.22 7.40 4.38 2.56 19.96 7.78 −4.92 18.41 5.83
Growth +83.3% −19.7% −40.8% −41.6% +679.7% −61.0% −163.2% −68.3%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Net margin
Fiscal year 2016Net margin8.9%Fiscal year 2017Net margin14.6%Fiscal year 2018Net margin122.2%Fiscal year 2019Net margin5.1%Fiscal year 2020Net margin2.9%Fiscal year 2021Net margin21.3%Fiscal year 2022Net margin7.2%Fiscal year 2023Net margin−6.5%Fiscal year 2024Net margin17.8%Fiscal year 2025Net margin6.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Net margin 8.9% 14.6% 122.2% 5.1% 2.9% 21.3% 7.2% −6.5% 17.8% 6.5%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flow
Fiscal year 2016Operating cash flow1.27Buybacks−0.88Dividends paid−0.24Fiscal year 2017Operating cash flow0.79Buybacks−0.73Dividends paid−0.26Fiscal year 2018Operating cash flow1.94Buybacks−0.90Dividends paid−0.29Fiscal year 2019Operating cash flow−2.69Buybacks−0.55Dividends paid−0.30Fiscal year 2020Operating cash flow0.53Buybacks−0.28Dividends paid−0.31Fiscal year 2021Operating cash flow−0.22Buybacks−1.11Dividends paid−0.32Fiscal year 2022Operating cash flow3.61Buybacks−0.55Dividends paid−0.31Fiscal year 2023Operating cash flow−2.07Buybacks0.00Dividends paid−0.31Fiscal year 2024Operating cash flow−2.01Buybacks0.00Dividends paid−0.31Fiscal year 2025Operating cash flow−0.17Dividends paid−0.33
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 1.27 0.79 1.94 −2.69 0.53 −0.22 3.61 −2.07 −2.01 −0.17
Buybacks −0.88 −0.73 −0.90 −0.55 −0.28 −1.11 −0.55 0.00 0.00 n/a
Dividends paid −0.24 −0.26 −0.29 −0.30 −0.31 −0.32 −0.31 −0.31 −0.31 −0.33

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash2.72Total debt5.12Net cash (debt)−2.40Shareholders’ equity14.48Debt to equity0.35Fiscal year 2017Cash1.63Total debt5.57Net cash (debt)−3.95Shareholders’ equity17.32Debt to equity0.32Fiscal year 2018Cash2.35Total debt5.69Net cash (debt)−3.34Shareholders’ equity14.35Debt to equity0.40Fiscal year 2019Cash2.56Total debt6.43Net cash (debt)−3.86Shareholders’ equity19.69Debt to equity0.33Fiscal year 2020Cash1.71Total debt6.68Net cash (debt)−4.97Shareholders’ equity22.70Debt to equity0.29Fiscal year 2021Cash2.61Total debt6.93Net cash (debt)−4.31Shareholders’ equity19.92Debt to equity0.35Fiscal year 2022Cash3.34Total debt6.83Net cash (debt)−3.49Shareholders’ equity5.10Debt to equity1.34Fiscal year 2023Cash3.37Total debt6.08Net cash (debt)−2.72Shareholders’ equity6.89Debt to equity0.88Fiscal year 2024Cash5.80Total debt6.38Net cash (debt)−0.58Shareholders’ equity8.27Debt to equity0.77Fiscal year 2025Cash9.50Total debt6.66Net cash (debt)2.84Shareholders’ equity10.91Debt to equity0.61
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 2.72 1.63 2.35 2.56 1.71 2.61 3.34 3.37 5.80 9.50
Total debt 5.12 5.57 5.69 6.43 6.68 6.93 6.83 6.08 6.38 6.66
Net cash (debt) −2.40 −3.95 −3.34 −3.86 −4.97 −4.31 −3.49 −2.72 −0.58 2.84
Shareholders’ equity 14.48 17.32 14.35 19.69 22.70 19.92 5.10 6.89 8.27 10.91
Debt to equity 0.35 0.32 0.40 0.33 0.29 0.35 1.34 0.88 0.77 0.61

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
10.9% 7.9% 140.4% 5.3% 2.4% 26.2% 9.2% −9.9% 21.8% 7.3%
8.9% 14.6% 122.2% 5.1% 2.9% 21.3% 7.2% −6.5% 17.8% 6.5%
Spending
12.7% 12.4% 145.4% 12.8% 11.9% 12.7% 12.8% 21.8% 14.8% 14.5%
18.2% −84.0% 12.9% 3.6% −18.0% 18.6% 21.3% n/a 18.6% 12.0%
Returns
8.2% 12.0% 11.4% 4.5% 2.2% 19.0% 26.6% −10.9% 39.6% 10.8%
0.5% 0.7% 0.6% 0.3% 0.1% 1.0% 0.4% −0.2% 0.8% 0.3%
Balance and payout
0.35 0.32 0.40 0.33 0.29 0.35 1.34 0.88 0.77 0.61
94.5% 93.9% 95.2% 94.1% 93.8% 94.6% 98.5% 98.1% 97.9% 97.4%
20.0% 12.6% 17.6% 34.2% 62.3% 8.4% 22.8% n/a 9.4% 27.6%