Lincoln National (LNC) financial statements
Lincoln National reported revenue of $18.2B in fiscal 2025, up 3.5% a year over 9 years.
Net income was $1.2B and the operating margin 7.3%, against 10.9% in 2016.
The diluted share count fell 21% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Lincoln National's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.3B | $14.3B | $16.4B | $17.3B | $17.4B | $17.7B | $18.8B | $11.6B | $18.4B | $18.2B |
| Selling, general and admin | $1.7B | $1.8B | $2.0B | $2.2B | $2.1B | $2.3B | $2.4B | $2.5B | $2.7B | $2.6B |
| Operating income | $1.5B | $1.1B | $1.9B | $919M | $423M | $4.6B | $1.7B | -$1.1B | $4.0B | $1.3B |
| Interest expense | $331M | $253M | $297M | $326M | $284M | $270M | $283M | $331M | $336M | $227M |
| Pre-tax income | $1.5B | $1.1B | $1.9B | $919M | $423M | $4.6B | $1.7B | -$1.1B | $4.0B | $1.3B |
| Income tax | $266M | -$949M | $244M | $33M | -$76M | $865M | $367M | -$396M | $747M | $161M |
| Net income | $1.2B | $2.1B | $1.6B | $886M | $499M | $3.8B | $1.4B | -$752M | $3.3B | $1.2B |
| EPS (diluted) | $5.03 | $9.22 | $7.40 | $4.38 | $2.56 | $19.96 | $7.78 | -$4.92 | $18.41 | $5.83 |
| Diluted shares | 237M | 226M | 220M | 202M | 194M | 190M | 173M | 171M | 173M | 186M |
| Operating margin | 10.9% | 7.9% | 11.5% | 5.3% | 2.4% | 26.2% | 9.2% | -9.9% | 21.8% | 7.3% |
| Net margin | 8.9% | 14.6% | 10.0% | 5.1% | 2.9% | 21.3% | 7.2% | -6.5% | 17.8% | 6.5% |
Balance sheet
Fiscal years, from Lincoln National's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $2.7B | $1.6B | $2.3B | $2.6B | $1.7B | $2.6B | $3.3B | $3.4B | $5.8B | $9.5B |
| Goodwill | $2.3B | $1.4B | $1.8B | $1.8B | $1.8B | $1.8B | $1.1B | $1.1B | $1.1B | $1.1B |
| Total assets | $261.6B | $281.8B | $298.1B | $334.8B | $365.9B | $386.9B | $334.3B | $372.4B | $390.8B | $417.2B |
| Long-term debt | — | — | — | — | $6.7B | $6.6B | — | — | — | — |
| Total liabilities | $247.1B | $264.4B | $283.8B | $315.1B | $343.2B | $366.2B | $329.2B | $365.5B | $382.6B | $406.3B |
| Shareholders' equity | $14.5B | $17.3B | $14.3B | $19.7B | $22.7B | $19.9B | $5.1B | $6.9B | $8.3B | $10.9B |
| Net debt | -$2.7B | -$1.2B | -$2.3B | -$2.3B | $5.0B | $4.3B | -$2.8B | -$3.1B | -$5.5B | -$9.1B |
Cash flow
Fiscal years, from Lincoln National's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.3B | $788M | $1.9B | -$2.7B | $534M | -$217M | $3.6B | -$2.1B | -$2.0B | -$167M |
| Stock-based compensation | $46M | $50M | $52M | $62M | $51M | $61M | $51M | $61M | $64M | $78M |
| Dividends paid | $238M | $262M | $289M | $303M | $311M | $319M | $310M | $305M | $307M | $325M |
| Share buybacks (net) | -$879M | -$725M | -$900M | -$550M | -$275M | -$1.1B | -$550M | $0 | $0 | — |
| Net borrowing | -$205M | — | $557M | $436M | $193M | $0 | -$4M | -$500M | $246M | $195M |
| Dividends per share | $1.00 | $1.16 | $1.32 | $1.50 | $1.60 | $1.68 | $1.80 | $1.79 | $1.77 | $1.75 |
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What was Lincoln National's revenue in 2025?
$18.2B in fiscal 2025, from its 10-K filing.
From Lincoln National's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.