Lincoln National Corp (LNC)
Lincoln National Corporation, through its subsidiaries, operates multiple insurance and retirement businesses in the United States. It operates through four segments: Life Insurance, Annuities, Group Protection, and Retirement Plan Services. The Life Insurance segment provides life insurance products, including term insurance, universal life insurance (UL), indexed universal life insurance, variable universal life insurance (VUL), linked-benefit UL and VUL products, and critical illness and long-term care riders. Its Annuities segment offers variable, fixed, and registered index-linked annuities. The Group Protection segment offers group nonmedical insurance products consisting of short and long-term disability and administration services, statutory disability; paid family medical leave administration and absence management services; term life; life; supplemental health insurance; accident, critical illness, and hospital indemnity benefits and dental and vision products to the employer marketplace through various forms of employee-paid and employer-paid plans. Its Retirement Plan Services segment provides employers with retirement plan products and services primarily in the defined contribution retirement plan marketplace; individual and group variable annuities, group fixed annuities, and mutual fund-based programs; and various plan services, including plan recordkeeping, compliance testing, participant education, and trust and custodial services. It distributes its products through consultants, brokers, planners, agents, financial advisors, third-party administrators, financial institutions, and other intermediaries. Lincoln National Corporation was founded in 1905 and is headquartered in Radnor, Pennsylvania.
- Symbol
- LNC
- Exchange
- NYSE
- Sector
- Financial Services
- Industry
- Insurance - Life
- Market cap
- $7.85B
- 52 week range
- 32.18 - 47.67
Valuation
- Share price
- $41.08 (close of 2026-09-23)
- P/E (TTM)
- 3.35x
- Price to book
- 0.69x
- Price to free cash flow
- -5.91x
- Enterprise value
- $4.55B
- Book value per share
- $59.29
Price performance
| Period | Change |
|---|
| 1 day | -1.44% |
| 5 days | -5.43% |
| 1 month | -2.54% |
| 3 months | +7.57% |
| 6 months | +18.39% |
| Year to date | -7.75% |
| 1 year | +1.31% |
| 3 years | +66.65% |
| 5 years | -39.09% |
| 10 years | -11.27% |
| All time | +349.95% |
Profitability and growth
- Return on equity
- 10.79%
- Return on assets
- 0.28%
- Net margin
- 6.46%
- EBITDA margin
- 7.35%
- Revenue growth
- -1.25%
- Net income growth
- -64.06%
- Free cash flow growth
- 91.68%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- -16.92%
- Net debt to EBITDA
- -1.16x
Latest reported year
- Period end
- 2025-12-31
- Fiscal year
- 2025
- Revenue
- $18.21B
- EBITDA
- $1.34B
- Net income
- $1.18B
- Earnings per share
- $5.94
- Shares outstanding
- 182.67M
Income statement by year
| Period end | Revenue | Net income | EPS |
|---|
| 2025-12-31 | $18.21B | $1.18B | $5.94 |
| 2024-12-31 | $18.44B | $3.27B | $18.66 |
| 2023-12-31 | $11.64B | $-752.00M | $-4.92 |
| 2022-12-31 | $18.81B | $1.36B | $7.93 |
| 2021-12-31 | $17.71B | $3.78B | $20.17 |
| 2020-12-31 | $17.44B | $499.00M | $2.58 |
| 2019-12-31 | $17.26B | $886.00M | $4.41 |
| 2018-12-31 | $1.34B | $1.64B | $7.60 |
| 2017-12-31 | $14.26B | $2.08B | $9.36 |
| 2016-12-31 | $13.33B | $1.19B | $5.09 |
Margins and returns by year
| Period end | Net margin | Return on equity |
|---|
| 2025-12-31 | 6.46% | 10.79% |
| 2024-12-31 | 17.76% | 39.61% |
| 2023-12-31 | -6.46% | -10.91% |
| 2022-12-31 | 7.22% | 26.62% |
| 2021-12-31 | 21.33% | 18.97% |
| 2020-12-31 | 2.86% | 2.20% |
| 2019-12-31 | 5.13% | 4.50% |
| 2018-12-31 | 122.19% | 11.44% |
| 2017-12-31 | 14.58% | 12.00% |
| 2016-12-31 | 8.94% | 8.23% |
Cash and debt by year
| Period end | Cash | Debt |
|---|
| 2025-12-31 | $9.50B | $6.26B |
| 2024-12-31 | $5.80B | $6.08B |
| 2023-12-31 | $3.37B | $5.83B |
| 2022-12-31 | $3.34B | $6.33B |
| 2021-12-31 | $2.61B | $6.33B |
| 2020-12-31 | $1.71B | $6.33B |
| 2019-12-31 | $2.56B | $6.13B |
| 2018-12-31 | $2.35B | $5.69B |
| 2017-12-31 | $1.63B | $5.12B |
| 2016-12-31 | $2.72B | $5.12B |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|
| 2025-12-31 | $-167.00M | $78.00M |
| 2024-12-31 | $-2.01B | $64.00M |
| 2023-12-31 | $-2.07B | $61.00M |
| 2022-12-31 | $3.61B | $51.00M |
| 2021-12-31 | $-217.00M | $61.00M |
| 2020-12-31 | $534.00M | $51.00M |
| 2019-12-31 | $-2.69B | $62.00M |
| 2018-12-31 | $1.94B | $52.00M |
| 2017-12-31 | $788.00M | $50.00M |
| 2016-12-31 | $1.27B | $46.00M |
Dividend history
- Most recent payment
- 2026-07-10
- Paid in the last twelve months
- $1.80
| Payment date | Dividend per share |
|---|
| 2026-07-10 | $0.45 |
| 2026-04-10 | $0.45 |
| 2026-01-12 | $0.45 |
| 2025-10-10 | $0.45 |
| 2025-07-10 | $0.45 |
| 2025-04-10 | $0.45 |
| 2025-01-10 | $0.45 |
| 2024-10-10 | $0.45 |
Investor relations
Next earnings report
- Next confirmed report
- 2026-10-29
- Consensus EPS estimate
- $2.01
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-07-30 | Jun/2026 | $2.00 |
| 2026-05-07 | - | - |
| 2026-02-12 | - | - |
| 2025-10-30 | - | - |
| 2025-07-31 | - | - |
| 2025-05-08 | - | - |
| 2025-02-06 | - | - |
| 2024-10-31 | - | - |
Filings and sources
- Company website
- lincolnfinancial.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
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