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.

Ticker
LNC
Exchange
NYSE
Sector
Financial Services
Industry
Insurance - Life
Market cap
$7.63B
52-week range
$32.18 - $47.67

Valuation

Share price
$40.05 (close of Nov 6, 2026)
P/E (TTM)
2.42x
Price to book
0.81x
Price to free cash flow
11.08x
Enterprise value
$4.28B
Book value per share
$49.49

Price performance

PeriodChange
1 day+2.27%
5 days-2.34%
1 month-4.82%
3 months-14.18%
6 months+6.46%
Year to date-10.06%
1 year-1.93%
3 years+68.21%
5 years-44.73%
10 years-20.35%
All time+338.90%

Short interest

As of
Oct 15, 2026
Short % of float
6.99%
Shares short
11.98M
Days to cover
5.67
Change since prior report
-17.50%
Source
FINRA consolidated short interest

Profitability and growth

Return on equity
10.79%
Return on assets
0.28%
Net margin
6.46%
Revenue growth
-1.25%
Net income growth
-64.06%

Cash flow and balance sheet

Free cash flow yield (TTM)
9.02%
Net debt to EBITDA
-0.83x

Latest reported year

Period end
Dec 31, 2025
Fiscal year
2025
Revenue
$18.21B
Net income
$1.18B
Earnings per share
$5.94
Shares outstanding
182.67M

Income statement by year

Period endRevenueNet incomeEPS
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$16.42B$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 endNet marginReturn on equity
2025-12-316.46%10.79%
2024-12-3117.76%39.61%
2023-12-31-6.46%-10.91%
2022-12-317.22%26.62%
2021-12-3121.33%18.97%
2020-12-312.86%2.20%
2019-12-315.13%4.50%
2018-12-319.99%11.44%
2017-12-3114.58%12.00%
2016-12-318.94%8.23%

Cash and debt by year

Period endCashDebt
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 endFree cash flowStock-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
Oct 9, 2026
Paid in the last twelve months
$1.80
Payment dateDividend per share
2026-10-09$0.45
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

Investor relations

Past earnings dates

ReportedFiscal periodEPS estimate
2026-11-05Sep 2026$1.96
2026-07-30Jun 2026$2.00
2026-05-07Mar 2026$1.63
2026-02-12Dec 2025$1.86
2025-10-30Sep 2025$1.84
2025-07-31Jun 2025$1.91
2025-05-08Mar 2025$1.54
2025-02-06Dec 2024$1.74

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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