Lincoln National Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Premiums & Annuity Revenue	6,666	6,425	3,672	6,087	5,617
Total Interest & Dividend Income	6,075	5,525	5,879	5,515	6,111
Gain (Loss) on Sale of Investments	-799	-268	-897	-15	659
Other Revenue	6,270	6,286	3,048	7,338	5,340
Total Revenue	18,212	17,968	11,702	18,925	17,715
Revenue Growth (YoY)	1.36%	53.55%	-38.17%	6.83%	1.58%
Policy Benefits	11,140	11,361	9,386	11,356	11,432
Policy Acquisition & Underwriting Costs	5,507	2,003	1,901	1,837	1,886
Amortization of Goodwill & Intangibles	-	96	44	65	50
Selling, General & Administrative	-	2,957	3,069	2,943	2,822
Other Operating Expenses	-	602	501	562	447
Total Operating Expenses	16,647	17,019	14,901	16,763	16,637
Operating Income	1,565	949	-3,199	2,162	1,078
Interest Expense	-227	-336	-331	-283	-270
Other Non Operating Income (Expenses)	-	2,867	2,416	480	3,936
EBT Excluding Unusual Items	1,338	3,480	-1,114	2,359	4,744
Merger & Restructuring Charges	-	-40	-34	-	-101
Impairment of Goodwill	-	-	-	-634	-
Gain (Loss) on Sale of Assets	-	582	-	-	-
Pretax Income	1,338	4,022	-1,148	1,725	4,643
Income Tax Expense	161	747	-396	367	865
Net Income	1,177	3,275	-752	1,358	3,778
Preferred Dividends & Other Adjustments	91	91	82	-	-
Net Income to Common	1,086	3,184	-834	1,358	3,778
Net Income Growth	-64.06%	-	-	-64.05%	657.11%
Shares Outstanding (Basic)	183	171	170	171	187
Shares Outstanding (Diluted)	186	173	170	173	190
Shares Change (YoY)	7.50%	2.07%	-1.82%	-8.93%	-2.48%
EPS (Basic)	5.94	18.66	-4.92	7.94	20.16
EPS (Diluted)	5.84	18.41	-4.92	7.79	19.96
EPS Growth	-68.30%	-	-	-60.99%	679.86%
Dividend Per Share	1.800	1.800	1.800	1.800	1.710
Dividend Growth	-	-	-	5.26%	5.56%
Operating Margin	8.59%	5.28%	-27.34%	11.42%	6.08%
Profit Margin	5.96%	17.72%	-7.13%	7.18%	21.33%
EBITDA	-	958	-3,190	2,185	1,116
EBITDA Margin	-	5.33%	-27.26%	11.55%	6.30%
D&A For EBITDA	-	9	9	23	38
EBIT	1,565	949	-3,199	2,162	1,078
EBIT Margin	8.59%	5.28%	-27.34%	11.42%	6.08%
Effective Tax Rate	12.03%	18.57%	-	21.27%	18.63%
Revenue as Reported	18,212	18,442	11,645	18,810	17,715

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.