Lincoln National Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	2,110	3,275	-752	1,358	3,778	499
Depreciation & Amortization	-	-	-	-	38	53
Other Amortization	-	-	-	-	-	45
Gain (Loss) on Sale of Assets	2	-523	-3	42	12	-
Gain (Loss) on Sale of Investments	293	268	897	15	-659	78
Change in Accounts Receivable	-	-	-	-	-	-21
Change in Income Taxes	357	747	-396	421	864	-98
Change in Insurance Reserves / Liabilities	-1,953	-3,322	-3,719	4,377	-2,337	-699
Change in Other Net Operating Assets	161	212	113	-158	415	-102
Other Operating Activities	-1,830	-3,461	1,092	-3,683	-2,685	614
Operating Cash Flow	-178	-2,007	-2,074	3,609	-217	534
Investment in Securities	-2,347	-1,073	-1,967	-7,281	-5,406	-10,206
Other Investing Activities	3,001	3,748	-570	-4,118	2,958	1,321
Investing Cash Flow	-817	821	-3,334	-11,646	-3,584	-9,481
Long-Term Debt Issued	-	346	-	296	-	1,289
Total Debt Repaid	-310	-117	-579	-370	-59	-1,143
Net Debt Issued (Repaid)	-310	229	-579	-74	-59	146
Issuance of Common Stock	829	-	-	-	20	-
Repurchases of Common Stock	-	-	-	-550	-1,105	-275
Issuance of Preferred Stock	-	-	-	986	-	-
Common Dividends Paid	-316	-307	-305	-310	-319	-311
Preferred Dividends Paid	-91	-91	-82	-	-	-
Total Dividends Paid	-407	-398	-387	-310	-319	-311
Other Financing Activities	-1,169	-116	652	187	-84	611
Financing Cash Flow	5,650	3,622	5,430	8,768	4,705	8,092
Net Cash Flow	4,655	2,436	22	731	904	-855
Cash Interest Paid	372	372	344	269	277	283
Cash Income Tax Paid	-	-	-	-54	1	22
Levered Free Cash Flow	18,501	-54.88	-13,853	-739.63	-5,434	2,730
Unlevered Free Cash Flow	18,644	155.13	-13,646	-562.75	-5,265	2,907
Change in Working Capital	-802	-1,674	-3,365	5,128	-583	-872

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