Lincoln National Income 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
Premiums & Annuity Revenue	6,581	6,425	3,672	6,087	5,617	5,372
Total Interest & Dividend Income	5,899	5,525	5,879	5,515	6,111	5,510
Gain (Loss) on Sale of Investments	-268	-268	-897	-15	659	-78
Other Revenue	6,214	6,286	3,048	7,338	5,340	6,635
Total Revenue	18,426	17,968	11,702	18,925	17,715	17,439
Revenue Growth (YoY)	35.24%	53.55%	-38.17%	6.83%	1.58%	1.05%
Policy Benefits	11,605	11,361	9,386	11,356	11,432	11,600
Policy Acquisition & Underwriting Costs	1,859	2,003	1,901	1,837	1,886	5,064
Amortization of Goodwill & Intangibles	96	96	44	65	50	-
Selling, General & Administrative	2,957	2,957	3,069	2,943	2,822	-
Other Operating Expenses	568	602	501	562	447	-
Total Operating Expenses	17,085	17,019	14,901	16,763	16,637	16,664
Operating Income	1,341	949	-3,199	2,162	1,078	775
Interest Expense	-229	-336	-331	-283	-270	-284
Other Non Operating Income (Expenses)	1,451	2,867	2,416	480	3,936	-
EBT Excluding Unusual Items	2,563	3,480	-1,114	2,359	4,744	491
Merger & Restructuring Charges	-40	-40	-34	-	-101	-68
Impairment of Goodwill	-	-	-	-634	-	-
Gain (Loss) on Sale of Assets	-	582	-	-	-	-
Pretax Income	2,523	4,022	-1,148	1,725	4,643	423
Income Tax Expense	413	747	-396	367	865	-76
Earnings From Continuing Ops.	2,110	3,275	-752	1,358	3,778	499
Net Income	2,110	3,275	-752	1,358	3,778	499
Preferred Dividends & Other Adjustments	91	91	82	-	-	-
Net Income to Common	2,019	3,184	-834	1,358	3,778	499
Net Income Growth	497.73%	-	-	-64.05%	657.11%	-43.68%
Shares Outstanding (Basic)	178	171	170	171	187	194
Shares Outstanding (Diluted)	181	173	170	173	190	194
Shares Change (YoY)	5.54%	2.07%	-1.82%	-8.93%	-2.48%	-3.78%
EPS (Basic)	11.37	18.66	-4.92	7.94	20.16	2.58
EPS (Diluted)	11.17	18.41	-4.92	7.79	19.96	2.56
EPS Growth	626.01%	-	-	-60.99%	679.86%	-41.55%
Dividend Per Share	1.800	1.800	1.800	1.800	1.710	1.620
Dividend Growth	-	-	-	5.26%	5.56%	7.29%
Operating Margin	7.28%	5.28%	-27.34%	11.42%	6.08%	4.44%
Profit Margin	10.96%	17.72%	-7.13%	7.18%	21.33%	2.86%
EBITDA	-	958	-3,190	2,185	1,116	828
EBITDA Margin	-	5.33%	-27.26%	11.55%	6.30%	4.75%
D&A For EBITDA	-	9	9	23	38	53
EBIT	1,341	949	-3,199	2,162	1,078	775
EBIT Margin	7.28%	5.28%	-27.34%	11.42%	6.08%	4.44%
Effective Tax Rate	16.37%	18.57%	-	21.27%	18.63%	-
Revenue as Reported	18,352	18,442	11,645	18,810	17,715	17,439

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.