Lincoln National Corporation (LNC)

Lincoln National Income Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Premiums & Annuity Revenue	6,666	6,425	3,672	6,087	5,617
Total Interest & Dividend Income	6,075	5,544	5,900	5,515	6,111
Gain (Loss) on Sale of Investments	-340	-268	-897	-15	659
Other Revenue	5,868	6,267	3,027	7,338	5,340
Total Revenue	18,269	17,968	11,702	18,925	17,715
Revenue Growth (YoY)	1.68%	53.55%	-38.17%	6.83%	1.58%
Policy Benefits	11,703	11,361	9,386	11,356	11,432
Policy Acquisition & Underwriting Costs	2,141	2,003	1,901	1,837	1,886
Amortization of Goodwill & Intangibles	148	96	44	65	50
Selling, General & Administrative	2,647	2,957	3,069	2,943	2,822
Other Operating Expenses	568	602	501	562	447
Total Operating Expenses	17,207	17,019	14,901	16,763	16,637
Operating Income	1,062	949	-3,199	2,162	1,078
Interest Expense	-227	-336	-331	-283	-270
Other Non Operating Income (Expenses)	563	2,867	2,416	480	3,936
EBT Excluding Unusual Items	1,398	3,480	-1,114	2,359	4,744
Merger & Restructuring Charges	-46	-40	-34	-	-101
Impairment of Goodwill	-	-	-	-634	-
Gain (Loss) on Sale of Assets	-	582	-	-	-
Asset Writedown	-14	-	-	-	-
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)	5.83	18.41	-4.92	7.79	19.96
EPS Growth	-68.34%	-	-	-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	5.81%	5.28%	-27.34%	11.42%	6.08%
Profit Margin	5.94%	17.72%	-7.13%	7.18%	21.33%
EBITDA	1,210	958	-3,190	2,185	1,116
EBITDA Margin	6.62%	5.33%	-27.26%	11.55%	6.30%
D&A For EBITDA	148	9	9	23	38
EBIT	1,062	949	-3,199	2,162	1,078
EBIT Margin	5.81%	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

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.

SEC Filings: 10-K · 10-Q