Lincoln National Corporation (LNC)

Lincoln National Cash Flow 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
Net Income	1,177	3,275	-752	1,358	3,778
Depreciation & Amortization	-	-	-	-	38
Gain (Loss) on Sale of Assets	-8	-523	-3	42	12
Gain (Loss) on Sale of Investments	340	268	897	15	-659
Change in Income Taxes	77	747	-396	421	864
Change in Insurance Reserves / Liabilities	-2,688	-4,068	-3,963	4,377	-2,337
Change in Other Net Operating Assets	85	212	113	-158	415
Other Operating Activities	233	-2,715	1,336	-3,683	-2,685
Operating Cash Flow	-167	-2,007	-2,074	3,609	-217
Investment in Securities	-4,774	-1,073	-1,967	-7,281	-5,406
Other Investing Activities	2,292	3,748	-570	-4,118	2,958
Investing Cash Flow	-4,013	821	-3,334	-11,646	-3,584
Long-Term Debt Issued	495	346	-	296	-
Total Debt Repaid	-728	-117	-579	-370	-59
Net Debt Issued (Repaid)	-233	229	-579	-74	-59
Issuance of Common Stock	825	-	-	-	20
Repurchases of Common Stock	-	-	-	-550	-1,105
Issuance of Preferred Stock	-	-	-	986	-
Common Dividends Paid	-325	-307	-305	-310	-319
Preferred Dividends Paid	-91	-91	-82	-	-
Total Dividends Paid	-416	-398	-387	-310	-319
Other Financing Activities	-905	-116	652	187	-84
Financing Cash Flow	7,881	3,622	5,430	8,768	4,705
Net Cash Flow	3,701	2,436	22	731	904
Cash Interest Paid	560	577	484	269	277
Cash Income Tax Paid	-34	17	-7	-54	1
Levered Free Cash Flow	2,797	-54.88	-13,853	-739.63	-5,434
Unlevered Free Cash Flow	2,939	155.13	-13,646	-562.75	-5,265
Change in Working Capital	-1,952	-2,420	-3,609	5,128	-583

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

SEC Filings: 10-K · 10-Q