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
Other Adjustments	700	-2,603	1,910	-3,152	-3,011
Changes in Deferred Acquisition Costs	574	689	637	488	475
Changes in Accrued Expenses	113	251	109	-91	399
Changes in Claims Reserves	-2,688	-4,068	-3,963	4,377	-2,337
Changes in Income Taxes Payable	77	747	-396	421	864
Changes in Other Operating Activities	-120	-298	381	208	-385
Operating Cash Flow	-167	-2,007	-2,074	3,609	-217
Purchases of Investments	-25,593	-16,978	-13,707	-17,984	-20,751
Proceeds from Sale of Investments	19,435	13,432	11,062	10,451	14,147
Proceeds from Business Divestments	-	619	-	-	-
Other Investing Activities	2,145	3,748	-689	-4,113	3,020
Investing Cash Flow	-4,013	821	-3,334	-11,646	-3,584
Long-Term Debt Issued	495	346	-	296	-
Long-Term Debt Repaid	-721	-100	-500	-300	-8
Net Long-Term Debt Issued (Repaid)	-226	246	-500	-4	-8
Issuance of Common Stock	829	-5	-7	-16	20
Repurchase of Common Stock	-	-	-	-550	-1,105
Net Common Stock Issued (Repurchased)	829	-5	-7	-566	-1,085
Issuance of Preferred Stock	-	-	-	986	-
Net Preferred Stock Issued (Repurchased)	-	-	-	986	-
Common Dividends Paid	-325	-307	-305	-310	-319
Preferred Share Dividends Paid	-91	-91	-82	-	-
Other Financing Activities	7,694	3,779	6,324	8,662	6,117
Financing Cash Flow	7,881	3,622	5,430	8,768	4,705
Net Cash Flow	3,701	2,436	22	731	904
Free Cash Flow	-167	-2,007	-2,074	3,609	-217
FCF Margin	-0.92%	-10.88%	-17.81%	19.19%	-1.22%
Free Cash Flow Per Share	-0.90	-11.60	-12.15	20.90	-1.14
Levered Free Cash Flow	1,504	4,819	-603	2,380	5,123
Unlevered Free Cash Flow	2,021	4,938	195.82	2,607	5,351

Updated Dec 31, 2025. Data Source: Fiscal.ai. Insurance template. Financial Sources.

SEC Filings: 10-K · 10-Q