MARKETS / NYSE / LNC

NYSE · LIFE INSURANCE · LARGE CAP

Lincoln National Corp. LNC

19 fiscal years on record · USD · FY2025 reported · SEC filings only

Revenue

$18.2B

▼ 1.2% YoY

Net income

$1.2B

▼ 64.1% YoY

In brief

What this company does

Through its business segments, Lincoln National Corporation sells a wide range of wealth accumulation, wealth protection, group protection and retirement income products and solutions. It provides products and services and reports results through four business segments: Annuities, Life Insurance, Group Protection and Retirement Plan Services. The Annuities segment provides tax-deferred investment growth and lifetime wealth accumulation and protection opportunities for its clients by offering variable annuities, fixed annuities and registered index-linked annuities. The Life Insurance segment provides life insurance products, including term insurance, universal life insurance, indexed universal life insurance and variable universal life insurance products, linked-benefit products, and critical illness and long-term care riders. The Group Protection segment offers group non-medical insurance products and services, including short- and long-term disability insurance and administration services, statutory disability and paid family medical leave administration and absence management services, term life, accident, critical illness and hospital indemnity products, and dental and vision products to the employer marketplace. The Retirement Plan Services segment provides employers with retirement plan products and services, primarily in the defined contribution retirement plan marketplace. As of December 31, 2025, it had a total of 9,423 employees. LNC was organized under the laws of the state of Indiana in 1968.

Written from the business description in LINCOLN NATIONAL CORPORATION's annual report to the U.S. Securities and Exchange Commission, filed 19 February 2026. Every sentence was checked against that document before publication.

Growth

USD 18.2B

Revenue, FY2025 · full 19-year series below

Revenue $B Net income $B

FY2025 · Revenue 18.2 · Net income 1.2

Compound annual growth

Revenue

−1.1%

+0.9%

+3.0%

+3.8%

Net income

−4.7%

+18.7%

+0.2%

+1.8%

EPS, diluted

−9.2%

+17.9%

+2.6%

+6.4%

Dividend / share

+0.0%

+2.1%

+7.8%

+23.1%

Returned to shareholders

−27.7%

−11.1%

−11.5%

+14.6%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +0.9% a year over five years — but profit grew faster: net income at +18.7%, earnings per share at +17.9%.

The share count fell from 0.19B to 0.19B — the buyback concentrates the same profit into fewer slices.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

6 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 7.3% · Net 6.5%

ROE

FY2025 · ROE 12.3%

Gross margin—

Operating margin7.3%

Net margin6.5%

Return on assets0.3%

EBITDA—

Each USD of equity produced 12 cents of profit this year.

Cash & shareholders

USD 325.0M

returned in FY2025 · dividends + net buybacks

Net buybacks $B Dividends $B

FY2025 · Dividends 0.3 · Net buybacks —

Dividends paidUSD 325.0M

Net buybacks—

Share of profit27.6%

Consecutive raises—

USD 325.0M in dividends — 28% of the year's profit went back to shareholders.

Total assetsUSD 417.2B

EquityUSD 10.9B

CashUSD 9.5B

Gross debtUSD 6.7B

Net debtUSD -2.8B

The company holds more cash than debt.

The 19-year record

19 fiscal years

Every figure from documents filed with the SEC · USD

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue $B	18.2	18.4	11.6	18.8	17.7	17.4	17.3	16.4	14.3	13.3	13.6	13.6	12.0	11.5	10.6	10.4	8.5	9.2	9.6
Operating income $B	1.3	4.0	−1.1	1.7	4.6	0.4	0.9	·	·	·	·	·	·	·	·	·	·	·	·
EBITDA $B	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·
Income tax $B	0.2	0.7	−0.4	0.4	0.9	−0.1	0.0	0.2	−0.9	0.3	0.3	0.5	0.4	0.3	0.3	0.3	−0.1	−0.1	0.5
Net income $B	1.2	3.3	−0.8	1.4	3.8	0.5	0.9	1.6	2.1	1.2	1.2	1.5	1.2	1.3	0.2	0.9	−0.5	0.1	1.2
EPS, diluted $	5.83	18.41	−4.92	7.78	19.96	2.56	4.38	7.40	9.22	5.03	4.51	5.67	4.52	4.56	0.69	2.30	−1.85	0.22	4.43
Dividend / sh $	1.80	1.80	1.80	1.80	1.71	1.62	1.51	1.36	1.20	1.04	0.85	0.68	0.52	0.36	0.23	0.08	0.04	1.46	1.60
Payout %	28	9	−41	23	8	62	34	18	13	20	18	11	10	7	28	5	−16	754	35
ROE %	12.3	43.2	−12.5	10.9	17.7	2.4	5.2	10.4	13.1	8.5	7.9	10.4	8.8	9.4	1.8	15.8	−12.6	0.6	10.4
Shares out B	0.19	0.17	0.17	0.17	0.18	0.19	0.20	0.21	0.22	0.23	0.24	0.26	0.26	0.27	0.29	0.32	·	·	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance

Company facts, as filed

How we verify · 0 failures in 55 reconciliationsAUDITED

Reconciled in 19 of 19 fiscal years. 2 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityLife Insurance

Listed onNYSE

Incorporated inIndiana

Fiscal year endsDecember 31

Data on record since2007