LNC financial statements
The full income statement, balance sheet, and cash-flow statement for Lincoln National Corporation (LNC), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 18.2B-1.2% | 18.4B+58.4% | 11.6B-38.1% | 18.8B+6.2% | 17.7B+1.6% | |
| Selling, general & administrative | 2.65B-3.3% | 2.74B+7.7% | 2.54B+5.7% | 2.41B+6.9% | 2.25B+8.7% | |
| General & administrative | 2.65B-3.3% | 2.74B+7.7% | 2.54B+5.7% | 2.41B+6.9% | 2.25B+8.7% | |
| Interest expense | 227M-32.4% | 336M+1.5% | 331M+17.0% | 283M+4.8% | 270M-4.9% | |
| Pre-tax income | 1.34B-66.7% | 4.02B+450.3% | -1.15B-166.6% | 1.73B-62.8% | 4.64B+997.6% | |
| Income tax | 161M-78.4% | 747M+288.6% | -396M-207.9% | 367M-57.6% | 865M+1238.2% | |
| 1.18B-64.1% | 3.27B+535.5% | -752M-155.4% | 1.36B-64.1% | 3.78B+657.1% | ||
| Preferred dividends | 91.0M+0.0% | 91.0M+11.0% | 82.0M | 0.00 | — | |
| Net income to common | 1.09B-65.9% | 3.18B+481.8% | -834M-161.4% | 1.36B | — | |
| $5.83-68.3% | $18.41+474.2% | -$4.92-163.2% | $7.78-61.0% | $19.96+679.7% | ||
| EPS (basic) | $5.94-68.2% | $18.66+479.3% | -$4.92-162.0% | $7.93-60.7% | $20.17+681.8% | |
| Weighted-avg shares (basic) | 183M+7.1% | 171M+0.6% | 170M-0.9% | 171M-8.7% | 187M-3.2% | |
| Weighted-avg shares (diluted) | 186M+7.5% | 173M+1.4% | 171M-1.1% | 173M-8.9% | 190M-2.5% | |
| Dividends per share | $1.80+0.0% | $1.80+0.0% | $1.80+0.0% | $1.80+5.3% | $1.71+5.6% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Cash & equivalents | 9.50B+63.8% | 5.80B+72.4% | 3.37B+0.7% | 3.34B+28.0% | 2.61B+52.9% | |
| 417B+6.7% | 391B+4.9% | 372B+11.4% | 334B-13.6% | 387B+5.7% | ||
| Operating lease right-of-use | 58.0M-31.8% | 85.0M-28.0% | 118M-15.7% | 140M-4.8% | 147M-19.2% | |
| Goodwill | 1.14B+0.0% | 1.14B+0.0% | 1.14B+0.0% | 1.14B-35.7% | 1.78B+0.0% | |
| Short-term & current debt | 400M+33.3% | 300M+20.0% | 250M-50.0% | 500M+66.7% | 300M | |
| 406B+6.2% | 383B+4.7% | 366B+11.0% | 329B-10.1% | 366B+6.7% | ||
| Long-term debt | 5.87B+0.2% | 5.86B+2.8% | 5.70B-10.0% | 6.33B-4.4% | 6.63B-0.9% | |
| Operating lease liability (total) | 63.0M-29.2% | 89.0M-31.0% | 129M-15.1% | 152M-3.2% | 157M-19.1% | |
| Finance lease liability (total) | — | — | 27.0M-74.5% | 106M-39.4% | 175M-25.2% | |
| 10.9B+31.9% | 8.27B+20.0% | 6.89B+35.1% | 5.10B-74.4% | 19.9B-12.3% | ||
| Retained earnings | 8.39B+9.7% | 7.64B+60.0% | 4.78B-19.3% | 5.92B-38.1% | 9.58B+10.3% | |
| Accumulated other comprehensive income | -4.06B+19.4% | -5.04B-44.9% | -3.48B+45.3% | -6.35B-198.6% | 6.44B-27.9% | |
| Total liabilities & equity | 417B+6.7% | 391B+4.9% | 372B+11.4% | 334B-13.6% | 387B+5.7% | |
| Common shares issued | 190M+11.5% | 170M+0.4% | 170M+0.3% | 169M-4.5% | 177M-7.9% | |
| Common shares outstanding | 190M+11.5% | 170M+0.4% | 170M+0.3% | 169M-4.5% | 177M-7.9% | |
| Shares outstanding (cover) | 190M+11.6% | 170M+0.4% | 170M+0.3% | 169M-1.9% | 172M-10.2% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Cash from operations | -167M+91.7% | -2.01B+3.2% | -2.07B-157.5% | 3.61B+1763.1% | -217M-140.6% | |
| -4.01B-588.8% | 821M+124.6% | -3.33B+71.4% | -11.6B-224.9% | -3.58B+62.2% | ||
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Purchases of investments | — | 11.4B+2.8% | 11.1B-24.9% | 14.8B-12.4% | 16.9B+0.9% | |
| Sales/maturities of investments | 11.1B+17.1% | 9.44B+66.5% | 5.67B+4.0% | 5.45B-43.3% | 9.62B+79.7% | |
| Other investing activities | -116M-138.2% | 304M-1.9% | 310M+545.8% | 48.0M-84.2% | 303M+98.0% | |
| 7.88B+117.6% | 3.62B-33.3% | 5.43B-38.1% | 8.77B+86.4% | 4.71B-41.9% | ||
| Long-term debt issued | 495M+43.1% | 346M | 0.00-100.0% | 296M | 0.00-100.0% | |
| Long-term debt repaid | 300M+200.0% | 100M-80.0% | 500M+66.7% | 300M | 0.00-100.0% | |
| Common stock issued | 825M | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 0.00 | 0.00 | 0.00-100.0% | 550M-50.2% | 1.10B+301.8% | |
| Dividends paid | 325M+5.9% | 307M+0.7% | 305M-1.6% | 310M-2.8% | 319M+2.6% | |
| Other financing activities | — | 0.00 | 0.00+100.0% | -2.00M+96.7% | -60.0M-900.0% | |
| Net change in cash | 3.70B+51.9% | 2.44B+10972.7% | 22.0M-97.0% | 731M-19.1% | 904M | |
| Interest paid | 336M-9.7% | 372M+8.1% | 344M+27.9% | 269M-2.9% | 277M-2.1% | |
| Income taxes paid | 84.0M | 0.00 | 0.00+100.0% | -54.0M-5500.0% | 1.00M-95.5% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 8.46B+56.7% | 5.40B+18.1% | 4.58B-12.0% | 5.20B-55.8% | 11.8B+21.9% | |
| P/E | 7.2×+335.9% | 1.6×-81.8% | 9.1×+119.0% | 4.1×+33.0% | 3.1×-83.9% | |
| P/S | 0.5×+58.6% | 0.3×-2.9% | 0.3×+17.2% | 0.3×-61.3% | 0.7×+20.0% | |
| P/B | 0.8×+18.8% | 0.7×-54.3% | 1.4×-23.4% | 1.9×+216.0% | 0.6×+38.9% | |
| Earnings yield | 13.9%-77.1% | 60.6%+450.3% | 11.0%-54.3% | 24.1%-24.8% | 32.1%+521.1% | |
| Dividend yield | 4.0%-28.8% | 5.7%-14.9% | 6.7%+13.9% | 5.9%+133.9% | 2.5%-22.2% | |
| Source filing | 10-K | 10-K | 10-K | 10-K/A | 10-K |
About this data
Source: LNC’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all LNC filings on SEC EDGAR → Not investment advice.