Loading financials from SEC filings…
Insurance - Life · Financial Services · Fiscal year ends Dec 31
Lincoln National reported revenue of $18.2B in the fiscal year ended Dec 2025, down 1.2% from the year before. Operating income was $1.6B, an operating margin of 8.6%, and net income was $1.2B. It held more cash than debt (net cash $3.2B).
Ranks among the 19 insurance - life companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 17,715 | 18,810 | 11,645 | 18,442 | 18,212 |
| Operating incomederived: pre-tax income + interest | 4,913 | 2,008 | −817 | 4,358 | 1,565 |
| Interest expense | 270 | 283 | 331 | 336 | 227 |
| Pre-tax income | 4,643 | 1,725 | −1,148 | 4,022 | 1,338 |
| Income tax | 865 | 367 | −396 | 747 | 161 |
| Net income | 3,778 | 1,358 | −752 | 3,275 | 1,177 |
| Diluted EPS | 19.96 | 7.78 | −4.92 | 18.41 | 5.83 |
| Diluted shares | 190 | 173 | 171 | 173 | 186 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 2,612 | 3,343 | 3,365 | 5,801 | 9,502 |
| Goodwill | 1,778 | 1,144 | 1,144 | 1,144 | 1,144 |
| Total assets | 386,945 | 334,331 | 372,413 | 390,831 | 417,204 |
| Short-term debt | 300 | 500 | 250 | 300 | 400 |
| Long-term debt | 6,625 | 6,331 | 5,699 | 5,856 | 5,866 |
| Total liabilities | 366,191 | 329,229 | 365,520 | 382,562 | 406,298 |
| Shareholders' equity | 19,915 | 5,102 | 6,893 | 8,269 | 10,906 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −217 | 3,609 | −2,074 | −2,007 | −167 |
| Stock-based compensation | 61.0 | 51.0 | 61.0 | 64.0 | 78.0 |
| Share buybacks | 1,105 | 550 | 0.0 | 0.0 | – |
| Dividends paid | 319 | 310 | 305 | 307 | 325 |
| Dividend per share | 1.71 | 1.80 | 1.80 | 1.80 | 1.80 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 6.2% | −38.1% | 58.4% | −1.2% |
| Operating income growth (YoY) | – | −59.1% | −140.7% | – | −64.1% |
| EPS growth (YoY) | – | −61.0% | −163.2% | – | −68.3% |
| Operating margin | 27.7% | 10.7% | −7.0% | 23.6% | 8.6% |
| Net margin | 21.3% | 7.2% | −6.5% | 17.8% | 6.5% |
| Return on equityBlank when equity is negative | 19.0% | 26.6% | −10.9% | 39.6% | 10.8% |
| Cash conversion (CFO ÷ net income) | −0.06x | 2.66x | 2.76x | −0.61x | −0.14x |
| Interest cover | 18.2x | 7.10x | −2.47x | 13.0x | 6.89x |
| Debt ÷ equity | 0.35x | 1.34x | 0.86x | 0.74x | 0.57x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 4,313 | 3,488 | 2,584 | 355 | −3,236 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.