Lincoln Natl Corp Ind Financials
Lincoln Natl Corp Ind (LNC) reported $18.2B in revenue for fiscal year 2025, down 1.2% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
A thin-equity balance sheet and asset-heavy funding model make small return changes drive large and uneven earnings swings.
In the latest year, return on assets was only0.3% , yet return on equity reached10.8% . That spread exists because a thin equity layer of$10.9B supported$417.2B of assets, which helps explain the company’s sharp earnings swings even without a major change in long-term debt.
The rise in cash on hand to
Since FY2023, equity rebuilt from
Financial Health Signals
Scored against insurers for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Lincoln Natl Corp Ind's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Lincoln Natl Corp Ind, and counted as zero in the overall score.
Not available for Lincoln Natl Corp Ind, and counted as zero in the overall score.
Lincoln Natl Corp Ind passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Lincoln Natl Corp Ind used $0.14 of operating cash (-$167.0M OCF vs $1.2B net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.
Key Financial Metrics
Earnings & Revenue
Lincoln Natl Corp Ind generated $18.2B in revenue in fiscal year 2025. This represents a decrease of 1.2% from the prior year.
Lincoln Natl Corp Ind reported $1.2B in net income in fiscal year 2025. This represents a decrease of 64.1% from the prior year.
Lincoln Natl Corp Ind earned $5.83 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 68.3% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Lincoln Natl Corp Ind held $9.5B in cash against $5.9B in long-term debt as of fiscal year 2025.
Lincoln Natl Corp Ind paid $1.80 per share in dividends in fiscal year 2025. That is unchanged from the prior year.
Not reported for fiscal year 2025.
Margins & Returns
Lincoln Natl Corp Ind's net profit margin was 6.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 11.3 percentage points from the prior year.
Lincoln Natl Corp Ind's ROE was 10.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 28.8 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
None of these metrics is reported for fiscal year 2025.
LNC Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $19.3B | $18.2B-1.2% | $18.4B+58.4% | $11.6B-38.1% | $18.8B+6.2% | $17.7B+1.6% | $17.4B+1.0% | $17.3B+5.1% | $16.4B+15.2% | $14.3B+7.0% | $13.3B-1.8% | $13.6B+0.1% | $13.6B+13.2% | $12.0B+3.8% | $11.5B+8.4% | $10.6B |
| SG&A Expenses | N/A | $2.6B-3.3% | $2.7B+7.7% | $2.5B+5.7% | $2.4B+6.9% | $2.3B+8.7% | $2.1B-6.2% | $2.2B+13.2% | $2.0B+10.6% | $1.8B+4.7% | $1.7B-0.8% | $1.7B+3.7% | $1.6B+0.6% | $1.6B+4.2% | $1.6B+9.9% | $1.4B |
| Interest Expense | N/A | $227.0M-32.4% | $336.0M+1.5% | $331.0M+17.0% | $283.0M+4.8% | $270.0M-4.9% | $284.0M-12.9% | $326.0M+9.8% | $297.0M+17.4% | $253.0M-23.6% | $331.0M+21.7% | $272.0M+1.9% | $267.0M+0.8% | $265.0M-2.9% | $273.0M-7.1% | $294.0M |
| Income Tax | $476.0M | $161.0M-78.4% | $747.0M+288.6% | -$396.0M-207.9% | $367.0M-57.6% | $865.0M+1238.2% | -$76.0M-330.3% | $33.0M-86.5% | $244.0M+125.7% | -$949.0M-456.8% | $266.0M-3.6% | $276.0M-42.9% | $483.0M+24.8% | $387.0M+37.2% | $282.0M+2.9% | $274.0M |
| Net Income | $2.4B | $1.2B-64.1% | $3.3B+535.5% | -$752.0M-155.4% | $1.4B-64.1% | $3.8B+657.1% | $499.0M-43.7% | $886.0M-46.0% | $1.6B-21.1% | $2.1B+74.4% | $1.2B+3.3% | $1.2B-23.8% | $1.5B+21.8% | $1.2B-5.3% | $1.3B+494.1% | $221.0M |
| EPS (Diluted) | — | $5.83-68.3% | $18.41+474.2% | -$4.92-163.2% | $7.78-61.0% | $19.96+679.7% | $2.56-41.6% | $4.38-40.8% | $7.40-19.7% | $9.22+83.3% | $5.03+11.5% | $4.51-20.5% | $5.67+25.4% | $4.52-0.9% | $4.56+560.9% | $0.69 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
LNC Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $417.2B+6.7% | $390.8B+4.9% | $372.4B+11.4% | $334.3B-15.3% | $394.8B+7.9% | $365.9B+9.3% | $334.8B+12.3% | $298.1B+5.8% | $281.8B+7.7% | $261.6B+3.9% | $251.9B-0.6% | $253.4B+6.9% | $236.9B+8.3% | $218.9B+8.6% | $201.5B |
| Cash & Equivalents | $9.5B+63.8% | $5.8B+72.4% | $3.4B+0.7% | $3.3B+28.0% | $2.6B+52.9% | $1.7B-33.4% | $2.6B+9.3% | $2.3B+44.0% | $1.6B-40.2% | $2.7B-13.5% | $3.1B-19.7% | $3.9B+65.8% | $2.4B-44.1% | $4.2B-6.2% | $4.5B |
| Goodwill | $1.1B0.0% | $1.1B0.0% | $1.1B0.0% | $1.1B-35.7% | $1.8B0.0% | $1.8B0.0% | $1.8B-0.2% | $1.8B+30.3% | $1.4B-39.8% | $2.3B0.0% | $2.3B0.0% | $2.3B0.0% | $2.3B-41.2% | $3.9B0.0% | $3.9B |
| Total Liabilities | $406.3B+6.2% | $382.6B+4.7% | $365.5B+11.0% | $329.2B-12.2% | $374.8B+9.2% | $343.2B+8.9% | $315.1B+11.0% | $283.8B+7.3% | $264.4B+7.0% | $247.1B+3.7% | $238.3B+0.3% | $237.6B+6.3% | $223.5B+9.6% | $203.9B+8.2% | $188.4B |
| Long-Term Debt | $5.9B+0.2% | $5.9B+2.8% | $5.7B-10.0% | $6.3B-4.4% | $6.6B-0.9% | $6.7B+9.1% | $6.1B+7.8% | $5.7B+11.0% | $5.1B0.0% | $5.1B-3.8% | $5.3B+0.9% | $5.3B-8.7% | $5.8B+7.4% | $5.4B-0.3% | $5.4B |
| Total Equity | $10.9B+31.9% | $8.3B+20.0% | $6.9B+35.1% | $5.1B-74.4% | $19.9B-12.3% | $22.7B+15.3% | $19.7B+37.2% | $14.3B-17.2% | $17.3B+19.6% | $14.5B+6.3% | $13.6B-13.5% | $15.7B+17.0% | $13.5B-10.2% | $15.0B+14.3% | $13.1B |
| Retained Earnings | $8.4B+9.7% | $7.6B+60.0% | $4.8B-19.3% | $5.9B+14.0% | $5.2B-40.2% | $8.7B-1.9% | $8.9B+3.5% | $8.6B+1.8% | $8.4B+19.3% | $7.0B+8.8% | $6.5B+7.5% | $6.0B+20.1% | $5.0B+24.0% | $4.0B+42.8% | $2.8B |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities.
LNC Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.3B | -$167.0M+91.7% | -$2.0B+3.2% | -$2.1B-157.5% | $3.6B+1763.1% | -$217.0M-140.6% | $534.0M+119.9% | -$2.7B-238.2% | $1.9B+146.6% | $788.0M-38.1% | $1.3B-43.3% | $2.2B-11.2% | $2.5B+216.1% | $799.0M-37.0% | $1.3B-0.5% | $1.3B |
| Investing Cash Flow | -$2.6B | -$4.0B-588.8% | $821.0M+124.6% | -$3.3B+71.4% | -$11.6B-224.9% | -$3.6B+62.2% | -$9.5B-72.4% | -$5.5B+5.4% | -$5.8B-38.8% | -$4.2B-14.2% | -$3.7B+13.2% | -$4.2B-134.0% | -$1.8B+61.7% | -$4.7B-22.1% | -$3.9B-81.5% | -$2.1B |
| Financing Cash Flow | $6.9B | $7.9B+117.6% | $3.6B-33.3% | $5.4B-38.1% | $8.8B+86.4% | $4.7B-41.9% | $8.1B-3.7% | $8.4B+83.1% | $4.6B+99.0% | $2.3B+17.1% | $2.0B+63.2% | $1.2B+44.7% | $834.0M-59.2% | $2.0B-11.4% | $2.3B-11.8% | $2.6B |
| Dividends Paid | $344.0M | $325.0M+5.9% | $307.0M+0.7% | $305.0M-1.6% | $310.0M-2.8% | $319.0M+2.6% | $311.0M+2.6% | $303.0M+4.8% | $289.0M+10.3% | $262.0M+10.1% | $238.0M+16.7% | $204.0M+20.0% | $170.0M+32.8% | $128.0M+40.7% | $91.0M+49.2% | $61.0M |
| Share Buybacks | N/A | N/A | $0 | $0-100.0% | $550.0M-50.2% | $1.1B+301.8% | $275.0M-50.0% | $550.0M-38.9% | $900.0M+24.1% | $725.0M-17.5% | $879.0M-2.3% | $900.0M+38.5% | $650.0M+44.4% | $450.0M-8.5% | $492.0M-14.4% | $575.0M |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
LNC Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 6.5%-11.3pp | 17.8%+24.2pp | -6.5%-13.7pp | 7.2%-14.1pp | 21.3%+18.5pp | 2.9%-2.3pp | 5.1%-4.9pp | 10.0%-4.6pp | 14.6%+5.6pp | 8.9%+0.4pp | 8.5%-2.7pp | 11.2%+0.8pp | 10.4%-1.0pp | 11.4%+9.3pp | 2.1% |
| Return on Equity | 10.8%-28.8pp | 39.6%+50.5pp | -10.9%-37.5pp | 26.6%+7.6pp | 19.0%+16.8pp | 2.2%-2.3pp | 4.5%-6.9pp | 11.4%-0.6pp | 12.0%+3.8pp | 8.2%-0.2pp | 8.5%-1.2pp | 9.6%+0.4pp | 9.3%+0.5pp | 8.8%+7.1pp | 1.7% |
| Return on Assets | 0.3%-0.6pp | 0.8%+1.0pp | -0.2%-0.6pp | 0.4%-0.5pp | 1.0%+0.8pp | 0.1%-0.1pp | 0.3%-0.3pp | 0.5%-0.2pp | 0.7%+0.3pp | 0.5%0.0pp | 0.5%-0.1pp | 0.6%+0.1pp | 0.5%-0.1pp | 0.6%+0.5pp | 0.1% |
| Debt-to-Equity | 0.54-0.2x | 0.71-0.1x | 0.83-0.4x | 1.24+0.9x | 0.330.0x | 0.290.0x | 0.31-0.1x | 0.40+0.1x | 0.30-0.1x | 0.350.0x | 0.39+0.1x | 0.34-0.1x | 0.43+0.1x | 0.36-0.1x | 0.41 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.
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Where Lincoln Natl Corp Ind Ranks
Frequently Asked Questions
What is Lincoln Natl Corp Ind's annual revenue?
Lincoln Natl Corp Ind (LNC) reported $18.2B in total revenue for fiscal year 2025. This represents a -1.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Lincoln Natl Corp Ind's revenue growing?
Lincoln Natl Corp Ind (LNC) revenue declined by 1.2% year-over-year, from $18.4B to $18.2B in fiscal year 2025.
Is Lincoln Natl Corp Ind profitable?
Yes, Lincoln Natl Corp Ind (LNC) reported a net income of $1.2B in fiscal year 2025, with a net profit margin of 6.5%.
How much debt does Lincoln Natl Corp Ind have?
As of fiscal year 2025, Lincoln Natl Corp Ind (LNC) had $9.5B in cash and equivalents against $5.9B in long-term debt.
What is Lincoln Natl Corp Ind's net profit margin?
Lincoln Natl Corp Ind (LNC) had a net profit margin of 6.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Lincoln Natl Corp Ind pay dividends?
Yes, Lincoln Natl Corp Ind (LNC) paid $1.80 per share in dividends during fiscal year 2025.
What is Lincoln Natl Corp Ind's return on equity (ROE)?
Lincoln Natl Corp Ind (LNC) has a return on equity of 10.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Lincoln Natl Corp Ind's operating cash flow?
Lincoln Natl Corp Ind (LNC) recorded an outflow of $167.0M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Lincoln Natl Corp Ind's total assets?
Lincoln Natl Corp Ind (LNC) had $417.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Lincoln Natl Corp Ind's debt-to-equity ratio?
Lincoln Natl Corp Ind (LNC) had a debt-to-equity ratio of 0.54 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Lincoln Natl Corp Ind's return on assets (ROA)?
Lincoln Natl Corp Ind (LNC) had a return on assets of 0.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Lincoln Natl Corp Ind's Piotroski F-Score?
Lincoln Natl Corp Ind (LNC) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Lincoln Natl Corp Ind's earnings high quality?
For every $1 of reported earnings, Lincoln Natl Corp Ind (LNC) used $0.14 of operating cash (-$167.0M OCF vs $1.2B net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Lincoln Natl Corp Ind?
Lincoln Natl Corp Ind (LNC) scores 18 out of 100 on our Financial Health Score, indicating weak standing within its insurers peer group. The score is a 0-100 composite of six dimensions (Loss Ratio, Premium Growth, Capital, Investment Yield, Combined Ratio, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.