What is Lincoln Natl Corp Ind's earnings per share (EPS)?

Lincoln Natl Corp Ind (LNC) reported diluted earnings per share of $5.83 for fiscal year 2025. This represents a -68.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Lincoln Natl Corp Ind Financials

LNC

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Lincoln Natl Corp Ind (LNC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 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).

Rhea AI LNC FY2025 2026-05-07

Lincoln National’s thin asset returns sit on a massive liability-funded balance sheet, making shareholder results unusually sensitive to small shifts.

Over the last year, return on assets fell from 0.8% to 0.3%. With liabilities of $406.3B against only $10.9B of equity, that small asset-level change translated into a much larger swing in return on equity, showing how this balance sheet amplifies modest operating shifts; it can report positive net income while still earning only very thin returns on its asset base.

Net income turned positive again, but operating cash flow stayed negative at -$2.0B and then -$167M, so earnings and cash generation were not moving together. Cash still increased because financing inflows were $3.6B and then $7.9B, meaning liquidity improved faster than the core business produced cash.

The company is highly liability-funded, but not primarily through bond-like debt: long-term debt was $6.3B versus total liabilities of $406.3B. Even though debt-to-equity improved to 0.6x from 0.7x, the operating reality is still a narrow equity cushion supporting a very large asset book.

Financial Health Signals

Financial Profile 35/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). 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.

Growth

Lincoln Natl Corp Ind's revenue declined 1.2% year-over-year, from $18.4B to $18.2B. This contraction results in a growth score of 75/100.

Leverage

Lincoln Natl Corp Ind carries a low D/E ratio of 0.54, meaning only $0.54 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 91/100, indicating a strong balance sheet with room for future borrowing.

Returns

Lincoln Natl Corp Ind's ROE of 10.8% shows moderate profitability relative to equity, earning a score of 45/100. This is down from 39.6% the prior year.

Piotroski F-Score Weak

2/9

Lincoln Natl Corp Ind passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

-0.14x

For every $1 of reported earnings, Lincoln Natl Corp Ind generates $-0.14 in operating cash flow (-$167.0M OCF vs $1.2B net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$18.2B

YoY-1.2%

5Y CAGR+0.9%

10Y CAGR+3.0%

Lincoln Natl Corp Ind generated $18.2B in revenue in fiscal year 2025. This represents a decrease of 1.2% from the prior year.

EBITDA

N/A

Net Income

$1.2B

YoY-64.1%

5Y CAGR+18.7%

10Y CAGR+0.2%

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.

EPS (Diluted)

$5.83

YoY-68.3%

5Y CAGR+17.9%

10Y CAGR+2.6%

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.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$9.5B

YoY+63.8%

5Y CAGR+41.0%

10Y CAGR+11.7%

Lincoln Natl Corp Ind held $9.5B in cash against $5.9B in long-term debt as of fiscal year 2025.

Dividends Per Share

$1.80

YoY+0.0%

5Y CAGR+2.1%

10Y CAGR+7.8%

Lincoln Natl Corp Ind paid $1.80 per share in dividends in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Shares Outstanding

190M

YoY+11.6%

5Y CAGR-0.2%

10Y CAGR-2.5%

Lincoln Natl Corp Ind had 190M shares outstanding in fiscal year 2025. This represents an increase of 11.6% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

6.5%

YoY-11.3pp

5Y CAGR+3.6pp

10Y CAGR-2.0pp

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.

Return on Equity

10.8%

YoY-28.8pp

5Y CAGR+8.6pp

10Y CAGR+2.3pp

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.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

LNC Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$18.2B-1.2%	$18.4B+58.4%	$11.6B-38.1%	$18.8B+6.2%	$17.7B+1.6%	$17.4B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$2.6B-3.3%	$2.7B+7.7%	$2.5B+5.7%	$2.4B+6.9%	$2.3B+8.7%	$2.1B
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$227.0M-32.4%	$336.0M+1.5%	$331.0M+17.0%	$283.0M+4.8%	$270.0M-4.9%	$284.0M
Income Tax	$161.0M-78.4%	$747.0M+288.6%	-$396.0M-207.9%	$367.0M-57.6%	$865.0M+1238.2%	-$76.0M
Net Income	$1.2B-64.1%	$3.3B+535.5%	-$752.0M-155.4%	$1.4B-64.1%	$3.8B+657.1%	$499.0M
EPS (Diluted)	$5.83-68.3%	$18.41+474.2%	$-4.92-163.2%	$7.78-61.0%	$19.96+679.7%	$2.56

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$5.3B+7.8%	$4.9B+8.1%	$4.6B+12.6%	$4.0B-13.8%	$4.7B-7.3%	$5.1B+23.1%	$4.1B-20.2%	$5.2B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$133.0M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$275.0M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	$80.0M-3.6%	$83.0M-3.5%	$86.0M0.0%	$86.0M
Income Tax	-$74.0M-146.3%	$160.0M+102.5%	$79.0M-47.0%	$149.0M+165.6%	-$227.0M-154.7%	$415.0M+337.1%	-$175.0M-187.1%	$201.0M
Net Income	-$172.0M-122.8%	$755.0M+69.7%	$445.0M-36.3%	$699.0M+196.8%	-$722.0M-142.8%	$1.7B+419.3%	-$528.0M-159.0%	$895.0M
EPS (Diluted)	$-1.10	N/A	$2.12-44.2%	$3.80+186.2%	$-4.41	N/A	$-3.29-164.4%	$5.11

LNC Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$417.2B+6.7%	$390.8B+4.9%	$372.4B+11.4%	$334.3B-15.3%	$394.8B+7.9%	$365.9B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$9.5B+63.8%	$5.8B+72.4%	$3.4B+0.7%	$3.3B+28.0%	$2.6B+52.9%	$1.7B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$1.1B0.0%	$1.1B0.0%	$1.1B0.0%	$1.1B-35.7%	$1.8B0.0%	$1.8B
Total Liabilities	$406.3B+6.2%	$382.6B+4.7%	$365.5B+11.0%	$329.2B-12.2%	$374.8B+9.2%	$343.2B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
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
Total Equity	$10.9B+31.9%	$8.3B+20.0%	$6.9B+35.1%	$5.1B-74.4%	$19.9B-12.3%	$22.7B
Retained Earnings	$8.4B+9.7%	$7.6B+60.0%	$4.8B-19.3%	$5.9B+14.0%	$5.2B-40.2%	$8.7B

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$406.2B-2.6%	$417.2B+0.5%	$415.3B+4.1%	$399.1B+4.2%	$382.9B-2.0%	$390.8B-1.5%	$396.8B+3.2%	$384.5B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$7.3B-22.7%	$9.5B-10.9%	$10.7B+49.3%	$7.1B+66.7%	$4.3B-26.2%	$5.8B-3.5%	$6.0B+9.8%	$5.5B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$1.1B0.0%	$1.1B0.0%	$1.1B0.0%	$1.1B0.0%	$1.1B0.0%	$1.1B0.0%	$1.1B0.0%	$1.1B
Total Liabilities	$395.9B-2.5%	$406.3B+0.4%	$404.8B+3.9%	$389.5B+4.0%	$374.7B-2.1%	$382.6B-1.4%	$387.8B+3.0%	$376.6B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$6.0B+1.8%	$5.9B+1.6%	$5.8B+0.1%	$5.8B-1.7%	$5.9B+0.2%	$5.9B-0.7%	$5.9B+3.2%	$5.7B
Total Equity	$10.2B-6.4%	$10.9B+4.3%	$10.5B+9.5%	$9.5B+16.5%	$8.2B-0.9%	$8.3B-8.3%	$9.0B+13.4%	$7.9B
Retained Earnings	$8.1B-3.5%	$8.4B+8.5%	$7.7B+4.3%	$7.4B+8.8%	$6.8B-10.9%	$7.6B+26.4%	$6.0B-9.6%	$6.7B

LNC Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$167.0M+91.7%	-$2.0B+3.2%	-$2.1B-157.5%	$3.6B+1763.1%	-$217.0M-140.6%	$534.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$4.0B-588.8%	$821.0M+124.6%	-$3.3B+71.4%	-$11.6B-224.9%	-$3.6B+62.2%	-$9.5B
Financing Cash Flow	$7.9B+117.6%	$3.6B-33.3%	$5.4B-38.1%	$8.8B+86.4%	$4.7B-41.9%	$8.1B
Dividends Paid	$325.0M+5.9%	$307.0M+0.7%	$305.0M-1.6%	$310.0M-2.8%	$319.0M+2.6%	$311.0M
Share Buybacks	N/A	$0	$0-100.0%	$550.0M-50.2%	$1.1B+301.8%	$275.0M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$138.0M-40.8%	$233.0M+120.4%	-$1.1B-212.6%	$1.0B+472.4%	-$272.0M-222.5%	$222.0M+922.2%	-$27.0M+96.9%	-$859.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$3.5B+11.7%	-$3.9B-276.9%	$2.2B+931.6%	-$266.0M+87.0%	-$2.0B-185.4%	-$717.0M-2.1%	-$702.0M-216.8%	$601.0M
Financing Cash Flow	$1.2B-53.9%	$2.5B+2.4%	$2.5B+16.2%	$2.1B+163.7%	$801.0M+183.0%	$283.0M-77.7%	$1.3B-21.4%	$1.6B
Dividends Paid	$86.0M0.0%	$86.0M0.0%	$86.0M+13.2%	$76.0M-1.3%	$77.0M0.0%	$77.0M0.0%	$77.0M+1.3%	$76.0M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

LNC Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	6.5%-11.3pp	17.8%+24.2pp	-6.5%-13.7pp	7.2%-14.1pp	21.3%+18.5pp	2.9%
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%
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%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.54-0.2	0.71-0.1	0.83-0.4	1.24+0.9	0.33+0.0	0.29
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	5.2%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-3.2%-18.6pp	15.3%+5.6pp	9.8%-7.5pp	17.3%+32.7pp	-15.4%-48.7pp	33.3%+46.2pp	-12.8%-30.2pp	17.4%
Return on Equity	-1.7%-8.6pp	6.9%+2.7pp	4.3%-3.1pp	7.3%+16.1pp	-8.8%-29.2pp	20.4%+26.3pp	-5.9%-17.1pp	11.3%
Return on Assets	-0.0%-0.2pp	0.2%+0.1pp	0.1%-0.1pp	0.2%+0.4pp	-0.2%-0.6pp	0.4%+0.6pp	-0.1%-0.4pp	0.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.58+0.0	0.54-0.0	0.55-0.1	0.60-0.1	0.720.0	0.71+0.1	0.65-0.1	0.72
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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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) generated -$167.0M in operating cash flow during fiscal year 2025, representing cash generated from 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.

How many shares does Lincoln Natl Corp Ind have outstanding?

Lincoln Natl Corp Ind (LNC) had 190M shares outstanding as of fiscal year 2025.

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 cash runway?

Based on fiscal year 2025 data, Lincoln Natl Corp Ind (LNC) had $9.5B in cash against an annual operating cash burn of $167.0M. This gives an estimated cash runway of approximately 683 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Lincoln Natl Corp Ind's Piotroski F-Score?

Lincoln Natl Corp Ind (LNC) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. 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?

Lincoln Natl Corp Ind (LNC) has an earnings quality ratio of -0.14x, considered low quality (accrual-driven). 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 35 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.