Lincoln National CorpLincoln National Corp
Lincoln National Corp

Lincoln National Corp

LNC
Financials·Insurance

Lincoln National Corp. is a holding company, which operates multiple insurance and retirement businesses through its subsidiary companies. It provides advice and solutions that help empower people to take charge of their financial lives with confidence and optimism. It operates through the following segments: Annuities, Retirement Plan Services, Life Insurance, Group Protection, and Other Operations. The Annuities segment offers tax-deferred investment growth and lifetime income opportunities for its clients by offering fixed and variable annuities. The Retirement Plan Services segment includes employers with retirement plan products and services, primarily in the defined contribution retirement plan marketplaces. The Life Insurance segment focuses on the creation and protection of wealth for its clients by providing life insurance products, including term insurance, both single and survivorship versions of universal life insurance, variable universal life insurance, and indexed universal life insurance products. The Group Protection segment is involved in group non-medical insurance products, which includes term life, disability, dental, vision and accident and critical illness benefits and services to the employer marketplace through various forms of employee-paid and employer-paid plans. The Other Operations segment includes the financial data for operations. The company was founded in 1968 and is headquartered in Radnor, PA.

Pennsylvania; U.S.A
Market cap
No dataNo data
Revenue
$18.2B−1.2% YoY
Net income
$1.2B−64.1% YoY
Free cash flow
$-167M+91.7% YoY

Market

Listed stock
LNCPriceNYSE
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Financial performance

Revenue
$18.2B−1.2% YoY
Operating income
$-5.7B−31.5% YoY
Net income
$1.2B−64.1% YoY
Free cash flow
$-167M+91.7% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $19.2B, 2022 $18.8B, 2023 $11.6B, 2024 $18.4B, 2025 $18.2B. Operating income: 2021 $-2.8B, 2022 $-7.2B, 2023 $-8.9B, 2024 $-4.3B, 2025 $-5.7B. Net income: 2021 $1.4B, 2022 $-2.2B, 2023 $-752M, 2024 $3.3B, 2025 $1.2B. Free cash flow: 2021 $151M, 2022 $4B, 2023 $-2.1B, 2024 $-2B, 2025 $-167M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
-1.2%−5962 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $-2.8B, 2022-12-31 $-7.2B, 2023-12-31 $-8.9B, 2024-12-31 $-4.3B, 2025-12-31 $-5.7B. Net income: 2021-12-31 $1.4B, 2022-12-31 $-2.2B, 2023-12-31 $-752M, 2024-12-31 $3.3B, 2025-12-31 $1.2B. Free cash flow: 2021-12-31 $151M, 2022-12-31 $4B, 2023-12-31 $-2.1B, 2024-12-31 $-2B, 2025-12-31 $-167M

Growth heatmap

2022202320242025CAGR
Revenue
-2.4%
-37.9%
+58.4%
-1.2%
-1.4%
Gross profit
-60.6%
-69.6%
+529.5%
-11.2%
-9.5%
Operating income
-159.3%
-23.4%
+51.7%
-31.5%
No data
Free cash flow
+2572.8%
-151.4%
+3.2%
+91.7%
No data

Earnings quality

Operating cash flow
$-167M+91.7% YoY
Net income
$1.2B−64.1% YoY
Free cash flow
$-167M+91.7% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 -14%, 2024-12-31 -61%, 2023-12-31 276%, 2022-12-31 -180%, 2021-12-31 11%. Free cash flow: 2025-12-31 -14%, 2024-12-31 -61%, 2023-12-31 276%, 2022-12-31 -180%, 2021-12-31 11%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
No data
Diluted shares
Latest
No data

Financial flexibility

Cash & equivalents
No dataNo data
Total debt
No dataNo data
Net debt
No dataNo data
Current ratio
No dataNo data

Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
No dataNo data
Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
No data
No data
No data
Price to sales
No data
No data
No data
No data
EV / EBITDA
No data
No data
No data
No data
Free cash flow yield
No data
No data
No data
No data