LINCOLN NATIONAL CORP

LNCCIK 000005955819 fiscal yearsInsurance lens ↓

RevenueFY2025

$18.21B1.2%

Net incomeFY2025

$1.18B64.1%

Diluted EPSFY2025

$5.8368.3%

Trends

FY2007–FY2025 · hover a year for its filing

Revenue & net incomeRevenueNet income

revenue 1.9× since FY2007 · net margin 12.6% → 6.5%

MarginsNet marginFCF margin

FY2025: net 6.5% of revenue

Cash flowOperating cash flowFree cash flow

Returns on capitalReturn on equityReturn on assets

return on equity 1% (FY2008) → 11% (FY2025) · on assets 0.3%

Balance sheetLiabilitiesEquity

FY2025: $417.20B assets · $406.30B liabilities · $10.91B equity

Financial statements

Annual Quarterly

USD millions, except per-share values; share counts in millions. Hover a value for its XBRL tag and filing accession.

USD millions	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014
Revenue	18,212	18,442	11,645	18,810	17,715	17,439	17,258	16,424	14,257	13,330	13,572	13,554
Net income	1,177	3,275	(752)	1,358	3,778	499	886	1,641	2,079	1,192	1,154	1,515
Diluted EPS	5.83	18.41	(4.92)	7.78	19.96	2.56	4.38	7.40	9.22	5.03	4.51	5.67
Diluted shares	186	173	171	173	190	194	202	220	226	237	255	268
Operating cash flow	(167)	(2,007)	(2,074)	3,609	(217)	534	(2,686)	1,943	788	1,272	2,243	2,526
Cash & equivalents	9,502	5,801	3,365	3,343	2,612	1,708	2,563	2,345	1,628	2,722	3,146	3,919
Total assets	417,204	390,831	372,413	334,331	387,301	365,948	334,761	298,147	281,763	261,627	251,908	253,377
Total liabilities	406,298	382,562	365,520	329,229	367,029	343,249	315,072	283,797	264,441	247,149	238,291	237,637
Shareholders' equity	10,906	8,269	6,893	5,102	20,272	22,699	19,689	14,350	17,322	14,478	13,617	15,740

As reported in SEC filings; a missing tag shows “—”, never zero. Free cash flow is operating cash flow − capex. Methodology

Insurance lens

Metrics specific to insurers. Annual figures, in USD millions; ratios in percent.

USD millions	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014
Premiums earned	12,162	11,827	9,139	11,690	11,656	5,372	5,513	4,601	3,256	2,987	3,246	2,988
Policyholder benefits & claims	7,960	7,918	6,138	8,479	8,503	8,677	7,880	6,786	5,160	4,692	5,044	4,679
Loss ratio	65.4%	66.9%	67.2%	72.5%	72.9%	161.5%	142.9%	147.5%	158.5%	157.1%	155.4%	156.6%

Premiums earned and policyholder benefits are as reported. Brokers such as Aon and Marsh McLennan earn fees, not premiums, so those rows are blank for them. The loss ratio (benefits ÷ premiums earned) is computed by stonks for full fiscal years only.