LNC

MKT CAP:$7B

Lincoln National Corporation

Market Cap

$7B

Financial Services·Insurance - Life·🇺🇸 United States·NYSE

Financials·Insurance - Life·🇺🇸·NYSE

Stock Price

$36.89-$8.12 (-18.04%)

Apr 17, 2026

Company Details

Lincoln National Corporation, through its subsidiaries, operates multiple insurance and retirement businesses in the United States. It operates through four segments: Annuities, Retirement Plan Services, Life Insurance, and Group Protection...

CEO

Ellen R. Gail Cooper

IPO Date

Mar 17, 1980

Website

www.lfg.com

Key Metrics TTM

Revenue

$18.3B

+1.7% YoY

Net Income

$1.2B

EPS (Diluted)

$5.32

Free Cash Flow

-$167M

Revenue / Share

$93.20

Gross Margin

20.0%

Operating Margin

7.3%

Net Margin

6.4%

FCF Margin

-0.9%

P/S

0.4x

P/E

6.0x

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Feb 19, 2026

$18.2B+1.2%EPS $5.84

Q4 2025

Feb 19, 2026

$4.9B-3.2%EPS $3.80

Q3 2025

Oct 30, 2025

$4.6B+9.4%EPS $2.12

Q2 2025

Jul 31, 2025

$4.1B-11.5%EPS $3.81

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$4.7B	$554M	$1.8B
Q2 22	$5.6B	$1.6B	$1.0B
Q3 22	$4.8B	-$2.0B	-$2.1B
Q4 22	$4.2B	$2.5B	-$35M
Q1 23	$3.8B	-$449M	-$1.2B
Q2 23	$2.9B	-$1.3B	$602M
Q3 23	$4.2B	-$287M	$1.0B
Q4 23	$721M	$1.8B	-$1.6B
Q1 24	$4.1B	-$301M	$1.5B
Q2 24	$4.6B	$486M	$1.1B
Q3 24	$4.2B	$127M	-$703M
Q4 24	$5.1B	$4.1B	$2.1B
Q1 25	$4.7B	$449M	-$949M
Q2 25	$4.1B	-$84M	$848M
Q3 25	$4.6B	$296M	$524M
Q4 25	$4.9B	$3.0B	$915M

Valuation

Quarter	P/S	P/E
Q1 22	0.4x	2.6x
Q2 22	0.4x	2.5x
Q3 22	0.4x	9.2x
Q4 22	0.4x	12.7x
Q1 23	0.4x	—
Q2 23	0.4x	—
Q3 23	0.5x	14.4x
Q4 23	0.6x	—
Q1 24	0.6x	5.2x
Q2 24	0.5x	4.0x
Q3 24	0.5x	19.8x
Q4 24	0.4x	2.1x
Q1 25	0.4x	5.3x
Q2 25	0.4x	6.2x
Q3 25	0.4x	3.3x
Q4 25	0.4x	6.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$476M	$476M
Q2 22	$1.9B	$1.9B
Q3 22	$650M	$650M
Q4 22	$639M	$639M
Q1 23	-$774M	-$774M
Q2 23	$522M	$522M
Q3 23	$46M	$46M
Q4 23	-$1.9B	-$1.9B
Q1 24	-$1.3B	-$1.3B
Q2 24	-$859M	-$859M
Q3 24	-$27M	-$27M
Q4 24	$222M	$222M
Q1 25	-$272M	-$272M
Q2 25	$1.0B	$1.0B
Q3 25	-$1.1B	-$1.1B
Q4 25	$233M	$233M

Capital Expenditures

Quarter	CapEx
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q4 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+4.2%	-32.6%
Q2 22	+15.0%	+11.5%
Q3 22	-7.9%	+43.0%
Q4 22	-8.0%	-2.2%
Q1 23	-18.5%	+74.6%
Q2 23	-47.4%	-48.8%
Q3 23	-12.0%	-53.9%
Q4 23	-82.8%	-44.8%
Q1 24	+7.3%	-48.3%
Q2 24	+56.7%	+50.1%
Q3 24	-0.7%	+53.5%
Q4 24	+605.1%	+27.8%
Q1 25	+14.7%	+119.1%
Q2 25	-11.5%	-8.0%
Q3 25	+9.4%	-17.0%
Q4 25	-3.2%	+34.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

Revenue Segments

Quarter	Annuities Segment	Group Protection Segment	Life Segment	Other Operations	Retirement Plan Services Segment
Q1 22	$1.2B	$1.3B	$1.8B	$40M	$318M
Q3 22	$1.2B	$1.3B	$1.8B	$36M	$316M
Q2 24	$1.2B	$1.4B	$1.5B	—	$327M
Q1 25	$1.4B	$1.5B	$1.6B	—	$327M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$2.0B	$110.7B	$112.7B
Q2 22	$1.6B	$103.4B	$104.9B
Q3 22	$1.5B	$97.6B	$99.0B
Q4 22	$3.3B	$99.7B	$103.1B
Q1 23	$3.8B	$101.9B	$105.7B
Q2 23	$3.8B	$19.0B	$22.8B
Q3 23	$2.5B	$19.9B	$22.5B
Q4 23	$3.4B	$88.7B	$92.1B
Q1 24	$4.1B	$20.2B	$24.3B
Q2 24	$5.5B	$21.1B	$26.6B
Q3 24	$6.0B	$21.7B	$27.7B
Q4 24	$5.8B	$20.9B	$26.7B
Q1 25	$4.3B	$22.3B	$26.6B
Q2 25	$7.1B	$22.9B	$30.1B
Q3 25	$10.7B	$23.2B	$33.9B
Q4 25	$9.5B	$36.9B	$46.4B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	174M	-5.2%	-9.7%
Q2 22	172M	-1.3%	-10.4%
Q3 22	171M	-0.5%	-9.3%
Q4 22	171M	-0.0%	-6.9%
Q1 23	169M	-0.7%	-2.5%
Q2 23	170M	+0.7%	-0.6%
Q3 23	171M	+0.2%	+0.1%
Q4 23	170M	-0.7%	-0.6%
Q1 24	171M	+0.8%	+1.0%
Q2 24	171M	0.0%	+0.4%
Q3 24	174M	+1.5%	+1.6%
Q4 24	174M	+0.2%	+2.6%
Q1 25	174M	+0.1%	+1.7%
Q2 25	181M	+3.7%	+5.6%
Q3 25	194M	+7.6%	+11.9%
Q4 25	196M	+1.0%	+12.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$433.4K	11K
Q2 22	$514.3K	11K
Q3 22	$442.5K	11K
Q4 22	$370.6K	11K
Q1 23	$338.7K	11K
Q2 23	$259.1K	11K
Q3 23	$373.5K	11K
Q4 23	$65.4K	11K
Q1 24	$373.1K	11K
Q2 24	$416.6K	11K
Q3 24	$380.8K	11K
Q4 24	$519.7K	10K
Q1 25	$482.1K	10K
Q2 25	$415.5K	10K
Q3 25	$469.3K	10K
Q4 25	$522.3K	9K

Revenue / Employee