LNC FY 2021 Earnings Report — Lincoln National Corporation Revenue & Financial Results | Market Cap Arena

Lincoln National CorporationLNC

FY 2021 Earnings

Reported February 17, 2022

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2021	Prior Q	FY 2020	QoQ Change	YoY Change
Revenue	$17.6B	—	$17.6B	—	0.1%
Op. Income	$4.6B	—	$423M	—	997.6%
Gross Margin	22.2%	—	19.7%	—	2.5pp
Net Margin	21.5%	—	2.8%	—	18.6pp
EPS (Diluted)	$7.43	—	$2.57	—	189.1%
Free Cash Flow	-$217M	—	$534M	—	-140.6%

Revenue Flow

Item	Amount
REVENUE	$17.6B
Cost of Revenue	$13.7B
GROSS PROFIT	$3.9B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$2.3B
SG&A Expenses	$2.3B
Other Expenses	-$3.0B
Operating Expenses	-$743M
Cost & Expenses	$13.0B
OPERATING INCOME	$4.6B
Interest Income	$0
Interest Expense	$270M
Other Income/Expenses	$0
INCOME BEFORE TAX	$4.6B
Income Tax Expense	$865M
Net Income from Continuing Ops	$3.8B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$3.8B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$3.8B
D&A	$50M
EBIT	$4.9B
EBITDA	$5.0B
EPS	$20
EPS Diluted	$7

Income Statement

Item	Amount
REVENUE	$17.6B
Cost of Revenue	$13.7B
GROSS PROFIT	$3.9B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$2.3B
SG&A Expenses	$2.3B
Other Expenses	-$3.0B
Operating Expenses	-$743M
Cost & Expenses	$13.0B
OPERATING INCOME	$4.6B
Interest Income	$0
Interest Expense	$270M
Other Income/Expenses	$0
INCOME BEFORE TAX	$4.6B
Income Tax Expense	$865M
Net Income from Continuing Ops	$3.8B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$3.8B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$3.8B
D&A	$50M
EBIT	$4.9B
EBITDA	$5.0B
EPS	$20
EPS Diluted	$7

Cash Flow Statement

Item	Amount
Net Income	$3.8B
Depreciation & Amortization	$0
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	-$3.4B
Change in Working Capital	-$583M
OPERATING CASH FLOW	-$217M
Capital Expenditure	$0
Acquisitions (Net)	$0
Purchases of Investments	-$17.7B
Sales/Maturities of Investments	$12.3B
Other Investing Activities	$1.8B
NET CASH FROM INVESTING	-$3.6B
Net Debt Issuance	$100M
Common Stock Repurchased	-$1.1B
Common Dividends Paid	-$319M
Other Financing Activities	$6.0B
NET CASH FROM FINANCING	$4.7B
FREE CASH FLOW	-$217M
Net Change in Cash	$904M

Balance Sheet

Item	Amount
Cash & Equivalents	$2.6B
Short-Term Investments	$118.7B
Net Receivables	$20.3B
Inventory	-$7.4B
Other Current Assets	$8.0B
TOTAL CURRENT ASSETS	$142.2B
PP&E (Net)	$147M
Goodwill	$1.8B
Intangible Assets	$560M
Long-Term Investments	$123.5B
Tax Assets	$4.3B
Other Non-Current Assets	-$5.0B
TOTAL NON-CURRENT ASSETS	$125.3B
TOTAL ASSETS	$387.3B
Account Payables	$0
Short-Term Debt	$550M
Deferred Revenue	$0
Other Current Liabilities	-$9.2B
TOTAL CURRENT LIABILITIES	$300M
Long-Term Debt	$6.1B
Deferred Revenue NC	-$7.1B
Deferred Tax Liabilities	$7.1B
Other Non-Current Liabilities	$357.4B
TOTAL NON-CURRENT LIABILITIES	$366.2B
TOTAL LIABILITIES	$367.0B
Common Stock	$4.7B
Additional Paid-In Capital	$0
Retained Earnings	$9.1B
Treasury Stock	$0
Accum. Other Comp. Income	$6.4B
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$20.3B
Minority Interest	$0
TOTAL EQUITY	$20.3B
TOTAL LIABILITIES & EQUITY	$387.3B
Total Debt	$6.6B
Net Debt	$4.0B