Lincoln National (LNC) FY2017 results: revenue $14.3 billion, up 7.0% on the year
Lincoln National Corp. (LNC) reported revenue of $14.3 billion for fiscal 2017, the year ended 31 December 2017, up 7.0% on the year before. Net income was $2.1 billion, up 74.4%, and diluted earnings per share $9.22. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2018.
Revenue
$14.3 billion
+7.0% on the year
FY2010FY2017
Operating margin
7.9%
10.9% a year earlier
FY2010FY2017
Net income
$2.1 billion
+74.4% on the year
FY2010FY2017
Diluted EPS
$9.22
+83.3% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
14,257
13,330
13,572
+7.0%
Operating income
1,130
1,458
1,430
-22.5%
Operating margin
7.9%
10.9%
10.5%
Interest expense
253
331
272
-23.6%
Pre-tax income
1,130
1,458
1,430
-22.5%
Income tax
-949
266
276
Effective tax rate
-84.0%
18.2%
19.3%
Net income
2,079
1,192
1,154
+74.4%
Net margin
14.6%
8.9%
8.5%
Diluted EPS
$9.22
$5.03
$4.51
+83.3%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
788
1,272
2,243
-38.1%
Cash from investing
-4,188
-3,666
-4,223
Cash from financing
2,306
1,970
1,207
+17.1%
Share-based compensation
50.0
46.0
41.0
+8.7%
Buybacks
725
879
900
-17.5%
Dividends paid
262
238
204
+10.1%
Dividend per share
$1.20
$1.04
$0.85
+15.4%
Diluted shares, weighted
226m
237m
255m
-4.5%
Shares outstanding at period end
218m
226m
244m
-3.6%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
17,322
14,478
13,617
+19.6%
Debt
5,123
5,123
5,323
0.0%
Other liabilities
259,318
242,026
232,997
+7.1%
Total liabilities and equity
281,763
261,627
251,937
+7.7%
Goodwill
1,368
2,273
2,273
-39.8%
Securities held for sale or to maturity
94,840
89,013
84,964
+6.5%
Securities borrowed
965
n/a
n/a
Trading assets
1,620
1,712
1,854
-5.4%
Cash and equivalents
1,628
2,722
3,146
-40.2%
Other assets
181,342
165,907
159,700
+9.3%
Total assets
281,763
261,627
251,937
+7.7%
10-K for the year ended 31 December 2017, filed 22 February 2018: the filing.