Lincoln National (LNC) FY2018 results: revenue $16.4 billion, up 15.2% on the year
Lincoln National Corp. (LNC) reported revenue of $16.4 billion for fiscal 2018, the year ended 31 December 2018, up 15.2% on the year before. Net income was $1.6 billion, down 21.1%, and diluted earnings per share $7.40. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2019.
Revenue
$16.4 billion
+15.2% on the year
FY2011FY2018
Operating margin
11.5%
7.9% a year earlier
FY2011FY2018
Net income
$1.6 billion
-21.1% on the year
FY2011FY2018
Diluted EPS
$7.40
-19.7% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
16,424
14,257
13,330
+15.2%
Operating income
1,885
1,130
1,458
+66.8%
Operating margin
11.5%
7.9%
10.9%
Interest expense
297
253
331
+17.4%
Pre-tax income
1,885
1,130
1,458
+66.8%
Income tax
244
-949
266
Effective tax rate
12.9%
-84.0%
18.2%
Net income
1,641
2,079
1,192
-21.1%
Net margin
10.0%
14.6%
8.9%
Diluted EPS
$7.40
$9.22
$5.03
-19.7%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
1,943
788
1,272
+146.6%
Cash from investing
-5,815
-4,188
-3,666
Cash from financing
4,589
2,306
1,970
+99.0%
Share-based compensation
52.0
50.0
46.0
+4.0%
Buybacks
900
725
879
+24.1%
Dividends paid
289
262
238
+10.3%
Dividend per share
$1.36
$1.20
$1.04
+13.3%
Diluted shares, weighted
220m
226m
237m
-2.9%
Shares outstanding at period end
206m
218m
226m
-5.6%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
14,350
17,322
14,478
-17.2%
Debt
5,686
5,123
5,123
+11.0%
Other liabilities
278,111
259,318
242,026
+7.2%
Total liabilities and equity
298,147
281,763
261,627
+5.8%
Goodwill
1,782
1,368
2,273
+30.3%
Securities held for sale or to maturity
94,024
94,840
89,013
-0.9%
Securities borrowed
1,097
965
n/a
+13.7%
Trading assets
1,950
1,620
1,712
+20.4%
Cash and equivalents
2,345
1,628
2,722
+44.0%
Other assets
196,949
181,342
165,907
+8.6%
Total assets
298,147
281,763
261,627
+5.8%
10-K for the year ended 31 December 2018, filed 20 February 2019: the filing.