Lincoln National (LNC) FY2019 results: revenue $17.3 billion, up 5.1% on the year
Lincoln National Corp. (LNC) reported revenue of $17.3 billion for fiscal 2019, the year ended 31 December 2019, up 5.1% on the year before. Net income was $886 million, down 46.0%, and diluted earnings per share $4.38. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2020.
Revenue
$17.3 billion
+5.1% on the year
FY2012FY2019
Operating margin
5.3%
11.5% a year earlier
FY2012FY2019
Net income
$886 million
-46.0% on the year
FY2012FY2019
Diluted EPS
$4.38
-40.8% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
17,258
16,424
14,257
+5.1%
Operating income
919
1,885
1,130
-51.2%
Operating margin
5.3%
11.5%
7.9%
Interest expense
326
297
253
+9.8%
Pre-tax income
919
1,885
1,130
-51.2%
Income tax
33.0
244
-949
-86.5%
Effective tax rate
3.6%
12.9%
-84.0%
Net income
886
1,641
2,079
-46.0%
Net margin
5.1%
10.0%
14.6%
Diluted EPS
$4.38
$7.40
$9.22
-40.8%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
-2,686
1,943
788
Cash from investing
-5,499
-5,815
-4,188
Cash from financing
8,403
4,589
2,306
+83.1%
Share-based compensation
62.0
52.0
50.0
+19.2%
Buybacks
550
900
725
-38.9%
Dividends paid
303
289
262
+4.8%
Dividend per share
$1.51
$1.36
$1.20
+11.0%
Diluted shares, weighted
202m
220m
226m
-7.9%
Shares outstanding at period end
197m
206m
218m
-4.5%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
19,689
14,350
17,322
+37.2%
Debt
6,367
5,686
5,123
+12.0%
Other liabilities
308,705
278,111
259,318
+11.0%
Total liabilities and equity
334,761
298,147
281,763
+12.3%
Goodwill
1,778
1,782
1,368
-0.2%
Securities held for sale or to maturity
105,200
94,024
94,840
+11.9%
Securities borrowed
1,437
1,097
965
+31.0%
Trading assets
n/a
1,950
1,620
Cash and equivalents
2,563
2,345
1,628
+9.3%
Other assets
223,783
196,949
181,342
+13.6%
Total assets
334,761
298,147
281,763
+12.3%
10-K for the year ended 31 December 2019, filed 20 February 2020: the filing.