Lincoln National (LNC) FY2020 results: revenue $17.4 billion, up 1.0% on the year
Lincoln National Corp. (LNC) reported revenue of $17.4 billion for fiscal 2020, the year ended 31 December 2020, up 1.0% on the year before. Net income was $499 million, down 43.7%, and diluted earnings per share $2.56. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2021.
Revenue
$17.4 billion
+1.0% on the year
FY2013FY2020
Operating margin
2.4%
5.3% a year earlier
FY2013FY2020
Net income
$499 million
-43.7% on the year
FY2013FY2020
Diluted EPS
$2.56
-41.6% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
17,439
17,258
16,424
+1.0%
Operating income
423
919
1,885
-54.0%
Operating margin
2.4%
5.3%
11.5%
Interest expense
284
326
297
-12.9%
Pre-tax income
423
919
1,885
-54.0%
Income tax
-76.0
33.0
244
Effective tax rate
-18.0%
3.6%
12.9%
Net income
499
886
1,641
-43.7%
Net margin
2.9%
5.1%
10.0%
Diluted EPS
$2.56
$4.38
$7.40
-41.6%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
534
-2,686
1,943
Cash from investing
-9,481
-5,499
-5,815
Cash from financing
8,092
8,403
4,589
-3.7%
Share-based compensation
51.0
62.0
52.0
-17.7%
Buybacks
275
550
900
-50.0%
Dividends paid
311
303
289
+2.6%
Dividend per share
$1.62
$1.51
$1.36
+7.3%
Diluted shares, weighted
194m
202m
220m
-3.8%
Shares outstanding at period end
192m
197m
206m
-2.2%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
22,699
19,689
14,350
+15.3%
Debt
6,331
6,367
5,686
-0.6%
Other liabilities
336,918
308,705
278,111
+9.1%
Total liabilities and equity
365,948
334,761
298,147
+9.3%
Goodwill
1,778
1,778
1,782
0.0%
Securities held for sale or to maturity
123,044
105,200
94,024
+17.0%
Securities borrowed
1,082
1,437
1,097
-24.7%
Trading assets
n/a
n/a
1,950
Cash and equivalents
1,708
2,563
2,345
-33.4%
Other assets
238,336
223,783
196,949
+6.5%
Total assets
365,948
334,761
298,147
+9.3%
10-K for the year ended 31 December 2020, filed 18 February 2021: the filing.