Lincoln National (LNC) FY2023 results: revenue $11.6 billion, down 38.0% on the year
Lincoln National Corp. (LNC) reported revenue of $11.6 billion for fiscal 2023, the year ended 31 December 2023, down 38.0% on the year before. Net income was -$752 million, and diluted earnings per share $-4.92. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.
Revenue
$11.6 billion
-38.0% on the year
FY2016FY2023
Operating margin
-9.9%
9.0% a year earlier
FY2016FY2023
Net income
-$752 million
FY2016FY2023
Diluted EPS
-$4.92
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
-2,074
3,609
-217
Cash from investing
-3,334
-11,643
-3,584
Cash from financing
5,430
8,768
4,705
-38.1%
Share-based compensation
61.0
51.0
61.0
+19.6%
Buybacks
0.0
550
1,105
Dividends paid
305
310
319
-1.6%
Dividend per share
$1.80
$1.80
$1.71
0.0%
Diluted shares, weighted
171m
173m
190m
-1.1%
Shares outstanding at period end
170m
169m
177m
+0.3%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
6,893
5,102
19,915
+35.1%
Debt
5,949
6,331
6,331
-6.0%
Other liabilities
359,571
322,898
368,504
+11.4%
Total liabilities and equity
372,413
334,331
394,750
+11.4%
Goodwill
1,144
1,144
1,778
0.0%
Securities held for sale or to maturity
88,738
99,736
118,746
-11.0%
Loans
18,963
18,301
n/a
+3.6%
Securities borrowed
n/a
941
528
Cash and equivalents
3,365
3,343
2,612
+0.7%
Other assets
260,203
210,866
271,086
+23.4%
Total assets
372,413
334,331
394,750
+11.4%
10-K for the year ended 31 December 2023, filed 22 February 2024: the filing.