Lincoln National (LNC) FY2025 results: revenue $18.2 billion, down 1.2% on the year
Lincoln National Corp. (LNC) reported revenue of $18.2 billion for fiscal 2025, the year ended 31 December 2025, down 1.2% on the year before. Net income was $1.2 billion, down 64.1%, and diluted earnings per share $5.83. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2026.
Revenue
$18.2 billion
-1.2% on the year
FY2018FY2025
Operating margin
7.3%
21.8% a year earlier
FY2018FY2025
Net income
$1.2 billion
-64.1% on the year
FY2018FY2025
Diluted EPS
$5.83
-68.3% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Net income per diluted share $3.80: Fourth quarter net income available to common stockholders was $745 million, or $3.80 per diluted share, against $9.63 a year earlier.
Adjusted operating EPS $2.21: Adjusted operating income available to common stockholders was $434 million, or $2.21 per diluted share, against $1.91 in the prior-year quarter.
Life Insurance income turned positive: Life Insurance income from operations was $77 million, against a loss of $15 million a year earlier, which management attributed to improved mortality and alternative investment income.
Annuity sales up 33%: Annuity total sales were $4.9 billion in the quarter, an increase of 33% over the prior year.
Group Protection sales down 16%: Group Protection sales were $391 million, 16% lower than the fourth-quarter 2024 sales record.
$ 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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
-167
-2,007
-2,074
Cash from investing
-4,013
821
-3,334
Cash from financing
7,881
3,622
5,430
+117.6%
Share-based compensation
78.0
64.0
61.0
+21.9%
Buybacks
n/a
0.0
0.0
Dividends paid
325
307
305
+5.9%
Dividend per share
$1.80
$1.80
$1.80
0.0%
Diluted shares, weighted
186m
173m
171m
+7.5%
Shares outstanding at period end
190m
170m
170m
+11.5%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
10,906
8,269
6,893
+31.9%
Debt
5,866
6,156
5,949
-4.7%
Other liabilities
400,432
376,406
359,571
+6.4%
Total liabilities and equity
417,204
390,831
372,413
+6.7%
Goodwill
1,144
1,144
1,144
0.0%
Securities held for sale or to maturity
93,448
87,111
88,738
+7.3%
Loans
22,472
21,083
18,963
+6.6%
Cash and equivalents
9,502
5,801
3,365
+63.8%
Other assets
290,638
275,692
260,203
+5.4%
Total assets
417,204
390,831
372,413
+6.7%
10-K for the year ended 31 December 2025, filed 19 February 2026: the filing.