Lincoln National financials
$40.88−1.94%
Close Sep 28, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Fiscal year | FY25 Dec 31 | FY24 Dec 31 | FY23 Dec 31 | FY22 Dec 31 | FY21 Dec 31 | FY20 Dec 31 | FY19 Dec 31 | FY18 Dec 31 | FY17 Dec 31 | FY16 Dec 31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.21B | $18.44B | $11.64B | $18.81B | $17.71B | $17.44B | $17.26B | $16.42B | $14.26B | $13.33B |
| Gross profit | $10.25B | $10.52B | $5.51B | $10.33B | $9.39B | $8.76B | $9.38B | $9.64B | $9.10B | $8.64B |
| Gross margin | 56.3% | 57.1% | 47.3% | 54.9% | 53.0% | 50.2% | 54.3% | 58.7% | 63.8% | 64.8% |
| Operating income | $1.37B | $4.17B | -$969.0M | $2.01B | $5.00B | $775.0M | $1.31B | $2.26B | $1.43B | $1.80B |
| Net income | $1.09B | $3.19B | -$835.0M | $1.34B | $3.78B | $499.0M | $886.0M | $1.64B | $2.08B | $1.19B |
| Net margin | 6.0% | 17.3% | −7.2% | 7.2% | 21.3% | 2.9% | 5.1% | 10.0% | 14.6% | 8.9% |
| Diluted EPS | $5.83 | $18.41 | $-4.92 | $7.78 | $19.96 | $2.56 | $4.38 | $7.47 | $9.19 | $5.03 |
| EBITDA | $1.37B | $4.17B | -$969.0M | $2.64B | $4.96B | $734.0M | $1.28B | $2.25B | $2.31B | $1.72B |
| Operating cash flow | -$167.0M | -$2.01B | -$2.07B | $3.61B | -$217.0M | $268.0M | -$176.0M | $2.06B | $667.0M | $1.10B |
| Free cash flow | -$4.42B | -$6.15B | -$4.02B | $3.61B | -$3.30B | — | — | — | — | — |
| Diluted shares | 186.1M | 173.1M | 170.7M | 172.7M | 189.3M | 194.5M | 202.1M | 219.6M | 226.2M | 236.8M |
Balance sheet
| Period end | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $9.50B | $5.80B | $3.37B | $3.34B | $2.61B | $1.71B |
| Short-term investments | $180.09B | $168.44B | $158.26B | $143.54B | $182.58B | $168.50B |
| Total debt | $14.22B | $16.18B | $14.05B | $13.17B | $15.57B | $12.90B |
| Total assets | $417.20B | $390.83B | $372.41B | $334.33B | $387.30B | $365.95B |
| Total liabilities | $406.30B | $382.56B | $365.52B | $329.23B | $367.03B | $343.25B |
| Shareholders' equity | $10.91B | $8.27B | $6.89B | $5.10B | $20.27B | $22.70B |
From SEC filings via Massive. Fiscal periods follow the company's own calendar; free cash flow is operating cash flow minus capital expenditure.
Sources: Massive / Polygon daily aggregates (split-adjusted) · SEC filings via Massive · FINRA settlements via Massive · Financial Modeling Prep. Figures are dated where shown; research is informational, not investment advice. Methodology