Lincoln National Corp. (LNC) financials — revenue, cash, debt and margins

Key figures

Trailing twelve months where a flow is involved, latest reported balance where it is not.

Valuation

Market cap: $7.8B
P/E (TTM): 3.50
Price / sales: 0.41
EV / EBITDA: —
Price / book: 0.69

Cash flow

FCF yield: —
SBC-adjusted FCF yield: —
SBC impact: —
Stock compensation (TTM): $78M

Margins & growth

Profit margin: 12.2%
Operating margin: —
Quarterly revenue (year on year): 12.3%
Quarterly earnings (year on year): 90.6%

Balance sheet

Cash & investments: $6.6B
Debt: $6.9B
Net cash / (debt): -$260M

Where the revenue comes from

Group Protection is 34% of revenue.

By business segment

Year to Dec 31, 2025 · $18.2B

Group Protection34%
$6.1B+6.8% vs. a year earlier
Life32%
$5.9B-6.2% vs. a year earlier
Annuities27%
$4.9B+3.3% vs. a year earlier
Retirement Plan Services7%
$1.3B+4.1% vs. a year earlier

What it owns and what it owes

Both on one scale, because both are money — the bar that is taller is the one that matters.

Cash and debt

Cash & InvestmentsTotal Debt

Cash counts short-term investments, not just the bank balance — technology companies park most of it in marketable securities, and leaving those out understates it several times over. Debt includes lease obligations.

Where the money goes

Cost of RevenueR&D ExpenseSG&A Expense

Only the three costs filers report consistently. Anything a company does not break out sits outside these bands, so the stack is not the whole cost base.

The rest of the series

Not on the overview because five charts is as much as one decision needs — but here in full, on one period switch. Each bar sums the four quarters ending there — a full year, brought up to today.

Total Revenue

$19.33BQ2 2026+2.6%

1Y: +7.91%2Y: +36.37%5Y: +2.30%

Everything the company sold, before any costs. Each bar sums the four quarters ending there — a full year, brought up to today.

Profit

$2.36BQ2 2026+36.7%12.2% of revenue

1Y: +107.66%2Y: +35.97%5Y: +67.90%

What was left after every cost, including tax. Each bar sums the four quarters ending there — a full year, brought up to today.

Profit margin

12.2%Q2 2026+33.2%

How much of every dollar of sales the company keeps as profit. A grocer keeps a few cents; a software company can keep half. Each point covers the four quarters ending there — a full year, brought up to today.

Profit per share

$11.70Q2 2026+33.3%

1Y: +103.13%2Y: +23.03%5Y: +61.60%

The same profit, split across every share. If this lags the profit chart above, the company is issuing shares and your slice is getting smaller. Restated onto today’s share count, so stock splits do not show as jumps. Each bar sums the four quarters ending there — a full year, brought up to today.

Shares outstanding

195.73MQ2 2026+2.1%

How many shares the profit is divided across. Rising is dilution; falling is the company buying itself back. Restated onto today’s basis, so splits do not show as jumps. Each point covers the four quarters ending there — a full year, brought up to today.

Price to earnings

4.1xQ2 2026-32.7%

4.1x today · median 6.1x and range 1.8x–20.3x across the points shown, Q4 2020 to Q2 2026 The breaks in the line cover 3 periods with no meaningful multiple — a loss, or earnings so small the ratio says more about the denominator than the price.

Paid per unit of yearly profit. Periods with a loss, or profits too small for the ratio to mean anything, are left out — the line breaks rather than drawing through them. Each point covers the four quarters ending there — a full year, brought up to today.

Dividends paid

$344MQ2 2026+3.0%

1Y: +12.05%2Y: +12.79%5Y: +8.86%

Cash handed to shareholders. A flat line at zero means the company pays none. Each bar sums the four quarters ending there — a full year, brought up to today.

About Lincoln National Corp.

Ticker: LNC
SEC classification: Life Insurance (6311)
Listed on: NYSE
Incorporated in: IN
Financial year ends: December 31
Filer size: Large accelerated filer

About this data

Everything above comes from Lincoln National Corp.’s own filings with the SEC, as reported. No estimates, no analyst figures, nothing adjusted.

Not reported by this filer: Cost of Revenue, Gross Profit, R&D Expense, Total Operating Expenses, Operating Income, Interest Income, Net Interest Income, Non-interest Income, Non-interest Expense, Deposits, Current Assets, Current Liabilities, Inventory, Receivables, Borrowings (total), Operating Lease (current), Operating Lease (noncurrent), Finance Lease (current), Finance Lease (noncurrent), Capital Expenditures, Depreciation & Amortization, Depreciation, and Amortization of Intangibles. Companies choose which XBRL tags to use, and anything untagged cannot be recovered — so these are blank rather than guessed.