# Lincoln National Corporation (LNC)

**Exchange:** NYSE  
**Sector:** Financial Services  
**Market cap:** $6.68B  
**Price:** $35.91 (-0.83%)

> Lincoln National Corporation is a U.S.-based holding company that operates under the marketing name Lincoln Financial Group. The company focuses on insurance and retirement solutions, providing products and services that help individuals and institutions manage financial security, income protection, and wealth transfer needs. Through its subsidiaries, Lincoln National Corporation offers life insurance, annuities, group protection benefits, and retirement plan services to employers, organizations, and individual customers. Its offerings are designed to support long-term financial planning, including retirement income, workplace benefits, and protection against financial risks associated with death, disability, or longevity. Headquartered in the United States, Lincoln National Corporation plays a significant role in the U.S. insurance and retirement markets, serving financial professionals, employers, and retail clients through a combination of advisors, intermediaries, and direct channels.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $18.21B | — | — | $1.18B | $5.83 |
| 2024 | $18.44B | — | — | $3.27B | $18.41 |
| 2023 | $11.64B | — | — | -$752M | $-4.92 |
| 2022 | $18.81B | — | — | $1.36B | $7.78 |
| 2021 | $17.71B | — | — | $3.78B | $19.96 |
| 2020 | $17.44B | — | — | $499M | $2.56 |
| 2019 | $17.26B | — | — | $886M | $4.38 |
| 2018 | $1.34B | — | — | $1.64B | $7.40 |
| 2017 | $14.26B | — | — | $2.08B | $9.22 |
| 2016 | $13.33B | — | — | $1.19B | $5.03 |
| 2015 | $13.57B | — | — | $1.15B | $4.51 |
| 2014 | $13.55B | — | — | $1.51B | $5.67 |
| 2013 | $11.97B | — | — | $1.24B | $4.52 |
| 2012 | $11.54B | — | — | $1.31B | $4.56 |
| 2011 | $10.64B | — | — | $221M | $0.69 |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $417.20B | $406.30B | $10.91B | — | $5.87B |
| 2024 | $390.83B | $382.56B | $8.27B | — | $5.86B |
| 2023 | $372.41B | $365.52B | $6.89B | — | $5.70B |
| 2022 | $334.33B | $329.23B | $5.10B | — | $6.33B |
| 2021 | $386.94B | $366.19B | $19.91B | — | $6.33B |
| 2020 | $365.95B | $343.25B | $22.70B | — | $6.33B |
| 2019 | $334.76B | $315.07B | $19.69B | — | $6.13B |
| 2018 | $298.15B | $283.80B | $14.35B | — | $5.69B |
| 2017 | $281.76B | $264.44B | $17.32B | $1.63B | $5.12B |
| 2016 | $261.63B | $247.15B | $14.48B | $2.72B | $5.12B |
| 2015 | $251.91B | $238.29B | $13.62B | $3.15B | $5.32B |
| 2014 | $253.38B | $237.64B | $15.74B | $3.92B | $5.27B |
| 2013 | $236.94B | $223.49B | $13.45B | $2.36B | $5.77B |
| 2012 | $218.87B | $203.90B | $14.97B | $4.23B | $5.37B |
| 2011 | $201.49B | $188.39B | $13.10B | $4.51B | $5.39B |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | -$167M | — | — |
| 2024 | -$2.01B | — | — |
| 2023 | -$2.07B | — | — |
| 2022 | $3.61B | — | — |
| 2021 | -$217M | — | — |
| 2020 | $534M | — | — |
| 2019 | -$2.69B | — | — |
| 2018 | $1.94B | — | — |
| 2017 | $788M | — | — |
| 2016 | $1.27B | — | — |
| 2015 | $2.24B | — | — |
| 2014 | $2.53B | — | — |
| 2013 | $799M | — | — |
| 2012 | $1.27B | — | — |
| 2011 | $1.28B | — | — |

Source: [CompaniesByCap](https://companiesbycap.com/company/LNC)