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NYSE · Financials

Lincoln National Corp. (LNC)

As-reported financials and SEC filings for Lincoln National Corp. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Lincoln National Corp.

Lincoln National Corporation operates as a holding company providing insurance and retirement products through its subsidiaries. It offers annuities, life insurance, group protection, and retirement plan services primarily to individuals and groups. The company distributes its products through financial intermediaries such as brokers, agents, and financial advisers.

Snapshot

Revenue
$18.21B
Revenue growth (YoY)
-1.2%
Net income
$1.18B
Diluted EPS
$5.83
Gross margin
—
Operating margin
—
Net margin
6.5%
FCF margin
—
ROE
10.8%
net income / fiscal-year-end equity
P/E
3.4×
trailing when available, otherwise FY EPS
Market cap
$7.70B
Long-term debt / equity
0.54×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Lincoln National

  • Revenue fell 1.2% to $18.2B in FY2025, slower than the 58.4% the year before.
  • Most recent quarter Q2 FY2026: revenue $4.5B, up 12.3% from Q2 FY2025.
  • Net income fell 64.1% to $1.2B in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Lincoln National’s fundamentals sit among the 424 Financials companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Net margin6.5%
28th percentile of 372
Revenue growth (YoY)-1.2%
16th percentile of 419
ROE10.8%
57th percentile of 373
P/E3.4×
4th percentile of 307
Long-term debt / equity0.54×
62nd percentile of 192
Short interest7.09d
90th percentile of 419

Lincoln National’s P/E of 3.4 ranks in the 4th percentile of the 307 peers with a meaningful P/E.

No reported insider purchases (code P) in the last 90 days; 2 insider sales totaling $895,754. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 3 of the superinvestors we track (plus 5 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
3
+5 quant / multi-strat
Initiated / added
5
0 new, 5 added
Reduced / exited
5
3 trimmed, 2 exited
Combined position
$216.2M
reported long value
InvestorAs ofPosition valueSharesChange
AQR Capital ManagementquantQ2 2026$49.8M1.4MAdded
D. E. ShawquantQ2 2026$45.6M1.3MAdded
Citadel AdvisorsquantQ2 2026$34.2M968.9KAdded
Gotham Asset ManagementQ2 2026$25.0M707.7KAdded
Two Sigma InvestmentsquantQ2 2026$24.7M699.6KAdded
Millennium ManagementquantQ2 2026$18.8M531.8KReduced
First Eagle Investment ManagementQ2 2026$12.3M348.8KReduced
Bridgewater AssociatesQ2 2026$5.7M160.2KReduced

No longer held by: Point72 Asset Management (as of Q2 2026), Soros Fund Management (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
—
code P value
Sells (90d)
2
$896K
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-08-17
filed 2026-08-18
Sean WoodroffeEVP, Ch Ppl Comms Ent Srvc OffSell11.0K$45.28$498K
2026-08-12
filed 2026-08-14
Gary C. KellyDirectorSell15.0K$26.50$398K
2026-06-05
filed 2026-06-08
Craigt T. BeazerEVP & General CounselSell30.0K$34.45$1.0M
2026-06-01
filed 2026-06-03
Sean WoodroffeEVP, Ch Ppl Comms Ent Srvc OffSell25.0K$34.75$869K

Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
14.5M
settled 2026-09-30
Change vs prior
+19.6%
vs previous settlement
Days to cover
7.09
at avg daily volume
Avg daily volume
2.1M
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-3014.5M+19.6%7.09
2026-09-1512.1M-12.1%6.45
2026-08-3113.8M+33.4%7.64
2026-08-1410.4M-1.7%5.58
2026-07-3110.5M-0.4%4.61
2026-07-1510.6M-0.4%5.55
2026-06-3010.6M+10.5%5.46
2026-06-159.6M+5.4%5.93

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$18.21B$18.44B$11.64B$18.81B$17.71B
Gross profit—————
Operating income—————
Net income$1.18B$3.27B$-752.0M$1.36B$3.78B
Diluted EPS$5.83$18.41$-4.92$7.78$19.96

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$9.50B$5.80B$3.37B$3.34B$2.61B
Current assets—————
Total assets$417.20B$390.83B$372.41B$334.33B$394.75B
Current liabilities—————
Long-term debt$5.87B$5.86B$5.70B$6.33B$6.33B
Total liabilities$406.30B$382.56B$365.52B$329.23B$374.83B
Total equity$10.91B$8.27B$6.89B$5.10B$19.91B

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$-167.0M$-2.01B$-2.07B$3.61B$-217.0M
Capital expenditure—————
Free cash flow—————

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$4.54B12.3%$1.33B$6.72
Q1 FY2026$5.31B13.1%$-172.0M$-1.10
Q4 FY2025-2.8%
Q3 FY2025$4.55B10.8%$445.0M$2.12
Q2 FY2025$4.04B-21.5%$699.0M$3.80
Q1 FY2025$4.69B14.0%$-722.0M$-4.41
Q4 FY2024624.2%
Q3 FY2024$4.11B-2.2%$-528.0M$-3.29

Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.

Company facts

ExchangeNYSE
SectorFinancials
SIC industryLife Insurance
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2018
SEC CIK59558

Selected SEC filings

10-Q2026-07-30
View on EDGAR →
10-Q2026-05-07
View on EDGAR →
8-K2026-08-10
View on EDGAR →
8-K2026-07-30
View on EDGAR →
8-K2026-06-29
View on EDGAR →
8-K2026-06-01
View on EDGAR →

Largest Financials peers

All Financials companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.