LINCOLN NATIONAL CORP's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), LINCOLN NATIONAL CORP reported revenue of $18.2B (-1.2% year on year) and net income of $1.2B (-64.1% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Insurance premiums | $6.7B | $6.4B | $3.7B | — |
| Fee income | $5.5B | $5.4B | $5.5B | $6.1B |
| Net investment income | $6.1B | $5.5B | $5.9B | $5.5B |
| Realized gain (loss) | ($799.0M) | $269.0M | ($4.3B) | $336.0M |
| Other revenues | $774.0M | $821.0M | $900.0M | $722.0M |
| Total revenues | $18.2B | $18.4B | $11.6B | $18.8B |
| Benefits | $8.0B | $7.9B | $6.1B | $12.5B |
| Policyholder liability remeasurement (gain) loss | ($191.0M) | ($190.0M) | ($152.0M) | — |
| Interest credited | $3.7B | $3.4B | $3.2B | $2.9B |
| Market risk benefit (gain) loss | ($372.0M) | ($2.7B) | ($2.3B) | — |
| Commissions and other expenses | $5.5B | $5.6B | $5.3B | $5.1B |
| Interest and debt expense | $227.0M | $336.0M | $331.0M | $283.0M |
| Total expenses | $16.9B | $14.4B | $12.8B | $21.6B |
| Income (loss) before taxes | $1.3B | $4.0B | ($1.1B) | ($2.8B) |
| Federal income tax expense (benefit) | $161.0M | $747.0M | ($396.0M) | ($584.0M) |
| Unrealized investment gain (loss) | $1.6B | ($788.0M) | $3.7B | — |
| Market risk benefit non-performance risk gain (loss) | ($408.0M) | ($924.0M) | ($671.0M) | — |
| Policyholder liability discount rate remeasurement gain (loss) | ($264.0M) | $157.0M | ($160.0M) | — |
| Foreign currency translation adjustment | $11.0M | ($3.0M) | $8.0M | ($20.0M) |
| Funded status of employee benefit plans | $1.0M | ($2.0M) | ($16.0M) | ($59.0M) |
| Total other comprehensive income (loss), net of tax | $978.0M | ($1.6B) | $2.9B | ($14.1B) |
| Comprehensive income (loss) | $2.2B | $1.7B | $2.1B | ($16.3B) |
| Net income (loss) | $1.2B | $3.3B | ($752.0M) | ($2.2B) |
| Preferred stock dividends declared | ($91.0M) | ($91.0M) | — | — |
| Net income (loss) available to common stockholders | $1.1B | $3.2B | — | — |
| Basic (in dollars per share) | $5.94 | $18.66 | -$4.92 | -$13.02 |
| Diluted (in dollars per share) | $5.83 | $18.41 | -$4.92 | -$13.10 |
| Cash Dividends Declared Per Common Share (in dollars per share) | $1.80 | $1.80 | $1.80 | $1.80 |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Insurance premiums | $1.7B | $1.7B | $1.6B | $1.7B |
| Fee income | $1.4B | $1.4B | $1.4B | $1.3B |
| Net investment income | $1.6B | $1.6B | $1.5B | $1.5B |
| Realized gain (loss) | ($406.0M) | $466.0M | ($216.0M) | ($641.0M) |
| Other revenues | $202.0M | $184.0M | $206.0M | $197.0M |
| Total revenues | $4.5B | $5.3B | $4.6B | $4.0B |
| Benefits | $1.9B | $2.1B | $1.9B | $2.0B |
| Policyholder liability remeasurement (gain) loss | ($54.0M) | ($46.0M) | $1.0M | ($88.0M) |
| Interest credited | $1.0B | $999.0M | $954.0M | $916.0M |
| Market risk benefit (gain) loss | ($1.5B) | $987.0M | ($343.0M) | ($940.0M) |
| Commissions and other expenses | $1.4B | $1.5B | $1.4B | $1.3B |
| Interest and debt expense | $82.0M | $81.0M | $79.0M | ($13.0M) |
| Total expenses | $2.9B | $5.6B | $4.0B | $3.2B |
| Income (loss) before taxes | $1.6B | ($246.0M) | $524.0M | $848.0M |
| Federal income tax expense (benefit) | $311.0M | ($74.0M) | $79.0M | $149.0M |
| Unrealized investment gain (loss) | $279.0M | ($937.0M) | $820.0M | $328.0M |
| Market risk benefit non-performance risk gain (loss) | ($404.0M) | $442.0M | ($172.0M) | ($350.0M) |
| Policyholder liability discount rate remeasurement gain (loss) | $14.0M | $86.0M | ($95.0M) | ($64.0M) |
| Foreign currency translation adjustment | $0 | ($3.0M) | ($3.0M) | $10.0M |
| Funded status of employee benefit plans | $0 | $3.0M | $3.0M | ($10.0M) |
| Total other comprehensive income (loss), net of tax | ($111.0M) | ($409.0M) | $553.0M | ($86.0M) |
| Comprehensive income (loss) | $1.2B | ($581.0M) | $998.0M | $613.0M |
| Net income (loss) | $1.3B | ($172.0M) | $445.0M | $699.0M |
| Preferred stock dividends declared | ($11.0M) | ($34.0M) | ($34.0M) | ($11.0M) |
| Net income (loss) available to common stockholders | $1.3B | ($206.0M) | $411.0M | $688.0M |
| Basic (in dollars per share) | $6.85 | -$1.08 | $2.15 | $3.88 |
| Diluted (in dollars per share) | $6.72 | -$1.10 | $2.12 | $3.80 |
| Cash Dividends Declared Per Common Share (in dollars per share) | $0.45 | $0.45 | $0.45 | $0.45 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Fixed maturity available-for-sale securities, at fair value, (amortized cost: 2025 - $101,462; 2024 - $97,415; allowance for credit losses: 2025 - $110; 2024 - $46) | $93.4B | $87.1B | $88.7B | — |
| Trading securities | $1.7B | $2.0B | $2.4B | $3.5B |
| Equity securities | $636.0M | $294.0M | $306.0M | $427.0M |
| Mortgage loans on real estate, net of allowance for credit losses (portion at fair value: 2025 - $199; 2024 - $232) | $22.5B | $21.1B | $19.0B | — |
| Policy loans | $2.6B | $2.5B | $2.5B | $2.4B |
| Derivative investments | $9.9B | $9.7B | $6.5B | $3.7B |
| Other investments | $8.1B | $6.6B | $5.0B | $3.7B |
| Total investments | $138.9B | $129.3B | $124.3B | $131.8B |
| Cash and invested cash | $9.5B | $5.8B | $3.4B | $3.3B |
| Deferred acquisition costs, value of business acquired and deferred sales inducements | $12.8B | $12.5B | $12.4B | — |
| Reinsurance recoverables, net of allowance for credit losses | $28.0B | $28.8B | $29.8B | $19.9B |
| Deposit assets, net of allowance for credit losses | $33.7B | $30.8B | $28.8B | — |
| Market risk benefit assets | $4.8B | $4.9B | $3.9B | — |
| Accrued investment income | $1.1B | $1.1B | $1.1B | $1.3B |
| Goodwill | $1.1B | $1.1B | $1.1B | $1.1B |
| Other assets | $7.2B | $8.2B | $9.3B | $20.9B |
| Separate account assets | $180.1B | $168.4B | $158.3B | $143.5B |
| Total assets | $417.2B | $390.8B | $372.4B | $335.4B |
| Policyholder account balances | $136.2B | $126.2B | $120.7B | $120.8B |
| Future contract benefits | $42.1B | $39.8B | $39.9B | $42.2B |
| Funds withheld reinsurance liabilities | $17.9B | $16.9B | $17.6B | — |
| Market risk benefit liabilities | $1.1B | $1.0B | $1.7B | — |
| Deferred front-end loads | $7.6B | $6.7B | $5.9B | — |
| Payables for collateral on investments | $8.0B | $10.0B | $8.1B | $6.7B |
| Short-term debt | $400.0M | $300.0M | $250.0M | $500.0M |
| Long-term debt | $5.9B | $5.9B | $5.7B | $6.0B |
| Other liabilities | $7.0B | $7.3B | $7.3B | $11.7B |
| Separate account liabilities | $180.1B | $168.4B | $158.3B | $143.5B |
| Total liabilities | $406.3B | $382.6B | $365.5B | $331.3B |
| Preferred stock | $986.0M | $986.0M | $986.0M | $986.0M |
| Common stock – 800,000,000 shares authorized; 190,051,477 and 170,380,646 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 5.6B | 4.7B | 4.6B | 4.5B |
| Retained earnings | $8.4B | $7.6B | $4.8B | $6.2B |
| Accumulated other comprehensive income (loss) | ($4.1B) | ($5.0B) | ($3.5B) | ($7.7B) |
| Total stockholders’ equity | $10.9B | $8.3B | $6.9B | $4.1B |
| Total liabilities and stockholders’ equity | $417.2B | $390.8B | $372.4B | $335.4B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Fixed maturity available-for-sale securities, at fair value (amortized cost: 2026 - $103,761; 2025 - $101,462 allowance for credit losses: 2026 - $139; 2025 - $110) | $95.1B | $94.2B | $90.7B | $89.4B |
| Trading securities | $1.5B | $1.6B | $1.9B | $1.9B |
| Equity securities | $456.0M | $475.0M | $542.0M | $341.0M |
| Mortgage loans on real estate, net of allowance for credit losses | $23.4B | $22.8B | $22.2B | $22.0B |
| Policy loans | $2.6B | $2.6B | $2.6B | $2.6B |
| Derivative investments | $11.4B | $8.3B | $10.4B | $8.3B |
| Other investments | $8.9B | $8.7B | $7.8B | $6.6B |
| Total investments | $143.3B | $138.7B | $136.1B | $131.1B |
| Cash and invested cash | $10.2B | $7.3B | $10.7B | $7.1B |
| Deferred acquisition costs, value of business acquired and deferred sales inducements | $12.9B | $12.9B | $12.7B | $12.6B |
| Reinsurance recoverables, net of allowance for credit losses | $27.2B | $27.7B | $28.7B | $28.4B |
| Deposit assets, net of allowance for credit losses | $33.6B | $33.6B | $33.1B | $31.8B |
| Market risk benefit assets | $5.1B | $4.3B | $4.7B | $4.6B |
| Accrued investment income | $1.2B | $1.2B | $1.2B | $1.1B |
| Goodwill | $1.1B | $1.1B | $1.1B | $1.1B |
| Other assets | $6.9B | $7.2B | $7.2B | $8.2B |
| Separate account assets | $188.3B | $172.0B | $179.9B | $172.9B |
| Total assets | $429.8B | $406.2B | $415.3B | $399.1B |
| Policyholder account balances | $139.5B | $135.7B | $133.2B | $129.2B |
| Future contract benefits | $42.2B | $42.0B | $41.9B | $41.1B |
| Funds withheld reinsurance liabilities | $16.8B | $17.6B | $17.6B | $16.7B |
| Market risk benefit liabilities | $895.0M | $1.1B | $1.2B | $1.2B |
| Deferred front-end loads | $8.1B | $7.8B | $7.3B | $7.1B |
| Payables for collateral on investments | $9.2B | $6.6B | $11.2B | $8.5B |
| Short-term debt | $400.0M | $400.0M | $0 | $0 |
| Long-term debt | $6.5B | $6.0B | $5.8B | $5.8B |
| Other liabilities | $6.7B | $6.8B | $6.9B | $7.1B |
| Separate account liabilities | $188.3B | $172.0B | $179.9B | $172.9B |
| Total liabilities | $418.4B | $395.9B | $404.8B | $389.5B |
| Preferred stock | $986.0M | $986.0M | $986.0M | $986.0M |
| Common stock | $5.6B | $5.6B | $5.6B | $5.5B |
| Retained earnings | $9.3B | $8.1B | $7.7B | $7.4B |
| Accumulated other comprehensive income (loss) | ($4.6B) | ($4.5B) | ($3.8B) | ($4.4B) |
| Total stockholders’ equity | $11.3B | $10.2B | $10.5B | $9.5B |
| Total liabilities and stockholders’ equity | $429.8B | $406.2B | $415.3B | $399.1B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income (loss) | $1.2B | $3.3B | ($752.0M) | ($2.2B) |
| Realized (gain) loss | $799.0M | ($269.0M) | $4.3B | ($336.0M) |
| Market risk benefit (gain) loss | ($372.0M) | ($2.7B) | ($2.3B) | — |
| Sales and maturities (purchases) of trading securities, net | $367.0M | $343.0M | $1.3B | $300.0M |
| Net operating cash payments related to closing Fortitude Re reinsurance transaction | $0 | $0 | ($1.4B) | — |
| Early extinguishment of debt (gain) loss | ($94.0M) | — | — | — |
| Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads | $574.0M | $689.0M | $637.0M | $115.0M |
| Accrued investment income | ($28.0M) | ($39.0M) | $4.0M | ($67.0M) |
| Insurance liabilities and reinsurance-related balances | ($2.7B) | ($3.3B) | ($3.7B) | $6.0B |
| Accrued expenses | $113.0M | $251.0M | $109.0M | ($89.0M) |
| Federal income tax accruals | $77.0M | $747.0M | ($396.0M) | ($530.0M) |
| Other | ($92.0M) | ($1.0B) | $133.0M | $405.0M |
| Net cash provided by (used in) operating activities | ($167.0M) | ($2.0B) | ($2.1B) | $4.0B |
| Purchases of available-for-sale securities and equity securities | ($19.2B) | ($11.4B) | ($11.1B) | ($14.8B) |
| Sales of available-for-sale securities and equity securities | $4.3B | $2.0B | $4.0B | $2.3B |
| Maturities of available-for-sale securities | $11.1B | $9.4B | $5.7B | $5.5B |
| Purchases of other investments | ($2.1B) | — | — | — |
| Sales and repayments of other investments | $1.2B | — | — | — |
| Issuance of mortgage loans on real estate | ($4.3B) | ($4.1B) | ($1.9B) | ($2.5B) |
| Repayment and maturities of mortgage loans on real estate | $2.9B | $1.7B | $1.3B | $2.3B |
| Repayment (issuance) of policy loans, net | ($147.0M) | $0 | ($119.0M) | $5.0M |
| Net change in collateral on investments, certain derivatives and related settlements | $2.2B | $4.1B | ($260.0M) | ($4.1B) |
| Cash received from disposition, net of cash transferred | $0 | $619.0M | — | — |
| Other | $116.0M | ($304.0M) | ($310.0M) | ($48.0M) |
| Net cash provided by (used in) investing activities | ($4.0B) | $821.0M | ($3.3B) | ($11.6B) |
| Payment of long-term debt, including current maturities | ($300.0M) | ($100.0M) | ($500.0M) | ($300.0M) |
| Issuance of long-term debt, net of issuance costs | $495.0M | $346.0M | $0 | $296.0M |
| Payment related to early extinguishment of debt | ($421.0M) | — | — | — |
| Payment related to sale-leaseback transactions | ($7.0M) | ($17.0M) | ($79.0M) | ($70.0M) |
| Proceeds from certain financing arrangements | $33.0M | $53.0M | $86.0M | $186.0M |
| Payment related to certain financing arrangements | ($148.0M) | ($137.0M) | ($49.0M) | — |
| Net financing cash proceeds related to closing Fortitude Re reinsurance transaction | $0 | $0 | $1.2B | — |
| Deposits | $21.1B | $16.1B | $16.4B | $15.2B |
| Withdrawals | ($12.5B) | ($12.2B) | ($10.7B) | ($6.9B) |
| Transfers from (to) separate accounts, net | ($794.0M) | ($27.0M) | ($624.0M) | ($195.0M) |
| Issuance of common stock | $825.0M | — | — | — |
| Common stock issued for benefit plans | $4.0M | ($5.0M) | ($7.0M) | ($16.0M) |
| Dividends paid to preferred stockholders | ($91.0M) | ($91.0M) | ($82.0M) | — |
| Dividends paid to common stockholders | ($325.0M) | ($307.0M) | ($305.0M) | ($310.0M) |
| Net cash provided by (used in) financing activities | $7.9B | $3.6B | $5.4B | $8.3B |
| Net increase (decrease) in cash and invested cash | $3.7B | $2.4B | $22.0M | — |
| Cash and invested cash as of beginning-of-year | $5.8B | $3.4B | $3.3B | $2.6B |
| Cash and invested cash as of end-of-year | $9.5B | — | — | — |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income (loss) | $1.2B | ($172.0M) | $423.0M | ($23.0M) |
| Realized (gain) loss | ($60.0M) | ($466.0M) | $847.0M | $631.0M |
| Market risk benefit (gain) loss | ($473.0M) | $987.0M | $10.0M | $353.0M |
| Sales and maturities (purchases) of trading securities, net | $128.0M | $103.0M | $653.0M | $583.0M |
| Early extinguishment of debt (gain) loss | $0 | — | ($94.0M) | ($94.0M) |
| Deferred acquisition costs, value of business acquired, deferred ales inducements and deferred front-end loads | $386.0M | $163.0M | $482.0M | $326.0M |
| Accrued investment income | ($47.0M) | ($33.0M) | ($48.0M) | ($36.0M) |
| Insurance liabilities and reinsurance-related balances | ($1.3B) | ($307.0M) | ($1.6B) | ($154.0M) |
| Accrued expenses | ($174.0M) | ($98.0M) | $16.0M | ($156.0M) |
| Federal income tax accruals | $221.0M | ($74.0M) | ($56.0M) | ($123.0M) |
| Other | ($302.0M) | $35.0M | ($1.1B) | ($566.0M) |
| Net cash provided by (used in) operating activities | ($420.0M) | $138.0M | ($400.0M) | $741.0M |
| Purchases of available-for-sale securities and equity securities | ($9.4B) | ($4.8B) | ($12.2B) | ($7.8B) |
| Sales and maturities of available-for-sale securities and equity securities | $7.5B | — | — | — |
| Purchases of other investments | ($918.0M) | ($417.0M) | ($1.6B) | — |
| Sales and repayments of other investments | $536.0M | $350.0M | $858.0M | — |
| Issuance of mortgage loans on real estate | ($2.8B) | ($1.4B) | ($2.8B) | ($2.0B) |
| Repayment and maturities of mortgage loans on real estate | $1.6B | $811.0M | $1.8B | $1.1B |
| Repayment (issuance) of policy loans, net | $30.0M | $20.0M | ($108.0M) | ($76.0M) |
| Net change in collateral on investments, certain derivatives and related settlements | $2.7B | ($971.0M) | $2.8B | ($306.0M) |
| Other | ($103.0M) | ($35.0M) | $116.0M | $38.0M |
| Net cash provided by (used in) investing activities | ($876.0M) | ($3.5B) | ($100.0M) | ($2.3B) |
| Payment of long-term debt, including current maturities | ($150.0M) | ($150.0M) | ($300.0M) | ($300.0M) |
| Issuance of long-term debt, net of issuance costs | $744.0M | $250.0M | $0 | $0 |
| Payment related to early extinguishment of debt | $0 | — | ($421.0M) | ($421.0M) |
| Payment related to sale-leaseback transactions | ($2.0M) | ($1.0M) | ($5.0M) | ($4.0M) |
| Proceeds from certain financing arrangements | $0 | — | $33.0M | $33.0M |
| Payment related to certain financing arrangements | ($75.0M) | ($15.0M) | ($98.0M) | ($84.0M) |
| Deposits | $9.7B | $4.9B | $15.4B | $9.6B |
| Withdrawals | ($7.0B) | ($3.2B) | ($9.3B) | ($6.3B) |
| Transfers from (to) separate accounts, net | ($985.0M) | ($497.0M) | ($490.0M) | ($303.0M) |
| Issuance of common stock | $0 | — | $825.0M | $825.0M |
| Common stock issued for benefit plans | ($27.0M) | ($23.0M) | $4.0M | ($7.0M) |
| Dividends paid to preferred stockholders | ($46.0M) | ($34.0M) | ($80.0M) | ($46.0M) |
| Dividends paid to common stockholders | ($172.0M) | ($86.0M) | ($239.0M) | ($153.0M) |
| Net cash provided by (used in) financing activities | $2.0B | $1.2B | $5.4B | $2.9B |
| Net increase (decrease) in cash and invested cash | $663.0M | ($2.2B) | $4.9B | $1.3B |
| Cash and invested cash as of beginning-of-year | $9.5B | $9.5B | $5.8B | $5.8B |
| Cash and invested cash as of end-of-period | $10.2B | $7.3B | — | — |
LINCOLN NATIONAL CORP score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.