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Companies / Financials / Lincoln National Corporation
LNC

Lincoln National Corporation

FinancialsLife Insurance
Ticker LNCRADNOR, PAFiscal year ends DecemberBook value per share $47.95Diluted shares 196.5M

Lincoln National Corporation (NYSE: LNC) is a holding company whose subsidiaries provide insurance and retirement products and services to individuals, employers and institutional clients under the Lincoln Financial marketing name. Its four business segments are Annuities, offering variable, fixed and registered… From the company’s description.

Over the twelve months to Sep 30, 2026, Lincoln National Corporation reported revenue of $20.25B, up 10.3% from a year earlier, and net income of $3.31B. Its operating margin was 9.7%, and operations generated $688.00M in cash. In fiscal 2025, it reported revenue of $18.21B, down 1.2% from fiscal 2024, and net income of $1.18B.

Fiscal year 2025 · ends 12-31Changes are against fiscal 2024The amber dot is the latest twelve months, to 2026-09-30
Sales & profitability
$18.21BFY2025
−1.2% year over year
Last 12 mo $20.25B
10.94%FY2025
+3.3 percentage points
Last 12 mo 9.68%
$1.18BFY2025
−64.1% year over year
Last 12 mo $3.31B
10.79%FY2025
−28.8 percentage points
Last 12 mo 35.15%
Cash & financing
$-167.00MFY2025
+91.7% year over year
Last 12 mo $688.00M
$-167.00MFY2025
+91.7% year over year
Last 12 mo $688.00M
0.57FY2025
Was 0.74× a year earlier
Last 12 mo 0.68
186.1MFY2025
+7.5% year over year
Last 12 mo 196.5M

Margins and return on equity change in ; everything else in percent. Fewer shares and less debt are shown plainly, not as bad news — it depends what you make of buybacks. Dotted labels explain each measure. is shown separately from the annual figures.

What Lincoln National Corporation does

In the company’s own words

Lincoln National Corporation (NYSE: LNC) is a holding company whose subsidiaries provide insurance and retirement products and services to individuals, employers and institutional clients under the Lincoln Financial marketing name. Its four business segments are Annuities, offering variable, fixed and registered index-linked annuities; Life Insurance, providing term, universal, indexed universal and variable life insurance, including linked-benefit coverage; Group Protection, supplying employers with disability, life, supplemental health, dental and vision insurance, along with leave and absence-management services; and Retirement Plan Services, offering employer-sponsored retirement plan investments, recordkeeping, compliance, education and trust services. Products are distributed through financial intermediaries, employee-benefit brokers and retirement-plan advisers. Major brands include Lincoln MoneyGuard, Lincoln ProtectedPay, Lincoln Level Advantage, LINCOLN ALLIANCE and YourPath. The company also has Other Operations, which includes corporate activities and certain run-off businesses. Lincoln National was organized in 1968 and operates through subsidiary companies. Its website is www.lincolnfinancial.com.

Company details
Sector
Financials
Industry (SIC)
Life Insurance
Headquarters
RADNOR, PA
Fiscal year end
December
CIK
59558
SIC
6311

Financial performance, year by year

Fiscal 2012–2025 · USD
$-4.49B$2.26B$9.00B$15.75B$22.50B20122013201420152016201720182019202020212022202320242025Last 12 moLast 12 monthsLast 12 months

The full income statement, balance sheet and cash flow for each of these years — every figure traceable to its filing — is on the Financials tab with a free account.

Ownership

Who owns Lincoln National Corporation — and what changed

Funds as of 2026Q2 · superinvestors as of 2026-06-30

369
funds hold it
0 of 35
superinvestors hold it
$2.50B
held by funds, at market
36.6%
of shares held by funds
17
bond issues held by funds

Largest fund holders · Lincoln National Corporation’s weight in each

iShares Core S&P Small-Cap ETF
IJR · iShares Trust
0.27%of fund net assets
VANGUARD TOTAL STOCK MARKET INDEX FUND
VTI · VANGUARD INDEX FUNDS
0.01%of fund net assets
VANGUARD SMALL-CAP INDEX FUND
VB · VANGUARD INDEX FUNDS
0.08%of fund net assets
VANGUARD SMALL-CAP VALUE INDEX FUND
VBR · VANGUARD INDEX FUNDS
0.14%of fund net assets
MFS Mid Cap Value Fund
MVCAX · MFS SERIES TRUST XI
0.56%of fund net assets

Fund ownership is a floor, not a census — pensions, insurers and people holding shares directly are not visible here.

Lincoln National Corporation’s bonds, as funds hold them

Funds report holding 17 issues of Lincoln National Corporation’s debt, $899.60M at market value — what funds hold, not the company’s total debt. Weighted-average coupon 5.06%, maturing 2026 to 2067.

Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.

Every fund and institutional holder, quarter by quarter, is on the Ownership tab with a free account.

Connected research

Put this business in context.

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