Symbols / LNC Stock $36.97 +1.40% Lincoln National Corporation

Financial Services • Insurance - Life • United States • NYQ
LNC (Stock) Chart
O: — H: — L: — C: — V: —
SMA 20: — SMA 50: — SMA 200: —
Stock Fundamentals
Scroll to Statements
Index EQUITY
Sector Financial Services
Industry Insurance - Life
CEO Ms. Ellen R. Gail Cooper C.F.A., F.S.A.
Exch · Country NYQ · United States
Market Cap 7.07B
Enterprise Value -30.00B
Income 1.09B
Sales 18.27B
FCF (ttm) 2.80B
Book/sh 52.20
Cash/sh 237.06
Employees 9,423
Insider 10d —
IPO Mar 17, 1980
Div forward ($/yr)
Div TTM ($/yr)
Dividend Yield
Ex-Div Date
5Y Avg Yield
Yield vs 5Y Avg
Payout 30.87%
P/E 6.34
Forward P/E 4.38
PEG 1.01
P/S 0.39
P/B 0.71
P/C —
EV/EBITDA -24.79
EV/Sales -1.64
Quick Ratio 1.15
Current Ratio 2.23
Debt/Eq 64.67
LT Debt/Eq —
EPS (ttm) 5.83
EPS next Y 8.44
EPS Growth -60.70%
Revenue Growth -3.10%
EPS Gr Q/Q -55.30%
Rev Gr Q/Q —
Earnings (next) 2026-05-07
Earnings (prior) 2026-02-12
ROA 0.16%
ROE 12.28%
ROIC —
Gross Margin 24.22%
Oper. Margin 12.87%
Profit Margin 6.44%
Shs Outstand 191.21M
Shs Float 170.17M
Insider Own 0.38%
Instit Own 84.19%
Short Float 0.01%
Short Ratio 0.01
Short Interest 11.72K
52W High 46.82
vs 52W High -21.04%
52W Low 31.08
vs 52W Low 18.95%
Beta 1.22
Impl. Vol. 47.36%
Rel Volume 0.42
Avg Volume 2.29M
Volume 970.03K
Target (mean) $42.58
Tgt Median $42.50
Tgt Low $34.00
Tgt High $56.00
# Analysts 12
Recom Hold
Prev Close $36.46
Price $36.97
Change 1.40%
About

Lincoln National Corporation, through its subsidiaries, operates multiple insurance and retirement businesses in the United States. It operates through four segments: Life Insurance, Annuities, Group Protection, and Retirement Plan Services. The Life Insurance segment provides life insurance products, including term insurance, universal life insurance (UL), indexed universal life insurance, variable universal life insurance (VUL), linked-benefit UL and VUL products, and critical illness and long-term care riders. Its Annuities segment offers variable, fixed, and registered index-linked annuities. The Group Protection segment offers group nonmedical insurance products consisting of short and long-term disability and administration services, statutory disability; paid family medical leave administration and absence management services; term life; life; supplemental health insurance; accident, critical illness, and hospital indemnity benefits and dental and vision products to the employer marketplace through various forms of employee-paid and employer-paid plans. Its Retirement Plan Services segment provides employers with retirement plan products and services primarily in the defined contribution retirement plan marketplace; individual and group variable annuities, group fixed annuities, and mutual fund-based programs; and various plan services, including plan recordkeeping, compliance testing, participant education, and trust and custodial services. It distributes its products through consultants, brokers, planners, agents, financial advisors, third-party administrators, financial institutions, and other intermediaries. Lincoln National Corporation was founded in 1905 and is headquartered in Radnor, Pennsylvania.

Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$42.58
Mean price target
2. Current target
$36.97
Latest analyst target
3. DCF / Fair value
$263.29
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$36.97
Low
$34.00
High
$56.00
Mean
$42.58

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-04-14 main B of A Securities Neutral → Neutral $37
2026-04-13 main Mizuho Outperform → Outperform $48
2026-04-10 main Wells Fargo Overweight → Overweight $43
2026-04-09 main UBS Neutral → Neutral $37
2026-04-08 main Barclays Equal-Weight → Equal-Weight $42
2026-03-11 main Barclays Equal-Weight → Equal-Weight $44
2026-03-09 main TD Cowen Hold → Hold $38
2026-03-03 main Morgan Stanley Overweight → Overweight $46
2026-02-25 up Wells Fargo Equal-Weight → Overweight $48
2026-02-23 main Morgan Stanley Overweight → Overweight $50
2026-01-13 main Wells Fargo Equal-Weight → Equal-Weight $41
2025-12-23 main Piper Sandler Neutral → Neutral $48
2025-12-16 init Mizuho — → Outperform $52
2025-12-15 main Jefferies Buy → Buy $59
2025-11-03 main Keefe, Bruyette & Woods Market Perform → Market Perform $44
2025-10-31 main UBS Neutral → Neutral $43
2025-10-09 main Keefe, Bruyette & Woods Market Perform → Market Perform $43
2025-10-09 main Evercore ISI Group In-Line → In-Line $46
2025-10-08 main Barclays Equal-Weight → Equal-Weight $46
2025-10-08 main Wells Fargo Equal-Weight → Equal-Weight $38
News
RSS: Latest LNC news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-03-13 CHARTERS JENNIFER Chief Technology Officer — 300 $32.61 $9,783
2026-03-09 WOODROFFE SEAN NIGEL Officer — 8,000 $32.74 $261,920
2026-03-02 WOODROFFE SEAN NIGEL Officer — 10,000 $34.46 $344,600
2026-02-19 WOODROFFE SEAN NIGEL Officer — 75,812 $0.00 $0
2026-02-19 RALLIS ANDREW Officer — 30,549 $0.00 $0
2026-02-19 KROLL BRIAN Officer — 20,574 $0.00 $0
2026-02-19 CHARTERS JENNIFER Chief Technology Officer — 18,704 $0.00 $0
2026-02-19 MORRISS JOHN G. Chief Investment Officer — 13,716 $0.00 $0
2026-02-19 ADHYA NILANJAN Officer — 19,951 $0.00 $0
2026-02-19 COOPER ELLEN G Chief Executive Officer — 327,514 $0.00 $0
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
18,342.00
+1.96%
17,989.00
+53.61%
11,711.00
-38.13%
18,929.00
Operating Revenue
18,342.00
+1.96%
17,989.00
+53.61%
11,711.00
-38.13%
18,929.00
Selling General And Administration
2,647.00
-3.32%
2,738.00
+7.67%
2,543.00
+5.65%
2,407.00
General And Administrative Expense
2,647.00
-3.32%
2,738.00
+7.67%
2,543.00
+5.65%
2,407.00
Other Gand A
2,647.00
-3.32%
2,738.00
+7.67%
2,543.00
+5.65%
2,407.00
Other Operating Expenses
104.00
+104.82%
-2,158.00
-16.33%
-1,855.00
+33.20%
-2,777.00
Total Expenses
17,004.00
+21.74%
13,967.00
+8.62%
12,859.00
-25.26%
17,204.00
Reconciled Depreciation
148.00
+54.17%
96.00
+118.18%
44.00
-32.31%
65.00
EBIT
1,565.00
-64.09%
4,358.00
+633.41%
-817.00
-140.69%
2,008.00
Total Unusual Items
-60.00
-111.07%
542.00
+1694.12%
-34.00
+94.64%
-634.00
Total Unusual Items Excluding Goodwill
-60.00
-111.07%
542.00
+1694.12%
-34.00
+94.64%
-634.00
Special Income Charges
-60.00
-111.07%
542.00
+1694.12%
-34.00
+94.64%
-634.00
Other Special Charges
14.00
+102.41%
-582.00
—
—
Impairment Of Capital Assets
—
0.00
0.00
-100.00%
634.00
Restructuring And Mergern Acquisition
46.00
+15.00%
40.00
+17.65%
34.00
0.00
Net Income
1,177.00
-64.06%
3,275.00
+535.51%
-752.00
-155.38%
1,358.00
Pretax Income
1,338.00
-66.73%
4,022.00
+450.35%
-1,148.00
-166.55%
1,725.00
Net Non Operating Interest Income Expense
-408.00
+11.50%
-461.00
-3.60%
-445.00
-13.81%
-391.00
Interest Expense Non Operating
227.00
-32.44%
336.00
+1.51%
331.00
+16.96%
283.00
Net Interest Income
-408.00
+11.50%
-461.00
-3.60%
-445.00
-13.81%
-391.00
Interest Expense
227.00
-32.44%
336.00
+1.51%
331.00
+16.96%
283.00
Other Income Expense
774.00
-3.49%
802.00
-12.54%
917.00
+19.87%
765.00
Tax Provision
161.00
-78.45%
747.00
+288.64%
-396.00
-207.90%
367.00
Tax Rate For Calcs
0.00
-36.84%
0.00
-44.12%
0.00
+61.90%
0.00
Tax Effect Of Unusual Items
-7.20
-106.99%
102.98
+990.83%
-11.56
+91.32%
-133.14
Net Income Including Noncontrolling Interests
1,177.00
-64.06%
3,275.00
+535.51%
-752.00
-155.38%
1,358.00
Net Income From Continuing Operation Net Minority Interest
1,177.00
-64.06%
3,275.00
+535.51%
-752.00
-155.38%
1,358.00
Net Income From Continuing And Discontinued Operation
1,177.00
-64.06%
3,275.00
+535.51%
-752.00
-155.38%
1,358.00
Net Income Continuous Operations
1,177.00
-64.06%
3,275.00
+535.51%
-752.00
-155.38%
1,358.00
Normalized Income
1,229.80
-56.64%
2,835.98
+488.72%
-729.56
-139.25%
1,858.86
Net Income Common Stockholders
1,086.00
-65.89%
3,184.00
+481.77%
-834.00
-161.41%
1,358.00
Diluted EPS
—
18.41
+474.19%
-4.92
-163.24%
7.78
Basic EPS
—
18.66
+479.54%
-4.92
-162.01%
7.93
Basic Average Shares
—
170.60
+0.59%
169.60
-0.84%
171.03
Diluted Average Shares
—
173.10
+1.41%
170.70
-1.16%
172.70
Diluted NI Availto Com Stockholders
1,086.00
-65.92%
3,187.00
+481.68%
-835.00
-162.08%
1,345.00
Average Dilution Earnings
0.00
-100.00%
3.00
+400.00%
-1.00
+92.31%
-13.00
Amortization
148.00
+54.17%
96.00
+118.18%
44.00
-32.31%
65.00
Depreciation And Amortization In Income Statement
148.00
+54.17%
96.00
+118.18%
44.00
-32.31%
65.00
Loss Adjustment Expense
7,769.00
+0.53%
7,728.00
+29.10%
5,986.00
-46.77%
11,245.00
Net Policyholder Benefits And Claims
7,769.00
+0.53%
7,728.00
+29.10%
5,986.00
-46.77%
11,245.00
Policyholder Benefits Ceded
2,858.00
-2.76%
2,939.00
-37.35%
4,691.00
+151.39%
1,866.00
Policyholder Benefits Gross
10,627.00
-0.37%
10,667.00
-0.09%
10,677.00
-18.56%
13,111.00
Preferred Stock Dividends
91.00
+0.00%
91.00
+10.98%
82.00
—
Total Other Finance Cost
181.00
+44.80%
125.00
+9.65%
114.00
+5.56%
108.00
Line Item Trend 2023-12-31
Total Assets
372,413.00
Cash Cash Equivalents And Short Term Investments
92,103.00
Cash And Cash Equivalents
3,365.00
Other Short Term Investments
88,738.00
Receivables
29,843.00
Accounts Receivable
29,843.00
Goodwill And Other Intangible Assets
1,144.00
Goodwill
1,144.00
Investments And Advances
91,403.00
Long Term Equity Investment
5,015.00
Total Liabilities Net Minority Interest
365,520.00
Payables And Accrued Expenses
8,105.00
Payables
8,105.00
Other Payable
8,105.00
Current Debt And Capital Lease Obligation
250.00
Current Debt
250.00
Other Current Borrowings
250.00
Long Term Debt And Capital Lease Obligation
5,871.00
Long Term Debt
5,871.00
Non Current Deferred Liabilities
5,901.00
Non Current Deferred Revenue
5,901.00
Stockholders Equity
6,893.00
Common Stock Equity
5,907.00
Capital Stock
5,591.00
Common Stock
4,605.00
Preferred Stock
986.00
Share Issued
169.67
Ordinary Shares Number
169.67
Treasury Shares Number
0.00
Retained Earnings
4,778.00
Gains Losses Not Affecting Retained Earnings
-3,476.00
Other Equity Adjustments
-3,476.00
Total Equity Gross Minority Interest
6,893.00
Total Capitalization
12,764.00
Invested Capital
12,028.00
Total Debt
6,121.00
Net Debt
2,756.00
Net Tangible Assets
5,749.00
Tangible Book Value
4,763.00
Current Notes Payable
250.00
Derivative Product Liabilities
-172.00
Investments In Other Ventures Under Equity Method
5,015.00
Preferred Shares Number
20.00
Preferred Stock Equity
986.00
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
-167.00
+91.68%
-2,007.00
+3.23%
-2,074.00
-157.47%
3,609.00
Cash Flow From Continuing Operating Activities
-167.00
+91.68%
-2,007.00
+3.23%
-2,074.00
-157.47%
3,609.00
Net Income From Continuing Operations
1,177.00
-64.06%
3,275.00
+535.51%
-752.00
-155.38%
1,358.00
Other Non Cash Items
-191.00
+92.63%
-2,593.00
-28.11%
-2,024.00
+24.22%
-2,671.00
Asset Impairment Charge
—
0.00
0.00
-100.00%
634.00
Operating Gains Losses
799.00
+397.03%
-269.00
-106.24%
4,311.00
+613.21%
-840.00
Gain Loss On Investment Securities
799.00
+397.03%
-269.00
-106.24%
4,311.00
+613.21%
-840.00
Change In Working Capital
-1,952.00
+19.34%
-2,420.00
+32.95%
-3,609.00
-170.38%
5,128.00
Change In Receivables
—
—
—
-54.00
Changes In Account Receivables
—
—
—
-54.00
Change In Payables And Accrued Expense
190.00
-80.96%
998.00
+447.74%
-287.00
-186.97%
330.00
Change In Accrued Expense
113.00
-54.98%
251.00
+130.28%
109.00
+219.78%
-91.00
Change In Payable
77.00
-89.69%
747.00
+288.64%
-396.00
-194.06%
421.00
Change In Other Working Capital
—
—
—
-530.00
Investing Cash Flow
-4,013.00
-588.79%
821.00
+124.63%
-3,334.00
+71.37%
-11,646.00
Cash Flow From Continuing Investing Activities
-4,013.00
-588.79%
821.00
+124.63%
-3,334.00
+71.37%
-11,646.00
Net Investment Purchase And Sale
-4,774.00
-344.92%
-1,073.00
+45.45%
-1,967.00
+72.98%
-7,281.00
Purchase Of Investment
-21,338.00
-66.29%
-12,832.00
-9.11%
-11,761.00
+24.01%
-15,477.00
Sale Of Investment
16,564.00
+40.86%
11,759.00
+20.06%
9,794.00
+19.50%
8,196.00
Net Business Purchase And Sale
0.00
-100.00%
619.00
0.00
0.00
Net Other Investing Changes
2,292.00
-38.85%
3,748.00
+757.54%
-570.00
+86.16%
-4,118.00
Financing Cash Flow
7,881.00
+117.59%
3,622.00
-33.30%
5,430.00
-38.07%
8,768.00
Cash Flow From Continuing Financing Activities
7,881.00
+117.59%
3,622.00
-33.30%
5,430.00
-38.07%
8,768.00
Net Issuance Payments Of Debt
-348.00
-340.00%
145.00
+126.75%
-542.00
-583.93%
112.00
Issuance Of Debt
528.00
+32.33%
399.00
+363.95%
86.00
-82.16%
482.00
Repayment Of Debt
-876.00
-244.88%
-254.00
+59.55%
-628.00
-69.73%
-370.00
Long Term Debt Issuance
528.00
+32.33%
399.00
+363.95%
86.00
-82.16%
482.00
Long Term Debt Payments
-876.00
-244.88%
-254.00
+59.55%
-628.00
-69.73%
-370.00
Net Long Term Debt Issuance
-348.00
-340.00%
145.00
+126.75%
-542.00
-583.93%
112.00
Net Common Stock Issuance
825.00
0.00
0.00
+100.00%
-550.00
Common Stock Payments
—
0.00
0.00
+100.00%
-550.00
Common Stock Dividend Paid
-325.00
-5.86%
-307.00
-0.66%
-305.00
+1.61%
-310.00
Cash Dividends Paid
-416.00
-4.52%
-398.00
-2.84%
-387.00
-24.84%
-310.00
Repurchase Of Capital Stock
—
0.00
0.00
+100.00%
-550.00
Proceeds From Stock Option Exercised
4.00
+180.00%
-5.00
+28.57%
-7.00
+56.25%
-16.00
Net Other Financing Charges
7,816.00
+101.44%
3,880.00
-39.05%
6,366.00
-25.51%
8,546.00
Changes In Cash
3,701.00
+51.93%
2,436.00
+10972.73%
22.00
-96.99%
731.00
Beginning Cash Position
5,801.00
+72.39%
3,365.00
+0.66%
3,343.00
+27.99%
2,612.00
End Cash Position
9,502.00
+63.80%
5,801.00
+72.39%
3,365.00
+0.66%
3,343.00
Free Cash Flow
-167.00
+91.68%
-2,007.00
+3.23%
-2,074.00
-157.47%
3,609.00
Interest Paid Supplemental Data
336.00
-9.68%
372.00
+8.14%
344.00
+27.88%
269.00
Income Tax Paid Supplemental Data
84.00
0.00
0.00
—
Change In Income Tax Payable
77.00
-89.69%
747.00
+288.64%
-396.00
-194.06%
421.00
Change In Tax Payable
77.00
-89.69%
747.00
+288.64%
-396.00
-194.06%
421.00
Common Stock Issuance
825.00
0.00
0.00
—
Issuance Of Capital Stock
825.00
0.00
0.00
-100.00%
986.00
Net Preferred Stock Issuance
—
0.00
0.00
-100.00%
986.00
Preferred Stock Dividend Paid
-91.00
+0.00%
-91.00
-10.98%
-82.00
0.00
Preferred Stock Issuance
—
0.00
0.00
-100.00%
986.00
Sale Of Business
0.00
-100.00%
619.00
0.00
0.00
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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