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LNCLincoln National Corporation
$39.19$7.5B
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LNC logoLincoln National Corporation(LNC)Earnings, Financials & Key Ratios

LNC•NYSE•Insurance & Managed Care
$39.19
6.7× P/E·Price updated Jul 7, 2026
SectorFinancial ServicesIndustryLife InsuranceSub-IndustryGroup and voluntary benefits insurers
AboutLincoln National Corporation, through its subsidiaries, operates multiple insurance and retirement businesses in the United States. It operates through four segments: Annuities, Retirement Plan Services, Life Insurance, and Group Protection. The Annuities segment offers fixed, variable, and indexed variable annuities. The Retirement Plan Services segment provides employers with retirement plan products and services primarily in the defined contribution retirement plan marketplace. This segment offers individual and group variable annuities, group fixed annuities, and mutual fund-based programs; and a range of plan services, including plan recordkeeping, compliance testing, participant education, and trust and custodial services. The Life Insurance segment provides life insurance products, including term insurance, such as single and survivorship versions of universal life insurance; variable universal life insurance; indexed universal life insurance products; and critical illness and long-term care riders. The Group Protection segment offers group non-medical insurance products comprising short and long-term disability, statutory disability and paid family medical leave administration and absence management services, term life, dental, vision and accident, and critical illness benefits and services to the employer marketplace through various forms of employee-paid and employer-paid plans. The company distributes its products through consultants, brokers, planners, agents, financial advisors, third-party administrators, and other intermediaries. Lincoln National Corporation was founded in 1905 and is based in Radnor, Pennsylvania.Show more
  • Revenue$18.21B+1.2%
  • Combined Ratio92.65%+19.3%
  • Net Income$1.18B-64.1%
  • Return on Equity12.28%-71.6%
  • Medical Cost Ratio42.66%-42.7%
  • Operating Margin7.35%-67.1%
  • Net Margin6.46%-64.5%
  • ROA0.29%-66.1%
  • Equity / Assets2.61%+23.6%

LNC Price & Volume

Lincoln National Corporation (LNC) stock price & volume — 10-year historical chart

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Persistent Reserve Volatility Clouds Earnings Growth Trajectory

Investment Thesis • Updated 2026Q1

VerdictNegative
Growth:Mixed
Profitability:Strained
Financial:Vulnerable
Cash Flow:Mixed
Primary Risk:Legacy reserve adequacy concerns

Key Thesis Takeaways

  • Lincoln National Corporation faces a challenging outlook characterized by extreme underwriting volatility and persistent legacy reserve adjustments that frequently decouple top-line revenue growth from bottom-line profitability.
  • While the company achieved 12.5% revenue growth in 2026Q1, the simultaneous $172 million net loss underscores the difficulty in translating premium volume into sustainable shareholder value.
  • Investors should remain cautious as the high leverage profile, evidenced by $395.9 billion in total liabilities against $10.2 billion in equity, continues to constrain capital flexibility and heightens sensitivity to future underwriting shocks.

Verdict Logic

the company's reliance on non-recurring accounting adjustments and the persistent drag of legacy reserve strengthening, which saw claims reach $4.4 billion in 2024Q1, suggest significant downside risk to long-term valuation.

LNC Growth Metrics

Lincoln National Corporation (LNC) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years2.99%
5 Years0.71%
3 Years-1.28%
TTM1.58%

Profit CAGR

10 Years0.2%
5 Years18.72%
3 Years-4.66%
TTM29.58%

EPS CAGR

10 Years2.62%
5 Years17.84%
3 Years-9.12%
TTM25.71%

Return on Capital

10 Years2.53%
5 Years0.58%
3 Years0.4%
Last Year0.43%

LNC Recent Earnings

Lincoln National Corporation (LNC) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 11/12 qtrs (92%)●Beat Revenue 4/12 qtrs (33%)
Q2 2026Latest
May 7, 2026
Metric
Actual
Est
EPS
$1.66+5.1%
$1.58
Rev
$5.3B+7.5%
$4.9B
Q1 2026
Feb 12, 2026
Metric
Actual
Est
EPS
$2.21+18.8%
$1.86
Rev
$4.9B+1.1%
$4.8B
Q4 2025
Oct 30, 2025
Metric
Actual
Est
EPS
$2.04+10.9%
$1.84
Rev
$4.6B-5.4%
$4.9B
Q3 2025
Jul 31, 2025
Metric
Actual
Est
EPS
$2.36+23.6%
$1.91
Rev
$4.1B-15.6%
$4.8B
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 7, 2026
$1.66vs $1.58+5.1%
$5.3Bvs $4.9B+7.5%
Q1 2026Feb 12, 2026
$2.21vs $1.86+18.8%
$4.9Bvs $4.8B+1.1%
Q4 2025Oct 30, 2025
$2.04vs $1.84+10.9%
$4.6Bvs $4.9B-5.4%
Q3 2025Jul 31, 2025
$2.36vs $1.91+23.6%
$4.1Bvs $4.8B-15.6%
Based on last 12 quarters of dataView full earnings history →

Latest LNC News

Recent stock market news and headlines for Lincoln National Corporation (LNC)

24/7 Wall Street·6 days ago
The Bill Miller Playbook: How Lincoln Financial, Strategy, and Nabors Stack Up for Retirement Investors

Bill Miller built his reputation at Legg Mason by beating the S&P 500 for 15 consecutive years using a concentrated, contrarian, value approach.

Business Wire·Jun 30, 2026
Lincoln Financial to Report 2026 Second Quarter Results on July 30

RADNOR, Pa.--(BUSINESS WIRE)--Lincoln Financial (NYSE:LNC) announced today that it will report its results for the second quarter ended June 30, 2026, at 6:00 a.m. Eastern Time on Thursday, July 30, 2026. A conference call is scheduled for 8:00 a.m. Eastern Time on the same day. Earnings materials, including the 2026 second quarter Earnings Release, Earnings Supplement, and Statistical Supplement, will be available on the company's Investor Relations web page at www.lincolnfinancial.com/investo.

Zacks Investment Research·Jun 23, 2026
Here's Why Investors Should Retain Lincoln National Stock for Now

LNC's shift to spread-based annuities, rising life sales and capital strength support growth, though leverage remains a key risk.

Peers Comparison

Key metrics vs top competitors for Lincoln National Corporation (LNC)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
LNC logoLNCLincoln National CorporationCurrent
$39.19$7.49B6.711.24%6.46%12.28%4.46%
PRU logoPRUPrudential Financial, Inc.
$115.47$40.16B11.30-14.01%5.62%10.26%—
MET logoMETMetLife, Inc.
$91.67$59.77B19.1010.22%4.7%12.72%—
UNM logoUNMUnum Group
$89.20$14.41B20.842.07%5.87%7.07%—
PFG logoPFGPrincipal Financial Group, Inc.
$112.88$24.38B21.50-3.11%10.03%12.72%—
GL logoGLGlobe Life Inc.
$176.67$13.72B12.573.82%19.37%20.32%—

Compare LNC vs Peers

Lincoln National Corporation (LNC) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs PRU

Most directly comparable listed peer for LNC.

Scale Benchmark

vs BLK

Larger-name benchmark to compare LNC against a more recognizable public peer.

Peer Set

Compare Top 5

vs PRU, MET, UNM, PFG

LNC SEC Filings & Documents

Lincoln National Corporation (LNC) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 7, 2026·SEC

Material company update

Apr 16, 2026·SEC

Material company update

Mar 31, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 19, 2026·SEC

FY 2025

Feb 21, 2025·SEC

10-Q Quarterly Reports

5
FY 2026

May 7, 2026·SEC

FY 2025

Oct 30, 2025·SEC

FY 2025

Jul 31, 2025·SEC

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LNC Frequently Asked Questions

Lincoln National Corporation (LNC) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
How fast is Lincoln National Corporation growing?

Lincoln National Corporation (LNC) grew revenue by 1.2% over the past year. Growth has been modest.

Is LNC profitable?

Yes, Lincoln National Corporation (LNC) is profitable, generating $1.73B in net income for fiscal year 2025 (6.5% net margin).

Dividend & Returns
Does LNC pay dividends?

Yes, Lincoln National Corporation (LNC) pays a dividend with a yield of 4.46%. This makes it attractive for income-focused investors.

What is LNC's return on equity?

Lincoln National Corporation (LNC) has a return on equity (ROE) of 12.3%. This is reasonable for most industries.

Industry Metrics
What is Lincoln National Corporation's combined ratio?

Lincoln National Corporation (LNC) has a combined ratio of 92.7%. A ratio below 100% indicates underwriting profitability.

What if you invested $1,000 in LNC back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →