Lincoln National Corporation
Financial Performance
Lincoln National Revenue & Financials
Revenue
$18.2B (FY2025)
Market Cap
$8.3B
Net Income
$1.2B
Employees
9,423
What is Lincoln National's revenue?
Lincoln National had $18.2B in revenue for fiscal year 2025, down 1.2% from 2024. Net income was $1.2B.
- Latest revenue
- $18.2B (FY2025)
- Year-over-year
- -1.2%
- Growth rate (CAGR)
- 3.5% over 9 years
- Peak revenue
- $18.8B (FY2022)
- Years of data
- 10
- Employees
- 9,423
- How much profit does Lincoln National make?
- Lincoln National reported net income of $1.2B for fiscal year 2025. sec.gov
- How many employees does Lincoln National have?
- Lincoln National has about 9,423 employees.
Financial Analysis
Lincoln's reported results swing more than its underlying earnings because changes in market risk benefits (tied to variable and indexed annuity guarantees) run through net income. It lost $752 million in 2023 after a 2022 universal life assumption charge and capital rebuild, then earned $3.275 billion in 2024 and $1.177 billion in 2025 on revenue of about $18.2 billion. In Q2 2026, net income available to common stockholders was $1.3 billion ($6.72 per diluted share) and adjusted operating income was $439 million ($2.24 per share), which management described as an eighth straight quarter of year-over-year adjusted operating income growth. Lincoln National Corporation, which operates as Lincoln Financial Group, is a major American holding company maintaining a market valuation typically exceeding $4 billion.
Revenue Trend Analysis
YoY Change
-1.2%
9-Year CAGR
+3.5%
Peak Year
2022
Trend
Consistent Growth
Lincoln National Corporation has 10 full fiscal year figures on this page, compounding at +3.5% annually over 9 years. The most recent year saw a 1.2% decline versus the prior year. Annual revenue peaked in fiscal year 2022 at $18.8B. Of 9 comparable year-over-year steps, 7 showed growth and 2 showed a decline.
Annual revenue history
Click any row to see year details.
Lincoln National Corporation balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row.
| Fiscal Year | Operating cash flow | Total assets | Total liabilities | Shareholders' equity | Source |
|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | -$167M | $417.2B | $406.3B | $10.9B | Form 10-K |
| FY2024ended Dec 31, 2024 | -$2B | $390.8B | $382.6B | $8.3B | Form 10-K |
| FY2023ended Dec 31, 2023 | -$2.1B | $372.4B | $365.5B | $6.9B | Form 10-K |
| FY2022ended Dec 31, 2022 | $3.6B | $334.3B | $329.2B | $5.1B | Form 10-K |
| FY2021ended Dec 31, 2021 | -$217M | $387.3B | $367B | $19.9B | Form 10-K |
| FY2020ended Dec 31, 2020 | $534M | $365.9B | $343.2B | $22.7B | Form 10-K |
| FY2019ended Dec 31, 2019 | -$2.7B | $334.8B | $315.1B | $19.7B | Form 10-K |
| FY2018ended Dec 31, 2018 | $1.9B | $298.1B | $283.8B | $14.3B | Form 10-K |
| FY2017ended Dec 31, 2017 | $788M | $281.8B | $264.4B | $17.3B | Form 10-K |
| FY2016ended Dec 31, 2016 | $1.3B | $261.6B | $247.1B | $14.5B | Form 10-K |
Keep researching Lincoln National
Lincoln National Revenue and Financial FAQ
What is Lincoln National Corporation's annual revenue and historical scale?
Lincoln National Corporation reported revenue of $18.2 billion for fiscal year 2025, down from $18.4 billion in fiscal 2024.
What were Lincoln Financial's Q2 2026 results?
Net income available to common stockholders was $1.3 billion ($6.72 per diluted share) and adjusted operating income was $439 million ($2.24 per share), beating the roughly $2.00 consensus.
Why does Lincoln's net income swing so much?
Changes in the value of market risk benefits tied to annuity guarantees flow through net income. That is why Lincoln lost $752 million in 2023, earned $3.275 billion in 2024, and earned $1.177 billion in 2025.
How big is Lincoln's balance sheet?
Lincoln reported total assets of $417.204 billion at December 31, 2025.
What is Lincoln Financial's market cap?
Lincoln National's market capitalization was about $8.3 billion in September 2026, with shares trading near $41 at the end of the month.
How do interest rates affect Lincoln?
Higher rates raise reinvestment yields and spread income on fixed and indexed annuities, while falling rates compress spreads and can raise reserve needs on long-duration life products.
Is Lincoln National financially stable?
They manage hundreds of billions of dollars in assets, but the life insurance business is highly sensitive to macro-shocks. During the massive COVID-19 pandemic (2020-2022), Lincoln National suffered a severe financial blow because "excess mortality" (unexpected deaths) triggered billions of dollars in highly premature life insurance payouts. This forced the company to aggressively restructure and raise capital to protect its massive balance sheet.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Lincoln National Revenue & Financials." CorpDigest, https://corpdigest.com/company/lincoln-national/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Lincoln National reported $18.2B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/lincoln-national/financials" target="_blank" rel="noopener">CorpDigest — Lincoln National financials</a></div>Related Financial Audits
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