Lincoln National Corporation
NYSE: LNC · FINANCIAL SERVICES · INSURANCE - LIFE
Updated 2026-06-05
Lincoln National Corporation (LNC) Financial statements
SEC filings — annual and quarterly data.
Margin trends — annual
| Year | Revenue | Net income | Gross margin | Op. margin | Profit margin |
|---|---|---|---|---|---|
| 2006 | $8.96B | $1.32B | 22.34% | 19.84% | 14.68% |
| 2007 | $10.47B | $1.22B | 20.95% | 17.89% | 11.60% |
| 2008 | $9.22B | $57.00M | 5.69% | -1.49% | 0.62% |
| 2009 | $8.50B | $-485.00M | 4.78% | -6.13% | -5.71% |
| 2010 | $10.41B | $902.00M | 30.15% | 10.90% | 8.66% |
| 2011 | $10.64B | $221.00M | 31.33% | 4.73% | 2.08% |
| 2012 | $11.54B | $1.31B | 32.87% | 13.59% | 11.38% |
| 2013 | $11.96B | $1.24B | 32.45% | 13.63% | 10.40% |
| 2014 | $13.59B | $1.51B | 31.73% | 14.69% | 11.15% |
| 2015 | $13.57B | $1.15B | 27.55% | 10.54% | 8.51% |
| 2016 | $13.33B | $1.19B | 28.63% | 10.94% | 8.94% |
| 2017 | $14.26B | $2.08B | 31.09% | 7.93% | 14.58% |
| 2018 | $16.42B | $1.64B | 100.00% | 13.29% | 9.99% |
| 2019 | $17.25B | $886.00M | 23.79% | 5.33% | 5.13% |
| 2020 | $17.58B | $499.00M | 19.68% | 2.41% | 2.84% |
| 2021 | $17.61B | $3.78B | 22.15% | 26.37% | 21.46% |
| 2022 | $18.78B | $-2.23B | 100.00% | -14.96% | -11.86% |
| 2023 | $11.71B | $-752.00M | 0.43% | -9.80% | -6.42% |
| 2024 | $17.99B | $3.27B | 25.55% | 22.36% | 18.21% |
| 2025 | $18.21B | $1.18B | 57.34% | 7.35% | 6.46% |
Frequently asked questions
What is Lincoln National Corporation's revenue?
Lincoln National Corporation's trailing twelve-month revenue is $18.83B. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is LNC?
In its most recent fiscal year, LNC ran a gross margin of 57.34%, an operating margin of 7.35%, and a net margin of 6.46%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does LNC generate?
LNC produced $-167.00M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is LNC's balance sheet healthy?
LNC holds $9.50B in cash and equivalents against $5.87B in long-term debt, on $10.91B of shareholder equity. Cash on hand exceeds long-term debt, so the balance sheet adds little financial risk to the thesis.