Lincoln National Corporation (LNC) Balance Sheet
LNC balance sheet, 2025
December 31, 2025 · U.S. dollars$417.20B assets = $406.30B liabilities + $10.91B equity
Both columns are drawn to the same scale: what LNC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
LNC financial health
Descriptive bands, not a rating. Fiscal 2025.
LNC balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $261.63B2016 | $417.20B2025 | +5.3%/yr | |
| Total liabilities | $247.15B2016 | $406.30B2025 | +5.7%/yr | |
| Shareholders’ equity | $14.48B2016 | $10.91B2025 | −3.1%/yr | |
| Cash & short-term investments | $92.21B2016 | $46.40B2025 | −7.3%/yr | |
| Total debt | $7.32B2016 | $6.43B2025 | −1.4%/yr | |
| Net cash (debt) | $84.89B2016 | $39.96B2025 | −$44.9B | |
| Working capital | −$131.30B2016 | −$86.46B2025 | +$44.8B | |
| Book value per share | $61.132016 | $58.612025 | −0.5%/yr | |
| Debt / equity | 0.512016 | 0.592025 | +0.08 | |
| Shares outstanding | 236.8M2016 | 186.1M2025 | −2.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LNC assets
LNC liabilities and equity
LNC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
LNC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $46.40B | $26.72B | $100.94B | $110.17B | $2.61B | $124.75B | $107.76B | $96.37B | $96.71B | $92.21B |
| Cash & equivalents | $9.50B | $5.80B | $3.37B | $3.34B | $2.61B | $1.71B | $2.56B | $2.35B | $1.63B | $2.72B |
| Short-term investments | $36.89B | $20.92B | $97.57B | $106.83B | $118.75B | $123.04B | $105.20B | $94.02B | $95.09B | $89.49B |
| Receivables | $29.13B | $28.75B | $30.93B | $21.21B | $580.0M | $16.98B | $17.61B | $18.32B | $5.30B | $5.70B |
| Inventory | $0 | $0 | −$52.83B | −$7.51B | −$7.41B | −$6.79B | −$6.99B | $0 | $0 | $0 |
| Other current assets | $0 | $0 | $52.83B | $7.51B | $7.41B | $6.79B | $6.99B | $3.99B | $13.78B | $12.60B |
| Total current assets | $75.53B | $55.47B | $131.86B | $131.38B | $3.19B | $141.73B | $125.37B | $118.68B | $115.80B | $110.50B |
| Property, plant & equipment (net) | $0 | $0 | $118.0M | $154.0M | $147.0M | $182.0M | $233.0M | −$1.19B | −$1.07B | −$1.84B |
| Goodwill & intangible assets | $13.97B | $2.12B | $13.54B | $13.38B | $2.34B | $8.19B | $10.11B | $12.71B | $9.83B | $11.47B |
| Long-term investments | $95.76B | $89.43B | $96.42B | $133.05B | $123.55B | $155.21B | $134.84B | $116.33B | $114.17B | $107.78B |
| Other non-current assets | $231.94B | $243.81B | $130.47B | $56.37B | $262.35B | $60.63B | $64.21B | $51.62B | $43.04B | $33.71B |
| Total assets | $417.20B | $390.83B | $372.41B | $334.33B | $391.57B | $365.94B | $334.76B | $298.15B | $281.76B | $261.63B |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | $6.71B | $2.12B | $6.22B | $5.08B | $4.80B | $4.42B | $5.00B |
| Short-term debt | $400.0M | $300.0M | $250.0M | $500.0M | $300.0M | $250.0M | $300.0M | $0 | $450.0M | $0 |
| Total current liabilities | $161.99B | $17.21B | $144.36B | $125.59B | $300.0M | −$10.13B | $300.0M | $277.96B | $259.55B | $241.80B |
| Long-term debt | $5.87B | $5.86B | $5.73B | $5.96B | $6.33B | $8.63B | $7.88B | $7.58B | $6.66B | $7.32B |
| Other long-term liabilities | $238.44B | $359.50B | $215.44B | $197.69B | $364.68B | $0 | $0 | $0 | $0 | $0 |
| Total liabilities | $406.30B | $382.56B | $365.52B | $329.23B | $371.30B | $6.68B | $315.07B | $283.80B | $264.44B | $247.15B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $5.59B | $4.67B | $4.61B | $4.54B | $4.74B | $5.08B | $5.16B | $5.39B | $5.69B | $5.87B |
| Retained earnings (deficit) | $8.39B | $7.64B | $4.78B | $5.92B | $9.10B | $8.69B | $8.85B | $8.55B | $8.40B | $7.04B |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$4.06B | −$5.04B | −$3.48B | −$6.35B | $6.44B | $8.93B | $5.67B | $407.0M | $3.23B | $1.57B |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $10.91B | $8.27B | $6.89B | $5.10B | $20.27B | $359.26B | $19.69B | $14.35B | $17.32B | $14.48B |
| Key figures | ||||||||||
| Total debt | $6.43B | $6.36B | $6.12B | $6.63B | $6.78B | $8.88B | $8.18B | $7.58B | $7.11B | $7.32B |
| Net cash (debt) | $39.96B | $20.36B | $94.81B | $103.54B | −$4.17B | $115.87B | $99.59B | $88.79B | $89.61B | $84.89B |
| Working capital | −$86.46B | $38.26B | −$12.50B | $5.79B | $2.89B | $151.86B | $125.07B | −$159.28B | −$143.75B | −$131.30B |
| Tangible book value | −$3.06B | $6.15B | −$6.65B | −$8.28B | $17.93B | $351.08B | $9.58B | $1.65B | $7.49B | $3.01B |
| Book value per share | $58.61 | $47.58 | $40.65 | $29.54 | $107.20 | $1,847.44 | $97.42 | $65.36 | $76.57 | $61.13 |
| Shares outstanding | 186.1M | 173.8M | 169.6M | 172.7M | 189.1M | 194.5M | 202.1M | 219.6M | 226.2M | 236.8M |
| Current ratio | 0.47 | 3.22 | 0.91 | 1.05 | 10.64 | — | 417.91 | 0.43 | 0.45 | 0.46 |
| Quick ratio | 0.47 | 3.22 | 0.91 | 1.05 | 10.64 | — | 417.91 | 0.41 | 0.39 | 0.40 |
| Debt / equity | 0.59 | 0.77 | 0.89 | 1.30 | 0.33 | 0.02 | 0.42 | 0.53 | 0.41 | 0.51 |
| Equity / assets | 2.6% | 2.1% | 1.9% | 1.5% | 5.2% | 98.2% | 5.9% | 4.8% | 6.1% | 5.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $52.32B | $44.66B | $46.40B | $46.19B | $40.34B | $26.63B | $26.72B | $27.68B | $26.61B | $24.29B | $92.10B | $22.47B |
| Cash & equivalents | $10.16B | $7.34B | $9.50B | $10.67B | $7.14B | $4.28B | $5.80B | $6.01B | $5.47B | $4.12B | $3.37B | $2.53B |
| Short-term investments | $42.15B | $37.32B | $36.89B | $35.52B | $33.19B | $22.34B | $20.92B | $21.67B | $21.14B | $20.17B | $88.74B | $19.94B |
| Receivables | $28.39B | $28.86B | $29.13B | $29.84B | $29.58B | $28.58B | $28.75B | $29.23B | $29.13B | $29.46B | $29.84B | $18.39B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$55.74B | −$53.75B | −$52.83B | −$124.01B |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $55.74B | $53.75B | $0 | $85.68B |
| Total current assets | $10.16B | $7.34B | $75.53B | $76.02B | $69.91B | $55.21B | $55.47B | $56.91B | $55.74B | $53.75B | $8.70B | $2.53B |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $118.0M | $0 |
| Goodwill & intangible assets | $14.06B | $1.14B | $13.97B | $13.82B | $13.75B | $1.14B | $1.14B | $1.14B | $13.58B | $2.29B | $2.08B | $13.48B |
| Long-term investments | $97.06B | $96.23B | $95.76B | $93.08B | $91.64B | $90.63B | $89.43B | $93.18B | $89.67B | $90.31B | $96.42B | $100.97B |
| Other non-current assets | $308.51B | $301.44B | $231.94B | $232.35B | $223.77B | $235.92B | $244.79B | $245.60B | $225.54B | $237.04B | $265.09B | $221.42B |
| Total assets | $429.80B | $406.16B | $417.20B | $415.27B | $399.06B | $382.90B | $390.83B | $396.84B | $384.53B | $383.38B | $372.41B | $338.41B |
| Liabilities | ||||||||||||
| Short-term debt | $400.0M | $400.0M | $400.0M | $0 | $0 | $0 | $300.0M | $300.0M | $450.0M | $503.0M | $250.0M | $0 |
| Total current liabilities | $400.0M | $400.0M | $161.99B | $158.13B | $153.03B | $16.84B | $17.21B | $17.89B | $17.49B | $17.99B | −$21.38B | −$10.34B |
| Long-term debt | $6.46B | $5.97B | $5.87B | $5.77B | $5.77B | $5.87B | $5.86B | $5.90B | $5.72B | $5.73B | $5.70B | $5.91B |
| Other long-term liabilities | $411.58B | $389.58B | $238.44B | $240.92B | $230.72B | $352.00B | $359.50B | $364.04B | $353.37B | $352.12B | $359.82B | $0 |
| Total liabilities | $418.45B | $395.95B | $406.30B | $404.82B | $389.52B | $374.70B | $382.56B | $387.83B | $376.58B | $375.83B | $365.52B | $335.21B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $5.62B | $5.60B | $5.59B | $5.57B | $5.54B | $4.70B | $4.67B | $4.66B | $4.64B | $4.62B | $4.61B | $4.59B |
| Retained earnings (deficit) | $9.32B | $8.09B | $8.39B | $7.73B | $7.41B | $6.81B | $7.64B | $6.05B | $6.69B | $5.89B | $4.78B | $6.10B |
| Accumulated other comprehensive income | −$4.58B | −$4.47B | −$4.06B | −$3.84B | −$4.39B | −$4.31B | −$5.04B | −$2.68B | −$4.37B | −$3.95B | −$3.48B | −$8.48B |
| Total shareholders' equity | $11.35B | $10.21B | $10.91B | $10.45B | $9.55B | $8.19B | $8.27B | $9.01B | $7.95B | $7.55B | $6.89B | $3.20B |
| Key figures | ||||||||||||
| Total debt | $6.87B | $6.37B | $6.43B | $5.77B | $5.77B | $5.87B | $6.36B | $5.98B | $6.17B | $6.23B | $6.12B | $5.69B |
| Net cash (debt) | $45.45B | $38.30B | $39.96B | $40.41B | $34.57B | $20.76B | $20.36B | $21.70B | $20.45B | $18.06B | $85.98B | $16.78B |
| Working capital | $9.77B | $6.95B | −$86.46B | −$82.11B | −$83.11B | $38.37B | $38.26B | $39.02B | $38.24B | $35.76B | $30.08B | $12.87B |
| Tangible book value | −$2.71B | $9.07B | −$3.06B | −$3.37B | −$4.20B | $7.05B | $7.12B | $7.87B | −$5.63B | $5.26B | $4.81B | −$10.29B |
| Book value per share | $57.78 | $52.02 | $55.56 | $53.79 | $52.87 | $47.06 | $47.52 | $51.92 | $46.46 | $44.10 | $40.63 | $18.72 |
| Shares outstanding | 196.4M | 196.3M | 196.3M | 194.3M | 180.6M | 174.1M | 174.0M | 173.6M | 171.1M | 171.1M | 169.7M | 170.9M |
| Current ratio | 25.41 | 18.36 | 0.47 | 0.48 | 0.46 | 3.28 | 3.22 | 3.18 | 3.19 | 2.99 | — | — |
| Quick ratio | 201.78 | 183.81 | 0.47 | 0.48 | 0.46 | 3.28 | 3.22 | 3.18 | 3.19 | 2.99 | — | — |
| Debt / equity | 0.60 | 0.62 | 0.59 | 0.55 | 0.60 | 0.72 | 0.77 | 0.66 | 0.78 | 0.83 | 0.89 | 1.78 |
| Equity / assets | 2.6% | 2.5% | 2.6% | 2.5% | 2.4% | 2.1% | 2.1% | 2.3% | 2.1% | 2.0% | 1.9% | 0.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 19, 2026); data from EODHD.
LNC financial position
At the end of fiscal 2025 (December 31, 2025), Lincoln National had total assets of $417.2 billion (up 6.7% from a year earlier), total liabilities of $406.3 billion and shareholders' equity of $10.9 billion. It held $46.4 billion in cash and short-term investments against $6.4 billion of debt, a net cash position of $40.0 billion. Its current ratio was 0.47. In the latest quarter (ended June 30, 2026) total assets were $429.8 billion and equity $11.3 billion.
Related: LNC income statement, LNC cash flow statement, LNC key metrics. See the LNC stock overview for the latest quote and news.
LNC balance sheet FAQ
What are Lincoln National's total assets?
Lincoln National reported total assets of $417.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $390.8 billion a year earlier.
How much debt does Lincoln National have?
Lincoln National had $6.4 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.59.
How much cash does Lincoln National have?
Lincoln National held $46.4 billion in cash and short-term investments at the end of fiscal 2025; with $6.4 billion of debt that is net cash of $40.0 billion.
What is Lincoln National's book value?
Lincoln National's shareholders' equity (book value) was $10.9 billion at the end of fiscal 2025, or $58.61 per share.
What is Lincoln National's current ratio?
Lincoln National had current assets of $75.5 billion and current liabilities of $162.0 billion, a current ratio of 0.47 (current liabilities exceed current assets).
How much goodwill does Lincoln National have?
Lincoln National carried $14.0 billion of goodwill and intangible assets, 3.3% of total assets, at the end of fiscal 2025.