Lincoln National Corporation (LNC) Cash Flow Statement
Where LNC’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$167.0M
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- −$167.0M −0.9% margin
- Returned to shareholders
- $416.0M
- Change in cash
- $3.70B cash at year-end $9.50B
Cash from operations
−$167.0M
Investments (net)
−$4.77B
Acquisitions & other
+$761.0M
Dividends
−$416.0M
Share buybacks (net)
+$829.0M
Net borrowing (repayment)
−$348.0M
Shares issued
+$825.0M
Other financing
+$6.99B
Change in cash
$3.70B
Drawn to scale: where the cash came from and how it was used. Hover for values.
LNC operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
LNC cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.27B2016 | −$167.0M2025 | — | |
| Capital expenditures | $02016 | $02025 | — | |
| Free cash flow | $1.27B2016 | −$167.0M2025 | — | |
| Free cash flow margin | 9.5%2016 | −0.9%2025 | −10.5 pts | |
| Operating cash flow / net income | 1.072016 | −0.142025 | −1.21 | |
| Stock-based compensation | $79.0M2016 | $85.0M2023 | +1.1%/yr | |
| Dividends paid | $238.0M2016 | $416.0M2025 | +6.4%/yr | |
| Share buybacks (net) | $879.0M2016 | $02025 | −100.0% | |
| Capex / revenue | 0.0%2016 | 0.0%2025 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LNC cash flow by activity
OperatingInvestingFinancingChange in cash
LNC net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
LNC cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.18B | $3.27B | −$752.0M | −$2.23B | $1.41B | $499.0M | $886.0M | $1.64B | $2.08B | $1.19B |
| Depreciation & amortization | — | $96.0M | $44.0M | −$74.0M | −$46.0M | −$41.0M | −$409.0M | $9.0M | $4.0M | $4.0M |
| Stock-based compensation | — | — | $85.0M | $47.0M | $93.0M | $86.0M | $90.0M | $56.0M | $85.0M | $79.0M |
| Change in working capital | −$2.04B | −$1.67B | −$3.37B | $5.33B | −$1.09B | −$872.0M | −$2.07B | $481.0M | −$2.56B | −$659.0M |
| Other non-cash items | $700.0M | −$3.70B | $1.91B | $956.0M | −$206.0M | $862.0M | −$1.19B | −$244.0M | $1.18B | $656.0M |
| Cash from operating activities | −$167.0M | −$2.01B | −$2.07B | $4.03B | $151.0M | $534.0M | −$2.69B | $1.94B | $788.0M | $1.27B |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$1.82B | $0 | $0 |
| Investments (net) | −$4.77B | $821.0M | −$4.40B | −$9.36B | −$7.21B | −$11.36B | −$1.92B | −$2.96B | −$2.60B | −$2.70B |
| Acquisitions & other investing | $761.0M | $0 | $1.07B | −$2.29B | $3.64B | $1.88B | −$3.58B | −$1.04B | −$1.59B | −$968.0M |
| Cash from investing activities | −$4.01B | $821.0M | −$3.33B | −$11.64B | −$3.57B | −$9.48B | −$5.50B | −$5.82B | −$4.19B | −$3.67B |
| Financing activities | ||||||||||
| Dividends paid | −$416.0M | −$398.0M | −$387.0M | −$310.0M | −$319.0M | −$311.0M | −$303.0M | −$289.0M | −$262.0M | −$238.0M |
| Share repurchases & issuance (net) | $829.0M | −$5.0M | −$7.0M | −$550.0M | −$1.10B | −$275.0M | −$550.0M | −$900.0M | −$725.0M | −$879.0M |
| Net borrowing (repayment) | −$348.0M | $145.0M | −$542.0M | −$4.0M | −$8.0M | $180.0M | $394.0M | $622.0M | $62.0M | −$179.0M |
| Shares issued | $825.0M | $0 | $0 | $986.0M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $6.99B | $3.88B | $6.37B | $8.22B | $5.75B | $8.50B | $8.86B | $5.16B | $3.23B | $3.27B |
| Cash from financing activities | $7.88B | $3.62B | $5.43B | $8.34B | $4.32B | $8.09B | $8.40B | $4.59B | $2.31B | $1.97B |
| Summary | ||||||||||
| Net change in cash | $3.70B | $2.44B | $22.0M | $731.0M | $904.0M | −$855.0M | $218.0M | $717.0M | −$1.09B | −$424.0M |
| Cash at end of period | $9.50B | $5.80B | $3.37B | $3.34B | $2.61B | $1.71B | $2.56B | $2.35B | $1.63B | $2.72B |
| Free cash flow | −$167.0M | −$2.01B | −$2.07B | $4.03B | $151.0M | $534.0M | −$2.69B | $1.94B | $788.0M | $1.27B |
| Free cash flow margin | −0.9% | −11.2% | −17.7% | 21.5% | 0.9% | 3.0% | −15.6% | 11.8% | 5.5% | 9.5% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 11.1% | 0.0% | 0.0% |
| Operating cash flow / net income | −0.14 | −0.61 | — | — | 0.11 | 1.07 | −3.03 | 1.18 | 0.38 | 1.07 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.33B | −$172.0M | $754.0M | $446.0M | $699.0M | −$722.0M | $1.69B | −$528.0M | $894.0M | $1.22B | −$1.24B | $853.0M |
| Depreciation & amortization | — | — | — | — | — | — | — | −$186.0M | $174.0M | $12.0M | −$12.0M | $9.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | $85.0M | — |
| Change in working capital | $314.0M | −$314.0M | $677.0M | $143.0M | $387.0M | −$530.0M | $356.0M | −$532.0M | −$886.0M | −$612.0M | −$1.91B | $3.98B |
| Other non-cash items | −$2.20B | $624.0M | −$1.20B | −$1.73B | −$73.0M | $980.0M | −$1.82B | $1.22B | −$1.04B | −$1.97B | $1.20B | −$4.80B |
| Cash from operating activities | −$558.0M | $138.0M | $233.0M | −$1.14B | $1.01B | −$272.0M | $222.0M | −$27.0M | −$859.0M | −$1.34B | −$1.87B | $46.0M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Investments (net) | −$405.0M | −$1.90B | −$2.89B | $2.21B | −$266.0M | −$2.05B | −$717.0M | −$702.0M | $601.0M | $1.64B | −$714.0M | −$1.29B |
| Acquisitions & other investing | $2.98B | −$1.56B | −$1.02B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$1.33B |
| Cash from investing activities | $2.58B | −$3.45B | −$3.91B | $2.21B | −$266.0M | −$2.05B | −$717.0M | −$702.0M | $601.0M | $1.64B | −$714.0M | −$2.62B |
| Financing activities | ||||||||||||
| Dividends paid | −$74.0M | −$120.0M | −$97.0M | −$120.0M | −$88.0M | −$111.0M | −$88.0M | −$111.0M | −$88.0M | −$111.0M | −$87.0M | −$111.0M |
| Share repurchases & issuance (net) | $23.0M | −$23.0M | $829.0M | $3.0M | $818.0M | −$4.0M | $4.0M | $2.0M | −$1.0M | −$5.0M | −$1.0M | −$6.0M |
| Net borrowing (repayment) | $508.0M | $84.0M | $443.0M | −$99.0M | −$376.0M | −$316.0M | −$39.0M | −$54.0M | — | — | — | −$505.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $339.0M | $1.22B | $1.34B | $2.67B | $1.76B | $1.23B | $406.0M | $1.43B | $1.70B | $577.0M | $3.51B | $775.0M |
| Cash from financing activities | $796.0M | $1.16B | $2.51B | $2.45B | $2.11B | $801.0M | $283.0M | $1.27B | $1.61B | $461.0M | $3.42B | $153.0M |
| Summary | ||||||||||||
| Net change in cash | $2.82B | −$2.16B | −$1.17B | $3.52B | $2.86B | −$1.52B | −$212.0M | $538.0M | $1.35B | $757.0M | $836.0M | −$1.24B |
| Cash at end of period | $10.16B | $7.34B | $9.50B | $10.67B | $7.14B | $4.28B | $5.80B | $6.01B | $5.47B | $4.12B | $3.37B | $2.53B |
| Free cash flow | −$558.0M | $138.0M | $233.0M | −$1.14B | $1.01B | −$272.0M | $222.0M | −$27.0M | −$859.0M | −$1.34B | −$1.87B | $46.0M |
| Free cash flow margin | −12.3% | 2.6% | 4.7% | −24.9% | 24.9% | −5.8% | 4.4% | −0.6% | −18.7% | −32.7% | −259.1% | 1.1% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | −0.42 | — | 0.31 | −2.56 | 1.45 | — | 0.13 | — | −0.96 | −1.10 | — | 0.05 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
LNC cash generation
In fiscal 2025 (ended December 31, 2025), Lincoln National generated -$167.0 million of cash from operations and spent $0 on capital expenditures, leaving free cash flow of -$167.0 million, −0.9% of revenue. It returned $416.0 million to shareholders through dividends ($416.0 million) and net share buybacks ($0). Cash and equivalents rose by $3.7 billion over the year.
Related: LNC income statement, LNC balance sheet, LNC dividend history. See the LNC stock overview for the latest quote and news.
LNC cash flow FAQ
What is Lincoln National's free cash flow?
Lincoln National's free cash flow was -$167.0 million in fiscal 2025: -$167.0 million of operating cash flow minus $0 of capital expenditures It was -$2.0 billion a year earlier..
How much cash does Lincoln National generate from operations?
Lincoln National generated -$167.0 million of cash from operating activities in fiscal 2025, −0.14 times its net income of $1.2 billion.
How much does Lincoln National pay in dividends?
Lincoln National paid $416.0 million in dividends in fiscal 2025.