Lincoln National Corporation (LNC) Income Statement
LNC 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsLNC revenue and net income
Where LNC's revenue goes
2025Each bar shows an amount and its share of revenue. LNC kept 6.5% of revenue as net income.
LNC profit margins
LNC growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +1.2% | −1.0% | +0.7% | +3.0% |
| Gross profit | +127.2% | −17.8% | +24.7% | +10.8% |
| Operating income | −66.7% | — | +25.9% | −0.7% |
| Net income | −64.1% | — | +18.7% | +0.2% |
| EPS (diluted) | +32.0% | — | +14.0% | +3.2% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
LNC quarterly EPS vs estimates
Lincoln National beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: November 5, 2026 (estimate $1.97).
LNC income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.21B | $17.99B | $11.71B | $18.78B | $17.61B | $17.58B | $17.25B | $16.42B | $14.26B | $13.33B |
| Cost of revenue | $7.77B | $13.39B | $11.66B | $13.77B | $13.71B | $14.12B | $13.15B | $11.26B | $9.82B | $9.51B |
| Gross profit | $10.44B | $4.60B | $50.0M | $18.78B | $3.90B | $3.46B | $4.11B | $16.42B | $4.43B | $3.82B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $2.65B | $2.74B | $2.54B | $2.75B | $2.25B | $2.07B | $2.69B | $2.42B | $2.20B | $2.10B |
| Total operating expenses | $9.11B | $574.0M | $1.20B | $21.59B | −$743.0M | $3.04B | $3.19B | $14.24B | $3.30B | $2.36B |
| Operating income | $1.34B | $4.02B | −$1.15B | −$2.81B | $4.64B | $423.0M | $919.0M | $2.18B | $1.13B | $1.46B |
| Interest income | $227.0M | $336.0M | $331.0M | $283.0M | $270.0M | $284.0M | $339.0M | $310.0M | $280.0M | $363.0M |
| Interest expense | $227.0M | $336.0M | $331.0M | $283.0M | $270.0M | $284.0M | $326.0M | $297.0M | $253.0M | $331.0M |
| Income before taxes | $1.34B | $4.02B | −$1.15B | −$2.81B | $4.64B | $423.0M | $919.0M | $1.89B | $1.13B | $1.46B |
| Income taxes | $161.0M | $747.0M | −$396.0M | $584.0M | $865.0M | −$76.0M | $33.0M | $244.0M | −$949.0M | $266.0M |
| Net income | $1.18B | $3.27B | −$752.0M | −$2.23B | $3.78B | $499.0M | $886.0M | $1.64B | $2.08B | $1.19B |
| EBITDA | $1.56B | $4.45B | −$773.0M | $6.38B | $4.96B | $744.0M | $1.27B | $2.19B | $1.39B | $1.79B |
| EPS (diluted) | $8.21 | $6.22 | $5.22 | −$5.37 | $8.17 | $4.27 | $6.66 | $8.48 | $7.78 | $6.41 |
| Gross margin | 57.3% | 25.5% | 0.4% | 100.0% | 22.2% | 19.7% | 23.8% | 100.0% | 31.1% | 28.6% |
| Operating margin | 7.3% | 22.4% | −9.8% | −15.0% | 26.4% | 2.4% | 5.3% | 13.3% | 7.9% | 10.9% |
| Net margin | 6.5% | 18.2% | −6.4% | −11.9% | 21.5% | 2.8% | 5.1% | 10.0% | 14.6% | 8.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.54B | $5.31B | $4.92B | $4.59B | $4.07B | $4.72B | $5.08B | $4.20B | $4.59B | $4.11B | $721.0M | $4.23B |
| Cost of revenue | $2.00B | $2.01B | $1.93B | $4.29B | $4.15B | $4.27B | $940.0M | $4.07B | $4.11B | $4.41B | −$1.13B | $4.51B |
| Gross profit | $4.54B | $3.30B | $3.00B | $296.0M | −$84.0M | $449.0M | $4.14B | $127.0M | $486.0M | −$301.0M | $1.85B | −$287.0M |
| Sales, general & admin | — | — | — | — | — | — | $2.74B | — | — | — | $3.07B | — |
| Total operating expenses | $2.90B | $3.54B | $2.08B | −$228.0M | −$932.0M | $1.40B | $2.04B | $830.0M | −$610.0M | −$1.83B | $3.46B | −$1.32B |
| Operating income | $1.64B | −$246.0M | $915.0M | $524.0M | $848.0M | −$949.0M | $2.10B | −$703.0M | $1.10B | $1.53B | −$1.61B | $1.03B |
| Interest income | — | — | $81.0M | $79.0M | $13.0M | $80.0M | $83.0M | $86.0M | — | — | — | $84.0M |
| Interest expense | $82.0M | $81.0M | $81.0M | $79.0M | $13.0M | $80.0M | $83.0M | $86.0M | $86.0M | $81.0M | $81.0M | $84.0M |
| Income before taxes | $1.64B | −$246.0M | $915.0M | $524.0M | $848.0M | −$949.0M | $2.10B | −$703.0M | $1.10B | $1.53B | −$1.61B | $1.03B |
| Income taxes | $311.0M | −$74.0M | $161.0M | $79.0M | $149.0M | −$227.0M | $413.0M | −$175.0M | $201.0M | $306.0M | −$379.0M | $181.0M |
| Net income | $1.33B | −$172.0M | $754.0M | $445.0M | $699.0M | −$722.0M | $1.69B | −$528.0M | $895.0M | $1.22B | −$1.24B | $853.0M |
| EBITDA | $1.73B | −$165.0M | $996.0M | $603.0M | $848.0M | −$869.0M | $2.18B | −$617.0M | $1.18B | $1.61B | −$1.53B | $1.12B |
| EPS (diluted) | $2.24 | $1.66 | $2.21 | $2.04 | $2.36 | $1.60 | $1.91 | $2.06 | $1.84 | $0.41 | $1.45 | $0.23 |
| Gross margin | 100.0% | 62.1% | 60.8% | 6.4% | −2.1% | 9.5% | 81.5% | 3.0% | 10.6% | −7.3% | 256.2% | −6.8% |
| Operating margin | 36.2% | −4.6% | 18.6% | 11.4% | 20.9% | −20.1% | 41.3% | −16.7% | 23.9% | 37.2% | −223.9% | 24.5% |
| Net margin | 29.3% | −3.2% | 15.3% | 9.7% | 17.2% | −15.3% | 33.2% | −12.6% | 19.5% | 29.7% | −171.3% | 20.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in LNC's financial statements (latest annual report filed February 19, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
LNC financial results
In fiscal year 2025 (ended December 31, 2025), Lincoln National reported revenue of $18.2 billion, up 1.2% from the year before. It had net income of $1.2 billion (down 64.1%), a net profit margin of 6.5%. Diluted earnings per share came to $8.21. Over five years revenue grew at an average rate of 0.7% a year.
See the LNC stock overview for the latest quote and news, or the LNC chart for price history and technical indicators.
LNC income statement FAQ
What is Lincoln National's annual revenue?
Lincoln National reported total revenue of $18.2 billion for fiscal year 2025, which ended on December 31, 2025. That was up 1.2% from $18.0 billion the previous year.
Is Lincoln National profitable?
Yes. Lincoln National reported net income of $1.2 billion in fiscal 2025, a net profit margin of 6.5%; its operating margin was 7.3%.
What is Lincoln National's gross margin?
Lincoln National's gross margin was 57.3% in fiscal 2025: for every $100 of revenue, Lincoln National kept $57 after the direct cost of its products and services.
How fast is Lincoln National growing?
Revenue grew 0.7% a year on average over the last five fiscal years, from $17.6 billion to $18.2 billion.
What are Lincoln National's earnings per share?
Lincoln National earned $8.21 per diluted share in fiscal 2025, compared with $6.22 a year earlier.
When will Lincoln National report its next earnings?
Lincoln National is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 before the market opens.
When does Lincoln National's fiscal year end?
Lincoln National's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 19, 2026.