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LINCOLN NATIONAL CORP

LNCNYSE

Built from LINCOLN NATIONAL CORP's own SEC filings · updates as new filings land · sources cited throughout

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← Research LibraryThe BriefFY2025 10-K · headline figures audited against SEC data

Lincoln's net income fell 64.1% to $1.18B as 2024's gains on annuity hedging items and a business sale did not repeat, while all four segments held or grew income from operations and Bain Capital bought 9.9% of the company

The read at a glance✓ Audited against SEC data
  • Growth — Revenue down 1.2% to $18.21BNote
  • Profitability — Net income down 64.1% to $1.18B; net margin down 1130 bps to 6.46%Watch
  • Balance sheet — Equity up 31.9% to $10.91B after an $825 million share sale to Bain CapitalOK
  • Capital allocation — Dividends up 5.9% to $325.0M; no common stock repurchasedNote
  • Segment earnings — Group Protection income from operations $532M, up from $425MOK

Business

Lincoln National is a holding company whose insurance subsidiaries, marketed as Lincoln Financial, sell variable, fixed and registered index-linked annuities, individual life insurance, employer group protection such as disability, life and dental cover, and workplace retirement plans. Its own wholesaler, Lincoln Financial Distributors, sells through brokers, banks, planners and advisers rather than a captive sales force. Profits come from spreads on general account investments, fees on separate account balances and underwriting of mortality and disability risk, so results move with interest rates, equity markets and claims experience.

Where the revenue comes from

Fiscal 2025, as LINCOLN NATIONAL CORP reports it. History and quarterly detail are in the app.

  • Group Protection$6.1B
  • Life Insurance$5.9B
  • Annuities$4.9B
  • Retirement Plan Services$1.3B

Latest filings

  • 8-K · Company announcement2026-08-10
  • 10-Q · Quarterly report2026-07-30
  • 8-K · Company announcement2026-07-30
  • 8-K · Company announcement2026-06-29
  • 8-K · Company announcement2026-06-01
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  • What changed🔒
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  • Company history🔒
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  • Ana — ask about LINCOLN NATIONAL CORP, every answer cited to the official filings🔒

Every figure comes from the company's filings, and analysis whose figures don't match SEC data is rejected before publication.

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