# Lincoln National Corporation (LNC) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/LNC/thesis · /stocks/LNC/memo

## Financial Snapshot

---
ticker: LNC
step: 04
generated: 2026-05-13
source: quick-research
---

### Lincoln National Corporation (LNC) — Financial Snapshot

#### Income Statement Summary (GAAP revenue is volatile for insurance; adjusted operating metrics more relevant)

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue (GAAP) | ~$17B | $11.71B | $17.98B | +53.6% |
| Note | Crisis year | Recovery | GAAP gains | — |
| Adj. Op. EPS | — | — | ~$7.64 | — |
| Adj. Op. Income (FY2025) | — | — | $1.54B | — |

*FY2025: Adjusted operating income $1.54B ($8.23/share); strong recovery. Annuities: record $175B ending account balances; $4.9B sales (+33%); highest in 5 years. Q3 2025: GAAP EPS $2.12 vs. ($3.29) in Q3 2024. Q4 2024: Record operating income quarter; annuity deposits +32%; RBC ratio above 420%. 2022 was a severe crisis year (large reserve charges on legacy VA guarantees + COVID excess mortality). FY2023–2025: recovery execution under CEO Ellen Cooper. $2B unsecured credit facility extended March 2026 (through 2031).*

#### Cash Flow & Balance Sheet

| Metric | Value |
|--------|-------|
| Annuity Account Balances | $175B (record; FY2025) |
| RBC Ratio | 420%+ (strong capital position) |
| Credit Facility | $2B (March 2026; unsecured; through 2031) |
| Legacy VA Liability | Under active restructuring (Bain partnership) |
| Adj. Operating EPS (FY2025) | $8.23/share |

*Lincoln's capital position (420%+ RBC) has recovered significantly from the 2022 nadir. The Bain Capital partnership to optimize legacy captive reinsurance subsidiaries and VA liabilities is reducing the capital drag from the old book. As the legacy back-book is managed down, the capital released can be redeployed into growth products (FIA, RILA) at better risk-adjusted returns.*

#### Key Ratios (approximate)
- P/E: ~4–5x (adj. operating EPS $8.23 at ~$35 stock price) — extremely cheap on adjusted basis
- P/E (GAAP): variable (GAAP EPS swings dramatically with VA mark-to-market)
- Revenue Growth: volatile (GAAP); adj. operating income more stable
- RBC: 420%+ (well-capitalized)

#### Growth Profile
Lincoln is a turnaround story: from near-crisis in 2022 to record adjusted operating income in FY2025. The business mix shift (away from legacy VA with guarantees → toward FIA/RILA/protection life) is reducing capital requirements, improving earnings quality, and enabling the annuity franchise to grow without the same balance sheet burden. Annuity sales at 5-year highs (+33%) confirm that the distribution partners are embracing the new product suite.

#### Forward Estimates
- FY2026: Adj. operating EPS guidance not explicitly stated; street estimates ~$8–9/share
- Analyst consensus PT: $43.50 (24 analysts; range $39–$60)
- 3 Buy, 8 Hold, 2 Sell — cautious consensus
- 25%+ implied upside to PT from ~$35 current
- Key variable: Legacy VA liability management + NII headwinds

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/LNC/fundamental

## Navigation

- Overview: /stocks/LNC
- Financials (this page): /stocks/LNC/financials
- Thesis: /stocks/LNC/thesis
- Investment Memo: /stocks/LNC/memo
- Coverage universe: /stocks