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Lincoln Financial

Sells annuities, life insurance and employer-sponsored benefits through independent advisors and workplace consultants.

$43.25
After-hours close−0.03 (−0.07%)
At close$43.28(−0.53%)
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Profile

Lincoln National CorporationLNCFinancials

Provides annuities, life insurance, employer-sponsored group benefits and retirement-plan recordkeeping, distributed through independent advisors, brokers and workplace consultants across the United States. A large share of legacy universal-life, long-term-care and fixed-annuity risk has been reinsured to Bermuda-based affiliates as part of an ongoing effort to reduce sensitivity to markets and interest rates.

Operates as a life-insurance and retirement-services holding company founded in 1905, selling annuities, individual life insurance, employer-sponsored group benefits and retirement-plan recordkeeping.

Distribution runs mainly through independent financial advisors, brokers and workplace-benefits consultants, with business concentrated in the United States. Group Protection, built out through an acquired benefits book, is among the larger providers of employer-sponsored life, disability and dental coverage, and the Life Insurance lineup includes a hybrid product bundling long-term-care coverage (MoneyGuard) alongside standard universal and variable policies.

A large share of legacy universal-life, long-term-care and fixed-annuity reserves has been ceded to Bermuda-based reinsurance affiliates to reduce capital sensitivity to equity markets and interest rates, and ongoing capital adequacy is measured against state risk-based-capital targets that govern how much can be returned to shareholders.

Company facts

CEOEllen G. Cooper
ListedMar 17, 1980
ExchangeNYSE
HeadquartersRadnor, PA
CountryUnited States
Employees9,783
CIK0000059558
ISINUS5341871094

Categories

Key statistics

Market cap$8.29B
EPS (ttm)$11.76
P/E (ttm)3.68
ROE22.0%
P/B0.7357
P/S0.4281
Dividend yield4.16%
Beta1.09vs XLF 1.45

Year to date −3.8% · Average volume (30d) 2.0M

Analysts

Price target, next 12 months$44.00+1.6%Median of 28 analysts · vs the Aug 28 close
ConsensusHold12 of 28 analysts rate it buy or better

Ratings

Target range

Latest analyst notes

DateFirmActionPrior ratingRatingPrior targetTarget
Aug 24, 2026National BankTarget$47$50
Jul 30, 2026National BankTarget$57$47
Jul 10, 2026National BankTarget$51$57
Jul 9, 2026National BankTarget$40$51
Jul 8, 2026UBSReiterateNeutral$39$44

Earnings

EPS

Estimate$2.03
ReportedDue Oct 29, 2026

Revenue

Estimate$4.97B
ReportedDue Oct 29, 2026

History

Report dateEPS estEPSSurpriseRevenue estRevenueSurpriseNext session
Jul 30, 2026Q2 FY26$1.96$2.24+14.3%$4.89B$4.93B+0.8%+11.08%
May 7, 2026Q1 FY26$1.58$1.66+5.1%$4.93B$5.31B+7.5%−0.39%
Feb 12, 2026Q4 FY25$1.86$2.21+18.8%$4.84B$4.89B+1.1%+0.52%
Oct 30, 2025Q3 FY25$1.84$2.04+10.9%$4.85B$4.59B−5.4%+3.22%
View details

Financial highlights

12 quartersQ1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26
Revenue$4.72B$4.07B$4.59B$4.92B$5.31B$4.54B
Gross profit$449.0M−$84.0M$296.0M$3.00B$3.30B$4.54B
Operating income−$949.0M$848.0M$524.0M$915.0M−$246.0M$1.64B
Net income−$722.0M$699.0M$445.0M$754.0M−$172.0M$1.33B
Diluted EPS−$4.41$3.81$2.12$3.80−$0.88$6.72
Gross margin9.5%-2.1%6.4%60.8%62.1%100.0%
Operating margin-20.1%20.9%11.4%18.6%-4.6%36.2%

Fiscal years (4-quarter sums)FY21 $19.13B · FY22 $19.27B · FY23 $11.71B · FY24 $17.99B · FY25 $18.29B

Revenue by product · Q2 FY26

Group Protection Segment$1.58B · 32%
Life Segment$1.57B · 32%
Annuities Segment$1.38B · 28%
Retirement Plan Services Segment$353.0M · 7%

Balance sheet, Jun 30, 2026Cash & short-term investments $52.32B · Total debt $6.87B · Total assets $429.80B · Shareholders' equity $11.35B

Dividends

Next ex-date
Oct 9, 2026
in 41 days
Annual dividend
$1.80
per share
Dividend yield
4.16%
Schedule
Quarterly
4 payments a year

Raised for 16 straight years — most recently to $0.45 from $0.42 in Jan 2022. To collect a payout, hold shares through the close before the ex-date.

History

Ex-dateRecordPaidAmountNote
Jul 10, 2026Jul 10Aug 3$0.45
Apr 10, 2026Apr 10May 1$0.45
Jan 12, 2026Jan 12Feb 2$0.45
Oct 10, 2025Oct 10Nov 3$0.45
Jul 10, 2025Jul 10Aug 1$0.45
Apr 10, 2025Apr 10May 1$0.45
Jan 10, 2025Jan 10Feb 3$0.45
Oct 10, 2024Oct 10Nov 1$0.45
View details

Ownership

Institutions 90.43%173.13M sharesInsiders 1.02%1.95M sharesOther 8.55%16.37M shares

Shares outstanding 191.45M · Float 171.66M · 89.7% free float

Top shareholders13F · 13D/G · Form 4

HolderShares% outstandingFormFiled
Bain Capital Prairie, LLC18.76M9.80%13DAug 12, 2026
BlackRock, Inc.18.56M9.70%13FAug 7, 2026
Vanguard Portfolio Management LLC10.43M5.45%13FAug 13, 2026
Dimensional Fund Advisors LP8.57M4.48%13FAug 11, 2026
Vanguard Capital Management LLC8.35M4.36%13FAug 13, 2026

Insider tradesForm 4

DateInsiderRoleSharesAvg price
Aug 17, 2026Sean Woodroffeofficer: EVP, Ch Ppl Comms Ent Srvc Off−11,000$45.28
Aug 12, 2026Gary C. Kellydirector−15,007$26.50
Jun 5, 2026CraigT T. Beazerofficer: EVP & General Counsel−30,000$34.45
Mar 13, 2026Jennifer Chartersofficer: EVP, Chief Information Officer+300$32.61
Mar 9, 2026Sean Woodroffeofficer: EVP, Ch Ppl Comms Ent Srvc Off−8,000$32.74
View details

Peers

  • Prudential Financial

    Broadest overlap — annuities, individual life, and group insurance all collide.

  • MetLife

    Largest single rival in group benefits, plus institutional retirement overlap.

  • Equitable

    RILA category leader — direct annuities rival, plus life and recordkeeping.

  • Apollo Global Management

    Athene, its retirement arm, is the top seller of fixed and indexed annuities.

  • Voya

    Leading DC recordkeeper and workplace-benefits rival in retirement and group.

  • Unum Group

    Group-disability leader — deepest single-segment rival in Group Protection.

  • Principal Financial Group

    Recordkeeping and group-benefits rival in retirement plans and workplace.

  • Manulife Financial

    John Hancock's U.S. life and retirement business overlaps two of four segments.

CompareAfter-hours close

CompanyPriceChange
Lincoln Financial$43.25−0.07%$8.29B3.75.30.4+21.2%
Prudential Financial$119.79+0.01%$41.57B10.88.50.6+2.8%
MetLife$97.91+1.46%$62.10B18.59.20.8+10.0%
Equitable$49.68−1.04%$13.70B—6.21.3−29.8%
Apollo Global Management$135.48+0.35%$77.78B30.213.82.2+63.7%
Voya$102.55−0.02%$9.30B17.49.72.5+3.2%
Unum Group$93.38+0.31%$14.73B21.710.41.1−13.8%
Principal Financial Group$111.410.00%$23.85B15.811.21.5+8.8%
Manulife Financial$42.70−0.20%$71.36B16.213.11.7+22.6%
Median17.410.11.4+6.0%