Filing Flows › Financials › Lincoln National Life Insurance
Lincoln National Life Insurance earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 5, 2026
Q2 2026 Revenue up 8% year over year to $4.3B · 21¢ of every $1 of revenue kept as net profit · operating margin 25.2%
Lincoln National Life Insurance made $4.3B in Q2 2026 (+8% Y/Y). Operating margin 25.2%, net earnings $899M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $4.3B in Q2 2026, up 8% year over year and down 6% from the previous quarter.
Operating profit was $1.1B, a 25.2% margin (up 6.3 points year over year). Of the extra revenue versus Q2 2025, 101% reached operating profit, above the 19% margin then. Total costs fell 0% while revenue rose 8%. Net earnings were $0.90B, up 43% year over year. The effective tax rate was 17.9%.
Operating cash flow was −$0.14B. Working capital and other items used $1.0B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 5, 2026 | $4.3B | +8% | 25.2% | $899M | −$139M |
| Q1 2026 | 10-Q | May 13, 2026 | $4.6B | +18% | -3.1% | −$93.0M | $307M |
| Q4 2025 | 10-K | Mar 12, 2026 | $4.3B | -9% | 13.8% | $502M | $974M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $2.8B | -20% | 11.0% | $275M | −$927M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $4.0B | 91× | 18.9% | $627M | $897M |
| Q1 2025 | 10-Q | May 15, 2025 | $3.9B | -3% | -15.0% | −$439M | −$257M |
| Q4 2024 | 10-K | Mar 14, 2025 | $4.7B | +286% | 34.6% | $1.3B | $752M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
Loading the interactive chart…
🌏Named in Asian annual reportsinteractive
Loading the interactive chart…
🏭Its industry’s money flow (input-output)interactive
Loading the interactive chart…
About Lincoln National Life Insurance
The Lincoln National Life Insurance Company (“LNL” or the “Company,” which also may be referred to as “we,” “our” or “us”) is a wholly owned subsidiary of Lincoln National Corporation (“LNC” or the “Parent Company”). We own 100% of the outstanding common stock of one insurance company subsidiary, Lincoln Life & Annuity Company of New York (“LLANY”). We also own several non-insurance companies, including Lincoln Financial Distributors, Inc. (“LFD”), our wholesale distributor. LNL’s principal businesses consist of underwriting annuities, life insurance and deposit-type contracts through multiple distribution channels. LNL is licensed and sells its products throughout the U.S. and several U.S. territories.
In its own words, from its 10-K, filed Mar 12, 2026.
Lincoln National Life Insurance against its Life Insurance peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +8% against the peers' median +8%. Operating margin: 25.2% against the peers' median 11.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| Lincoln National Life Insurance | Q2 2026 | $4.3B | +8% | 25.2% |
| MET Metlife | Q3 2026 | $20.5B | +18% | 8.9% |
| PRU Prudential Financial | Q3 2026 | $14.4B | -19% | 11.4% |
| Metropolitan Life Insurance | Q2 2026 | $9.6B | +2% | 6.0% |
| RGA Reinsurance Group of America | Q3 2026 | $7.5B | +22% | 8.3% |
| CRBG Corebridge Financial | Q3 2026 | $6.2B | +14% | 37.7% |
| LNC Lincoln National | Q3 2026 | $5.5B | +20% | 31.7% |
| ATH-PA Athene Holding | Q3 2026 | $3.1B | -62% | -56.7% |
| VOYA Voya Financial | Q3 2026 | $2.0B | -5% | 14.2% |
Source: Lincoln National Life Insurance 10-Q on SEC EDGAR · CIK 726865 · Life Insurance