Lincoln National Life Insurance cash flow, quarter by quarter

In Q2 2026, Lincoln National Life Insurance generated −$139M of operating cash flow. That is $1.0B less than in Q2 2025 ($897M).

Over the twelve months to Jun 30, 2026, operating cash flow was $215M; the largest uses were other investing ($4.4B), dividends ($865M); besides operations, cash came from other financing ($6.3B), net borrowing (+) / repaid (−) ($442M); the cash balance rose by $1.7B.

Operating cash flow was −$139M against net income of $899M — -0.2× profit, less cash than reported earnings, worth checking against working capital. The largest differences: other non-cash −$281M, income taxes payable +$187M, accrued liabilities −$62.0M.

Lincoln National Life Insurance is burning cash: its operations consume cash, a free cash flow of −$556M a year at the current rate against $7.9B of cash and investments: a runway of more than ten years at that rate before any new financing.