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Lincoln National (LNC) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Lincoln National (LNC) Q3 2026 earnings results →

Q3 2026 Revenue up 20% year over year to $5.5B · 26¢ of every $1 of revenue kept as net profit · operating margin 31.7%

Lincoln National made $5.5B in Q3 2026 (+20% Y/Y). Operating margin 31.7%, net earnings $1.4B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$5.5B
Year over year+20%
Operating margin31.7%
Net earnings$1.4B
Operating cash flow$875M

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Lincoln National Q3 2026 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
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What changed this quarter

Revenue was $5.5B in Q3 2026, up 20% year over year and up 21% from the previous quarter.

Operating profit was $1.7B, a 31.7% margin (up 20.2 points year over year). Of the extra revenue versus Q3 2025, 131% reached operating profit, above the 12% margin then. Total costs fell 7% while revenue rose 20%. Net earnings were $1.4B, up 214% year over year. The effective tax rate was 19.4%.

Operating cash flow was $0.88B, 63% of net earnings. Working capital and other items used $0.52B.

Quarterly history

Lincoln National revenue by quarterLincoln National revenue by quarter$4.7BQ1 2025$4.0BQ2 2025$4.6BQ3 2025$4.9BQ4 2025$5.3BQ1 2026$4.5BQ2 2026$5.5BQ3 2026
Lincoln National net earnings by quarterLincoln National net earnings by quarter−$722MQ1 2025$699MQ2 2025$445MQ3 2025$754MQ4 2025−$172MQ1 2026$1.3BQ2 2026$1.4BQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 5, 2026$5.5B+20%31.7%$1.4B$875M
Q2 202610-QJul 30, 2026$4.5B+12%36.2%$1.3B−$558M
Q1 202610-QMay 7, 2026$5.3B+13%-4.6%−$172M$138M
Q4 202510-KFeb 19, 2026$4.9B-3%18.6%$754M$233M
Q3 202510-QOct 30, 2025$4.6B+11%11.5%$445M−$1.1B
Q2 202510-QJul 31, 2025$4.0B-22%21.0%$699M$1.0B
Q1 202510-QMay 8, 2025$4.7B+14%-20.2%−$722M−$272M

Charts

Lincoln National: revenue growth, year over year and quarter over quarterLincoln National: revenue growth, year over year and quarter over quarterY/YQ/Q+14%Q1 2025-22%-14%Q2 2025+11%+13%Q3 2025-3%+8%Q4 2025+13%+8%Q1 2026+12%-14%Q2 2026+20%+21%Q3 2026
Latest (Q3 2026): Y/Y +20%, Q/Q +21%.
Lincoln National: where the cash came from (+) and went (−), TTM to Q3 2026Lincoln National: where the cash came from (+) and went (−), TTM to Q3 2026Other investing−$5.9BOther financing$4.0BCash drawn (+) / kept (−)$877MNet borrowing (+) / repaid (−)$689MOperating cash flow$688MDividends−$344M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Lincoln National: profit against cash, quarter by quarterLincoln National: profit against cash, quarter by quarterNet incomeOperating cash flow$1.7B$222MQ4 2024−$722M−$272MQ1 2025$699M$1.0BQ2 2025$445M−$1.1BQ3 2025$754M$233MQ4 2025−$172M$138MQ1 2026$1.3B−$558MQ2 2026$1.4B$875MQ3 2026
Latest (Q3 2026): Net income $1.4B, Operating cash flow $875M.
Lincoln National: diluted shares by fiscal yearLincoln National: diluted shares by fiscal year194MFY2020189MFY2021173MFY2022171MFY2023173MFY2024186MFY2025
-4.3% since FY2020: buybacks shrank the count.
Lincoln National: long-term debt falling due (FY2025)Lincoln National: long-term debt falling due (FY2025)$400M2026$150M2027$500M2028$966M2030$4.2BLater
Cash $9.5B, short-term investments —, long-term debt $5.9B at 2025-12-31.
Lincoln National in its industry: growth against margin (24 companies, SIC 6311)Lincoln National in its industry: growth against margin (24 companies, SIC 6311)revenue growth, year over year →↑ operating marginmedian +5%median 16%METPRUMetropolitan Life Insurance CoRGACRBGLincoln National Life Insurance CoATH-PAVOYAGNWANG-PDGLJXNBrighthouse Life Insurance CoFGPRIBHFVoya Retirement Insurance & Annuity CoCIAAAMEFirst Trinity Financial CorpUTGNUS Alliance CorpTexas Republic Capital CorpLNC (+20%, 32%)
Life Insurance; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Lincoln National

Lincoln National Corporation (“LNC,” which also may be referred to as “Lincoln,” “we,” “our” or “us”) is a holding company that operates multiple insurance and retirement businesses through subsidiary companies. Through our business segments, we sell a wide range of wealth accumulation, wealth protection, group protection and retirement income products and solutions. LNC was organized under the laws of the state of Indiana in 1968. We currently maintain our principal executive offices in Radnor, Pennsylvania. “Lincoln Financial” is the marketing name for LNC and its subsidiary companies.

In its own words, from its 10-K, filed Feb 19, 2026.

Lincoln National against its Life Insurance peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +20% against the peers' median +8%. Operating margin: 31.7% against the peers' median 11.4%.

CompanyQuarterRevenueY/YOp. margin
LNC Lincoln NationalQ3 2026$5.5B+20%31.7%
MET MetlifeQ3 2026$20.5B+18%8.9%
PRU Prudential FinancialQ3 2026$14.4B-19%11.4%
Metropolitan Life InsuranceQ2 2026$9.6B+2%6.0%
RGA Reinsurance Group of AmericaQ3 2026$7.5B+22%8.3%
CRBG Corebridge FinancialQ3 2026$6.2B+14%37.7%
Lincoln National Life InsuranceQ2 2026$4.3B+8%25.2%
ATH-PA Athene HoldingQ3 2026$3.1B-62%-56.7%
VOYA Voya FinancialQ3 2026$2.0B-5%14.2%

Source: Lincoln National 10-Q on SEC EDGAR · CIK 59558 · Life Insurance

Guidance and outlook

Lincoln National: what its forward-looking statements are about (10-Q filed 2026-11-05)Lincoln National: what its forward-looking statements are about (10-Q filed 2026-11-05)Other15Margins2Costs2Buybacks & dividends2Financing1The economy1Demand1Supply chain1
25 statements; tone -0.04 (−1 all cautious, +1 all confident); 7 hedged.
Lincoln National: outlook statements against the filing beforeLincoln National: outlook statements against the filing beforeConfident5Cautious6

13F: who owns LNC and who is buying

Largest holders of LNC (13F)Largest holders of LNC (13F)Vanguard Group$879MBain Capital Prairie, LLC$663MBlackRock$656MVanguard Portfolio Management LLC$369MDimensional Fund Advisors LP$303MVanguard Capital Management LLC$295MMassachusetts Financial Services$227MState Street$216MPrice T Rowe Associates$177MJennison Associates LLC$133M
Funds' net buying of LNC by quarter (13F)Funds' net buying of LNC by quarter (13F)$16.2M2024-09$56.8M2024-12$85.7M2025-03$138M2025-06$174M2025-09$200M2025-12−$74.5M2026-03$213M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on LNC

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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中文版：Lincoln National（LNC）财报

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