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Lincoln National cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$875M in Q3 2026 · $688M over twelve months

Operating cash flow$875M
Free cash flow+$875M
Cash / net income0.6×

Analysis

In Q3 2026, Lincoln National generated $875M of operating cash flow. That is $2.0B more than in Q3 2025 (−$1.1B).

Over the twelve months to Sep 30, 2026, operating cash flow was $688M; the largest uses were other investing ($5.9B), dividends ($344M); besides operations, cash came from other financing ($4.0B), net borrowing (+) / repaid (−) ($689M); the cash balance fell by $877M.

Operating cash flow was $875M against net income of $1.4B — 0.6× profit, less cash than reported earnings, worth checking against working capital. The largest differences: gains on investments +$388M, income taxes payable +$334M, accrued liabilities +$177M.

Free cash flow

Lincoln National: free cash flow by quarterLincoln National: free cash flow by quarter$222MQ4 2024−$272MQ1 2025$1.0BQ2 2025−$1.1BQ3 2025$233MQ4 2025$138MQ1 2026−$558MQ2 2026$875MQ3 2026
Operating cash flow less capital spending.
Lincoln National: operating cash flow against capital spendingLincoln National: operating cash flow against capital spendingOperating cash flowCapital spending$222M$0Q4 2024−$272M$0Q1 2025$1.0B$0Q2 2025−$1.1B$0Q3 2025$233M$0Q4 2025$138M$0Q1 2026−$558M$0Q2 2026$875M$0Q3 2026
Latest (Q3 2026): Operating cash flow $875M, Capital spending $0.

Capital allocation, year by year

Lincoln National: where the cash came from (up) and went (down), by fiscal yearLincoln National: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesBuybacksDividendsFY2021: Operating cash flow $168MFY2021: Net borrowing −$62.0MFY2021: Buybacks −$1.1BFY2021: Dividends −$319M$168MFY2021FY2022: Operating cash flow $4.0BFY2022: Net borrowing −$78.0MFY2022: Shares issued $986MFY2022: Buybacks −$550MFY2022: Dividends −$310M$5.0BFY2022FY2023: Operating cash flow −$2.1BFY2023: Net borrowing −$583MFY2023: Dividends −$305MFY2023FY2024: Operating cash flow −$2.0BFY2024: Net borrowing $246MFY2024: Asset sales $619MFY2024: Dividends −$307M$865MFY2024FY2025: Operating cash flow −$167MFY2025: Net borrowing $195MFY2025: Shares issued $825MFY2025: Dividends −$325M$1.0BFY2025
Over these 5 years operating cash flow totalled −$44.0M; the largest uses were operating cash flow ($4.2B) and buybacks ($1.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$9.8B
Debt$6.4B
Net cash$3.4B
Due within a year$400M

Lincoln National funds itself: free cash flow was $688M over the last twelve months, and $9.8B of cash and investments stands against $6.4B of debt ($400M due within a year, 24.5× covered by cash).

Lincoln National: debt maturities by year (FY2025)Lincoln National: debt maturities by year (FY2025)$400MYear 1$150MYear 2$500MYear 3$966MYear 5$4.2BAfter year 5
Principal due in each year as disclosed in the annual report, against $9.8B of cash and investments now.

Where the cash came from and went

Lincoln National: sources (+) and uses (−) of cash, Q3 2026Lincoln National: sources (+) and uses (−) of cash, Q3 2026Other investing−$1.1BOperating cash flow$875MNet borrowing (+) / repaid (−)−$400MCash drawn (+) / kept (−)$374MOther financing$361MDividends−$86.0M
Lincoln National: sources (+) and uses (−) of cash, TTM to Q3 2026Lincoln National: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$5.9BOther financing$4.0BCash drawn (+) / kept (−)$877MNet borrowing (+) / repaid (−)$689MOperating cash flow$688MDividends−$344M

From profit to cash

Lincoln National: net income to operating cash flow, Q3 2026Lincoln National: net income to operating cash flow, Q3 2026Net income$1.4BGains on investments$388MOther non-cash−$20.0MAccrued liabilities$177MIncome taxes payable$334MOperating cash flow$875M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$875M−$86.0M−$400M$374M$875M
Q2 2026−$558M−$86.0M$494M−$2.8B−$558M
Q1 2026$138M−$86.0M$100M$2.2B$138M
Q4 2025$233M−$86.0M$495M$1.2B$233M
Q3 2025−$1.1B−$86.0M—−$3.5B−$1.1B
Q2 2025$1.0B−$76.0M—−$2.9B$1.0B
Q1 2025−$272M−$77.0M−$300M$1.5B−$272M
Q4 2024$222M−$77.0M—$212M$222M

Lincoln National: income statement and cash flow

Lincoln National, Q3 2026: revenue $5.5B (+20% year over year), operating margin 31.7%. The chart follows the revenue to costs, profit and cash.

Lincoln National: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.