Filing Flows › Lincoln National (LNC) › Q4 2025
Lincoln National (LNC) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 19, 2026
Lincoln National (LNC) reported revenue of $4.9B for the fourth quarter 2025 (Q4 2025), -3% from a year earlier and +8% from the quarter before. Operating margin was 18.6%, net earnings $754M (15.3% of revenue).
Lincoln National, Q4 2025: revenue $4.9B (-3% year over year), operating margin 18.6%, net earnings $754M, operating cash flow $233M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.9B | +8% | -3% |
| Operating profit | $915M | +75% | -56% |
| Net earnings | $754M | +69% | -55% |
| Operating cash flow | $233M | — | +5% |
What changed
Revenue was $4.9B in Q4 2025, down 3% year over year and up 8% from the previous quarter.
Operating profit was $0.92B, a 18.6% margin (down 22.9 points year over year). Total costs grew 35% against a revenue fall of 3%. Net earnings were $0.75B, down 55% year over year. The effective tax rate was 17.6%.
Operating cash flow was $0.23B (up 5% year over year), 31% of net earnings. Working capital and other items used $0.52B.
Questions
What was Lincoln National's revenue in the fourth quarter 2025?
Lincoln National (LNC) reported revenue of $4.9B for the fourth quarter 2025 (Q4 2025), -3% from a year earlier and +8% from the quarter before.
Was Lincoln National profitable in the fourth quarter 2025?
Operating profit was $915M (18.6% of revenue) and net earnings $754M.
Source: Lincoln National 10-K on SEC EDGAR.