Lincoln National (NYSE:LNC) Announces Earnings Results

Lincoln National (NYSE:LNC) released its quarterly earnings data on Thursday. The financial services provider reported $2.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.86 by $0.35, FiscalAI reports. Lincoln National had a return on equity of 18.77% and a net margin of 11.49%.The firm had revenue of $4.89 billion during the quarter, compared to analyst estimates of $4.85 billion. During the same period in the prior year, the company posted $1.91 earnings per share. The business’s revenue for the quarter was down 2.8% compared to the same quarter last year.

Here are the key takeaways from Lincoln National’s conference call:

• Financial momentum: Fourth-quarter Adjusted Operating Income rose ~31% year‑over‑year and management reported Q4 AOI available to common of $434 million, with full‑year adjusted operating income above $1.5 billion, marking the sixth consecutive quarter of YoY AOI growth.
• Stronger capital and cash generation: Capital rebuilt well above the 400% RBC target (with a ~20‑point buffer), leverage improved ~500 bps toward target, holding‑company liquidity ended ~$1.1 billion (net ~$655 million after pre‑funding), and free cash flow conversion improved to 45%.
• Annuities mix and reporting change: Annuity sales were up ~25% in 2025 with ~two‑thirds spread‑based and spread products now ~30% of balances (fixed retention now 100%), and management will reallocate net interest income on index‑hedge collateral from annuities operating to non‑operating income (would have shifted ~$50 million in 2025), which alters reported operating income presentation but not economics.
• Group protection strength: Group posted a record year—premiums grew ~7%, full‑year operating earnings (ex assumption review) rose ~16%, and margins reached about 9%, with management targeting continued 8%+ margins.
• Retirement plan headwinds: Retirement Plan Services faced participant outflows (net outflows ~$1 billion in the quarter), delivered flat full‑year operating earnings, and expects negative net flows in 2026 while prioritizing profitability and selective retention.

Lincoln National Trading Up 5.6%

Shares of LNC traded up $2.16 during trading hours on Thursday, hitting $40.66. 2,752,709 shares of the stock traded hands, compared to its average volume of 1,843,508. The business has a fifty day moving average of $43.05 and a 200-day moving average of $41.28. The firm has a market capitalization of $7.72 billion, a PE ratio of 3.65, a price-to-earnings-growth ratio of 0.42 and a beta of 1.30. Lincoln National has a 1-year low of $27.58 and a 1-year high of $46.82. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.61.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Weiss Ratings reissued a “buy (b-)” rating on shares of Lincoln National in a report on Monday, December 29th. National Bank Financial set a $45.00 target price on shares of Lincoln National in a research note on Thursday, January 8th. Zacks Research lowered Lincoln National from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 4th. TD Cowen reaffirmed a “hold” rating on shares of Lincoln National in a report on Wednesday, January 28th. Finally, Wells Fargo & Company lifted their price objective on Lincoln National from $39.00 to $41.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 13th. Four investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $46.25.

Key Stories Impacting Lincoln National

Here are the key news stories impacting Lincoln National this week:

• Positive Sentiment: Earnings and revenue topped expectations — Q4 EPS of $2.21 beat consensus (~$1.86–$1.88) and revenue of $4.89B narrowly exceeded estimates, signaling better-than-expected profitability this quarter. Lincoln National (LNC) Beats Q4 Earnings and Revenue Estimates
• Positive Sentiment: Strong headline profit and adjusted results — Q4 net income available to common shareholders was $745M (GAAP), and adjusted operating income was highlighted as solid, reinforcing that underlying operations are producing cash and earnings. Lincoln Financial Reports 2025 Fourth Quarter and Full Year Results
• Neutral Sentiment: Market reaction and analyst coverage — media and research outlets noted the beat and the stock’s positive move; coverage includes summaries and the full earnings slide deck and call recording for deeper detail. Listen to Conference Call
• Neutral Sentiment: Earnings call transcript available — management’s prepared remarks and Q&A are posted (useful for comments on capital deployment, mortality trends, fixed-income yields and buybacks if you want to dig into forward drivers). Lincoln National Corporation (LNC) Q4 2025 Earnings Call Transcript
• Negative Sentiment: Top-line softness versus year-ago — quarterly revenue was down about 2.8% year-over-year, a reminder that top-line growth is mixed even as margins and earnings beat estimates. View Press Release

Insiders Place Their Bets

In other Lincoln National news, EVP John Christopher Kennedy sold 3,519 shares of the company’s stock in a transaction dated Wednesday, December 10th. The shares were sold at an average price of $44.15, for a total transaction of $155,363.85. Following the transaction, the executive vice president directly owned 118,985 shares in the company, valued at approximately $5,253,187.75. This represents a 2.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.51% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Baird Financial Group Inc. bought a new stake in Lincoln National in the first quarter valued at approximately $241,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Lincoln National by 30.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,981 shares of the financial services provider’s stock valued at $2,585,000 after buying an additional 16,991 shares during the period. Empowered Funds LLC increased its position in shares of Lincoln National by 316.9% in the 1st quarter. Empowered Funds LLC now owns 59,115 shares of the financial services provider’s stock valued at $2,123,000 after buying an additional 44,936 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Lincoln National by 5.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 623,322 shares of the financial services provider’s stock valued at $22,383,000 after buying an additional 29,421 shares in the last quarter. Finally, Focus Partners Wealth raised its stake in Lincoln National by 39.1% during the 1st quarter. Focus Partners Wealth now owns 19,530 shares of the financial services provider’s stock worth $701,000 after buying an additional 5,486 shares during the period. Institutional investors own 72.81% of the company’s stock.

Lincoln National Company Profile

Lincoln National Corporation, doing business as Lincoln Financial Group, is a diversified financial services holding company focused on providing retirement, insurance, and wealth management solutions in the United States and select international markets. Headquartered in Radnor, Pennsylvania, the company operates through several business segments, including Retirement Plan Services, Life Insurance, and Group Protection. Its offerings are designed to help individuals, families, and institutions plan and prepare for their financial futures.

The Retirement Plan Services segment delivers recordkeeping, administrative services, and investment management for defined contribution and defined benefit plans.