LNC Stock - Lincoln National Corporation
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Financial Statements
| Metric | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|
| Revenue | $17.99B | $11.71B | $18.93B | $17.61B | $17.58B |
| Gross Profit | $4.60B | $50.00M | $2.43B | $3.90B | $3.46B |
| Gross Margin | 25.5% | 0.4% | 12.9% | 22.2% | 19.7% |
| Operating Income | $4.02B | $-1,148,000,000 | $1.73B | $4.64B | $423.00M |
| Net Income | $3.27B | $-752,000,000 | $1.36B | $3.78B | $499.00M |
| Net Margin | 18.2% | -6.4% | 7.2% | 21.5% | 2.8% |
| EPS | $18.66 | $-4.92 | $7.94 | $20.16 | $2.58 |
Lincoln National Corporation, through its subsidiaries, operates multiple insurance and retirement businesses in the United States. It operates through four segments: Annuities, Retirement Plan Services, Life Insurance, and Group Protection. The Annuities segment offers fixed, variable, and indexed variable annuities. The Retirement Plan Services segment provides employers with retirement plan products and services primarily in the defined contribution retirement plan marketplace. This segment offers individual and group variable annuities, group fixed annuities, and mutual fund-based programs; and a range of plan services, including plan recordkeeping, compliance testing, participant education, and trust and custodial services. The Life Insurance segment provides life insurance products, including term insurance, such as single and survivorship versions of universal life insurance; variable universal life insurance; indexed universal life insurance products; and critical illness and long-term care riders. The Group Protection segment offers group non-medical insurance products comprising short and long-term disability, statutory disability and paid family medical leave administration and absence management services, term life, dental, vision and accident, and critical illness benefits and services to the employer marketplace through various forms of employee-paid and employer-paid plans. The company distributes its products through consultants, brokers, planners, agents, financial advisors, third-party administrators, and other intermediaries. Lincoln National Corporation was founded in 1905 and is based in Radnor, Pennsylvania.
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Price Targets
Recent Analyst Actions
| Date | Firm | Action | Rating | Price Target |
|---|---|---|---|---|
| December 16th 2025 | Mizuho | Initiation | Outperform | - |
| September 19th 2025 | Morgan Stanley | Upgrade | Overweight | $58 |
| September 16th 2025 | Wolfe Research | Initiation | Underperform | $37 |
| October 9th 2024 | TD Cowen | Initiation | Hold | $34 |
| September 5th 2024 | Barclays | Initiation | Equal Weight | $35 |
| May 22nd 2024 | Jefferies | Upgrade | Buy | $34← $26 |
| February 12th 2024 | Jefferies | Upgrade | Hold | $2622 |
| January 3rd 2024 | JP Morgan | Downgrade | Underweight | $26 |
| July 26th 2023 | Raymond James | Resumed | Market Perform | - |
| January 9th 2023 | Barclays | Downgrade | Underweight | $29← $35 |
| January 6th 2023 | JP Morgan | Downgrade | Neutral | $36← $55 |
| November 16th 2022 | Goldman | Upgrade | Buy | $46← $50 |
| November 4th 2022 | Piper Sandler | Downgrade | Neutral | $38← $55 |
| November 4th 2022 | BofA Securities | Downgrade | Neutral | $40← $78 |
| November 4th 2022 | Credit Suisse | Upgrade | Neutral | $41← $45 |
Earnings History & Surprises
LNCEPS Surprise History
Quarterly EPS Details
| Period | Report Date | Estimated EPS | Actual EPS | Surprise | Result |
|---|---|---|---|---|---|
Q2 2026 | May 6, 2026 | — | — | — | — |
Q1 2026 | Feb 5, 2026 | $1.90 | — | — | — |
Q4 2025 | Oct 30, 2025 | $1.84 | $2.04 | +10.9% | ✓ BEAT |
Q3 2025 | Jul 31, 2025 | $1.91 | $2.36 | +23.6% | ✓ BEAT |
Q2 2025 | May 8, 2025 | $1.54 | $1.60 | +3.9% | ✓ BEAT |
Q1 2025 | Feb 6, 2025 | $1.87 | $1.91 | +2.1% | ✓ BEAT |
Q4 2024 | Oct 31, 2024 | $1.64 | $2.06 | +25.6% | ✓ BEAT |
Q3 2024 | Aug 1, 2024 | $1.78 | $1.84 | +3.4% | ✓ BEAT |
Q2 2024 | May 2, 2024 | $1.10 | $1.37 | +24.5% | ✓ BEAT |
Q1 2024 | Feb 8, 2024 | $1.32 | $1.45 | +9.8% | ✓ BEAT |
Q4 2023 | Nov 1, 2023 | $1.76 | $0.23 | -86.9% | ✗ MISS |
Q3 2023 | Aug 2, 2023 | $1.92 | $2.02 | +5.2% | ✓ BEAT |
Q2 2023 | May 9, 2023 | $1.49 | $1.52 | +2.0% | ✓ BEAT |
Q1 2023 | Feb 8, 2023 | $1.89 | $0.97 | -48.7% | ✗ MISS |
Q4 2022 | Nov 2, 2022 | $1.93 | $-10.23 | -630.1% | ✗ MISS |
Q3 2022 | Aug 3, 2022 | $2.35 | $2.23 | -5.1% | ✗ MISS |
Q2 2022 | May 4, 2022 | $1.97 | $1.66 | -15.7% | ✗ MISS |
Q1 2022 | Feb 2, 2022 | $1.90 | $1.56 | -17.9% | ✗ MISS |
Q4 2021 | Nov 3, 2021 | $2.57 | $1.62 | -37.0% | ✗ MISS |
Q3 2021 | Aug 4, 2021 | $2.42 | $3.17 | +31.0% | ✓ BEAT |
Latest News
Mizuho Initiates Coverage On Lincoln National with Outperform Rating, Announces Price Target of $52
📈 PositiveJefferies Maintains Buy on Lincoln National, Raises Price Target to $59
📈 PositiveLincoln National Corporation Files for Mixed Shelf, Size Not Disclosed
➖ NeutralKeefe, Bruyette & Woods Maintains Market Perform on Lincoln National, Raises Price Target to $44
➖ NeutralUBS Maintains Neutral on Lincoln National, Raises Price Target to $43
➖ NeutralLincoln National Q3 Adj. EPS $2.04 Beats $1.86 Estimate, Sales $4.555B Miss $4.795B Estimate
➖ NeutralKeefe, Bruyette & Woods Maintains Market Perform on Lincoln National, Raises Price Target to $43
➖ NeutralEvercore ISI Group Maintains In-Line on Lincoln National, Raises Price Target to $46
📈 PositiveBarclays Maintains Equal-Weight on Lincoln National, Raises Price Target to $46
➖ NeutralWells Fargo Maintains Equal-Weight on Lincoln National, Raises Price Target to $38
➖ NeutralMorgan Stanley Maintains Overweight on Lincoln National, Lowers Price Target to $53
➖ NeutralMorgan Stanley Upgrades Lincoln National to Overweight, Raises Price Target to $58
📈 PositiveWolfe Research Initiates Coverage On Lincoln National with Underperform Rating, Announces Price Target of $37
📉 NegativeMorgan Stanley Maintains Equal-Weight on Lincoln National, Raises Price Target to $41
➖ NeutralFrequently Asked Questions about LNC
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