Financial Statements

The 5-year financial statements provided below are directly traceable to the financial statements filed by the subject stock exchange listed company with the Securitiies Exchange Commission (SEC) of the United States. Included within the financial statements are the latest five years financial results as well as the most recent filed quarter compared to the same quarter of the last year filed.

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Lincoln National Corporation, www.lincolnfinancial.com, SIC Code - 6311, LIFE INSURANCE

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Income Statement Qtr. End
12/31/2025		 Qtr. End
12/31/2024		 Yr. End
12/31/2025		 Yr. End
12/31/2024		 Yr. End
12/31/2023		 Yr. End
12/31/2022		 Yr. End
12/31/2021
Sales
SALES
SALES is the total amount sold within a stipulated time period, usually 12 months. Sales is usually expressed in monetary terms but can also be in total units of stock or products sold. 		4889 5046 18269 17968 11702 18925 17715
Cost of Goods Sold
COST OF GOODS SOLD
COST OF GOODS SOLD (COGS) is a figure representing the cost of buying raw material and producing finished goods. Included are precise factors, i.e. material and factory labor; as well as others that are variable, such as factory overhead. 		987 607 13844 13364 11287 13193 13318
Gross Income
GROSS PROFIT
GROSS PROFIT is net sales minus cost of sales. 		3902 4439 4425 4604 415 5732 4397
Depreciation and Amortization
DEPRECIATION AND AMORTIZATION
DEPRECIATION AND AMORTIZATION is the standard line item in an income statement that sums: Depreciation, the non-cash expense of a tangible investment over time and Amortization, the non-cash expenses of an intangible investment over time. 		NA NA NA NA NA NA 38
Research/Development
RESEARCH & DEVELOPMENT
RESEARCH & DEVELOPMENT (R&D) is research as a planned activity aimed at discovery of new knowledge with the hope of developing new or improved products and services. Development is the translation of the research findings into a plan or design of new or improved products and services. 		NA NA NA NA NA NA NA
Interest Expense
INTEREST EXPENSE
INTEREST EXPENSE is the cost of borrowing funds in the current period. It is shown as a financial expense item within the income statement. An interest expense of zero to <15% relative to operating income, within the consumer products industry, is an indicator of a sustainable competitive advantage. 		0 0 0 0 0 0 0
Unusual Expenses/(Income)
UNUSUAL EXPENSES/(INCOME)
UNUSUAL EXPENSES/(INCOME) is the sum of: Restructuring Charge, Litigation, Impairment of assets held for use or sale, portion of Purchased R&D written off, and Other Unusual Expense (Income). 		60 NA 60 -542 34 634 101
Total Operating Expenses
OPERATING EXPENSES
OPERATING EXPENSES is all selling and general & administrative expenses. Includes depreciation, but not interest expense. 		4260 4138 17207 17019 14901 16763 16637
Operating Income
OPERATING INCOME
OPERATING INCOME is revenue less cost of goods sold and related operating expenses that are applied to the day-to-day operating activities of the company. It excludes financial related items (i.e., interest income, dividend income, and interest expense), extraordinary items, and taxes. 		629 908 1062 949 -3199 2162 1078
Interest Income - non-op.
INTEREST INCOME - NON-OPERATING
INTEREST INCOME - NON-OPERATING is interest income generated from non-operating investment securities such as certificates of deposit or bonds for non-financial service companies. 		81 83 227 336 331 283 270
Other Expenses/(Income)
OTHER EXPENSES/(INCOME)
OTHER EXPENSES/(INCOME) includes: miscellaneous other income and expenses (net), such as interest expense, miscellaneous expenses not included in general and administrative expenses, netted against recoveries, interest income, dividends received and miscellaneous income. 		427 1315 563 2867 2416 480 3936
Pretax Income
PROFIT BEFORE TAXES
PROFIT BEFORE TAXES (PBT) is a profitability measure that looks at a companys profits before the company has to pay income tax. This measure deducts all expenses from revenue including interest expenses and operating expenses, but it leaves out the payment of tax. 		915 2100 1338 4022 -1148 1725 4643
Income Taxes
INCOME TAX
INCOME TAX is a tax paid on money made or profit realized from employment, business, or capital. 		161 413 161 747 -396 367 865
Income After Taxes
INCOME AFTER TAXES
INCOME AFTER TAXES is the net profit earned by the company after deducting all expenses like interest, depreciation and tax. PAT can be fully retained by a company to be used in the business. Dividends, if declared, are paid to the share holders from this residue. 		754 1687 1177 3275 -752 1358 3778
Adjustments to Income
ADJUSTMENTS TO INCOME
ADJUSTMENTS TO INCOME are all tax code allowable increases/(deductions) to income that are not already accounted for. 		11 11 91 91 82 NA NA
Nonrecurring Items
NONRECURRING
NONRECURRING is an income statement item that is infrequent in occurrence or unusual in nature. 		0 0 0 0 0 0 0
Net Income
NET INCOME
NET INCOME is the difference between a businesses total revenue and its total expenses. This caption and amount is usually found at the bottom of a companys Profit and Loss statement. Same as Net Profit. 		754 1687 1177 3275 -752 1358 3778
Cash Flow Statement Qtr. End
12/31/2025		 Qtr. End
12/31/2024		 Yr. End
12/31/2025		 Yr. End
12/31/2024		 Yr. End
12/31/2023		 Yr. End
12/31/2022		 Yr. End
12/31/2021
Total Cash from Operations
TOTAL CASH FROM OPERATIONS
TOTAL CASH FROM OPERATIONS is a firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses that are deducted in calculating net income. 		233 222 -167 -2007 -2074 3609 -217
Total Cash from Investing
TOTAL CASH FROM INVESTING
TOTAL CASH FROM INVESTING shows a firms' cash inflows and outflows related to the purchase and sale of investments. Net investment cash flow equals the total cash inflows less the cash outflows from the section and can be a positive or negative number. There can be many types of investments in the investment cash flows section that affect net investment cash flow. 		-3913 -717 -4013 821 -3334 -11646 -3584
Total Cash from Financing
CASH FROM FINANCING
CASH FROM FINANCING is the sum of all the individual financing activity cash flow line items. 		2514 283 7881 3622 5430 8768 4705
Net Change in Cash
NET CHANGE IN CASH
NET CHANGE IN CASH is calculated by adding cash from operating, investing, and financing activities and foreign exchange effects from the Statement of Cash Flows. 		-1166 -212 3701 2436 22 731 904
Capital Expenditures
CAPITAL EXPENDITURE
CAPITAL EXPENDITURE (CAPEX) is the amount used during a particular period to acquire or improve long-term assets such as property, plant or equipment. 		NA NA NA NA NA NA NA
Exchange Rate Effects
EXCHANGE RATE EFFECTS
EXCHANGE RATE EFFECTS is the effect on any given currency as the rate of exchange changes providing either a gain or loss in value against other currencies. 		NA NA NA NA NA NA NA
Cash Flow per Share
CASH FLOW PER SHARE
CASH FLOW PER SHARE is a good measure of a firm's financial strength. Analysts put more weight on cash flow per share than earnings per share because EPS is more easily manipulated, its reliability can at times be questionable. Cash is almost impossible to falsify, i.e. you either have cash or you don't. Cash flow per share is a useful measure for the strength of a firm and the sustainability of its business model. The formula: 		-6.1 -1.24 20.26 14.28 0.13 4.27 4.82
Free Cash Flow
FREE CASH FLOW
FREE CASH FLOW is net income plus non-cash charges to income, specifically depreciation and amortization less capital expenditures, to sustain the basic business. Free cash flow per share is a measure of the amount of cash per share a business generates after expenditures for equipment or buildings. Free cash flow is available to be used for expansion, dividends, reduction in debt, or other purposes. Free cash flow is valued more than just about any other measure, including earnings (EPS). Cash assists companies to expand, develop new products, stock buy back, pay dividends, or reduce debt. Many analysts focus on free cash flow for insight into the core of a company's cash-generating engine. 		0.78 -11.52 -3.19 -14.1 -14.51 19.29 -2.86
Balance Sheet - Assets Qtr. End
12/31/2025		 Qtr. End
12/31/2024		 Yr. End
12/31/2025		 Yr. End
12/31/2024		 Yr. End
12/31/2023		 Yr. End
12/31/2022		 Yr. End
12/31/2021
Cash
CASH
CASH is money, in the form of notes and coins, which constitutes payment for goods at the time of purchase. 		9502 5801 9502 5801 3365 3343 2612
Short-Term Investments
SHORT TERM INVESTMENTS
SHORT TERM INVESTMENTS are fixed income investments that mature in less than one year. 		35560 33193 35560 33193 31839 15201 4614
Accounts Receivable
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE is a current asset representing money due for services performed or merchandise sold on credit. 		86 99 86 99 32 0 0
Inventory
INVENTORY
INVENTORY for companies: includes raw materials, items available for sale or in the process of being made ready for sale (work in process) for securities: it is securities bought and held by a broker or dealer for resale. A firm that has a sustainable competitive advantage has an inventory and net earnings are rising on a corresponding basis. Inventories that spike up/down are indicative of competitive industries prone to boom/bust. 		0 0 0 0 0 0 0
Other Current Assets
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS relates to any other current assets. Does not include prepaid items. 		42150 42752 42150 42752 41041 29553 34732
Total Current Assets
CURRENT ASSETS
CURRENT ASSETS are those assets of a company that are reasonably expected to be realized in cash, or sold, or consumed during the normal operating cycle of the business (usually one year). Such assets include cash, accounts receivable and money due usually within one year, short-term investments, US government bonds, inventories, and prepaid expenses. 		87298 81845 87298 81845 76277 48097 41958
Net Property, Plant, Equip.
NET PROPERTY, PLANT, and EQUIPMENT
NET PROPERTY, PLANT, and EQUIPMENT is the book value of all buildings, land, furniture, and other physical capital assets that a business has purchased to run its business net of accumulated depreciation.   		58 85 58 85 118 154 184
Long-Term Investments
LONG-TERM INVESTMENTS
LONG-TERM INVESTMENTS represents the investments a company intends to hold for over a one year period. For example: real estate, cash, stocks and bonds.. 		100805 93601 100805 93601 93826 103827 123220
Goodwill/Intangibles
GOODWILL / INTANGIBLES
GOODWILL / INTANGIBLES is the total value of all intangible assets, e.g. goodwill, patents, copyrights, etc. 		14171 13930 14171 13930 13830 13701 8418
Other Long-Term Assets
OTHER LONG-TERM ASSETS
OTHER LONG-TERM ASSETS includes long-term assets not included into the investments, fixed, or intangible assets categories. Those other assets may be that part of prepaid expenses that will start expiring more than a year after the balance sheet date, or the cash surrender value of life insurance on company officers, etc. 		189563 177613 189563 177613 166728 147694 192607
Total Assets
TOTAL ASSETS
TOTAL ASSETS is the total of all assets; both current and fixed. 		417204 390831 417204 390831 372413 334331 386945
Balance Sheet - Liabilities Qtr. End
12/31/2025		 Qtr. End
12/31/2024		 Yr. End
12/31/2025		 Yr. End
12/31/2024		 Yr. End
12/31/2023		 Yr. End
12/31/2022		 Yr. End
12/31/2021
Accounts Payable
ACCOUNTS PAYABLE
ACCOUNTS PAYABLE (AP) are trade accounts of businesses representing obligations to pay for goods and service received. 		23635 22417 23635 22417 23207 11075 6280
Short-Term Debt
SHORT TERM DEBT
SHORT TERM DEBT is any debt owed by a company that is due and payable within one year. The debt is often made up of short-term bank loans the company is liable for. 		426 300 426 300 250 500 300
Other Current Liab.
OTHER CURRENT LIABILITIES
OTHER CURRENT LIABILITIES includes any other current liabilities, including bank overdrafts and accrued expenses. 		15115 12449 15115 12449 9077 4783 6131
Total Current Liab.
CURRENT LIABILITIES
CURRENT LIABILITIES are liabilities to be paid within one year of the balance sheet date. 		39176 35166 39176 35166 32534 16358 12711
Long-Term Debt
LONG TERM DEBT
LONG TERM DEBT is all senior debt, including bonds, debentures, bank debt, mortgages, deferred portions of long term debt, and capital lease obligations. If a firm shows little to no long term debt over the years and/or their earning power could allow them to pay off their long term debt within 3-4 years, it is a good indicator of a sustainable competitive advantage. 		6627 6927 6627 6927 7488 7424 7482
Other Long-Term Liab.
OTHER LONG-TERM LIABILITIES
OTHER LONG-TERM LIABILITIES are any other non-current liabilities, including subordinated debt, and liability reserves. 		360495 340469 360495 340469 325498 305356 345876
Total Liabilites
TOTAL LIABILITIES
TOTAL LIABILITIES is all the obligations of the company, i.e. includes Total Current Liabilities, Long Term Debt, and any other miscellaneous liabilities the entity may have listed separately. 		406298 382562 382562 382562 365520 329229 366191
Preferred Stock
PREFERRED STOCK
PREFERRED STOCK, usually, non-voting capital stock that pays dividends at a specified rate and has preference over common stock in the payment of dividends and the liquidation of assets. A firm with a distinct sustainable competitive advantage is one that does not have preferred stock. 		986 986 986 986 986 986 0
Common Stock Equity
SHAREHOLDERS EQUITY
SHAREHOLDERS EQUITY is total assets minus total liabilities. It is the same as EQUITY, NET WORTH and stockholders equity. 		9920 7283 9920 7283 5907 4116 20754
Total Liabilities and Equity
TOTAL LIABILITIES AND EQUITY
TOTAL LIABILITIES AND EQUITY is all claims on the company's total assets, by outsiders (liabilities) and the company owners/shareholders (equity). 		417204 390831 417204 390831 372413 334331 386945

N/A: Data unavailable in order to calculate ratio
Z: Data equals zero in ratio denominator