Lincoln National (NYSE:LNC) Announces Earnings Results

12 Feb 2026, 14:28 by Scott Moore · The Cerbat Gem

Lincoln National (NYSE:LNC – Get Free Report) released its quarterly earnings data on Thursday. The financial services provider reported $2.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.88 by $0.33, FiscalAI reports. The company had revenue of $4.89 billion during the quarter, compared to the consensus estimate of $4.85 billion. Lincoln National had a return on equity of 18.77% and a net margin of 11.49%.The firm’s revenue was down 2.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.91 earnings per share.

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 Stock Up 5.2%

Lincoln National stock traded up $1.99 during midday trading on Thursday, hitting $40.49. 2,016,121 shares of the company’s stock were exchanged, compared to its average volume of 1,819,671. Lincoln National has a 12 month low of $27.58 and a 12 month high of $46.82. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.28 and a current ratio of 0.28. The company has a market cap of $7.69 billion, a PE ratio of 3.64, a P/E/G ratio of 0.42 and a beta of 1.30. The firm has a 50-day moving average of $43.05 and a two-hundred day moving average of $41.28.

More Lincoln National News

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

Positive Sentiment: Q4 EPS topped expectations — Lincoln reported $2.21 EPS versus consensus around $1.86–$1.88, a clear beat that drove investor optimism. Lincoln National (LNC) Beats Q4 Earnings and Revenue Estimates
Positive Sentiment: Revenue slightly beat estimates — Q4 revenue was $4.89B vs. ~$4.85B expected, reinforcing the credibility of the beat and supporting upside in the stock. Lincoln Financial Group’s (NYSE:LNC) Q4 CY2025: Beats On Revenue, Stock Soars
Positive Sentiment: Strong profitability metrics — the company reported robust net margin and return on equity (MarketBeat highlights 11.49% net margin and ~18.8% ROE), signaling efficient operations that investors rewarded. Lincoln National earnings details and materials
Neutral Sentiment: Company releases and investor materials — Business Wire press release and slide deck provide the full Q4 and FY presentation; investors will parse guidance and segment detail on the conference call. Lincoln Financial Reports 2025 Fourth Quarter and Full Year Results
Positive Sentiment: Immediate market reaction covered by press — multiple outlets note the stock climbing after the results, reinforcing momentum and attracting short‑term buying. Lincoln Financial climbs nearly 4% after Q4 profit tops expectations
Negative Sentiment: Revenue down year‑over‑year — while revenue beat estimates, Q4 revenue was down ~2.8% vs. the prior year, a trend investors will watch for sustainability concerns. MarketBeat Q4 results summary

Wall Street Analysts Forecast Growth

LNC has been the subject of a number of recent analyst reports. Piper Sandler upped their price objective on shares of Lincoln National from $42.00 to $48.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 23rd. Weiss Ratings reissued a “buy (b-)” rating on shares of Lincoln National in a report on Monday, December 29th. Wells Fargo & Company increased their target price on shares of Lincoln National from $39.00 to $41.00 and gave the company an “equal weight” rating in a report on Tuesday, January 13th. Mizuho started coverage on Lincoln National in a report on Tuesday, December 16th. They issued an “outperform” rating and a $52.00 price objective on the stock. Finally, Keefe, Bruyette & Woods increased their target price on Lincoln National from $43.00 to $44.00 and gave the company a “market perform” rating in a report on Monday, November 3rd. Four analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $46.25.

Read Our Latest Report on LNC

Insider Transactions at Lincoln National

In related news, EVP John Christopher Kennedy sold 3,519 shares of the business’s stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $44.15, for a total value of $155,363.85. Following the completion of the transaction, the executive vice president owned 118,985 shares of the company’s stock, valued at $5,253,187.75. The trade was a 2.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.51% of the stock is currently owned by insiders.

Institutional Trading of Lincoln National

A number of institutional investors have recently bought and sold shares of LNC. State Street Corp raised its holdings in shares of Lincoln National by 0.7% in the second quarter. State Street Corp now owns 6,199,526 shares of the financial services provider’s stock worth $214,504,000 after buying an additional 40,676 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Lincoln National by 9.2% in the second quarter. Bank of America Corp DE now owns 1,213,245 shares of the financial services provider’s stock valued at $41,978,000 after purchasing an additional 101,793 shares during the period. Marshall Wace LLP acquired a new stake in shares of Lincoln National during the third quarter worth about $29,831,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Lincoln National by 5.0% in the first 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 worth $22,383,000 after acquiring an additional 29,421 shares during the period. Finally, Public Sector Pension Investment Board increased its holdings in shares of Lincoln National by 7.8% during the 2nd quarter. Public Sector Pension Investment Board now owns 582,051 shares of the financial services provider’s stock valued at $20,139,000 after purchasing an additional 41,872 shares in the last quarter. 72.81% of the stock is currently owned by institutional investors and hedge funds.

Lincoln National Company Profile

(Get Free Report)

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.