← LINCOLN NATIONAL CORP

Annual Trend FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 TTM
Cash flows from operating activities:
Net Income (Loss) Attributable to Parent $1.2b
$2.1b +74.41%
$1.6b -21.07%
$886.0m -46.01%
$499.0m -43.68%
$1.4b +181.56%
$1.4b -3.35%
($752.0m) -155.38%
$3.3b +535.51%
$1.2b -64.06%
—
Net Income (Loss) Available to Common Stockholders, Basic $1.2b
$2.1b +74.41%
$1.6b -21.07%
$886.0m -46.01%
$499.0m -43.68%
$1.4b +181.56%
$1.4b -3.35%
($752.0m) -155.38%
$3.2b +523.40%
$1.1b -65.89%
—
Deferred Policy Acquisition Costs, Amortization Expense — — — — — — — $987.0m $1.0b $1.1b —
Share-based Payment Arrangement, Expense $46.0m $50.0m $51.0m $62.0m $51.0m $61.0m — $61.0m $64.0m $78.0m —
Asset Impairment Charge — — — — — $0 $634.0m $0 $0 — $0
Goodwill and Intangible Asset Impairment — — — — — — — $0 $0 — —
Goodwill, Impairment Loss — $905.0m — — — — — $0 $0 $0 $0
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) — $905.0m — — — — — — — — —
Change In Working Capital — — — — — — $5.1b ($3.6b) ($2.4b) ($2.0b) ($2.3b)
Change In Receivables — — — — — ($93.0m) ($54.0m) — — — —
Changes In Account Receivables — — — — — ($93.0m) ($54.0m) — — — —
Change In Payables And Accrued Expense — — — — — — $330.0m ($287.0m) $998.0m $190.0m $421.0m
Accrued expenses ($27.0m) $113.0m ($101.0m) $107.0m ($18.0m) $389.0m ($89.0m) $109.0m $251.0m $113.0m $95.0m
Accrued investment income $8.0m ($16.0m) ($17.0m) ($29.0m) ($84.0m) $16.0m ($67.0m) $4.0m ($39.0m) ($28.0m) —
Change In Accrued Expense — — — — — — ($91.0m) $109.0m $251.0m $113.0m $95.0m
Debt Securities Available For Sale Excluding Accrued Interest Allowance For Credit Loss Not Previously Recorded — — — — — — — $26.0m $25.0m $65.0m —
Financing Receivable Excluding Accrued Interest Credit Loss Expense Reversal — — — — — — — $16.0m $88.0m $37.0m —
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims — — $2.4b $3.0b $3.5b $3.9b — — — — —
Other ($106.0m) ($113.0m) ($193.0m) ($261.0m) ($6.0m) ($60.0m) ($2.0m) $0 $0 $116.0m —
Net Cash Provided by (Used in) Operating Activities $1.3b
$788.0m -38.05%
$1.9b +146.57%
($2.7b) -238.24%
$534.0m +119.88%
$151.0m -71.72%
$3.6b +2290.07%
($2.1b) -157.47%
($2.0b) +3.23%
($167.0m) +91.68%
($1.3b) -695.21%
Cash flows from investing activities:
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded — — — — — — — $22.0m $42.0m $89.0m —
Net change in collateral on investments, certain derivatives and related settlements — — — $79.0m $1.5b $3.3b ($4.1b) ($260.0m) $4.1b $2.2b —
Payments to Acquire Investments — — $12.7b $15.3b $16.8b $16.9b — $11.1b $11.4b — ($24.2b)
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale $5.4b $5.9b $6.0b $6.6b $5.4b $9.6b — $5.7b $9.4b $11.1b —
Purchases of other investments — — — — — — — ($630.0m) ($1.4b) ($2.1b) —
Sales and repayments of other investments — — — — — — — $111.0m $352.0m $1.2b —
Payments to Acquire Businesses, Net of Cash Acquired — — $1.4b — — — — — — — —
Net Other Investing Changes — — — — — — ($4.1b) ($570.0m) $3.7b $2.3b $5.2b
Payments for (Proceeds from) Other Investing Activities $106.0m $113.0m $193.0m $261.0m $153.0m $303.0m — $310.0m $304.0m ($116.0m) —
Net Cash Provided by (Used in) Investing Activities ($3.7b) ($4.2b) ($5.8b) ($5.5b) ($9.5b) ($3.6b) ($11.6b) ($3.3b) $821.0m ($4.0b) ($2.6b)
Cash flows from financing activities:
Debt and Equity Securities, Realized Gain (Loss) — — — ($610.0m) ($513.0m) ($212.0m) — ($4.3b) $269.0m ($799.0m) —
Early extinguishment of debt (gain) loss — — — — — — — $0 $0 ($94.0m) —
Gain (Loss) on Extinguishment of Debt ($63.0m) $5.0m ($23.0m) ($42.0m) ($15.0m) ($8.0m) — $0 — $94.0m —
Issuance Of Debt — — — — — — $482.0m $86.0m $399.0m $528.0m $1.2b
Issuance of long-term debt, net of issuance costs $395.0m — $1.1b $744.0m $1.3b $0 $296.0m $0 $346.0m $495.0m —
Long Term Debt Issuance — — — — — — $482.0m $86.0m $399.0m $528.0m $1.2b
Long Term Debt Payments — — — — — — ($370.0m) ($628.0m) ($254.0m) ($876.0m) ($303.0m)
Net Issuance Payments Of Debt — — — — — — $112.0m ($542.0m) $145.0m ($348.0m) $936.0m
Net Long Term Debt Issuance — — — — — — $112.0m ($542.0m) $145.0m ($348.0m) $936.0m
Payment of long-term debt, including current maturities ($600.0m) — ($537.0m) ($308.0m) ($1.1b) $0 ($300.0m) ($500.0m) ($100.0m) ($300.0m) —
Payment related to early extinguishment of debt ($59.0m) — ($23.0m) ($42.0m) ($13.0m) — — $0 $0 ($421.0m) —
Proceeds from Issuance of Long-term Debt $395.0m — $1.1b $744.0m $1.3b — — $0 $346.0m $495.0m $1.2b
Repayment Of Debt — — — — — — ($370.0m) ($628.0m) ($254.0m) ($876.0m) ($303.0m)
Repayments of Long-term Debt $600.0m — $537.0m $308.0m $1.1b — — $500.0m $100.0m $300.0m ($303.0m)
Common Stock Dividend Paid — — — — — — ($310.0m) ($305.0m) ($307.0m) ($325.0m) ($344.0m)
Common Stock Issuance — — — — — — ($550.0m) $0 $0 $825.0m $0
Common Stock Payments — — — — — ($1.1b) ($550.0m) $0 $0 — $0
Common stock issued for benefit plans $26.0m $46.0m ($6.0m) ($20.0m) ($7.0m) $20.0m ($16.0m) ($7.0m) ($5.0m) $4.0m —
Dividends paid to common stockholders ($238) ($262) ($289) ($303) ($311) ($319) ($310) ($305) ($307) ($325) ($435.0m)
Issuance Of Capital Stock — — — — — — $986.0m $0 $0 $825.0m $0
Issuance of common stock — — — — — — — $0 $0 $825.0m $0
Payments for Repurchase of Common Stock $879.0m $725.0m $900.0m $550.0m $275.0m $1.1b — $0 $0 — —
Payments of Ordinary Dividends, Common Stock $238 $262 $289 $303 $311 $319 — $305 $307 $325 ($435.0m)
Repurchase Of Capital Stock — — — — — ($1.1b) ($550.0m) $0 $0 — $0
Cash Dividends Paid — — — — — — ($310.0m) ($387.0m) ($398.0m) ($416.0m) ($435.0m)
Dividends paid to preferred stockholders — — — — — $0 $0 ($82.0m) ($91.0m) ($91.0m) ($435.0m)
Preferred Stock Dividend Paid — — — — — — $0 ($82.0m) ($91.0m) ($91.0m) ($91.0m)
Net Other Financing Charges — — — — — — $8.5b $6.4b $3.9b $7.8b $6.4b
Net Cash Provided by (Used in) Financing Activities $2.0b
$2.3b +17.06%
$4.6b +99.00%
$8.4b +83.11%
$8.1b -3.70%
$4.3b -46.61%
$8.3b +93.08%
$5.4b -34.90%
$3.6b -33.30%
$7.9b +117.59%
$6.9b -12.11%
Net increase (decrease) in cash and invested cash ($424.0m) ($1.1b) — — — $904.0m $731.0m $22.0m $2.4b $3.7b —
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect — — — — — — — $22.0m $2.4b $3.7b $10.2b
Beginning Cash Position — — — — — — $2.6b $3.3b $3.4b $5.8b $7.1b
Cash and invested cash as of beginning-of-year $3.1b $2.7b $2.3b $2.6b $1.7b $2.6b $3.3b $3.4b $5.8b $9.5b —
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents — — $2.3b $2.6b $1.7b $2.6b $2.0b $3.4b $5.8b $9.5b $10.2b
Additional Supplementary Disclosures
Additional Supplementary Disclosures
Additional Financial Items
Cash Flow From Continuing Financing Activities — — — — — — $8.8b $5.4b $3.6b $7.9b $6.9b
Cash Flow From Continuing Investing Activities — — — — — — ($11.6b) ($3.3b) $821.0m ($4.0b) ($2.6b)
Cash received from disposition, net of cash transferred — — ($12.0m) — — — $0 $0 $619.0m $0 —
Change In Cash Supplemental As Reported — — — — — — $731.0m $22.0m $2.4b $3.7b —
Change In Income Tax Payable $69.0m ($1.1b) $154.0m ($227.0m) ($98.0m) $232.0m $421.0m ($396.0m) $747.0m $77.0m $421.0m
Change In Other Working Capital — — — — — $232.0m ($530.0m) — — — $273.0m
Change In Payable — — — — — — $421.0m ($396.0m) $747.0m $77.0m $421.0m
Change In Tax Payable — — — — — — $421.0m ($396.0m) $747.0m $77.0m $421.0m
Changes In Cash — — — — — — $731.0m $22.0m $2.4b $3.7b $3.0b
Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads $143.0m $16.0m ($81.0m) ($409.0m) $48.0m $315.0m $115.0m $637.0m $689.0m $574.0m —
Deposits $10.1b $10.8b $13.6b $16.1b $14.0b $12.6b $15.2b $16.4b $16.1b $21.1b —
Derivative, Gain (Loss) on Derivative, Net ($549.0m) ($605.0m) ($216.0m) — — — — — — — —
End Cash Position — — — — — — $3.3b $3.4b $5.8b $9.5b $10.2b
Equity Securities, FV-NI, Realized Gain (Loss) — — — — $8.0m $43.0m — ($6.0m) $18.0m ($1.0m) —
Financing Cash Flow — — — — — — $8.8b
$5.4b -38.07%
$3.6b -33.30%
$7.9b +117.59%
$6.9b -12.11%
Financing Receivable, Credit Loss, Expense (Reversal) — — — — $117.0m ($112.0m) — — — — —
Free Cash Flow — — — — — — $3.6b ($2.1b) ($2.0b) ($167.0m) ($1.3b)
Gain (Loss) on Derivative Instruments, Net, Pretax — — — — — — — ($1.8b) ($438.0m) ($149.0m) —
Gain (Loss) on Disposition of Business — — — — — — — — $582.0m ($14.0m) —
Gain Loss On Investment Securities — — — — — — ($840.0m) $4.3b ($269.0m) $799.0m $710.0m
General and Administrative Expense $1.7b $1.8b $2.0b $2.2b $2.1b $2.3b — $2.4b $2.7b $2.6b —
Goodwill $2.3b $1.4b $1.8b $1.8b $1.8b $1.8b $1.8b $1.1b $1.1b $1.1b $0
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent $1.2b — — — — — — — — — —
Income Tax Expense (Benefit) $266.0m ($949.0m) $244.0m $33.0m ($76.0m) $233.0m — ($396.0m) $747.0m $161.0m —
Income Taxes Paid, Net $197.0m $170.0m $90.0m $260.0m $22.0m $1.0m — $0 $0 $84.0m —
Insurance liabilities and reinsurance-related balances — — $613.0m ($1.6b) ($699.0m) ($2.0b) $6.0b ($3.7b) ($3.3b) ($2.7b) —
Interest Paid, Excluding Capitalized Interest, Operating Activities $274.0m $248.0m $281.0m $281.0m $283.0m $277.0m $269.0m $344.0m $372.0m $336.0m —
Investing Cash Flow — — — — — — ($11.6b) ($3.3b) $821.0m ($4.0b) ($2.6b)
Issuance of mortgage loans on real estate ($2.2b) ($2.1b) ($2.9b) ($4.3b) ($1.8b) ($3.1b) ($2.5b) ($1.9b) ($4.1b) ($4.3b) —
Market Risk Benefit, Change in Fair Value, Gain (Loss) — — — — — — — $2.3b $2.7b $372.0m —
Market risk benefit (gain) loss — — — — — ($3.8b) ($3.2b) ($2.3b) ($2.7b) ($372.0m) —
Maturities of available-for-sale securities $5.4b $5.9b $6.0b $6.6b $5.4b $9.6b $5.5b $5.7b $9.4b $11.1b —
Net Business Purchase And Sale — — — — — — $0 $0 $619.0m $0 ($2.0m)
Net Investment Purchase And Sale — — — — — — ($7.3b) ($2.0b) ($1.1b) ($4.8b) ($6.0b)
Net Preferred Stock Issuance — — — — — $0 $986.0m $0 $0 — $0
Net financing cash proceeds related to closing Fortitude Re reinsurance transaction — — — — — $0 $0 $1.2b $0 $0 —
Operating Gains Losses — — — — — — ($840.0m) $4.3b ($269.0m) $799.0m $716.0m
Other Non Cash Items — — — — — — ($2.7b) ($2.0b) ($2.6b) ($191.0m) —
Payment related to certain financing arrangements — — — — — $0 $0 ($49.0m) ($137.0m) ($148.0m) —
Payment related to sale-leaseback transactions — — — ($83.0m) ($47.0m) ($59.0m) ($70.0m) ($79.0m) ($17.0m) ($7.0m) —
Proceeds From Stock Option Exercised — — — — — — ($16.0m) ($7.0m) ($5.0m) $4.0m ($16.0m)
Proceeds from certain financing arrangements — — — $107.0m $109.0m $159.0m $186.0m $86.0m $53.0m $33.0m —
Purchase Of Investment — — — — — — ($15.5b) ($11.8b) ($12.8b) ($21.3b) ($24.2b)
Purchases of available-for-sale securities and equity securities ($11.1b) ($10.1b) ($12.7b) ($15.3b) ($16.8b) ($16.9b) ($14.8b) ($11.1b) ($11.4b) ($19.2b) —
Realized (gain) loss $339.0m $170.0m ($141.0m) $610.0m $513.0m $212.0m ($336.0m) $4.3b ($269.0m) $799.0m —
Repayment (issuance) of policy loans, net $92.0m $51.0m $21.0m $32.0m $50.0m $62.0m $5.0m ($119.0m) $0 ($147.0m) —
Repayment and maturities of mortgage loans on real estate $942.0m $1.2b $1.1b $1.2b $1.2b $1.9b $2.3b $1.3b $1.7b $2.9b —
Sale Of Business — — — — — — $0 $0 $619.0m $0 ($2.0m)
Sale Of Investment — — — — — — $8.2b $9.8b $11.8b $16.6b $18.2b
Sales and maturities (purchases) of trading securities, net $168.0m $121.0m ($118.0m) ($2.5b) $266.0m ($108.0m) $300.0m $1.3b $343.0m $367.0m —
Sales of available-for-sale securities and equity securities — — $3.7b $6.8b $1.4b $2.3b $2.3b $4.0b $2.0b $4.3b —
Supplemental disclosure of cash flow information:
Transfers from (to) separate accounts, net ($1.3b) ($1.8b) ($2.5b) ($1.4b) $528.0m ($340.0m) ($195.0m) ($624.0m) ($27.0m) ($794.0m) —
Withdrawals ($5.5b) ($5.8b) ($6.0b) ($5.8b) ($6.1b) ($6.6b) ($6.9b) ($10.7b) ($12.2b) ($12.5b) —

Amounts are shown in USD as reported in each fiscal year filing.

Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.