LNC Lincoln National Corporation Common Stock
About Lincoln National Corporation Common Stock Company overview from Wikipedia
Lincoln National Corporation is a Fortune 200 American holding company, which operates multiple insurance and investment management businesses through subsidiary companies. Lincoln Financial Group is the marketing name for LNC and its subsidiary companies.
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Lincoln National Corporation is a Fortune 200 American holding company, which operates multiple insurance and investment management businesses through subsidiary companies. Lincoln Financial Group is the marketing name for LNC and its subsidiary companies.
LNC was organized under the laws of the state of Indiana in 1968, and maintains its principal executive offices in Radnor, Pennsylvania. The company traces its roots to its earliest predecessor founded in 1905.
In addition, LNC is the naming rights sponsor of Lincoln Financial Field in Philadelphia, home field of the Philadelphia Eagles of the National Football League.
History
Founding and early history
Lincoln traces its origin to June 12, 1905, in Fort Wayne, Indiana, as the Lincoln National Life Insurance Company. Four men were founders of the organization, with Daniel Ninde, an attorney, becoming the largest stockholder and first Chief Financial Officer of the company, according to Ninde family history. Daniel Ninde was educated as a midshipman at the United States Naval Academy in Annapolis, MD. He descended from a local Fort Wayne family that included a number of Circuit Court judges. Downtown Fort Wayne is located on the site of his great uncle Harry Ninde's farm. The four founders all worked in various roles at Lincoln National. They bought a smaller insurance company located in North Dakota and needed to pass a 6-month residency requirement to complete the sale. They then bought a furnished home located in that state and spent the next six months on weekends playing poker for its furnishings. Daniel Ninde's family still owns a large oriental rug he won in a card game there. Manager Perry Randall, a Fort Wayne attorney and entrepreneur, suggested the name "Lincoln," arguing that the name of Abraham Lincoln would powerfully convey a spirit of integrity. In August 1905 Robert Todd Lincoln provided a photograph of his father, along with a letter authorizing the use of his father's likeness and name for company stationery and advertising.
In 1928, LNC president Arthur Hall hired Dr. Louis A. Warren, a Lincoln scholar, and in 1929, LNC acquired one of the largest collections of books about Abraham Lincoln in the United States. The Lincoln Museum in Fort Wayne was the second largest Lincoln museum in the country, but closed in June 2008.
Ian Rolland started with Lincoln in 1956, and became president of Lincoln National Life in 1977. When Rolland retired in 1998, new president Jon A. Boscia moved LNC to Philadelphia and started using the Lincoln Financial Group name for marketing. Lincoln National Life, the largest subsidiary, and the Lincoln Museum remained in Fort Wayne.
1990–2007
Lincoln Reinsurance was the first US reinsurance company; it was sold to Swiss Re in 2001. K&K Insurance Specialties was the first to insure events like NASCAR races; it was sold to Aon in 1993. Safeco bought American States, a property/casualty insurance business because Lincoln was primarily in life/health. However, LNC even sold a block of disability income business to MetLife in 1999, as it narrowed its focus.
Lincoln moved its headquarters from Indiana to Philadelphia in 1999. In Philadelphia Lincoln was headquartered in the West Tower of Centre Square in Center City.
Lincoln Financial was naming rights sponsor for the 2000 Rugby League World Cup which was held in England.
Lincoln Financial Group purchased the Administrative Management Group, Inc. based in Arlington Heights, Illinois in August 2002. Previously, AMG was a strategic partner of LFG for four years, providing recordkeeping services for the Lincoln Alliance product, a turnkey solution for "employer retirement and employee benefit programs, including investment choices, recordkeeping, plan design, compliance and employee retirement counseling and education."
In 2007, the company moved 400 employees, including its top executives, to Radnor Township from Philadelphia.
Jefferson-Pilot acquisition
Following the acquisition of Jefferson-Pilot Corporation in March 2006, Lincoln Financial acquired group life, disability, and dental insurance divisions. Jefferson-Pilot Corporation was a Fortune 500 company based in Greensboro, North Carolina, founded in 1986 from the merger of Jefferson Standard Insurance (founded 1907 by Charles W. Gold and Pleasant D. Gold, Jr., sons of Pleasant Daniel Gold) and Pilot Life Insurance (founded 1903). The two companies' association actually dated to 1945, when Jefferson Standard bought majority control of Pilot Life; Jefferson Standard had previously bailed Pilot out in the 1930s. The Pilot Life headquarters built in the 1920s and located at 5300 High Point Road, "a careful replication of the governor's mansion built in 1767 in New Bern," was nominated to the National Register of Historic Places in 2022, when Clachan Properties of Richmond, Virginia, was buying the property to develop apartments. The 1986 merger marked the retirement of the Pilot Life brand, most notably the end of its "Sail with the Pilot" jingles, which had been heavily associated with Atlantic Coast Conference college basketball and had been heard on television since 1958. The insurance operations would continue to be headquartered in what became the Lincoln Financial Building.
Lincoln Financial also acquired Jefferson-Pilot's television and radio operations, which were renamed Lincoln Financial Media. Jefferson Standard Insurance put WBTV in Charlotte on the air on Channel 3 in 1949. At the time, Jefferson Standard Insurance also had a 16.5% interest in the Greensboro News Company, licensee of WFMY, which signed on from Greensboro two months after WBTV. Jefferson Standard had purchased WBT radio from CBS in 1945. Jefferson Standard Broadcasting Co. was a subsidiary of Jefferson-Pilot Corp. when in 1970 the media interests were folded into a new subsidiary, Jefferson-Pilot Communications, still owned by the insurance company. The broadcasting subsidiary acquired several other radio and television stations across the country, with WBTV serving as the company's flagship station. The group owned 18 radio stations in Miami, Florida; San Diego, California; Denver, Colorado; and Atlanta, Georgia. It also owned WBTV, the CBS affiliate in Charlotte; WCSC-TV, the CBS affiliate in Charleston, South Carolina and WWBT, the NBC affiliate in Richmond, Virginia. In June 2007, the company publicly announced it would explore a sale of this division, and hired Merrill Lynch to assess its strategic options. It was announced on November 12 that Raycom Media purchased the three TV stations, including its sports production division, which was the co-holder to football and basketball games in the Atlantic Coast Conference with Raycom and sole rightsholders to the Southeastern Conference until 2009, when ESPNPlus and CBS Sports acquired the rights. The Raycom Sports brand was merged with LFS as of January 1, 2008.
Though billed as a merger of equals, the merged company carries the LNC name, operates from the LNC offices, with current LNC stockholders holding 61% of the stock, and current LNC directors controlling the new board. The insurance division is based in Greensboro, North Carolina.
Liberty Life Acquisition
On January 19, 2018, Lincoln Financial Group announced that it entered into a definitive agreement to acquire Liberty Life Assurance Company of Boston from Liberty Mutual Insurance Group. Upon completion of the transaction, Lincoln Financial retained Liberty’s Group Benefits business and reinsured Liberty’s Individual Life and Annuity business to Protective Life Insurance Company.
Recent activity
Lincoln purchased Newton County Loan and Savings in order to restructure as a bank holding company and qualify for Troubled Asset Relief Program (TARP) funding.
In January 2009, Lincoln sold its Delaware Investments subsidiary to Macquarie Group. Delaware Investments was integrated into Macquarie's global asset management arm, Macquarie Funds Group effective January 5, 2010.
In December 2023, Lincoln sold its wealth management unit to Osaic for an undisclosed amount.
Operations
LNC divides operations into four business segments: annuities, life insurance, retirement plan services, and group protection.
The principal Lincoln subsidiaries are:
Lincoln National Life Insurance Company
Lincoln Life & Annuity Company of New York
First Penn-Pacific Life Insurance Company
Lincoln Financial Distributors
Lincoln Financial Advisors
Lincoln Financial Securities
On December 31, 2016, LNC had consolidated assets under management of $262 billion and consolidated shareholders’ equity of $14.5 billion.
Insurance patent
Lincoln National is the owner of U.S. patent 7,089,201, “Method and apparatus for providing retirement income benefits”. This patent covers methods for administering variable annuities. Lincoln's commercial products that are covered by this patent include their i4LIFE Advantage and 4LaterSM Advantage annuities.
In September 2006, Lincoln filed a patent infringement lawsuit against Transamerica Life Insurance Company for allegedly infringing its insurance patent. A similar lawsuit was filed against Jackson National Life in October 2007.
On Feb. 19, 2009, a jury found the Lincoln patent valid and infringed by Transamerica et al. Damages were assessed at the "reasonable royalty rate" and Transamerica et al. were ordered to pay Lincoln $13 million, or 0.11% of the over $12 billion in assets they had under management by virtue of infringing the patent. This verdict was later overturned by the Court of Appeals for the Federal Circuit, finding Transamerica did not infringe Lincoln's patent.
Affiliations
Lincoln Financial Group is the grand sponsor of the National Forensic League and its National Speech and Debate Tournament.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
LNC Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
LNC Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Financial Health Debt, liquidity, solvency — balance sheet strength
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount |
|---|---|
| July 10, 2026 | $0.4500 |
| April 10, 2026 | $0.4500 |
| Jan. 12, 2026 | $0.4500 |
| Oct. 10, 2025 | $0.4500 |
| July 10, 2025 | $0.4500 |
| April 10, 2025 | $0.4500 |
| Jan. 10, 2025 | $0.4500 |
| Oct. 10, 2024 | $0.4500 |
| July 10, 2024 | $0.4500 |
| April 9, 2024 | $0.4500 |
| Jan. 9, 2024 | $0.4500 |
| Oct. 6, 2023 | $0.4500 |
| July 7, 2023 | $0.4500 |
| April 6, 2023 | $0.4500 |
| Jan. 9, 2023 | $0.4500 |
| Oct. 6, 2022 | $0.4500 |
| July 8, 2022 | $0.4500 |
| April 8, 2022 | $0.4500 |
| Jan. 7, 2022 | $0.4500 |
| Oct. 7, 2021 | $0.4200 |
LNC Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 2 10.5%
- Buy 7 36.8%
- Hold 8 42.1%
- Sell 1 5.3%
- Strong Sell 1 5.3%
12-Month Price Target
12 analysts · 2026-08-15Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $2.24 | $1.98 | 0.26% |
| March 31, 2026 | $1.66 | $1.59 | 0.07% |
| Dec. 31, 2025 | $2.21 | $1.92 | 0.29% |
| Sept. 30, 2025 | $2.04 | $1.88 | 0.16% |
| June 30, 2025 | $2.36 | $1.91 | 0.45% |
| March 31, 2025 | $1.60 | $1.55 | 0.05% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| LNC | $8.46B | 7.6 | -1.2% | 6.5% | 12.3% | — |
| PFG | $19.18B | 16.8 | -3.1% | 7.6% | 10.3% | — |
| UNM | — | — | — | — | — | — |
| GL | $12.90B | 9.9 | 3.7% | 19.4% | 20.4% | — |
| OSCR | — | -8.5 | 27.5% | -3.8% | -44.5% | — |
| PRI | $8.22B | 11.3 | 6.6% | 22.8% | 31.9% | — |
| CNO | $4.01B | 18.5 | 0.85% | 5.1% | 8.9% | — |
| GNW | $3.54B | 16.7 | 0.08% | 3.0% | 2.6% | — |
| BHF | — | — | — | — | — | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 9
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.21B | $18.44B | $11.64B | $18.81B | $17.71B | $17.44B | $17.26B | $16.42B | $14.26B | $13.33B | $13.57B | $13.55B | |
| SG&A Expense | $2.65B | $2.74B | $2.54B | $2.41B | $2.25B | $2.07B | $2.21B | $1.95B | $1.77B | $1.69B | $1.70B | $1.64B | |
| Pretax Income | $1.34B | $4.02B | $-1.15B | $1.73B | $4.64B | $423M | $919M | $1.89B | $1.13B | $1.46B | $1.43B | $2.00B | |
| Income Tax | $161M | $747M | $-396M | $367M | $865M | $-76M | $33M | $244M | $-949M | $266M | $276M | $483M | |
| Net Income | $1.18B | $3.27B | $-752M | $1.36B | $3.78B | $499M | $886M | $1.64B | $2.08B | $1.19B | $1.15B | $1.51B | |
| EPS (Basic) | $5.94 | $18.66 | $-4.92 | $7.93 | $20.17 | $2.58 | $4.41 | $7.60 | $9.36 | $5.09 | $4.60 | $5.81 | |
| EPS (Diluted) | $5.83 | $18.41 | $-4.92 | $7.78 | $19.96 | $2.56 | $4.38 | $7.40 | $9.22 | $5.03 | $4.51 | $5.67 | |
| Shares (Basic) | 182,674,725 | 170,597,104 | 169,562,903 | 171,034,695 | 187,359,884 | 193,610,225 | 200,608,737 | 215,936,448 | 222,128,687 | 234,181,717 | 250,629,243 | 260,877,533 | |
| Shares (Diluted) | 186,062,087 | 173,080,425 | 170,738,655 | 172,700,155 | 189,637,612 | 194,465,180 | 202,105,134 | 219,552,106 | 226,220,980 | 236,830,287 | 254,938,112 | 267,963,995 |
Balance Sheet 12
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | · | · | · | · | · | · | · | · | $1.63B | $2.72B | $3.15B | $3.92B | |
| Goodwill | $1.14B | $1.14B | $1.14B | $1.14B | $1.78B | $1.78B | $1.78B | $1.78B | $1.37B | $2.27B | $2.27B | $2.27B | |
| Total Assets | $417.20B | $390.83B | $372.41B | $334.33B | $386.94B | $365.95B | $334.76B | $298.15B | $281.76B | $261.63B | $251.91B | $253.38B | |
| Short-term Debt | $400M | $300M | $250M | · | · | · | · | · | · | · | · | · | |
| Total Liabilities | $406.30B | $382.56B | $365.52B | $329.23B | $366.19B | $343.25B | $315.07B | $283.80B | $264.44B | $247.15B | $238.29B | $237.64B | |
| Long-term Debt | $5.87B | $5.86B | $5.70B | $6.33B | $6.33B | $6.33B | $6.13B | $5.69B | $5.12B | $5.12B | $5.32B | $5.27B | |
| Total Debt | $400M | $300M | $250M | $500M | $300M | · | $300M | · | $450M | · | · | · | |
| Retained Earnings | $8.39B | $7.64B | $4.78B | $5.92B | $9.58B | $8.69B | $8.85B | $8.55B | $8.40B | $7.04B | $6.47B | $6.02B | |
| AOCI | $-4.06B | $-5.04B | $-3.48B | $-6.35B | $6.44B | $8.93B | $5.67B | $407M | $3.23B | $1.57B | $845M | $3.10B | |
| Stockholders' Equity | $10.91B | $8.27B | $6.89B | $5.10B | $19.91B | $22.70B | $19.69B | $14.35B | $17.32B | $14.48B | $13.62B | $15.74B | |
| Liabilities + Equity | $417.20B | $390.83B | $372.41B | $334.33B | $386.94B | $365.95B | $334.76B | $298.15B | $281.76B | $261.63B | $251.91B | $253.38B | |
| Shares Outstanding | 190,051,477 | 170,380,646 | 169,666,137 | 169,220,511 | 177,193,515 | 192,329,691 | 196,668,532 | 205,862,760 | 218,090,114 | 226,335,105 | 243,835,893 | 256,551,440 |
Cash Flow 11
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-167M | $-2.01B | $-2.07B | $3.61B | $-217M | $534M | $-2.69B | $1.94B | $788M | $1.27B | $2.24B | $2.53B | |
| Investing Cash Flow | $-4.01B | $821M | $-3.33B | $-11.65B | $-3.58B | $-9.48B | $-5.50B | $-5.82B | $-4.19B | $-3.67B | $-4.22B | $-1.80B | |
| Debt Issued | $495M | $346M | $0 | $296M | $0 | $1.29B | $744M | $1.09B | · | $395M | $298M | · | |
| Net Debt Issued | $195M | $246M | $-500M | $-4M | · | $193M | $436M | $557M | · | $-205M | $48M | $-500M | |
| Stock Issued | $825M | $0 | $0 | · | · | · | · | · | · | · | · | · | |
| Stock Repurchased | · | $0 | $0 | $550M | $1.10B | $275M | $550M | $900M | $725M | $879M | $900M | $650M | |
| Net Stock Activity | $825M | $0 | $0 | $-550M | $-1.10B | $-275M | $-550M | $-900M | $-725M | $-879M | $-900M | $-650M | |
| Dividends Paid | $325M | $307M | $305M | $310M | $319M | $311M | $303M | $289M | $262M | $238M | $204M | $170M | |
| Financing Cash Flow | $7.88B | $3.62B | $5.43B | $8.77B | $4.71B | $8.09B | $8.40B | $4.59B | $2.31B | $1.97B | $1.21B | $834M | |
| Net Change in Cash | $3.70B | $2.44B | $22M | $731M | $904M | · | · | · | $-1.09B | $-424M | $-773M | $1.55B | |
| Taxes Paid | $84M | $0 | $0 | $-54M | $1M | $22M | $260M | $90M | $170M | $197M | $215M | $254M |
Profitability 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 6.5% | 17.8% | -6.5% | -11.9% | 7.3% | 2.9% | 5.1% | 10.0% | 14.6% | 8.9% | 8.5% | 11.2% | |
| Pretax Margin | 7.3% | 21.8% | -9.9% | -15.1% | 8.5% | 2.4% | 5.3% | 11.5% | 7.9% | 10.9% | 10.5% | 14.7% | |
| ROA | 0.29% | 0.86% | -0.21% | -0.68% | 0.37% | 0.14% | 0.28% | 0.57% | 0.77% | 0.46% | 0.46% | 0.62% | |
| ROE | 12.3% | 37.9% | -14.9% | -61.0% | 6.8% | 2.3% | 4.5% | 11.2% | 12.4% | 7.7% | 8.2% | 9.7% |
Liquidity & Solvency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | · | 0.0 | · | 0.0 | · | · | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
Growth Rates 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -1.2% | 58.4% | -38.1% | 6.2% | 1.6% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -1.1% | 1.4% | -12.6% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 0.87% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | -68.3% | · | · | -61.0% | 679.7% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | -9.2% | -2.7% | · | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 17.9% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | -64.1% | · | · | -64.1% | 657.1% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | -4.7% | -4.7% | · | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 18.7% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 0.88% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $18.21B | $18.44B | $11.64B | $18.81B | $17.71B | $17.44B | $17.26B | $16.42B | $14.26B | $13.33B | $13.57B | $13.55B | |
| Net Income TTM | $1.18B | $3.27B | $-752M | $1.36B | $3.78B | $499M | $886M | $1.64B | $2.08B | $1.19B | $1.15B | $1.51B | |
| Market Cap | $8.46B | $5.40B | $4.58B | $5.20B | $12.10B | $9.68B | $11.61B | $10.56B | $16.76B | $15.00B | $12.26B | $14.80B | |
| Enterprise Value | · | · | · | · | · | · | · | · | $15.59B | · | · | · | |
| P/E | 7.6 | 1.7 | -5.5 | 3.9 | 3.4 | 19.7 | 13.5 | 6.9 | 8.3 | 13.2 | 11.1 | 10.2 | |
| P/S | 0.5 | 0.3 | 0.4 | 0.3 | 0.7 | 0.6 | 0.7 | 0.6 | 1.2 | 1.1 | 0.9 | 1.1 | |
| P/B | 0.8 | 0.7 | 0.7 | 1.1 | 0.6 | 0.4 | 0.6 | 0.7 | 1.0 | 1.0 | 0.9 | 0.9 | |
| P / Tangible Book | 0.9 | 0.8 | 0.8 | 1.3 | 0.7 | 0.5 | · | · | · | · | · | · | |
| P / Cash Flow | -50.7 | -2.7 | -2.2 | 1.3 | 80.1 | 18.1 | -4.3 | 5.4 | 21.3 | 11.8 | 5.5 | 5.9 | |
| EV / Revenue | · | · | · | · | · | · | · | · | 1.1 | · | · | · | |
| Dividend Yield | 3.8% | 5.7% | 6.7% | 6.0% | 2.6% | 3.2% | 2.6% | 2.7% | 1.6% | 1.6% | 1.7% | 1.1% | |
| Earnings Yield | 13.1% | 58.1% | -18.2% | 25.3% | 29.2% | 5.1% | 7.4% | 14.4% | 12.0% | 7.6% | 9.0% | 9.8% | |
| Payout Ratio | 27.6% | 9.4% | -40.6% | -13.8% | 22.7% | 62.3% | 34.2% | 17.6% | 12.6% | 20.0% | 17.7% | 11.2% | |
| Annual Payout | $325M | $307M | $305M | $310M | $319M | $311M | $303M | $289M | $262M | $238M | $204M | $170M |
Income Statement 8
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.54B | $5.31B | $4.92B | $4.55B | $4.04B | $4.69B | $5.06B | $4.11B | $5.15B | $4.12B | $699M | $4.20B | $2.93B | $3.81B | $3.84B | $4.67B | |
| Pretax Income | $1.64B | $-246M | $915M | $524M | $848M | $-949M | $2.10B | $-703M | $1.10B | $1.53B | $-1.61B | $1.03B | $602M | $-1.17B | $984M | $-2.13B | |
| Income Tax | $311M | $-74M | $160M | $79M | $149M | $-227M | $415M | $-175M | $201M | $306M | $-379M | $181M | $91M | $-289M | $172M | $-350M | |
| Net Income | $1.33B | $-172M | $755M | $445M | $699M | $-722M | $1.69B | $-528M | $895M | $1.22B | $-1.24B | $853M | $511M | $-881M | $812M | $-1.78B | |
| EPS (Basic) | $6.85 | $-1.08 | $4.32 | $2.15 | $3.88 | $-4.41 | $9.79 | $-3.29 | $5.18 | $6.98 | $-7.34 | $4.82 | $2.95 | $-5.35 | $4.98 | $-10.46 | |
| EPS (Diluted) | $6.72 | $-1.10 | $4.32 | $2.12 | $3.80 | $-4.41 | $9.66 | $-3.29 | $5.11 | $6.93 | $-7.28 | $4.79 | $2.94 | $-5.37 | $5.03 | $-10.47 | |
| Shares (Basic) | 192,862,677 | 191,891,461 | -356,648,437 | 190,826,396 | 177,175,326 | 171,321,440 | -340,846,489 | 170,773,438 | 170,620,161 | 170,049,994 | -339,022,460 | 169,645,881 | 169,581,636 | 169,357,846 | -343,955,498 | 169,706,526 | |
| Shares (Diluted) | 196,418,594 | 196,496,544 | -362,931,703 | 194,304,105 | 180,602,665 | 174,087,020 | -344,495,757 | 172,848,870 | 172,892,566 | 171,834,746 | -341,134,514 | 170,890,502 | 170,497,507 | 170,485,160 | -347,536,747 | 171,095,360 |
Balance Sheet 11
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Goodwill | $1.14B | $1.14B | $1.14B | $1.14B | $1.14B | $1.14B | $1.14B | $1.14B | $1.14B | $1.14B | $1.14B | $1.14B | $1.14B | $1.14B | $1.14B | $1.14B | |
| Total Assets | $429.80B | $406.16B | $417.20B | $415.27B | $399.06B | $382.90B | $390.83B | $396.84B | $384.53B | $383.38B | · | $338.41B | $348.61B | $343.14B | · | $324.68B | |
| Short-term Debt | $400M | $400M | · | $0 | $0 | $0 | · | $300M | $450M | $503M | · | · | · | · | · | · | |
| Total Liabilities | $418.45B | $395.95B | $406.30B | $404.82B | $389.52B | $374.70B | $382.56B | $387.83B | $376.58B | $375.83B | · | $335.21B | $342.79B | $336.41B | · | $322.47B | |
| Long-term Debt | $6.46B | $5.97B | $6.26B | $5.77B | $5.77B | $5.87B | · | $5.90B | $5.72B | $5.73B | · | · | · | · | · | · | |
| Total Debt | $400M | $400M | · | $0 | $0 | $0 | · | $300M | $450M | $503M | · | · | · | · | · | $6.46B | |
| Retained Earnings | $9.32B | $8.09B | $8.39B | $7.73B | $7.41B | $6.81B | $7.64B | $6.05B | $6.69B | $5.89B | · | $6.10B | $5.36B | $4.94B | · | $6.31B | |
| AOCI | $-4.58B | $-4.47B | $-4.06B | $-3.84B | $-4.39B | $-4.31B | $-5.04B | $-2.68B | $-4.37B | $-3.95B | · | $-8.48B | $-5.10B | $-3.75B | · | $-8.63B | |
| Stockholders' Equity | $11.35B | $10.21B | $10.91B | $10.45B | $9.55B | $8.19B | $8.27B | $9.01B | $7.95B | $7.55B | $6.89B | $3.20B | $5.82B | $6.73B | $5.10B | $2.22B | |
| Liabilities + Equity | $429.80B | $406.16B | $417.20B | $415.27B | $399.06B | $382.90B | $390.83B | $396.84B | $384.53B | $383.38B | · | $338.41B | $348.61B | $343.14B | · | $324.68B | |
| Shares Outstanding | 191,425,371 | 191,209,768 | 190,051,477 | 189,920,627 | 189,570,904 | 170,695,166 | 170,380,646 | 170,341,467 | 170,188,487 | 170,016,887 | 169,666,137 | 169,658,271 | 169,630,880 | 169,537,759 | 169,220,511 | 169,214,493 |
Cash Flow 9
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-558M | $138M | $233M | $-1.14B | $1.01B | $-272M | $222M | $-27M | $-859M | $-1.34B | $-1.87B | $46M | $522M | $-774M | $594M | $307M | |
| Investing Cash Flow | $2.58B | $-3.45B | $-3.91B | $2.21B | $-266M | $-2.05B | $-717M | $-702M | $601M | $1.64B | $-714M | $-1.44B | $-857M | $-325M | $-1.78B | $-3.11B | |
| Debt Issued | $494M | $250M | $495M | $0 | $0 | $0 | $0 | $0 | $-1M | $347M | $0 | $0 | $0 | $0 | $0 | $-1M | |
| Net Debt Issued | · | $100M | · | · | · | $-300M | · | · | · | $300M | · | · | · | · | · | · | |
| Stock Issued | · | · | $0 | $0 | · | · | $0 | $0 | · | · | · | · | · | · | · | · | |
| Stock Repurchased | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | $50M | |
| Dividends Paid | $86M | $86M | $86M | $86M | $76M | $77M | $77M | $77M | $76M | $77M | $76M | $76M | $76M | $77M | $76M | $77M | |
| Financing Cash Flow | $800M | $1.16B | $2.51B | $2.45B | $2.11B | $801M | $283M | $1.27B | $1.61B | $461M | $3.42B | $153M | $337M | $1.52B | $3.06B | $2.71B | |
| Net Change in Cash | $2.82B | $-2.16B | $-1.17B | $3.52B | $2.86B | $-1.52B | $-212M | $538M | $1.35B | $757M | $836M | $-1.24B | $2M | $423M | · | · |
Profitability 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 29.3% | -3.2% | · | 9.8% | 17.3% | -15.4% | · | -12.8% | 17.4% | 29.7% | · | 20.3% | 17.4% | -23.1% | · | -53.6% | |
| Pretax Margin | 36.2% | -4.6% | · | 11.5% | 21.0% | -20.2% | · | -17.1% | 21.3% | 37.1% | · | 24.6% | 20.5% | -30.7% | · | -65.4% | |
| ROA | 0.32% | -0.04% | · | 0.11% | 0.18% | -0.19% | · | -0.14% | 0.24% | 0.34% | · | 0.26% | 0.15% | -0.25% | · | -0.73% | |
| ROE | 12.8% | -1.9% | · | 4.6% | 8.0% | -9.2% | · | -8.6% | 13.0% | 17.1% | · | 31.5% | 6.8% | -8.2% | · | -22.0% |
Liquidity & Solvency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.1 | 0.1 | · | · | · | · | · | 2.9 | |
| LT Debt / Equity | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | 2.9 |
Efficiency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 |
Valuation (TTM) 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $18.45B | $18.60B | · | $17.40B | $18.00B | $18.07B | · | $17.58B | $16.40B | $15.06B | · | $15.17B | $15.64B | $18.29B | · | $20.20B | |
| Net Income TTM | $2.30B | $250M | · | $-106M | $344M | $867M | · | $2.44B | $3.48B | $1.71B | · | $504M | $-2.12B | $-1.80B | · | $1.25B | |
| Market Cap | $6.77B | $6.79B | · | $7.66B | $6.56B | $6.13B | · | $5.37B | $5.29B | $5.43B | · | $4.19B | $4.37B | $3.81B | · | $7.43B | |
| P/E | 3.1 | 86.6 | · | -22.7 | 28.6 | 8.3 | · | 2.3 | 1.6 | 3.4 | · | 10.1 | -2.0 | -2.1 | · | 6.6 | |
| P/S | 0.4 | 0.4 | · | 0.4 | 0.4 | 0.3 | · | 0.3 | 0.3 | 0.4 | · | 0.3 | 0.3 | 0.2 | · | 0.4 | |
| P/B | 0.6 | 0.7 | · | 0.7 | 0.7 | 0.7 | · | 0.6 | 0.7 | 0.7 | · | 1.3 | 0.8 | 0.6 | · | 3.4 | |
| P / Tangible Book | 0.7 | 0.7 | · | 0.8 | 0.8 | 0.9 | · | 0.7 | 0.8 | 0.8 | · | 2.0 | 0.9 | 0.7 | · | 6.9 | |
| P / Cash Flow | · | 49.2 | · | · | · | -22.5 | · | · | · | -4.0 | · | · | · | -4.9 | · | · | |
| Earnings Yield | 32.6% | 1.1% | · | -4.4% | 3.5% | 12.1% | · | 43.0% | 63.6% | 29.1% | · | 9.9% | -49.7% | -48.6% | · | 15.0% | |
| Payout Ratio | · | -50.0% | · | · | · | -10.7% | · | · | · | 6.3% | · | · | · | -8.7% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2022-09-30 | |
|---|---|---|---|---|---|
| Revenue | $18.21B | $18.44B | $11.64B | $18.81B | — |
| Net Income | $1.18B | $3.27B | $-752M | $1.36B | — |
| Diluted EPS | $5.83 | $18.41 | $-4.92 | $7.78 | — |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2022-09-30 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | 0.0 | 0.0 | 0.1 | — |
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Institutional owners (13F) 696 filers · $4.0B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 87 (-12 vs prior Q) | 68 (-15 vs prior Q) | 236 (+3 vs prior Q) | 193 (+5 vs prior Q) | +13.6M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| Bain Capital Prairie, LLC | $663,148,219 | 18,759,497 | 16.66% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $368,601,732 | 10,427,206 | 9.26% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $295,067,935 | 8,347,042 | 7.41% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $285,458,125 | 8,075,195 | 7.17% | Shares |
| STATE STREET CORP | $215,857,776 | 6,106,302 | 5.42% | Shares |
| JENNISON ASSOCIATES LLC | $107,418,962 | 3,038,726 | 2.70% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $96,561,586 | 2,730,807 | 2.43% | Shares |
| NORGES BANK | $80,982,396 | 2,290,874 | 2.04% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $77,539,377 | 2,193,476 | 1.95% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $75,534,184 | 2,136,752 | 1.90% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $67,954,012 | 1,922,320 | 1.71% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $52,706,002 | 1,490,976 | 1.32% | Shares |
| HSBC HOLDINGS PLC | $52,366,460 | 1,483,049 | 1.32% | Shares |
| FIRST TRUST ADVISORS LP | $50,971,663 | 1,441,914 | 1.28% | Shares |
| AMERICAN CENTURY COMPANIES INC | $50,407,651 | 1,425,959 | 1.27% | Shares |
| Balyasny Asset Management L.P. | $48,924,117 | 1,383,992 | 1.23% | Shares |
| D. E. Shaw & Co., Inc. | $45,628,543 | 1,290,765 | 1.15% | Shares |
| ALGEBRIS (UK) LTD | $44,811,438 | 1,271,655 | 1.13% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $38,611,002 | 1,092,249 | 0.97% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $32,041,240 | 906,400 | 0.81% | Put option |
| UBS Group AG | $26,380,362 | 746,262 | 0.66% | Shares |
| Caisse de depot et placement du Quebec | $26,148,112 | 739,692 | 0.66% | Shares |
| Quantinno Capital Management LP | $25,915,183 | 733,102 | 0.65% | Shares |
| Jain Global LLC | $25,282,355 | 715,201 | 0.64% | Shares |
| Gotham Asset Management, LLC | $25,017,513 | 707,709 | 0.63% | Shares |
| GOLDMAN SACHS GROUP INC | $25,013,243 | 707,588 | 0.63% | Shares |
| TWO SIGMA INVESTMENTS, LP | $24,731,708 | 699,624 | 0.62% | Shares |
| Hudson Bay Capital Management LP | $24,533,395 | 694,014 | 0.62% | Shares |
| Allspring Global Investments Holdings, LLC | $22,149,283 | 611,352 | 0.56% | Shares |
| Advisors Capital Management, LLC | $21,914,177 | 619,920 | 0.55% | Shares |
| Cander Asset Management LP | $21,833,539 | 617,639 | 0.55% | Shares |
| Interval Partners, LP | $21,507,682 | 608,421 | 0.54% | Shares |
| Miller Value Partners, LLC | $21,321,706 | 603,160 | 0.54% | Shares |
| Public Sector Pension Investment Board | $20,669,039 | 584,697 | 0.52% | Shares |
| CITADEL ADVISORS LLC | $19,452,398 | 550,280 | 0.49% | Shares |
| LPL Financial LLC | $18,921,963 | 535,275 | 0.48% | Shares |
| MILLENNIUM MANAGEMENT LLC | $18,800,509 | 531,839 | 0.47% | Shares |
| BANK OF AMERICA CORP /DE/ | $18,700,256 | 529,003 | 0.47% | Shares |
| MetLife Investment Management, LLC | $18,043,559 | 510,426 | 0.45% | Shares |
| Schonfeld Strategic Advisors LLC | $17,738,133 | 501,786 | 0.45% | Shares |
| AMERIPRISE FINANCIAL INC | $17,305,132 | 489,537 | 0.43% | Shares |
| CITADEL ADVISORS LLC | $17,264,940 | 488,400 | 0.43% | Put option |
| CITADEL ADVISORS LLC | $14,917,700 | 422,000 | 0.37% | Call option |
| Focus Partners Wealth | $13,714,483 | 387,962 | 0.34% | Shares |
| SEI INVESTMENTS CO | $13,225,640 | 374,134 | 0.33% | Shares |
| Prana Capital Management, LP | $13,127,435 | 371,356 | 0.33% | Shares |
| Fideuram Asset Management (Ireland) dac | $12,841,999 | 366,956 | 0.32% | Shares |
| First Eagle Investment Management, LLC | $12,328,313 | 348,750 | 0.31% | Shares |
| RHUMBLINE ADVISERS | $12,195,105 | 344,983 | 0.31% | Shares |
| Swiss National Bank | $12,135,655 | 343,300 | 0.30% | Shares |
| JANE STREET GROUP, LLC | $11,435,725 | 323,500 | 0.29% | Put option |
| &PARTNERS | $10,945,696 | 309,681 | 0.28% | Shares |
| JUPITER ASSET MANAGEMENT LTD | $10,719,994 | 303,253 | 0.27% | Shares |
| Man Group plc | $10,626,776 | 300,616 | 0.27% | Shares |
| California Public Employees Retirement System | $10,517,261 | 297,518 | 0.26% | Shares |
| CHURCHILL MANAGEMENT Corp | $10,389,390 | 300,271 | 0.26% | Shares |
| Squarepoint Ops LLC | $10,209,221 | 288,804 | 0.26% | Shares |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $10,162,453 | 287,481 | 0.26% | Shares |
| Legal & General Group Plc | $9,298,501 | 263,041 | 0.23% | Shares |
| JANE STREET GROUP, LLC | $9,003,857 | 254,706 | 0.23% | Shares |
| RAYMOND JAMES FINANCIAL INC | $8,650,513 | 244,710 | 0.22% | Shares |
| Cubist Systematic Strategies, LLC | $7,956,371 | 197,282 | 0.20% | Shares |
| Cordgrass Capital Advisors, LLC | $7,761,623 | 219,565 | 0.20% | Shares |
| OSAIC HOLDINGS, INC. | $7,140,320 | 201,960 | 0.18% | Shares |
| ALLIANCEBERNSTEIN L.P. | $7,058,359 | 198,827 | 0.18% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $7,040,928 | 198,336 | 0.18% | Shares |
| Access Investment Management LLC | $6,946,275 | 196,500 | 0.17% | Shares |
| Congress Wealth Management LLC / DE / | $6,912,491 | 199,783 | 0.17% | Shares |
| Illinois Municipal Retirement Fund | $6,627,065 | 187,470 | 0.17% | Shares |
| COMMONWEALTH EQUITY SERVICES, LLC | $6,483,497 | 183,409 | 0.16% | Shares |
| Parallax Volatility Advisers, L.P. | $6,189,785 | 175,100 | 0.16% | Put option |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $5,771,630 | 163,271 | 0.15% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $5,715,671 | 161,688 | 0.14% | Shares |
| Bridgewater Associates, LP | $5,661,939 | 160,168 | 0.14% | Shares |
| Entropy Technologies, LP | $5,646,774 | 159,739 | 0.14% | Shares |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $5,585,441 | 158,004 | 0.14% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $5,582,967 | 157,934 | 0.14% | Shares |
| WOLVERINE TRADING, LLC | $5,579,434 | 137,900 | 0.14% | Call option |
| BlackRock, Inc. | $5,537,790 | 156,656 | 0.14% | Shares |
| PRUDENTIAL FINANCIAL INC | $5,496,607 | 155,491 | 0.14% | Shares |
| Robeco Institutional Asset Management B.V. | $5,423,999 | 153,437 | 0.14% | Shares |
| ALGERT GLOBAL LLC | $5,214,443 | 147,509 | 0.13% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $5,069,897 | 143,420 | 0.13% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $5,018,337 | 141,961 | 0.13% | Shares |
| CI INVESTMENTS INC. | $4,809,968 | 136,067 | 0.12% | Shares |
| JANE STREET GROUP, LLC | $4,782,855 | 135,300 | 0.12% | Call option |
| WOLVERINE TRADING, LLC | $4,648,854 | 114,900 | 0.12% | Put option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $4,623,462 | 130,791 | 0.12% | Shares |
| Allianz Asset Management GmbH | $4,567,927 | 129,220 | 0.11% | Shares |
| Loudon Investment Management, LLC | $4,454,241 | 126,004 | 0.11% | Shares |
| NISA INVESTMENT ADVISORS, LLC | $4,276,855 | 120,986 | 0.11% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $4,061,008 | 114,880 | 0.10% | Shares |
| MORGAN STANLEY | $3,981,471 | 112,630 | 0.10% | Shares |
| ROYCE & ASSOCIATES LP | $3,972,527 | 112,377 | 0.10% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $3,890,788 | 110,065 | 0.10% | Shares |
| Vanguard Global Advisers, LLC | $3,842,828 | 108,708 | 0.10% | Shares |
| BARCLAYS PLC | $3,785,278 | 107,080 | 0.10% | Shares |
| VIRGINIA RETIREMENT SYSTEMS ET Al | $3,678,178 | 82,600 | 0.09% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $3,648,452 | 99,359 | 0.09% | Shares |
| MILLENNIUM MANAGEMENT LLC | $3,566,815 | 100,900 | 0.09% | Put option |
Company insiders 77 insiders · 49 officers · 27 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Ellen Cooper | Chairman, President & CEO | Feb. 19, 2026 A | 768,244 | 0 | 0 | $0 |
| Jon A Boscia | Chairman & CEO | April 27, 2007 A | 67,835 | 0 | 0 | $0 |
| John Gotta | EVP & CEO-LNL | March 9, 2006 F | 92,353 | 0 | 0 | $0 |
| Randal J Freitag | EVP & CFO | Feb. 27, 2022 F | 288,331 | 0 | 0 | $0 |
| Richard C Vaughan | EVP & Chief Financial Officer | March 31, 2004 A | 47,502 | 0 | 0 | $0 |
| Wilford H. Fuller | President - LFGD | Feb. 21, 2021 F | 219,850 | 0 | 0 | $0 |
| Mark E Konen | President - Ins. Sol. and Ann. | Feb. 24, 2017 F | 112,439 | 0 | 0 | $0 |
| Charles C Cornello | President - Ret. Plan Svs. | Feb. 25, 2015 F | 99,033 | 0 | 0 | $0 |
| Patrick P Coyne | President-Del. Inv. | Aug. 3, 2009 F | 17,512 | 0 | 0 | $0 |
| Williams Michael Tallett | President-LNUK | Aug. 3, 2009 F | 29,302 | 0 | 0 | $0 |
| Terrence James Mullen | President-LFD | Sept. 8, 2008 S | 26,811 | 0 | 0 | $0 |
| Westley V Thompson | President-Employer Markets | Aug. 6, 2008 M | 113,363 | 0 | 0 | $0 |
| Jude T Driscoll | President-Del. Inv. | June 30, 2006 I | 19,912 | 0 | 0 | $0 |
| Theresa M Stone | President-Lincoln Fin'l Media | April 3, 2006 A | 15,325 | 0 | 0 | $0 |
| Warren H May | President-LFD | April 3, 2006 A | 6,251 | 0 | 0 | $0 |
| Curtis W. Chesney | EVP, President of Annuities | Aug. 17, 2026 G | 21,984 | 0 | 0 | $0 |
| Sean Woodroffe | EVP, Ch Ppl Comms Ent Srvc Off | Aug. 17, 2026 S | 119,947 | 0 | 4 | $-1,973,350 |
| Craigt T Beazer | EVP & General Counsel | June 5, 2026 S | 103,906 | 0 | 1 | $-1,033,500 |
| Andrew Rallis | EVP, Chief Risk Officer | June 1, 2026 F | 162,530 | 0 | 0 | $0 |
| John Christopher Kennedy | EVP, Chief Dist. & Brand Off | May 24, 2026 F | 125,557 | 0 | 1 | $-155,364 |
| Jennifer Charters | EVP, Chief Information Officer | March 13, 2026 P | 37,796 | 1 | 0 | $9,783 |
| Nilanjan Adhya | EVP Chf AI Data Analytics Off | Feb. 19, 2026 A | 19,951 | 0 | 0 | $0 |
| John G Morriss | EVP, Chief Investment Officer | Feb. 19, 2026 A | 27,614 | 0 | 0 | $0 |
| Brian Kroll | EVP, Head of Life & Annuities | Feb. 19, 2026 A | 70,536 | 0 | 0 | $0 |
| James Waltman Reid | EVP, Pres. Workplace Solutions | Feb. 19, 2026 A | 177,838 | 0 | 1 | $-127,520 |
| Adam M Cohen | CAO | Feb. 19, 2026 A | 39,259 | 0 | 0 | $0 |
| Jayson R Bronchetti | EVP, Chief Investment Officer | May 26, 2025 F | 77,220 | 0 | 0 | $0 |
| Kenneth S. Solon | EVP & Chief Information Ofc. | May 7, 2024 F | 149,624 | 0 | 0 | $0 |
| Matthew Grove | EVP, Pres. Retail Solutions | Feb. 21, 2024 A | 138,793 | 0 | 0 | $0 |
| Jennifer Warne Krow | EVP, Chief People Officer | Feb. 19, 2023 F | 30,400 | 0 | 0 | $0 |
| Jamie Ohl | EVP, President Wrkplc Sols | Feb. 27, 2022 F | 65,706 | 0 | 0 | $0 |
| Christine A Janofsky | CAO | Aug. 17, 2021 A | 13,058 | 0 | 0 | $0 |
| Lisa Buckingham | EVP, Ch Pple Place Brand Off | Feb. 21, 2021 F | 85,928 | 0 | 0 | $0 |
| Leon E Roday | EVP & General Counsel | Dec. 4, 2020 S | 0 | 0 | 0 | $0 |
| Richard L. Mucci | EVP, President GP | Feb. 27, 2019 A | 37,164 | 0 | 0 | $0 |
| Raj Chakraborty | EVP & Chief Digital Officer | Feb. 21, 2018 A | 29,751 | 0 | 0 | $0 |
| Kirkland L Hicks | EVP & General Counsel | Feb. 21, 2018 A | 42,102 | 0 | 0 | $0 |
| Douglas N Miller | SVP & CAO | March 14, 2016 S | 10,960 | 0 | 0 | $0 |
| Adam Grey Ciongoli | EVP & General Counsel | June 2, 2015 M | 98,889 | 0 | 0 | $0 |
| Robert W Dineen | Vice Chair.-LFN | Feb. 22, 2013 F | 143,809 | 0 | 0 | $0 |
| Frederick John Crawford | EVP & Head Corp Dev & Inv | May 2, 2011 S | 121,602 | 0 | 0 | $0 |
| Nicole S Jones | SVP & General Counsel | Feb. 23, 2011 A | 35,436 | 0 | 0 | $0 |
| Heather Case Dzielak | CMO-SVP, Marketing | Aug. 2, 2010 F | 13,163 | 0 | 0 | $0 |
| Dennis L Schoff | SVP & General Counsel | Aug. 3, 2009 F | 77,198 | 0 | 0 | $0 |
| Elizabeth Laws Reeves | SVP & CHRO | March 10, 2008 F | 36,534 | 0 | 0 | $0 |
| Barbara S Kowalczyk | SVP CP&D | June 22, 2007 A | 101,287 | 0 | 0 | $0 |
| Jason Glazier | SVP & CTO | Feb. 22, 2006 M | 4,394 | 0 | 0 | $0 |
| George E Davis | SVP Human Resources | March 31, 2004 A | 40,398 | 0 | 0 | $0 |
| Casey J Trumble | SVP & Chief Accounting Officer | March 11, 2004 A | 847 | 0 | 0 | $0 |
| Dale Lefebvre | Director | June 30, 2026 A | — | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 2 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Bain Capital Prairie, LLC ×2 filings | Aug. 12, 2026 | 9.80% | Amendment | — | SEC |
| Lincoln National Corporation, The Lincoln National Life Insurance Company, Lincoln Financial Investments Corporation ×3 filings | May 18, 2026 | 65.58% | Amendment | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 117 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| PJFM · PGIM ETF Trust | 2.18% | 10,281 NS | May 29, 2026 | N-PORT |
| XSVM · Invesco Exchange-Traded Fund Trust | 1.86% | 273,554 SH | Aug. 19, 2026 | Daily |
| KBWD · Invesco Exchange-Traded Fund Trust … | 1.69% | 156,159 SH | Aug. 19, 2026 | Daily |
| PSCF · Invesco Exchange-Traded Fund Trust … | 1.64% | 10,018 SH | Aug. 19, 2026 | Daily |
| RWJ · Invesco Exchange-Traded Fund Trust … | 1.53% | 704,121 SH | Aug. 19, 2026 | Daily |
| XSHQ · Invesco Exchange-Traded Fund Trust … | 1.51% | 106,266 SH | Aug. 19, 2026 | Daily |
| VMAX · Lattice Strategies Trust | 1.47% | 18,086 NS | April 30, 2026 | N-PORT |
| FXO · First Trust Exchange-Traded AlphaDE… | 1.26% | 359,142 NS | April 30, 2026 | N-PORT |
| SIXS · EXCHANGE TRADED CONCEPTS TRUST | 1.14% | 41,015 NS | May 31, 2026 | N-PORT |
| PGF · Invesco Exchange-Traded Fund Trust | 1.05% | 259,734 | Aug. 19, 2026 | Daily |
| VAMO · Cambria ETF Trust | 0.89% | 19,527 NS | April 30, 2026 | N-PORT |
| RZV · Invesco Exchange-Traded Fund Trust | 0.87% | 58,589 SH | Aug. 19, 2026 | Daily |
| CVY · Invesco Exchange-Traded Fund Trust | 0.80% | 22,164 SH | Aug. 19, 2026 | Daily |
| VIOV · VANGUARD ADMIRAL FUNDS | 0.64% | 361,109 SH | Aug. 19, 2026 | Daily |
| FNK · First Trust Exchange-Traded AlphaDE… | 0.60% | 34,343 NS | April 30, 2026 | N-PORT |
| HIDV · AB Active ETFs, Inc. | 0.59% | 32,099 NS | May 31, 2026 | N-PORT |
| DVY · iShares Trust | 0.54% | 2,877,045 SH | Aug. 19, 2026 | Daily |
| PGX · Invesco Exchange-Traded Fund Trust … | 0.52% | 724,426 | Aug. 19, 2026 | Daily |
| VRP · Invesco Exchange-Traded Fund Trust … | 0.50% | 15,396,000 | Aug. 19, 2026 | Daily |
| AUSF · Global X Funds | 0.48% | 114,484 NS | May 31, 2026 | N-PORT |
| ABCS · EA Series Trust | 0.47% | 1,500 NS | May 29, 2026 | N-PORT |
| QVMS · Invesco Exchange-Traded Fund Trust … | 0.47% | 26,339 SH | Aug. 19, 2026 | Daily |
| DFSV · Dimensional ETF Trust | 0.41% | 815,907 NS | April 30, 2026 | N-PORT |
| SDVD · First Trust Exchange-Traded Fund IV | 0.38% | 84,706 NS | April 30, 2026 | N-PORT |
| HWSM · HOTCHKIS & WILEY FUNDS /DE/ | 0.37% | 291 NS | June 30, 2026 | N-PORT |
| NUSC · Nushares ETF Trust | 0.33% | 112,349 NS | April 30, 2026 | N-PORT |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.33% | 595,055 SH | Aug. 19, 2026 | Daily |
| FNX · First Trust Exchange-Traded AlphaDE… | 0.29% | 102,515 NS | April 30, 2026 | N-PORT |
| DFAT · Dimensional ETF Trust | 0.27% | 983,756 NS | April 30, 2026 | N-PORT |
| PFIG · Invesco Exchange-Traded Fund Trust … | 0.26% | 330,000 | Aug. 19, 2026 | Daily |
| SAA · ProShares Trust | 0.26% | 2,023 NS | May 31, 2026 | N-PORT |
| PFF · iShares Trust | 0.24% | 1,223,256 SH | Aug. 19, 2026 | Daily |
| ITAN · EA Series Trust | 0.22% | 5,633 NS | May 29, 2026 | N-PORT |
| GTO · Invesco Actively Managed Exchange-T… | 0.21% | 6,410,000 | Aug. 19, 2026 | Daily |
| ISCV · iShares Trust | 0.19% | 30,320 SH | Aug. 19, 2026 | Daily |
| GSY · Invesco Actively Managed Exchange-T… | 0.19% | 7,383,000 | Aug. 19, 2026 | Daily |
| FAB · First Trust Exchange-Traded AlphaDE… | 0.18% | 6,637 NS | April 30, 2026 | N-PORT |
| BKMC · BNY Mellon ETF Trust | 0.17% | 28,548 NS | April 30, 2026 | N-PORT |
| AVMV · AMERICAN CENTURY ETF TRUST | 0.17% | 29,281 NS | May 31, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.17% | 103,732 NS | April 30, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.14% | 525,295 NS | April 30, 2026 | N-PORT |
| VBR · VANGUARD INDEX FUNDS | 0.14% | 2,784,424 SH | Aug. 19, 2026 | Daily |
| VFVA · VANGUARD WELLINGTON FUND | 0.13% | 30,238 SH | Aug. 19, 2026 | Daily |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.13% | 68,958 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.13% | 812,261 NS | May 31, 2026 | N-PORT |
| BSCU · Invesco Exchange-Traded Self-Indexe… | 0.12% | 3,630,000 | Aug. 19, 2026 | Daily |
| JVAL · J.P. Morgan Exchange-Traded Fund Tr… | 0.12% | 22,954 NS | April 30, 2026 | N-PORT |
| ISCB · iShares Trust | 0.12% | 7,481 SH | Aug. 19, 2026 | Daily |
| BSCS · Invesco Exchange-Traded Self-Indexe… | 0.11% | 4,039,000 | Aug. 19, 2026 | Daily |
| SCHM · SCHWAB STRATEGIC TRUST | 0.11% | 456,623 NS | May 31, 2026 | N-PORT |