LNC Lincoln National Corporation Common Stock

NYSE · Insurance · View on SEC EDGAR ↗
$42.74
Price · Aug 20, 2026
Fundamentals as of Jul 30, 2026

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 ↗

Wikidata ↗

LNC Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$42.74
Market Cap
$8.17B
P/E (TTM)
7.4
EPS (TTM)
$5.83
Revenue (TTM)
$18.21B
Div Yield
4.0%
ROE
12.3%
Debt/Equity
0.0
52W Range
$32 – $48

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

Revenue & Net Income $18.21B
5-point trend, +2.8%
2021-12-31 2025-12-31
EPS $5.83
5-point trend, -70.8%
2021-12-31 2025-12-31
Free Cash Flow
Margins 6.5%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
LNC
Peer Median
P/E (TTM)
5-point trend, +123.3%
7.4
12.6
P/S (TTM)
5-point trend, -31.9%
0.4
0.6
P/B
5-point trend, +30.1%
0.7
0.9

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
LNC
Peer Median
Net Profit Margin
5-point trend, -11.6%
6.5%
5.4%
ROA
5-point trend, -21.6%
0.29%
0.42%
ROE
5-point trend, +81.1%
12.3%
9.6%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
LNC
Peer Median
Debt / Equity
5-point trend, +148.0%
0.0

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
LNC
Peer Median
Revenue YoY
5-point trend, +2.8%
-1.2%
Revenue CAGR 3Y
5-point trend, +2.8%
-1.1%
Revenue CAGR 5Y
5-point trend, +2.8%
0.87%
EPS YoY
5-point trend, -70.8%
-68.3%
Net Income YoY
5-point trend, -68.8%
-64.1%

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
LNC
Peer Median
EPS (Diluted)
5-point trend, -70.8%
$5.83

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
LNC
Peer Median
Payout Ratio
5-point trend, +21.6%
27.6%

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
4.0%
Payout Ratio
27.6%
5Y Div CAGR
Ex-dateAmount
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

HOLD 19 analysts
  • 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 · 2026-08-15
Median target $46.50 +8.8%
Mean target $47.08 +10.2%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.21%
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
Annual Income Statement data for LNC
Metric Trend 202520242023202220212020201920182017201620152014
Revenue 12-point trend, +34.4% $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 12-point trend, +61.4% $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 12-point trend, -33.0% $1.34B $4.02B $-1.15B $1.73B $4.64B $423M $919M $1.89B $1.13B $1.46B $1.43B $2.00B
Income Tax 12-point trend, -66.7% $161M $747M $-396M $367M $865M $-76M $33M $244M $-949M $266M $276M $483M
Net Income 12-point trend, -22.3% $1.18B $3.27B $-752M $1.36B $3.78B $499M $886M $1.64B $2.08B $1.19B $1.15B $1.51B
EPS (Basic) 12-point trend, +2.2% $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) 12-point trend, +2.8% $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) 12-point trend, -30.0% 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) 12-point trend, -30.6% 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
Annual Balance Sheet data for LNC
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 4-point trend, -58.5% · · · · · · · · $1.63B $2.72B $3.15B $3.92B
Goodwill 12-point trend, -49.7% $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 12-point trend, +64.7% $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 3-point trend, +60.0% $400M $300M $250M · · · · · · · · ·
Total Liabilities 12-point trend, +71.0% $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 12-point trend, +11.2% $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 7-point trend, -11.1% $400M $300M $250M $500M $300M · $300M · $450M · · ·
Retained Earnings 12-point trend, +39.3% $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 12-point trend, -231.1% $-4.06B $-5.04B $-3.48B $-6.35B $6.44B $8.93B $5.67B $407M $3.23B $1.57B $845M $3.10B
Stockholders' Equity 12-point trend, -30.7% $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 12-point trend, +64.7% $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 12-point trend, -25.9% 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
Annual Cash Flow data for LNC
Metric Trend 202520242023202220212020201920182017201620152014
Operating Cash Flow 12-point trend, -106.6% $-167M $-2.01B $-2.07B $3.61B $-217M $534M $-2.69B $1.94B $788M $1.27B $2.24B $2.53B
Investing Cash Flow 12-point trend, -122.3% $-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 10-point trend, +66.1% $495M $346M $0 $296M $0 $1.29B $744M $1.09B · $395M $298M ·
Net Debt Issued 10-point trend, +139.0% $195M $246M $-500M $-4M · $193M $436M $557M · $-205M $48M $-500M
Stock Issued 3-point trend, +825000000.00 $825M $0 $0 · · · · · · · · ·
Stock Repurchased 11-point trend, -100.0% · $0 $0 $550M $1.10B $275M $550M $900M $725M $879M $900M $650M
Net Stock Activity 12-point trend, +226.9% $825M $0 $0 $-550M $-1.10B $-275M $-550M $-900M $-725M $-879M $-900M $-650M
Dividends Paid 12-point trend, +91.2% $325M $307M $305M $310M $319M $311M $303M $289M $262M $238M $204M $170M
Financing Cash Flow 12-point trend, +845.0% $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 9-point trend, +138.0% $3.70B $2.44B $22M $731M $904M · · · $-1.09B $-424M $-773M $1.55B
Taxes Paid 12-point trend, -66.9% $84M $0 $0 $-54M $1M $22M $260M $90M $170M $197M $215M $254M
Profitability 4
Annual Profitability data for LNC
Metric Trend 202520242023202220212020201920182017201620152014
Net Margin 12-point trend, -42.2% 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 12-point trend, -50.1% 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 12-point trend, -53.2% 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-point trend, +26.5% 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
Annual Liquidity & Solvency data for LNC
Metric Trend 202520242023202220212020201920182017201620152014
Debt / Equity 7-point trend, +41.2% 0.0 0.0 0.0 0.1 0.0 · 0.0 · 0.0 · · ·
Efficiency 1
Annual Efficiency data for LNC
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 12-point trend, -18.4% 0.0 0.0 0.0 0.1 0.1 0.0 0.1 0.1 0.1 0.1 0.1 0.1
Per Share 6
Annual Per Share data for LNC
Metric Trend 202520242023202220212020201920182017201620152014
Book Value / Share 12-point trend, -6.5% $57.38 $48.53 $40.63 $27.00 $114.41 $118.02 $100.11 $69.71 $79.43 $63.97 $55.84 $61.35
Revenue / Share 12-point trend, +93.5% $97.88 $106.55 $68.20 $108.66 $101.69 $89.68 $85.39 $74.81 $63.02 $56.28 $53.24 $50.58
Cash Flow / Share 12-point trend, -109.5% $-0.90 $-11.60 $-12.15 $23.37 $0.80 $2.75 $-13.29 $8.85 $3.48 $5.37 $8.80 $9.43
Cash / Share 4-point trend, -51.1% · · · · · · · · $7.46 $12.03 $12.90 $15.28
Dividend / Share 12-point trend, +164.7% $2 $2 $2 $2 $2 $2 $2 $1 $1 $1 $1 $1
EPS (TTM) 12-point trend, +2.8% $5.83 $18.41 $-4.92 $7.78 $19.96 $2.56 $4.38 $7.40 $9.22 $5.03 $4.51 $5.67
Growth Rates 10
Annual Growth Rates data for LNC
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 5-point trend, -179.1% -1.2% 58.4% -38.1% 6.2% 1.6% · · · · · · ·
Revenue CAGR 3Y 3-point trend, +91.5% -1.1% 1.4% -12.6% · · · · · · · · ·
Revenue CAGR 5Y 0.87% · · · · · · · · · · ·
EPS YoY 3-point trend, -110.1% -68.3% · · -61.0% 679.7% · · · · · · ·
EPS CAGR 3Y 2-point trend, -244.7% -9.2% -2.7% · · · · · · · · · ·
EPS CAGR 5Y 17.9% · · · · · · · · · · ·
Net Income YoY 3-point trend, -109.7% -64.1% · · -64.1% 657.1% · · · · · · ·
Net Income CAGR 3Y 2-point trend, -0.2% -4.7% -4.7% · · · · · · · · · ·
Net Income CAGR 5Y 18.7% · · · · · · · · · · ·
Dividend CAGR 5Y 0.88% · · · · · · · · · · ·
Valuation (TTM) 14
Annual Valuation (TTM) data for LNC
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 12-point trend, +34.4% $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 12-point trend, -22.3% $1.18B $3.27B $-752M $1.36B $3.78B $499M $886M $1.64B $2.08B $1.19B $1.15B $1.51B
Market Cap 12-point trend, -42.8% $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 12-point trend, -24.9% 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 12-point trend, -57.4% 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 12-point trend, -17.4% 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 6-point trend, +87.4% 0.9 0.8 0.8 1.3 0.7 0.5 · · · · · ·
P / Cash Flow 12-point trend, -965.2% -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 12-point trend, +233.9% 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 12-point trend, +33.2% 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 12-point trend, +146.1% 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 12-point trend, +91.2% $325M $307M $305M $310M $319M $311M $303M $289M $262M $238M $204M $170M

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312024-12-312023-12-312022-12-312022-09-30
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
2025-12-312024-12-312023-12-312022-12-312022-09-30
Debt / Equity 0.00.00.00.1

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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.

Institutional activity — Q2 2026 vs prior quarter
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