LINCOLN NATIONAL CORP
LNC, LNC-PD · Life Insurance · 191.2M shares · -4%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $489M (gross $550M, SBC $61M)
Reference price $34.45 · est. market cap ~$6.6B — last insider sale, 2026-06-05 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C55Lincoln National — life insurer with collapsing earnings and high leverage.
Strengths
- ROE still 10.8% (67th pct)
- Diversified annuity/insurance lines
Risks
- Net income down 64% (20th pct)
- High leverage (D/E 0.61, 90th)
- Negative operating cash margin; rate/equity sensitivity
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Insider buyingInsider buying — 2 open-market buy(s) by 2 insider(s) (cluster of 2 insiders, ~$25M, last 6mo) Form 4 ↗
- Buying back stockNet buyback — share count -4%/yr over 4y
- Insider sellingInsider selling — 5 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, ~$3M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Net margin
6.5%
Return on equity
10.8%
Return on assets
0.3%
Revenue growth (QoQ)
7.8%
Net-income growth
-64.1%
Debt / equity
0.6×
Tangible book value
$9.8B
Stock comp / revenue
0.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-05 | Beazer CraigT T | Sell | 30K | $34.45 |
| 2026-06-01 | Woodroffe Sean | Sell | 25K | $34.75 |
| 2026-06-01 | Rallis Andrew | Tax withheld | 20K | $34.63 |
| 2026-05-24 | Kennedy John Christopher | Tax withheld | 24K | $36.03 |
| 2026-05-24 | Woodroffe Sean | Tax withheld | 45K | $36.03 |
| 2026-05-24 | Rallis Andrew | Tax withheld | 32K | $36.03 |
| 2026-03-13 | Charters Jennifer | Buy | 300 | $32.61 |
| 2026-03-09 | Woodroffe Sean | Sell | 8.0K | $32.74 |
| 2026-03-02 | Woodroffe Sean | Sell | 10K | $34.46 |
| 2026-02-25 | LINCOLN NATIONAL LIFE INSURANCE CO /IN/ | Buy | 2.3M | $11.09 |
| 2026-02-19 | Reid James Waltman | Grant | 37K | — |
| 2026-02-19 | Adhya Nilanjan | Grant | 20K | — |
| 2026-02-19 | Morriss John G | Grant | 14K | — |
| 2026-02-19 | Kroll Brian | Grant | 21K | — |
| 2026-02-19 | Cooper Ellen | Grant | 189K | — |
| 2026-02-19 | Cooper Ellen | Tax withheld | 80K | $40.10 |
| 2026-02-19 | Cooper Ellen | Grant | 29K | — |
| 2026-02-19 | Cooper Ellen | Tax withheld | 12K | $40.10 |
| 2026-02-19 | Cooper Ellen | Grant | 109K | — |
| 2026-02-19 | Kennedy John Christopher | Grant | 22K | — |
| 2026-02-19 | Kennedy John Christopher | Tax withheld | 7.4K | $40.10 |
| 2026-02-19 | Kennedy John Christopher | Grant | 16K | — |
| 2026-02-19 | Neczypor Christopher M | Grant | 49K | — |
| 2026-02-19 | Neczypor Christopher M | Tax withheld | 20K | $40.10 |
| 2026-02-19 | Neczypor Christopher M | Grant | 41K | — |
| 2026-02-19 | Rallis Andrew | Grant | 31K | — |
| 2026-02-19 | Reid James Waltman | Grant | 43K | — |
| 2026-02-19 | Reid James Waltman | Tax withheld | 21K | $40.10 |
| 2026-02-19 | Cohen Adam M | Tax withheld | 2.3K | $40.10 |
| 2026-02-19 | Cohen Adam M | Grant | 9.3K | — |
| 2026-02-19 | Charters Jennifer | Grant | 19K | — |
| 2026-02-19 | Beazer CraigT T | Grant | 30K | — |
| 2026-02-19 | Beazer CraigT T | Tax withheld | 11K | $40.10 |
| 2026-02-19 | Beazer CraigT T | Grant | 21K | — |
| 2026-02-19 | Woodroffe Sean | Grant | 53K | — |
| 2026-02-19 | Woodroffe Sean | Tax withheld | 19K | $40.10 |
| 2026-02-19 | Woodroffe Sean | Grant | 22K | — |
| 2026-02-19 | Cohen Adam M | Grant | 8.3K | — |
| 2026-02-18 | Reid James Waltman | Sell | 3.0K | $41.81 |
| 2026-02-15 | Cohen Adam M | Tax withheld | 1.3K | $40.88 |
| 2026-02-15 | Kennedy John Christopher | Tax withheld | 3.1K | $40.88 |
| 2026-02-15 | Beazer CraigT T | Tax withheld | 4.2K | $40.88 |
| 2026-02-15 | Neczypor Christopher M | Tax withheld | 5.2K | $40.88 |
| 2026-02-15 | Reid James Waltman | Tax withheld | 7.3K | $40.88 |
| 2026-02-15 | Cooper Ellen | Tax withheld | 19K | $40.88 |
| 2025-12-19 | LINCOLN NATIONAL LIFE INSURANCE CO /IN/ | Buy | 2.3M | $10.87 |
| 2025-12-10 | Kennedy John Christopher | Sell | 3.5K | $44.15 |
| 2025-12-05 | Kennedy John Christopher | Tax withheld | 1.6K | $42.74 |
| 2025-12-05 | Beazer CraigT T | Tax withheld | 1.2K | $42.74 |
| 2025-12-05 | Neczypor Christopher M | Tax withheld | 1.4K | $42.74 |
| 2025-12-05 | Cohen Adam M | Tax withheld | 208 | $42.74 |
| 2025-11-26 | Cooper Ellen | Tax withheld | 36K | $41.35 |
| 2025-11-26 | Cooper Ellen | Option exercise | 39K | $35.50 |
| 2025-11-24 | Kennedy John Christopher | Tax withheld | 1.1K | $40.34 |
| 2025-11-24 | Cooper Ellen | Tax withheld | 4.4K | $40.34 |
| 2025-11-24 | Beazer CraigT T | Tax withheld | 1.3K | $40.34 |
| 2025-11-24 | Kroll Brian | Tax withheld | 861 | $40.34 |
| 2025-11-12 | Ryan Owen | Buy | 2.0K | $42.17 |
| 2025-11-12 | Morriss John G | Grant | 14K | — |
| 2025-08-15 | Kroll Brian | Sell | 6.4K | $40.87 |
| 2025-08-15 | Woodroffe Sean | Option exercise | 16K | $21.13 |
| 2025-08-15 | Woodroffe Sean | Sell | 16K | $40.90 |
| 2025-08-15 | Kroll Brian | Option exercise | 6.8K | $35.50 |
| 2025-08-10 | Reid James Waltman | Tax withheld | 13K | $38.16 |
| 2025-08-07 | Kennedy John Christopher | Sell | 5.0K | $39.29 |
| 2025-08-06 | Kennedy John Christopher | I | 4.6K | $39.44 |
| 2025-05-29 | Kroll Brian | Sell | 10K | $33.10 |
| 2025-05-27 | Woodroffe Sean | Sell | 44K | $32.78 |
| 2025-05-26 | Cooper Ellen | Tax withheld | 3.8K | $32.38 |
| 2025-05-26 | Bronchetti Jayson R | Tax withheld | 815 | $32.38 |
| 2025-05-26 | Neczypor Christopher M | Tax withheld | 1.1K | $32.38 |
| 2025-05-24 | Rallis Andrew | Tax withheld | 5.3K | $32.38 |
| 2025-05-24 | Woodroffe Sean | Tax withheld | 32K | $32.38 |
| 2025-05-15 | Morris James T | Sell | 10 | $34.00 |
| 2025-02-19 | Beazer CraigT T | Grant | 12K | — |
| 2025-02-19 | Kennedy John Christopher | Grant | 11K | — |
| 2025-02-19 | Cooper Ellen | Grant | 108K | — |
| 2025-02-19 | Cooper Ellen | Grant | 92K | — |
| 2025-02-19 | Neczypor Christopher M | Grant | 39K | — |
| 2025-02-19 | Bronchetti Jayson R | Grant | 24K | — |
| 2025-02-19 | Charters Jennifer | Grant | 18K | — |
| 2025-02-19 | Cohen Adam M | Grant | 9.3K | — |
| 2025-02-19 | Kroll Brian | Grant | 21K | — |
| 2025-02-19 | Rallis Andrew | Grant | 31K | — |
| 2025-02-19 | Reid James Waltman | Grant | 37K | — |
| 2025-02-19 | Beazer CraigT T | Grant | 21K | — |
| 2025-02-19 | Beazer CraigT T | Grant | 14K | — |
| 2025-02-19 | Kennedy John Christopher | Grant | 15K | — |
| 2025-02-19 | Kennedy John Christopher | Grant | 13K | — |
| 2025-02-19 | Woodroffe Sean | Grant | 20K | — |
| 2025-02-16 | Neczypor Christopher M | Tax withheld | 711 | $39.09 |
| 2025-02-16 | Cooper Ellen | Tax withheld | 3.8K | $39.09 |
| 2025-02-16 | Kennedy John Christopher | Tax withheld | 1.4K | $39.09 |
| 2025-02-16 | Bronchetti Jayson R | Tax withheld | 1.2K | $39.09 |
| 2025-02-16 | Beazer CraigT T | Tax withheld | 1.7K | $39.09 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-01 | Shareholder vote | filing ↗ |
| 2026-05-07 | ResultsReg FDExhibits | filing ↗ |
| 2026-04-16 | Exec/director change | filing ↗ |
| 2026-03-31 | Material agreementExhibits | filing ↗ |
| 2026-02-12 | ResultsReg FDExhibits | filing ↗ |
| 2025-11-10 | OtherExhibits | filing ↗ |
| 2025-10-30 | ResultsReg FDExhibits | filing ↗ |
| 2025-07-31 | ResultsReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-01 | 2026-05-28 | 0000059558-26-000038 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0000059558-26-000031 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0000059558-26-000035 ↗ |
| 8-K | 2026-04-16 | 2026-04-16 | 0000059558-26-000022 ↗ |
| 8-K | 2026-03-31 | 2026-03-27 | 0001193125-26-134604 ↗ |
| 10-K | 2026-02-19 | 2025-12-31 | 0000059558-26-000016 ↗ |
| 8-K | 2026-02-12 | 2026-02-12 | 0000059558-26-000007 ↗ |
| 8-K | 2025-11-10 | 2025-11-10 | 0001193125-25-274489 ↗ |
| 8-K | 2025-10-30 | 2025-10-30 | 0000059558-25-000091 ↗ |
| 10-Q | 2025-10-30 | 2025-09-30 | 0000059558-25-000093 ↗ |
| 10-Q | 2025-07-31 | 2025-06-30 | 0000059558-25-000082 ↗ |
| 8-K | 2025-07-31 | 2025-07-31 | 0000059558-25-000080 ↗ |