--- title: "Lincoln National | 8-K: FY2026 Q1 Revenue: USD 5.306 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/285526883.md" datetime: "2026-05-07T10:11:29.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285526883.md) - [en](https://longbridge.com/en/news/285526883.md) - [zh-HK](https://longbridge.com/zh-HK/news/285526883.md) --- # Lincoln National | 8-K: FY2026 Q1 Revenue: USD 5.306 B Revenue: As of FY2026 Q1, the actual value is USD 5.306 B. EPS: As of FY2026 Q1, the actual value is USD -1.1, missing the estimate of USD 1.5394. ### Overall Company Financial Performance Lincoln National Corporation reported a net loss available to common stockholders of - $211 million for the first quarter ended March 31, 2026, compared to - $756 million in the prior-year quarter . Adjusted operating income available to common stockholders was $326 million, an increase from $280 million in the prior-year quarter . This marks the seventh consecutive quarter of year-over-year adjusted operating income growth, with a 16% increase in the first quarter . Total revenues for the quarter were $5,306 million, up from $4,691 million in the first quarter of 2025 . The holding company’s available liquidity, net of prefunding, increased to $805 million as of March 31, 2026, from $466 million in the prior-year period, and was up $150 million from year-end 2025 . The company reported a net unrealized loss of - $9.1 billion (pre-tax) on its available-for-sale securities as of March 31, 2026, an improvement from - $9.4 billion (pre-tax) as of March 31, 2025 . The RBC ratio remained above 420% for both periods . The leverage ratio improved by 250 basis points year-over-year to 25.0% . The investment portfolio grew by $12 billion year-over-year to $131 billion, with the portfolio yield expanding by 10 basis points year-over-year to 4.67% . Pre-tax alternative investment income was $129 million in Q1 2026, compared to $75 million in Q1 2025 . New money yields were 5.5% in Q1 2026, down from 6.0% in Q1 2025 . The diversified alternatives portfolio delivered a 3.1% quarterly return, or 12% on an annualized basis . #### Annuities Segment - **Operating Income**: $275 million for Q1 2026, a 5% decrease from $290 million in the prior-year quarter . Adjusted for certain items, operating income was up 1% . - **Total Sales**: $3.9 billion in Q1 2026, up 4% year over year from $3,789 million . Spread-based products accounted for approximately two-thirds of total sales, or 64% . - **Net Flows**: - $2.2 billion in Q1 2026, compared to - $1.7 billion in the prior-year quarter . - **Ending Account Balances (net of reinsurance)**: $169 billion in Q1 2026, up 7% year-over-year from $158 billion in Q1 2025 . - **Average Account Balances (net of reinsurance)**: $175 billion in Q1 2026, up 7% year over year from $163,688 million . - **Total Operating Revenues**: $1,283 million in Q1 2026, up 7.1% from $1,198 million in Q1 2025 . - **Total Operating Expenses**: $949 million in Q1 2026, up 10.6% from $858 million in Q1 2025 . - **Return on Average Account Balances**: 0.63% in Q1 2026, down from 0.71% in Q1 2025 . #### Life Insurance Segment - **Operating Income**: $41 million for Q1 2026, a $57 million increase from a - $16 million loss in the prior-year quarter . This improvement was driven by higher alternative investment income and the impact of the 4Q25 captive consolidation . - **Total Sales**: $129 million in Q1 2026, up 33% compared to the prior-year quarter, driven by growth across all product lines, especially Executive Benefits . - **Average Account Balances (net of reinsurance)**: $49 billion in Q1 2026, up 11% versus the prior-year quarter from $44,390 million . - **Annualized Consolidated Alternative Investment Income Returns**: Approximately 12.3%, exceeding the annual target by more than 2% . - **Total Operating Revenues**: $1,628 million in Q1 2026, up 2.6% from $1,587 million in Q1 2025 . Operating revenues were 3% higher year-over-year . - **Total Operating Expenses**: $1,586 million in Q1 2026, down 2.0% from $1,619 million in Q1 2025 . - **Segment Margin**: 2.5% in Q1 2026 . - **Net G&A Expenses**: $119 million in Q1 2026, down from $130 million in Q1 2025 . #### Group Protection Segment - **Operating Income**: $112 million in Q1 2026, 11% higher than $101 million in the prior-year quarter . This increase was driven by favorable life experience . - **Insurance Premiums**: $1.4 billion in Q1 2026, increasing 2% year over year from $1,371 million . Adjusting for a large case lapse, premiums were up 3.4% . Premiums were $1,399 million in Q1 2026, up from $1,371 million in Q1 2025 . - **Total Sales**: $150 million in Q1 2026, 4% lower year over year from $157 million . - **Operating Margin**: 8.0%, 60 basis points higher than the prior-year quarter’s 7.4% . The segment margin was 7.9% in Q1 2026, up from 7.4% in Q1 2025 . - **Total Loss Ratio**: Decreased 130 basis points to 71.1% from 72.4% . The life loss ratio decreased by 8 percentage points year-over-year to 67% due to favorable incidence and severity, while the disability loss ratio increased by 3 percentage points to 73% due to resolution severity . - **Total Operating Revenues**: $1,554 million in Q1 2026, up 2.2% from $1,521 million in Q1 2025 . - **Total Operating Expenses**: $1,412 million in Q1 2026, up 1.4% from $1,393 million in Q1 2025 . #### Retirement Plan Services Segment - **Operating Income**: $43 million in Q1 2026, up 26% year over year from $34 million . This growth reflected favorable markets and spread expansion, partially offset by outflows . - **Net Outflows**: - $0.2 billion in Q1 2026, significantly lower than - $2.2 billion in the prior-year quarter . - **Total Deposits**: $4.1 billion in Q1 2026, up 1% over the prior-year quarter from $4,115 million . - **First-Year Sales**: $1.1 billion in Q1 2026, up 3% year over year, driven by growth in the Core Market . - **Average Account Balances**: $125 billion in Q1 2026, increasing 10% from $113,075 million in the prior year . - **Ending Account Balances**: $122 billion in Q1 2026, an increase of 12% year-over-year from $109 billion in Q1 2025, supported by favorable equity markets . - **Total Operating Revenues**: $346 million in Q1 2026, up 5.8% from $327 million in Q1 2025 . - **Total Operating Expenses**: $295 million in Q1 2026, up 2.1% from $289 million in Q1 2025 . - **Return on Average Account Balances**: 0.14% in Q1 2026, up from 0.12% in Q1 2025 . #### Other Operations Segment - **Operating Income**: - $111 million for Q1 2026, compared to - $95 million in the prior-year quarter . The operating loss was $16 million higher year-over-year . - **Total Operating Revenues**: $57 million in Q1 2026, up 9.6% from $52 million in Q1 2025 . - **Total Operating Expenses**: $199 million in Q1 2026, up 21.3% from $164 million in Q1 2025 . - **Other Expenses**: $68 million in Q1 2026, up from $66 million in Q1 2025 . ### Outlook / Guidance Lincoln National Corporation’s management emphasized continued disciplined execution and meaningful progress on strategic priorities, which has led to a more resilient and higher-quality earnings profile . The company remains focused on strengthening its capital foundation, optimizing its operating model, and diversifying its business mix to build on this trajectory . 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