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 PerformanceLincoln 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 SegmentOperating 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 SegmentOperating 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 SegmentOperating 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 SegmentOperating 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 SegmentOperating 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 / GuidanceLincoln 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 . These actions are aimed at creating sustainable, long-term value for shareholders .