--- title: "Lincoln National | 8-K: FY2026 Q2 Revenue: USD 4.542 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/294341110.md" datetime: "2026-07-30T10:08:45.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/294341110.md) - [en](https://longbridge.com/en/news/294341110.md) - [zh-HK](https://longbridge.com/zh-HK/news/294341110.md) generator: "portal-rs" --- # Lincoln National | 8-K: FY2026 Q2 Revenue: USD 4.542 B Revenue: As of FY2026 Q2, the actual value is USD 4.542 B. EPS: As of FY2026 Q2, the actual value is USD 6.72, beating the estimate of USD 1.9023. EBIT: As of FY2026 Q2, the actual value is USD 1.332 B. #### Consolidated Results for Three Months Ended June 30, 2026 Lincoln National Corporation reported total revenues of $4,542 million, an increase of 12.3% compared to $4,044 million in the prior year period. Total expenses were $2,899 million, a decrease of -9.3% from $3,196 million in the prior year period. Net income for the period was $1,332 million, significantly higher than $699 million in the prior year period. Pre-tax Adjusted Income from Operations was $528 million, increasing 2.1% from $517 million in the prior year. After-tax Adjusted Income from Operations was $450 million, up 2.7% from $438 million in the prior year period. Adjusted Income from Operations Available to Common Stockholders was $439 million, an increase of 2.8% from $427 million in the same period last year. Net Income ROE was 49.4%, compared to 31.5% in the prior year period. Adjusted Income from Operations ROE was 11.6%, down from 12.9% in the prior year period. #### Consolidated Results for Six Months Ended June 30, 2026 Total revenues were $9,848 million, an increase of 12.7% from $8,735 million in the prior year period. Total expenses decreased by -4.4% to $8,451 million from $8,836 million in the prior year. Net income was $1,160 million, a significant change from a net loss of - $23 million in the prior year period. Pre-tax Adjusted Income from Operations was $955 million, an 8.6% increase from $879 million in the prior year. After-tax Adjusted Income from Operations reached $810 million, an increase of 7.7% from $752 million in the prior year period. Adjusted Income from Operations Available to Common Stockholders was $764 million, up 8.2% from $706 million in the prior year period. Net Income ROE was 21.7%, compared to -0.5% in the prior year period. Adjusted Income from Operations ROE was 10.2%, down from 11.0% in the prior year period. #### Key Balance Sheet Items as of June 30, 2026 Total assets amounted to $429,797 million, an increase of 7.7% from $399,065 million as of June 30, 2025. Total liabilities were $418,448 million, up 7.4% from $389,517 million as of June 30, 2025. Total stockholders’ equity increased by 18.9% to $11,349 million from $9,548 million as of June 30, 2025. Cash and invested cash totaled $10,165 million, an increase of 42.3% from $7,143 million as of June 30, 2025. Holding Company Available Liquidity was $1,803 million, significantly higher by 286.9% compared to $466 million as of June 30, 2025. The leverage ratio was 25.1% as of June 30, 2026, in line with the target. The total investment portfolio grew by $15 billion year-over-year to $137 billion, and its yield expanded 12 basis points year-over-year to 4.73%. #### Overall Company Performance Adjusted Operating Income was $439 million for the second quarter of 2026, marking an eighth consecutive quarter of year-over-year growth, up 3%. This included a - $43 million impact from lower alternative investment income. Holding Company liquidity increased to approximately $900 million at quarter-end, net of prefunding, an increase of approximately $250 million since year-end 2025. #### Segment-Specific Performance for Three Months Ended June 30, 2026 ##### Annuities Operating revenues increased by 10.5% to $1,341 million. Deposits decreased by -12.5% to $3,520 million, and net flows were - $2,917 million. Average account balances grew by 11.9% to $178,812 million. Sales totaled $3.5 billion, with spread-based products comprising 63% of total sales. Operating income was $287 million, in line with the prior-year quarter, influenced by favorable equity markets offset by variable annuity outflows and a - $12 million impact from net investment income reallocation. Ending account balances reached $182 billion, growing 9% year-over-year, and the return on average account balances was 0.64%. ##### Life Insurance Operating revenues decreased by -1.9% to $1,572 million. Deposits increased by 30.6% to $1,673 million, and net flows were $1,133 million. Average account balances increased by 12.9% to $50,981 million. Sales were $216 million, up 79% year-over-year. Operating income improved by $25 million year-over-year to $57 million, driven by favorable mortality and captive consolidation impact, partially offset by lower alternative investment income. Operating revenue was $1,572 million, 2% lower year-over-year, and the segment’s margin increased 160 basis points to 3.6%. ##### Group Protection Operating revenues increased by 2.5% to $1,576 million. Insurance premiums also increased by 2.5% to $1,420 million. Operating income was $147 million, a decrease of $26 million year-over-year, primarily due to a - $15 million experience refund in the prior-year quarter. Premiums were $1,420 million, up 2% year-over-year, and the segment’s margin was 10.4%. The disability loss ratio increased year-over-year, offset by life loss ratio improvement. ##### Retirement Plan Services Operating revenues increased by 6.6% to $353 million. Deposits increased by 4.0% to $3,736 million, and net flows were - $2,425 million. Average account balances grew by 14.9% to $128,344 million. Operating income increased by 32% year-over-year to $49 million, driven by spread income growth and favorable equity markets, partially offset by higher net G&A expenses. Base spreads expanded 20 basis points, and ending account balances reached a record high of $131 billion, up 12% year-over-year. First-year sales were $1.1 billion, and the return on average account balances was 0.15%. ##### Other Operations Operating loss was - $90 million, which is - $1 million lower year-over-year, due to the continued scaling of the institutional funding agreement business, partially offset by higher other expenses. Preferred dividend was - $11 million. #### Segment-Specific Performance for Six Months Ended June 30, 2026 ##### Annuities Operating revenues increased by 8.8% to $2,624 million. Deposits decreased by -4.6% to $7,461 million, and net flows were - $5,114 million. Average account balances grew by 9.5% to $177,240 million. ##### Life Insurance Operating revenues increased by 0.4% to $3,200 million. Deposits increased by 17.1% to $2,927 million, and net flows were $1,768 million. Average account balances increased by 11.9% to $50,107 million. ##### Group Protection Operating revenues increased by 2.3% to $3,129 million. Insurance premiums also increased by 2.2% to $2,819 million. ##### Retirement Plan Services Operating revenues increased by 6.2% to $699 million. Deposits increased by 2.2% to $7,878 million, and net flows were - $2,638 million. Average account balances grew by 12.7% to $127,049 million. #### Outlook/Guidance Lincoln National Corporation aims to diversify its Annuities earnings mix by growing spread-based account balances and maximizing capital efficiency for attractive new business returns. The Life Insurance segment focuses on continued growth in accumulation and risk-sharing sales, optimizing capital efficiency, and enhancing legacy block free cash flow. Group Protection plans to diversify its book of business, optimize capital efficiency, and execute its technology roadmap, while Retirement Plan Services intends to pursue profitable growth in target market segments, expand revenue sources, and increase profitability through cost reduction and investment sourcing optimization. Other Operations will continue scaling the funding agreement program, building Holding Company liquidity for capital flexibility, and maintaining the 25% leverage ratio target. ### Related Stocks - [LNC.US](https://longbridge.com/en/quote/LNC.US.md) ## Related News & Research - [Lincoln National (NYSE:LNC) Given "Outperform" Rating at Keefe, Bruyette & Woods](https://longbridge.com/en/news/280670169.md) - [Lincoln National Corporation (NYSE:LNC) to Issue $0.45 Quarterly Dividend](https://longbridge.com/en/news/295446919.md) - [Quantinno Capital Management LP Acquires 402,783 Shares of Lincoln National Corporation $LNC](https://longbridge.com/en/news/294602180.md) - [Lincoln National Corporation (NYSE:LNC) Receives Average Rating of "Hold" from Analysts](https://longbridge.com/en/news/294573532.md) - [LNC: Eighth straight quarter of adjusted income growth, improved capital flexibility, and major reinsurance deal](https://longbridge.com/en/news/294384687.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**