Lincoln National (LNC) Balance Sheet: Assets & Liabilities

Lincoln National (LNC) Balance Sheet

As of Dec 31, 2025 (end of fiscal 2025), Lincoln National reported total assets of $417.20B and total liabilities of $406.30B. Shareholders' equity was $10.91B, up 31.9% from $8.27B a year earlier. Total debt stood at $6.43B against $46.40B in cash and short-term investments, a net cash position of $39.96B. That puts debt-to-equity at 0.59, compared with 0.86 a year earlier.

Lincoln National Balance Sheet Analysis

Values in billions USD

Income Statement Balance Sheet Cash Flow Ratios

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Balance sheet showing assets, liabilities, and shareholders' equity for Lincoln National Corporation (LNC) - Annual data in billions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Current Assets
Cash and Cash Equivalents	9.50	5.80	3.37	3.34	2.61	1.71	2.56	2.35	1.63
Short-Term Investments	36.89	20.92	88.74	99.74	118.71	123.04	105.20	94.02	95.09
Cash & Short-Term Investments	46.40	26.72	92.10	103.08	121.32	124.75	107.76	96.37	96.71
Accounts Receivable	29.13	28.75	29.84	19.95	20.30	16.98	17.61	18.32	5.30
Inventory	0.00	0.00	0.00	0.00	0.00	0.00	-6.99	0.00	0.00
Other Current Assets	0.00	0.00	0.00	0.00	0.00	-141.73	6.99	3.99	13.78
Total Current Assets	75.53	55.47	131.86	131.38	3.19	0.00	125.37	118.68	115.80
Non-Current Assets
Property, Plant & Equipment (Net)	0.00	0.09	0.00	0.15	0.18	0.00	0.23	-1.19	-1.07
Long-Term Investments	102.02	-11.24	5.02	3.74	4.29	127.67	109.98	96.07	96.71
Goodwill	1.14	1.14	1.14	1.14	1.78	1.78	1.78	1.78	1.37
Intangible Assets	12.83	0.98	12.40	12.24	0.56	0.00	0.63	0.77	0.15
Other Non-Current Assets	225.69	344.48	200.25	164.75	45.41	-129.45	-0.51	81.61	67.89
Total Non-Current Assets	341.68	335.36	240.55	202.95	388.38	0.00	111.75	179.47	165.97
Total Assets	417.20	390.83	372.41	334.33	386.95	365.95	334.76	298.15	281.76
Current Liabilities
Accounts Payable	0.00	10.02	8.11	6.71	8.95	0.00	0.00	0.00	0.00
Short-Term Debt	0.40	0.30	0.25	0.50	0.55	0.25	0.30	0.00	0.45
Current Portion of Long-Term Debt	0.40	0.30	0.25	0.50	0.30	-	-	-	-
Other Current Liabilities	161.59	16.91	144.11	125.01	-0.14	-0.25	-0.06	-0.02	-0.49
Total Current Liabilities	161.99	17.21	144.36	125.59	0.30	0.00	0.30	277.96	259.55
Non-Current Liabilities
Long-Term Debt	6.03	6.84	5.87	6.13	6.10	6.41	6.07	5.84	4.89
Deferred Tax Liabilities	0.00	0.00	0.00	0.00	7.07	0.00	-3.60	-2.35	-3.17
Other Non-Current Liabilities	230.69	352.57	209.39	192.42	357.45	-6.41	0.00	277.96	-4.90
Total Non-Current Liabilities	244.31	365.36	221.16	203.64	371.00	0.00	6.07	5.84	4.89
Total Liabilities	406.30	382.56	365.52	329.23	366.19	343.25	315.07	283.80	264.44
Stockholders' Equity
Common Stock	5.59	4.67	4.61	4.54	4.74	5.08	5.16	5.39	5.69
Retained Earnings	8.39	7.65	4.78	5.92	9.58	8.69	8.85	8.55	8.40
Accumulated Other Comprehensive Income	-4.06	-5.04	-3.48	-6.35	6.44	8.93	5.67	0.41	3.23
Shares Outstanding	0.19	0.17	0.17	0.17	0.18	-	-	-	-
Total Stockholders' Equity	10.91	8.27	6.89	5.10	20.75	22.70	19.69	14.35	17.32
Total Liabilities & Equity	417.20	390.83	372.41	334.33	386.95	365.95	334.76	298.15	281.76

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Lincoln National Balance Sheet

How much debt does Lincoln National have?

Lincoln National had total debt of $6.43B as of Dec 31, 2025, against $46.40B in cash and short-term investments. Its debt-to-equity ratio was 0.59. Total debt was $7.14B a year earlier.

What are Lincoln National's total assets?

Lincoln National reported total assets of $417.20B as of Dec 31, 2025, up 6.7% from $390.83B a year earlier. Total liabilities were $406.30B.

What is Lincoln National's shareholders' equity?

Lincoln National's shareholders' equity was $10.91B as of Dec 31, 2025, or about $57.38 of book value per share.

What is the debt-to-equity ratio?

The debt-to-equity ratio divides a company's total debt by its shareholders' equity. It shows how much of the business is financed with borrowed money; normal levels vary widely by industry. Full definition