← LINCOLN NATIONAL CORP

Annual Trend FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Cash flows from operating activities:
Net Income From Continuing Operations — — — — — — $1.4b ($752.0m) $3.3b $1.2b
Net Income (Loss) Attributable to Parent $1.2b $2.1b $1.6b $886.0m $499.0m $1.4b $1.4b ($752.0m) $3.3b $1.2b
Net Income (Loss) Available to Common Stockholders, Basic $1.2b $2.1b $1.6b $886.0m $499.0m $1.4b $1.4b ($752.0m) $3.2b $1.1b
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent $1.2b — — — — — — — — —
Deferred Policy Acquisition Costs, Amortization Expense — — — — — — — $987.0m $1.0b $1.1b
Asset Impairment Charge — — — — — $0 $634.0m $0 $0 —
Goodwill and Intangible Asset Impairment — — — — — — — $0 $0 —
Goodwill, Impairment Loss — $905.0m — — — — — $0 $0 $0
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) — $905.0m — — — — — — — —
Share-based Payment Arrangement, Expense $46.0m $50.0m $51.0m $62.0m $51.0m $61.0m — $61.0m $64.0m $78.0m
Early extinguishment of debt (gain) loss — — — — — — — $0 $0 ($94.0m)
Financing Receivable Excluding Accrued Interest Credit Loss Expense Reversal — — — — — — — $16.0m $88.0m $37.0m
Gain (Loss) on Disposition of Business — — — — — — — — $582.0m ($14.0m)
Gain (Loss) on Extinguishment of Debt ($63.0m) $5.0m ($23.0m) ($42.0m) ($15.0m) ($8.0m) — $0 — $94.0m
Income Tax Expense (Benefit) $266.0m ($949.0m) $244.0m $33.0m ($76.0m) $233.0m — ($396.0m) $747.0m $161.0m
Additional Financial Items
Accrued expenses ($27.0m) $113.0m ($101.0m) $107.0m ($18.0m) $389.0m ($89.0m) $109.0m $251.0m $113.0m
Accrued investment income $8.0m ($16.0m) ($17.0m) ($29.0m) ($84.0m) $16.0m ($67.0m) $4.0m ($39.0m) ($28.0m)
Beginning Cash Position — — — — — — $2.6b $3.3b $3.4b $5.8b
Cash Flow From Continuing Financing Activities — — — — — — $8.8b $5.4b $3.6b $7.9b
Cash Flow From Continuing Investing Activities — — — — — — ($11.6b) ($3.3b) $821.0m ($4.0b)
Cash and invested cash as of beginning-of-year $3.1b $2.7b $2.3b $2.6b $1.7b $2.6b $3.3b $3.4b $5.8b $9.5b
Cash received from disposition, net of cash transferred — — ($12.0m) — — — $0 $0 $619.0m $0
Change In Accrued Expense — — — — — — ($91.0m) $109.0m $251.0m $113.0m
Change In Income Tax Payable — — — — — — $421.0m ($396.0m) $747.0m $77.0m
Change In Other Working Capital — — — — — $232.0m ($530.0m) — — —
Change In Payable — — — — — — $421.0m ($396.0m) $747.0m $77.0m
Change In Payables And Accrued Expense — — — — — — $330.0m ($287.0m) $998.0m $190.0m
Change In Receivables — — — — — ($93.0m) ($54.0m) — — —
Change In Tax Payable — — — — — — $421.0m ($396.0m) $747.0m $77.0m
Change In Working Capital — — — — — — $5.1b ($3.6b) ($2.4b) ($2.0b)
Changes In Account Receivables — — — — — ($93.0m) ($54.0m) — — —
Changes In Cash — — — — — — $731.0m $22.0m $2.4b $3.7b
Debt Securities Available For Sale Excluding Accrued Interest Allowance For Credit Loss Not Previously Recorded — — — — — — — $26.0m $25.0m $65.0m
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded — — — — — — — $22.0m $42.0m $89.0m
Debt and Equity Securities, Realized Gain (Loss) — — — ($610.0m) ($513.0m) ($212.0m) — ($4.3b) $269.0m ($799.0m)
Deposits $10.1b $10.8b $13.6b $16.1b $14.0b $12.6b $15.2b $16.4b $16.1b $21.1b
End Cash Position — — — — — — $3.3b $3.4b $5.8b $9.5b
Equity Securities, FV-NI, Realized Gain (Loss) — — — — $8.0m $43.0m — ($6.0m) $18.0m ($1.0m)
Federal income tax accruals $69.0m ($1.1b) $154.0m ($227.0m) ($98.0m) $232.0m ($530.0m) ($396.0m) $747.0m $77.0m
Financing Cash Flow — — — — — — $8.8b $5.4b $3.6b $7.9b
Financing Receivable, Credit Loss, Expense (Reversal) — — — — $117.0m ($112.0m) — — — —
Free Cash Flow — — — — — — $3.6b ($2.1b) ($2.0b) ($167.0m)
Gain Loss On Investment Securities — — — — — — ($840.0m) $4.3b ($269.0m) $799.0m
General and Administrative Expense $1.7b $1.8b $2.0b $2.2b $2.1b $2.3b — $2.4b $2.7b $2.6b
Goodwill $2.3b $1.4b $1.8b $1.8b $1.8b $1.8b $1.8b $1.1b $1.1b $1.1b
Insurance liabilities and reinsurance-related balances — — $613.0m ($1.6b) ($699.0m) ($2.0b) $6.0b ($3.7b) ($3.3b) ($2.7b)
Investing Cash Flow — — — — — — ($11.6b) ($3.3b) $821.0m ($4.0b)
Issuance Of Capital Stock — — — — — — $986.0m $0 $0 $825.0m
Issuance of mortgage loans on real estate ($2.2b) ($2.1b) ($2.9b) ($4.3b) ($1.8b) ($3.1b) ($2.5b) ($1.9b) ($4.1b) ($4.3b)
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims — — $2.4b $3.0b $3.5b $3.9b — — — —
Market Risk Benefit, Change in Fair Value, Gain (Loss) — — — — — — — $2.3b $2.7b $372.0m
Market risk benefit (gain) loss — — — — — ($3.8b) ($3.2b) ($2.3b) ($2.7b) ($372.0m)
Maturities of available-for-sale securities $5.4b $5.9b $6.0b $6.6b $5.4b $9.6b $5.5b $5.7b $9.4b $11.1b
Net Business Purchase And Sale — — — — — — $0 $0 $619.0m $0
Net Preferred Stock Issuance — — — — — $0 $986.0m $0 $0 —
Net change in collateral on investments, certain derivatives and related settlements — — — $79.0m $1.5b $3.3b ($4.1b) ($260.0m) $4.1b $2.2b
Net financing cash proceeds related to closing Fortitude Re reinsurance transaction — — — — — $0 $0 $1.2b $0 $0
Operating Gains Losses — — — — — — ($840.0m) $4.3b ($269.0m) $799.0m
Other ($106.0m) ($113.0m) ($193.0m) ($261.0m) ($6.0m) ($60.0m) ($2.0m) $0 $0 $116.0m
Other Non Cash Items — — — — — — ($2.7b) ($2.0b) ($2.6b) ($191.0m)
Payment related to certain financing arrangements — — — — — $0 $0 ($49.0m) ($137.0m) ($148.0m)
Payment related to sale-leaseback transactions — — — ($83.0m) ($47.0m) ($59.0m) ($70.0m) ($79.0m) ($17.0m) ($7.0m)
Preferred Stock Issuance — — — — — $0 $986.0m $0 $0 —
Proceeds From Stock Option Exercised — — — — — — ($16.0m) ($7.0m) ($5.0m) $4.0m
Proceeds from certain financing arrangements — — — $107.0m $109.0m $159.0m $186.0m $86.0m $53.0m $33.0m
Purchases of available-for-sale securities and equity securities ($11.1b) ($10.1b) ($12.7b) ($15.3b) ($16.8b) ($16.9b) ($14.8b) ($11.1b) ($11.4b) ($19.2b)
Realized (gain) loss $339.0m $170.0m ($141.0m) $610.0m $513.0m $212.0m ($336.0m) $4.3b ($269.0m) $799.0m
Repayment (issuance) of policy loans, net $92.0m $51.0m $21.0m $32.0m $50.0m $62.0m $5.0m ($119.0m) $0 ($147.0m)
Repayment and maturities of mortgage loans on real estate $942.0m $1.2b $1.1b $1.2b $1.2b $1.9b $2.3b $1.3b $1.7b $2.9b
Repurchase Of Capital Stock — — — — — ($1.1b) ($550.0m) $0 $0 —
Sale Of Business — — — — — — $0 $0 $619.0m $0
Sales and maturities (purchases) of trading securities, net $168.0m $121.0m ($118.0m) ($2.5b) $266.0m ($108.0m) $300.0m $1.3b $343.0m $367.0m
Sales of available-for-sale securities and equity securities — — $3.7b $6.8b $1.4b $2.3b $2.3b $4.0b $2.0b $4.3b
Transfers from (to) separate accounts, net ($1.3b) ($1.8b) ($2.5b) ($1.4b) $528.0m ($340.0m) ($195.0m) ($624.0m) ($27.0m) ($794.0m)
Withdrawals ($5.5b) ($5.8b) ($6.0b) ($5.8b) ($6.1b) ($6.6b) ($6.9b) ($10.7b) ($12.2b) ($12.5b)
Derivative, Gain (Loss) on Derivative, Net ($549.0m) ($605.0m) ($216.0m) — — — — — — —
Gain (Loss) on Derivative Instruments, Net, Pretax — — — — — — — ($1.8b) ($438.0m) ($149.0m)
Net Cash Provided by (Used in) Operating Activities $1.3b $788.0m $1.9b ($2.7b) $534.0m $151.0m $3.6b ($2.1b) ($2.0b) ($167.0m)
Cash flows from investing activities:
Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads $143.0m $16.0m ($81.0m) ($409.0m) $48.0m $315.0m $115.0m $637.0m $689.0m $574.0m
Payments to Acquire Businesses, Net of Cash Acquired — — $1.4b — — — — — — —
Net Investment Purchase And Sale — — — — — — ($7.3b) ($2.0b) ($1.1b) ($4.8b)
Payments to Acquire Investments — — $12.7b $15.3b $16.8b $16.9b — $11.1b $11.4b —
Purchase Of Investment — — — — — — ($15.5b) ($11.8b) ($12.8b) ($21.3b)
Purchases of other investments — — — — — — — ($630.0m) ($1.4b) ($2.1b)
Sale Of Investment — — — — — — $8.2b $9.8b $11.8b $16.6b
Sales and repayments of other investments — — — — — — — $111.0m $352.0m $1.2b
Net Other Investing Changes — — — — — — ($4.1b) ($570.0m) $3.7b $2.3b
Payments for (Proceeds from) Other Investing Activities $106.0m $113.0m $193.0m $261.0m $153.0m $303.0m — $310.0m $304.0m ($116.0m)
Net Cash Provided by (Used in) Investing Activities ($3.7b) ($4.2b) ($5.8b) ($5.5b) ($9.5b) ($3.6b) ($11.6b) ($3.3b) $821.0m ($4.0b)
Cash flows from financing activities:
Issuance Of Debt — — — — — — $482.0m $86.0m $399.0m $528.0m
Issuance of long-term debt, net of issuance costs $395.0m — $1.1b $744.0m $1.3b $0 $296.0m $0 $346.0m $495.0m
Long Term Debt Issuance — — — — — — $482.0m $86.0m $399.0m $528.0m
Net Issuance Payments Of Debt — — — — — — $112.0m ($542.0m) $145.0m ($348.0m)
Net Long Term Debt Issuance — — — — — — $112.0m ($542.0m) $145.0m ($348.0m)
Proceeds from Issuance of Long-term Debt $395.0m — $1.1b $744.0m $1.3b — — $0 $346.0m $495.0m
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale $5.4b $5.9b $6.0b $6.6b $5.4b $9.6b — $5.7b $9.4b $11.1b
Long Term Debt Payments — — — — — — ($370.0m) ($628.0m) ($254.0m) ($876.0m)
Payment of long-term debt, including current maturities ($600.0m) — ($537.0m) ($308.0m) ($1.1b) $0 ($300.0m) ($500.0m) ($100.0m) ($300.0m)
Payment related to early extinguishment of debt ($59.0m) — ($23.0m) ($42.0m) ($13.0m) — — $0 $0 ($421.0m)
Repayment Of Debt — — — — — — ($370.0m) ($628.0m) ($254.0m) ($876.0m)
Repayments of Long-term Debt $600.0m — $537.0m $308.0m $1.1b — — $500.0m $100.0m $300.0m
Common Stock Issuance — — — — — — — $0 $0 $825.0m
Common stock issued for benefit plans $26.0m $46.0m ($6.0m) ($20.0m) ($7.0m) $20.0m ($16.0m) ($7.0m) ($5.0m) $4.0m
Issuance of common stock — — — — — — — $0 $0 $825.0m
Net Common Stock Issuance — — — — — — ($550.0m) $0 $0 $825.0m
Proceeds from Issuance of Common Stock — — — — — — — — — $825.0m
Common Stock Payments — — — — — ($1.1b) ($550.0m) $0 $0 —
Payments for Repurchase of Common Stock $879.0m $725.0m $900.0m $550.0m $275.0m $1.1b — $0 $0 —
Payments of Ordinary Dividends, Common Stock $238 $262 $289 $303 $311 $319 — $305 $307 $325
Cash Dividends Paid — — — — — — ($310.0m) ($387.0m) ($398.0m) ($416.0m)
Common Stock Dividend Paid — — — — — — ($310.0m) ($305.0m) ($307.0m) ($325.0m)
Dividends paid to common stockholders ($238) ($262) ($289) ($303) ($311) ($319) ($310) ($305) ($307) ($325)
Dividends paid to preferred stockholders — — — — — $0 $0 ($82.0m) ($91.0m) ($91.0m)
Preferred Stock Dividend Paid — — — — — — $0 ($82.0m) ($91.0m) ($91.0m)
Net Other Financing Charges — — — — — — $8.5b $6.4b $3.9b $7.8b
Proceeds from (Payments for) Other Financing Activities — — — — ($6.0m) ($60.0m) — $0 $0 —
Net Cash Provided by (Used in) Financing Activities $2.0b $2.3b $4.6b $8.4b $8.1b $4.3b $8.3b $5.4b $3.6b $7.9b
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect — — — — — — — $22.0m $2.4b $3.7b
Net increase (decrease) in cash and invested cash ($424.0m) ($1.1b) — — — $904.0m $731.0m $22.0m $2.4b $3.7b
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents — — $2.3b $2.6b $1.7b $2.6b $2.0b $3.4b $5.8b $9.5b
Supplemental disclosure of cash flow information:
Change In Cash Supplemental As Reported — — — — — — $731.0m $22.0m $2.4b $3.7b
Interest Paid, Excluding Capitalized Interest, Operating Activities $274.0m $248.0m $281.0m $281.0m $283.0m $277.0m $269.0m $344.0m $372.0m $336.0m
Income Taxes Paid, Net $197.0m $170.0m $90.0m $260.0m $22.0m $1.0m — $0 $0 $84.0m

Data sourced from SEC EDGAR 10-K filings via EdgarTools. Amounts are shown in USD as reported in each fiscal year filing.

Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.