LINCOLN NATIONAL CORP
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 19, 2026
LNC$42.98+7.3%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Financial Statements and Supplementary Data
| Page | |
|---|---|
| Report of Independent Registered Public Accounting Firm (PCAOB ID: 42) | 112 |
| Consolidated Balance Sheets | 116 |
| Consolidated Statements of Comprehensive Income (Loss) | 117 |
| Consolidated Statements of Stockholders’ Equity | 118 |
| Consolidated Statements of Cash Flows | 119 |
| Notes to Consolidated Financial Statements: | 120 |
| Note 1 – Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies | 120 |
| Note 2 – New Accounting Standards | 136 |
| Note 3 – Investments | 137 |
| Note 4 – Variable Interest Entities | 147 |
| Note 5 – Derivative Instruments | 149 |
| Note 6 – DAC, VOBA, DSI and DFEL | 159 |
| Note 7 – Reinsurance | 162 |
| Note 8 – Goodwill and Specifically Identifiable Intangible Assets | 165 |
| Note 9 – MRBs | 167 |
| Note 10 – Separate Accounts | 168 |
| Note 11 – Policyholder Account Balances | 169 |
| Note 12 – Future Contract Benefits | 173 |
| Note 13 – Short-Term and Long-Term Debt | 180 |
| Note 14 – Fair Value of Financial Instruments | 184 |
| Note 15 – Retirement and Deferred Compensation Plans | 198 |
| Note 16 – Stock-Based Incentive Compensation Plans | 198 |
| Note 17 – Contingencies and Commitments | 202 |
| Note 18 – Shares and Stockholders’ Equity | 208 |
| Note 19 – Segment Information | 212 |
| Note 20 – Realized Gain (Loss) | 219 |
| Note 21 – Commissions and Other Expenses | 220 |
| Note 22 – Federal Income Taxes | 220 |
| Note 23 – Statutory Information and Restrictions | 222 |
| Note 24 – Supplemental Disclosures of Cash Flow Information | 224 |
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