LINCOLN NATIONAL CORP

For the period ended Dec 31, 2025. Filed Feb 19, 2026.

About this filing

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$42.77-0.5%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

	For the Years Ended December 31,
	2025	2024	2023
Cash Flows from Operating Activities
Net income (loss)	$1,177	$3,275	$(752)
Adjustments to reconcile net income (loss) to net cash provided by (used in)
operating activities:
Realized (gain) loss	799	(269)	4,311
Market risk benefit (gain) loss	(372)	(2,677)	(2,264)
Sales and maturities (purchases) of trading securities, net	367	343	1,301
Net operating cash payments related to closing Fortitude Re reinsurance transaction	–	–	(1,438)
Early extinguishment of debt (gain) loss	(94)	–	–
Change in:
Deferred acquisition costs, value of business acquired, deferred sales inducements
and deferred front-end loads	574	689	637
Accrued investment income	(28)	(39)	4
Insurance liabilities and reinsurance-related balances	(2,688)	(4,068)	(3,963)
Accrued expenses	113	251	109
Federal income tax accruals	77	747	(396)
Other	(92)	(259)	377
Net cash provided by (used in) operating activities	(167)	(2,007)	(2,074)
Cash Flows from Investing Activities
Purchases of available-for-sale securities and equity securities	(19,229)	(11,442)	(11,131)
Sales of available-for-sale securities and equity securities	4,317	1,965	4,013
Maturities of available-for-sale securities	11,056	9,442	5,670
Purchases of other investments	(2,109)	(1,390)	(630)
Sales and repayments of other investments	1,191	352	111
Issuance of mortgage loans on real estate	(4,255)	(4,146)	(1,946)
Repayment and maturities of mortgage loans on real estate	2,871	1,673	1,268
Repayment (issuance) of policy loans, net	(147)	–	(119)
Net change in collateral on investments, certain derivatives and related settlements	2,176	4,052	(260)
Cash received from disposition, net of cash transferred	–	619	–
Other	116	(304)	(310)
Net cash provided by (used in) investing activities	(4,013)	821	(3,334)
Cash Flows from Financing Activities
Payment of long-term debt, including current maturities	(300)	(100)	(500)
Issuance of long-term debt, net of issuance costs	495	346	–
Payment related to early extinguishment of debt	(421)	–	–
Payment related to sale-leaseback transactions	(7)	(17)	(79)
Proceeds from certain financing arrangements	33	53	86
Payment related to certain financing arrangements	(148)	(137)	(49)
Net financing cash proceeds related to closing Fortitude Re reinsurance transaction	–	–	1,246
Policyholder account balances:
Deposits	21,109	16,060	16,404
Withdrawals	(12,499)	(12,153)	(10,660)
Transfers from (to) separate accounts, net	(794)	(27)	(624)
Issuance of common stock	825	–	–
Common stock issued for benefit plans	4	(5)	(7)
Dividends paid to preferred stockholders	(91)	(91)	(82)
Dividends paid to common stockholders	(325)	(307)	(305)
Net cash provided by (used in) financing activities	7,881	3,622	5,430
Net increase (decrease) in cash and invested cash	3,701	2,436	22
Cash and invested cash as of beginning-of-year	5,801	3,365	3,343
Cash and invested cash as of end-of-year	$9,502	$5,801	$3,365

See accompanying Notes to Consolidated Financial Statements

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.