Cash Flow Statement

Operating Cash Flow

10Y

Investing Cash Flow

+66%

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	471	378	123	49	5	99	369	512	601	645	711	707	756	767	796	831	873	1 024	1 159	1 316	1 491	1 518	1 484	1 215	1 108	857	675	57	(811)	(1 097)	(1 092)	(485)	377	794	887	902	933	980	887	221	152	168	443	1 313	1 307	1 305	1 214	1 244	1 334	1 415	1 517	1 515	1 486	1 432	1 220	1 154	1 062	1 043	1 282	1 192	1 419	1 505	1 457	2 079	2 011	1 985	2 057	1 641	1 526	1 505	853	886	686	228	788	499	672	1 408	1 328	1 887	3 144	3 341	1 247	(2 241)	(4 604)	(4 932)	(2 303)	(752)	1 351	1 734	353	3 275	1 331	1 136	2 110	1 177
Depreciation & Amortization	169	167	177	181	179	165	174	154	150	172	169	61	160	72	77	78	80	62	62	0	43	29	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change in Deffered Taxes	0	104	(45)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation	0	0	0	60	0	0	0	59	0	0	0	55	0	0	0	52	0	0	0	53	0	0	63	47	59	66	60	35	29	30	26	13	0	0	0	16	0	0	0	22	0	0	0	31	0	0	0	40	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	19	12	5	(82)	0	0	0	347	348	350	338	(425)	(484)	(408)	(342)	(118)	(63)	(117)	(164)	403	1 665	1 667	2 620	584	741	1 176	415	1 119	839	857	387	(144)	72	7	332	507	449	264	53	808	606	551	298	(199)	(369)	(568)	122	(794)	(225)	(309)	(522)	863	594	711	1 064	665	657	320	(853)	(871)	(1 141)	(1 470)	(827)	(710)	(615)	84	(188)	604	166	(548)	65	(1 644)	(264)	390	(321)	(740)	(2 238)	(2 893)	(2 758)	(1 993)	(1 954)	229	3 200	6 550	6 572	2 782	(1 507)	(5 983)	(8 213)	(7 361)	(5 620)	(5 999)	(1 980)	(1 515)	(3 328)	(3 154)
Cash Taxes Paid	0	0	0	383	0	0	0	(65)	0	0	0	155	0	0	0	105	0	0	0	320	0	0	0	177	0	0	0	418	0	0	0	(189)	0	0	0	(107)	0	0	0	(36)	0	0	0	124	0	0	0	10	0	0	0	254	0	0	0	215	0	0	0	197	0	0	0	170	0	0	0	90	0	0	0	260	0	0	0	22	0	0	0	1	0	0	0	(54)	0	0	0	0	0	0	0	0	0	0	0	84
Cash Interest Paid	0	0	0	97	0	0	0	94	0	0	0	93	0	0	0	90	0	0	0	195	0	0	0	268	0	0	0	283	0	0	0	244	0	0	0	282	0	0	0	287	0	0	0	270	0	0	0	260	0	0	0	272	0	0	0	265	0	0	0	274	0	0	0	248	0	0	0	281	0	0	0	281	0	0	0	283	0	0	0	277	0	0	0	269	0	0	0	344	0	0	0	372	0	0	0	336
Change in Working Capital	9	349	861	349	1 002	739	215	(81)	(437)	(206)	(303)	684	727	739	873	417	460	640	1 227	1 331	39	347	(824)	156	(252)	(1 001)	(454)	83	854	1 495	1 705	1 566	1 332	562	310	311	113	481	570	247	460	293	267	155	(202)	(27)	(229)	349	204	9	395	148	479	594	634	424	523	831	1 004	951	808	906	574	(581)	(577)	(851)	(656)	(302)	(1 220)	(2 208)	(2 866)	(1 928)	(1 322)	229	45	775	1 003	817	1 731	274	96	(806)	(1 372)	(273)	818	3 569	4 625	4 661	4 219	1 603	1 170	717	(287)	1 315	1 040	1 810
Cash from Operating Activities	668 N/A	1 001 +50%	1 112 +11%	496 -55%	1 186 +139%	935 -21%	803 -14%	932 +16%	662 -29%	961 +45%	916 -5%	1 027 +12%	1 057 +3%	1 120 +6%	1 302 +16%	1 208 -7%	1 329 +10%	1 609 +21%	2 284 +42%	3 050 +34%	3 194 +5%	3 517 +10%	3 236 -8%	1 955 -40%	1 584 -19%	1 017 -36%	636 -37%	1 259 +98%	882 -30%	1 255 +42%	1 000 -20%	937 -6%	1 781 +90%	1 363 -23%	1 529 +12%	1 720 +12%	1 495 -13%	1 725 +15%	1 510 -12%	1 276 -15%	1 218 -5%	1 012 -17%	1 008 0%	1 269 +26%	736 -42%	710 -4%	1 107 +56%	799 -28%	1 313 +64%	1 115 -15%	1 390 +25%	2 526 +82%	2 559 +1%	2 737 +7%	2 918 +7%	2 243 -23%	2 242 0%	2 194 -2%	1 433 -35%	1 272 -11%	1 086 -15%	941 -13%	1 204 +28%	788 -35%	819 +4%	1 218 +49%	1 213 0%	1 943 +60%	472 -76%	(1 251) N/A	(1 948) -56%	(2 686) -38%	(900) +66%	847 N/A	512 -40%	534 +4%	(563) N/A	(668) -19%	301 N/A	168 -44%	1 286 +665%	2 764 +115%	3 075 +11%	4 036 +31%	2 786 -31%	1 419 -49%	815 -43%	(2 074) N/A	(2 643) -27%	(4 024) -52%	(4 097) -2%	(2 007) +51%	(936) +53%	936 N/A	(178) N/A	(167) +6%
Investing Cash Flow
Capital Expenditures	(64)	(90)	(102)	0	(160)	(97)	(91)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Items	(1 727)	(1 304)	(2 765)	(3 264)	(3 075)	(3 061)	(2 032)	(2 055)	(1 023)	(1 507)	(1 320)	(893)	(1 084)	(594)	(473)	635	541	(1 407)	(1 818)	(2 265)	(2 985)	(1 255)	(1 484)	(1 961)	(358)	(1 111)	(522)	2 571	939	(3 003)	(4 555)	(7 852)	(8 471)	(4 781)	(4 464)	(5 630)	(5 508)	(5 169)	(2 729)	(2 125)	(2 671)	(1 075)	(3 181)	(3 857)	(3 233)	(5 638)	(5 604)	(4 710)	(3 798)	(3 012)	(2 618)	(1 805)	(2 463)	(2 834)	(2 230)	(4 223)	(3 895)	(2 329)	(3 688)	(3 666)	(4 458)	(5 430)	(4 838)	(4 188)	(3 284)	(4 557)	(5 644)	(5 815)	(6 353)	(3 501)	(3 860)	(5 499)	(3 624)	(8 804)	(9 659)	(9 481)	(10 935)	(7 635)	(5 472)	(3 584)	(5 012)	(8 814)	(11 011)	(11 646)	(9 831)	(6 080)	(4 403)	(3 334)	(1 370)	88	824	821	(2 864)	(3 731)	(817)	(4 013)
Cash from Investing Activities	(1 658) N/A	(1 261) +24%	(2 734) -117%	(3 264) -19%	(3 133) +4%	(3 056) +2%	(2 021) +34%	(2 055) -2%	(965) +53%	(1 440) -49%	(1 230) +15%	(893) +27%	(1 084) -21%	(594) +45%	(473) +20%	635 N/A	541 -15%	(1 407) N/A	(1 818) -29%	(2 265) -25%	(2 985) -32%	(1 255) +58%	(1 484) -18%	(1 961) -32%	(358) +82%	(1 111) -210%	(522) +53%	2 571 N/A	939 -63%	(3 003) N/A	(4 555) -52%	(7 852) -72%	(8 471) -8%	(4 781) +44%	(4 464) +7%	(5 630) -26%	(5 508) +2%	(5 169) +6%	(2 729) +47%	(2 125) +22%	(2 671) -26%	(1 075) +60%	(3 181) -196%	(3 857) -21%	(3 233) +16%	(5 638) -74%	(5 604) +1%	(4 710) +16%	(3 798) +19%	(3 012) +21%	(2 618) +13%	(1 805) +31%	(2 463) -36%	(2 834) -15%	(2 230) +21%	(4 223) -89%	(3 895) +8%	(2 329) +40%	(3 688) -58%	(3 666) +1%	(4 458) -22%	(5 430) -22%	(4 838) +11%	(4 188) +13%	(3 284) +22%	(4 557) -39%	(5 644) -24%	(5 815) -3%	(6 353) -9%	(3 501) +45%	(3 860) -10%	(5 499) -42%	(3 624) +34%	(8 804) -143%	(9 659) -10%	(9 481) +2%	(10 935) -15%	(7 635) +30%	(5 472) +28%	(3 584) +35%	(5 012) -40%	(8 814) -76%	(11 011) -25%	(11 646) -6%	(9 831) +16%	(6 080) +38%	(4 403) +28%	(3 334) +24%	(1 370) +59%	88 N/A	824 +836%	821 0%	(2 864) N/A	(3 731) -30%	(817) +78%	(4 013) -391%
Financing Cash Flow
Net Issuance of Common Stock	(273)	(430)	(501)	(392)	(394)	(233)	2	158	(7)	(136)	(212)	(268)	(253)	(197)	(87)	(12)	15	(374)	(677)	(836)	(1 322)	(854)	(742)	(888)	(702)	(814)	(727)	(427)	(161)	581	1 619	1 602	1 610	388	(632)	(654)	(734)	(303)	(403)	(572)	(645)	(646)	(594)	(493)	(442)	(438)	(439)	(415)	(467)	(465)	(493)	(618)	(802)	(774)	(847)	(853)	(722)	(880)	(878)	(853)	(817)	(737)	(734)	(679)	(517)	(420)	(399)	(906)	(1 073)	(1 122)	(1 094)	(570)	(628)	(481)	(336)	(282)	(146)	(290)	(487)	(1 085)	(1 397)	(1 356)	(1 209)	420	826	928	979	(7)	(8)	(7)	(5)	(5)	(4)	819	828	829
Net Issuance of Debt	(114)	(96)	76	(30)	(119)	(115)	(101)	(314)	50	84	121	95	(116)	(128)	(155)	(143)	(232)	1 385	1 435	1 303	1 997	42	445	1 029	290	637	426	200	638	226	(17)	50	(483)	687	747	345	594	45	(232)	(327)	(29)	(227)	(250)	(20)	(318)	(268)	377	393	(107)	(157)	(504)	(500)	298	48	48	48	(250)	0	0	(264)	0	0	0	0	584	534	534	534	(50)	0	345	394	593	574	229	180	(19)	0	(8)	(8)	(11)	(11)	(4)	(4)	(1)	(1)	(500)	(500)	(200)	(254)	246	246	(354)	(300)	(300)	195
Cash Paid for Dividends	(232)	(236)	(238)	(235)	(236)	(234)	(235)	(240)	(241)	(245)	(248)	(249)	(251)	(251)	(252)	(255)	(258)	(342)	(344)	(385)	(427)	(386)	(428)	(430)	(431)	(431)	(430)	(430)	(374)	(269)	(171)	(79)	(40)	(59)	(54)	(42)	(43)	(37)	(51)	(61)	(68)	(76)	(80)	(91)	(101)	(110)	(121)	(128)	(137)	(147)	(157)	(170)	(180)	(188)	(197)	(204)	(212)	(224)	(231)	(238)	(243)	(248)	(256)	(262)	(269)	(275)	(281)	(289)	(294)	(297)	(299)	(303)	(305)	(306)	(309)	(311)	(312)	(316)	(319)	(319)	(318)	(315)	(312)	(310)	(333)	(342)	(376)	(387)	(396)	(397)	(397)	(398)	(398)	(398)	(407)	(416)
Other	1 293	1 786	1 888	2 020	2 633	2 383	1 912	1 540	1 121	1 044	689	239	(110)	(504)	(728)	(783)	(920)	(1 030)	(1 374)	(1 557)	(1 530)	(1 574)	(808)	338	1 163	1 633	1 450	1 088	1 242	1 977	3 440	3 600	3 435	3 414	2 945	2 818	2 967	2 951	3 190	3 578	3 495	3 357	2 638	2 912	2 949	3 061	2 957	2 195	1 938	1 601	1 553	2 122	2 226	1 829	2 259	2 216	2 527	3 025	3 036	3 325	3 442	3 603	3 409	3 247	3 001	3 297	4 072	5 250	6 634	7 710	8 335	8 882	9 473	9 057	9 219	8 505	7 123	7 097	6 004	5 732	6 062	6 910	8 319	8 235	8 359	6 277	4 542	6 324	4 973	6 301	6 913	3 779	4 718	4 342	5 529	7 273
Cash from Financing Activities	674 N/A	1 023 +52%	1 225 +20%	1 363 +11%	1 883 +38%	1 801 -4%	1 579 -12%	1 144 -28%	923 -19%	747 -19%	350 -53%	(183) N/A	(729) -298%	(1 080) -48%	(1 223) -13%	(1 193) +2%	(1 395) -17%	(361) +74%	(960) -166%	(1 475) -54%	(1 282) +13%	(2 772) -116%	(1 533) +45%	49 N/A	320 +553%	1 025 +220%	719 -30%	431 -40%	1 345 +212%	2 515 +87%	4 871 +94%	5 173 +6%	4 522 -13%	4 430 -2%	3 006 -32%	2 467 -18%	2 784 +13%	2 656 -5%	2 504 -6%	2 618 +5%	2 753 +5%	2 408 -13%	1 714 -29%	2 308 +35%	2 088 -10%	2 245 +8%	2 774 +24%	2 045 -26%	1 227 -40%	832 -32%	399 -52%	834 +109%	1 542 +85%	915 -41%	1 263 +38%	1 207 -4%	1 343 +11%	1 921 +43%	1 927 +0%	1 970 +2%	2 118 +8%	2 354 +11%	2 155 -8%	2 306 +7%	2 799 +21%	3 136 +12%	3 926 +25%	4 589 +17%	5 217 +14%	6 291 +21%	7 287 +16%	8 403 +15%	9 133 +9%	8 844 -3%	8 803 0%	8 092 -8%	6 646 -18%	6 491 -2%	5 190 -20%	4 320 -17%	4 336 +0%	5 228 +21%	6 794 +30%	8 341 +23%	8 851 +6%	6 862 -22%	4 645 -32%	5 430 +17%	4 369 -20%	5 643 +29%	6 757 +20%	3 622 -46%	3 962 +9%	4 463 +13%	5 650 +27%	7 881 +39%
Change in Cash
Net Change in Cash	(316) N/A	764 N/A	(396) N/A	(1 405) -254%	(64) +95%	(319) -399%	361 N/A	21 -94%	620 +2 895%	268 -57%	36 -87%	(49) N/A	(756) -1 443%	(555) +27%	(394) +29%	650 N/A	475 -27%	(159) N/A	(494) -211%	(690) -40%	(1 073) -56%	(510) +52%	219 N/A	43 -80%	1 546 +3 495%	931 -40%	833 -11%	4 261 +412%	3 166 -26%	767 -76%	1 316 +72%	(1 742) N/A	(2 168) -24%	1 012 N/A	71 -93%	(1 443) N/A	(1 229) +15%	(788) +36%	1 285 N/A	1 769 +38%	1 300 -27%	2 345 +80%	(459) N/A	(280) +39%	(409) -46%	(2 683) -556%	(1 723) +36%	(1 866) -8%	(1 258) +33%	(1 065) +15%	(829) +22%	1 555 N/A	1 638 +5%	818 -50%	1 951 +139%	(773) N/A	(310) +60%	1 786 N/A	(328) N/A	(424) -29%	(1 254) -196%	(2 135) -70%	(1 479) +31%	(1 094) +26%	334 N/A	(203) N/A	(505) -149%	717 N/A	(664) N/A	1 539 N/A	1 479 -4%	218 -85%	4 609 +2 014%	887 -81%	(344) N/A	(855) -149%	(4 852) -467%	(1 812) +63%	19 N/A	904 +4 658%	610 -33%	(822) N/A	(1 142) -39%	731 N/A	1 806 +147%	2 201 +22%	1 057 -52%	22 -98%	356 +1 518%	1 707 +379%	3 484 +104%	2 436 -30%	162 -93%	1 668 +930%	4 655 +179%	3 701 -20%

Income Statement Balance Sheet Cash Flow Statement

Lincoln National Corp
NYSE:LNC

Cash Flow Statement

Cash Flow Statement
Lincoln National Corp

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Lincoln National Corp NYSE:LNC

Cash Flow Statement

Cash Flow Statement Lincoln National Corp

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Lincoln National Corp
NYSE:LNC

Cash Flow Statement
Lincoln National Corp