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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Lincoln National
Lincoln National (LNC) investor relations material
Lincoln National Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
Adjusted operating income excluding the annual assumption review rose 10% YoY; Life Insurance and Retirement Plan Services gains offset Group Protection weakness.
Q3 net income was $1.399B vs. $445M, with market-related annuity-feature gains and reinsurance fair-value effects contributing to the increase.
The $6.3B Talcott reinsurance transaction closed October 1, including ceding ~$5.8B of in-force guaranteed universal life statutory reserves.
Financial highlights
Adjusted operating income available to common stockholders was $339M, or $1.72 per diluted share, vs. $397M and $2.04 a year earlier; the annual assumption review reduced it by $95M after tax.
Excluding significant items, adjusted income available to common stockholders was $434M.
Net income available to common stockholders was $1.332B and diluted GAAP EPS was $6.77, vs. $411M and $2.12 in Q3 2025.
Revenue was $5.481B vs. $4.555B; nine-month revenue was $15.328B vs. $13.290B.
Nine-month net income was $2.559B vs. $423M; adjusted operating income available to common stockholders was $1.103B in both periods.
Outlook and guidance
Annuities Q4 earnings are expected to be relatively flat QoQ excluding the Q3 review; spread-based balance growth and higher portfolio yields are expected to support earnings over time.
Group Protection Q4 earnings are expected to improve sequentially, but full-year margin is forecast at or modestly below the low end of the 8%–9% range.
RPS Q4 earnings are expected to match the prior-year quarter; Q4 net outflows are projected at ~$3B, mainly from one large plan termination.
From Q4 2026, adjusted operating income will exclude amortization of deferred gains or losses on reinsured exited business; the refinement is estimated to add $17M to Life and reduce Other Operations by $1M after tax in Q4.
Management plans to provide more detail on the 2027 outlook, capital returns, and longer-term objectives on the Q4 call.
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Latest events from Lincoln National
- Market recovery lifted earnings, but accounting volatility and low rates remained key risks.LNC
Q4 2003 - Equity-market losses and reinsurance reserve charges drove 2002 earnings down 84%.LNCQ4 2002
- Record FY05 flows and earnings, with merger integration and rate pressure defining 2006.LNCQ4 2005
- Merger-driven growth lifted FY 2006 net income 58% to $1.316B, with integration and market risks ahead.LNCQ4 2006
- Revenue grew, but market volatility and one-time disposal losses reduced FY 2007 net income.LNCQ4 2007
- Market turmoil drove a $505M Q4 loss and forced major capital-preservation steps.LNCQ4 2008
- A $485M FY09 net loss was offset by $943M in operating income and a strengthened capital position.LNCQ4 2009
- A $980M profit rebound and stronger retirement demand met headwinds from low rates and disability claims.LNCQ4 2010
- Operating growth and strong capital actions were offset by a $747M goodwill impairment and low-rate pressures.LNCQ4 2011
- Higher earnings and 12% operating ROE, with low rates and claims still pressuring results.LNCQ4 2012
Next Lincoln National earnings date
Q4 20265 Feb, 2027
Lincoln National
Next Lincoln National earnings date
Q4 20265 Feb, 2027
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Frequently asked questions
Lincoln National Corporation is a holding company. The Company operates through three segments: Individual Life, Group and Retirement. The Individual Life segment principally sells individual life and the Scottish Provident Life Assurance companies' annuity products. The Group segment primarily offers property and casualty insurance in the United States, Ireland and England through its subsidiaries: Lincoln National Casualty Company (Lincoln Casualty), Lincoln General Insurance Company (Lincoln General), London Market Excess of Loss Reinsurance Ltd. (LMXR), The Stacey Corporation (Stacey Corporation) and NW Insurance Company (NW Insurance).