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Side-by-side financial comparison of Athene Holding Ltd. (ATHS) and LINCOLN NATIONAL CORP (LNC). Click either name above to swap in a different company.
Athene Holding Ltd. is the larger business by last-quarter revenue ($8.1B vs $4.9B, roughly 1.7× LINCOLN NATIONAL CORP). LINCOLN NATIONAL CORP runs the higher net margin — 15.3% vs 6.4%, a 8.9% gap on every dollar of revenue. On growth, Athene Holding Ltd. posted the faster year-over-year revenue change (115.1% vs -2.8%). Over the past eight quarters, Athene Holding Ltd.'s revenue compounded faster (19.2% CAGR vs 9.4%).
Athene Holding Ltd. is a leading US-focused retirement services provider. It offers fixed, indexed and variable annuity products plus tailored retirement savings solutions for individual consumers and institutional clients, aiming to help customers secure long-term financial stability for their retirement.
Lincoln National Corporation is a Fortune 200 American holding company, which operates multiple insurance and investment management businesses through subsidiary companies. Lincoln Financial Group is the marketing name for LNC and its subsidiary companies.
ATHS vs LNC — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $8.1B | $4.9B |
| Net Profit | $523.0M | $755.0M |
| Gross Margin | — | — |
| Operating Margin | 16.9% | 18.6% |
| Net Margin | 6.4% | 15.3% |
| Revenue YoY | 115.1% | -2.8% |
| Net Profit YoY | -48.5% | -55.2% |
| EPS (diluted) | — | $4.32 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $8.1B | $4.9B | ||
| Q3 25 | $8.0B | $4.6B | ||
| Q2 25 | $5.4B | $4.0B | ||
| Q1 25 | $4.2B | $4.7B | ||
| Q4 24 | $3.8B | $5.1B | ||
| Q3 24 | $6.5B | $4.1B | ||
| Q2 24 | $4.7B | $5.2B | ||
| Q1 24 | $5.7B | $4.1B |
| Q4 25 | $523.0M | $755.0M | ||
| Q3 25 | $1.3B | $445.0M | ||
| Q2 25 | $464.0M | $699.0M | ||
| Q1 25 | $465.0M | $-722.0M | ||
| Q4 24 | $1.0B | $1.7B | ||
| Q3 24 | $625.0M | $-528.0M | ||
| Q2 24 | $629.0M | $895.0M | ||
| Q1 24 | $1.2B | $1.2B |
| Q4 25 | 16.9% | 18.6% | ||
| Q3 25 | 26.8% | 11.5% | ||
| Q2 25 | 12.2% | 21.0% | ||
| Q1 25 | 22.3% | -20.2% | ||
| Q4 24 | 30.4% | 41.5% | ||
| Q3 24 | 25.7% | -17.1% | ||
| Q2 24 | 22.0% | 21.3% | ||
| Q1 24 | 31.1% | 37.1% |
| Q4 25 | 6.4% | 15.3% | ||
| Q3 25 | 15.7% | 9.8% | ||
| Q2 25 | 8.7% | 17.3% | ||
| Q1 25 | 11.1% | -15.4% | ||
| Q4 24 | 26.8% | 33.3% | ||
| Q3 24 | 9.6% | -12.8% | ||
| Q2 24 | 13.5% | 17.4% | ||
| Q1 24 | 20.8% | 29.7% |
| Q4 25 | — | $4.32 | ||
| Q3 25 | — | $2.12 | ||
| Q2 25 | — | $3.80 | ||
| Q1 25 | — | $-4.41 | ||
| Q4 24 | — | $9.66 | ||
| Q3 24 | — | $-3.29 | ||
| Q2 24 | — | $5.11 | ||
| Q1 24 | — | $6.93 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | $7.8B | $6.3B |
| Stockholders' EquityBook value | $20.5B | $10.9B |
| Total Assets | $442.2B | $417.2B |
| Debt / EquityLower = less leverage | 0.38× | 0.57× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $15.3B | — |
| Q4 25 | $7.8B | $6.3B | ||
| Q3 25 | $7.9B | $5.8B | ||
| Q2 25 | $7.9B | $5.8B | ||
| Q1 25 | $6.3B | $5.9B | ||
| Q4 24 | $6.3B | $6.1B | ||
| Q3 24 | $5.7B | $5.9B | ||
| Q2 24 | $5.7B | $5.7B | ||
| Q1 24 | $5.7B | $5.7B |
| Q4 25 | $20.5B | $10.9B | ||
| Q3 25 | $20.4B | $10.5B | ||
| Q2 25 | $18.1B | $9.5B | ||
| Q1 25 | $17.5B | $8.2B | ||
| Q4 24 | $16.4B | $8.3B | ||
| Q3 24 | $17.4B | $9.0B | ||
| Q2 24 | $15.0B | $7.9B | ||
| Q1 24 | $14.8B | $7.5B |
| Q4 25 | $442.2B | $417.2B | ||
| Q3 25 | $429.9B | $415.3B | ||
| Q2 25 | $405.3B | $399.1B | ||
| Q1 25 | $381.5B | $382.9B | ||
| Q4 24 | $363.3B | $390.8B | ||
| Q3 24 | $355.0B | $396.8B | ||
| Q2 24 | $332.6B | $384.5B | ||
| Q1 24 | $320.6B | $383.4B |
| Q4 25 | 0.38× | 0.57× | ||
| Q3 25 | 0.38× | 0.55× | ||
| Q2 25 | 0.43× | 0.60× | ||
| Q1 25 | 0.36× | 0.72× | ||
| Q4 24 | 0.39× | 0.74× | ||
| Q3 24 | 0.33× | 0.65× | ||
| Q2 24 | 0.38× | 0.72× | ||
| Q1 24 | 0.39× | 0.76× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $3.0B | $233.0M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 5.82× | 0.31× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.0B | $233.0M | ||
| Q3 25 | $636.0M | $-1.1B | ||
| Q2 25 | $1.1B | $1.0B | ||
| Q1 25 | $426.0M | $-272.0M | ||
| Q4 24 | $386.0M | $222.0M | ||
| Q3 24 | $780.0M | $-27.0M | ||
| Q2 24 | $525.0M | $-859.0M | ||
| Q1 24 | $185.0M | $-1.3B |
| Q4 25 | 5.82× | 0.31× | ||
| Q3 25 | 0.51× | -2.56× | ||
| Q2 25 | 2.28× | 1.45× | ||
| Q1 25 | 0.92× | — | ||
| Q4 24 | 0.38× | 0.13× | ||
| Q3 24 | 1.25× | — | ||
| Q2 24 | 0.83× | -0.96× | ||
| Q1 24 | 0.16× | -1.10× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ATHS
Segment breakdown not available.
LNC
| Life Segment | $1.6B | 33% |
| Group Protection Segment | $1.5B | 31% |
| Annuities Segment | $1.3B | 27% |
| Other | $435.0M | 9% |
