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Side-by-side financial comparison of LINCOLN NATIONAL CORP (LNC) and PPG Industries (PPG). Click either name above to swap in a different company.
LINCOLN NATIONAL CORP is the larger business by last-quarter revenue ($4.9B vs $3.9B, roughly 1.3× PPG Industries). LINCOLN NATIONAL CORP runs the higher net margin — 15.3% vs 9.8%, a 5.5% gap on every dollar of revenue. On growth, PPG Industries posted the faster year-over-year revenue change (6.7% vs -2.8%). Over the past eight quarters, LINCOLN NATIONAL CORP's revenue compounded faster (9.4% CAGR vs -9.5%).
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.
PPG Industries, Inc. is an American supplier of paints, coatings, and specialty materials based in Pittsburgh, Pennsylvania. It operates in more than 70 countries globally. A member of the Fortune 500, PPG is the second largest coatings company in the world by revenue, behind Sherwin-Williams. It is headquartered in PPG Place, an office and retail complex in downtown Pittsburgh, and is known for its glass facade designed by Postmodern architect Philip Johnson.
LNC vs PPG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $4.9B | $3.9B |
| Net Profit | $755.0M | $385.0M |
| Gross Margin | — | — |
| Operating Margin | 18.6% | — |
| Net Margin | 15.3% | 9.8% |
| Revenue YoY | -2.8% | 6.7% |
| Net Profit YoY | -55.2% | 1.9% |
| 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.
| Q1 26 | — | $3.9B | ||
| Q4 25 | $4.9B | $3.9B | ||
| Q3 25 | $4.6B | $4.1B | ||
| Q2 25 | $4.0B | $4.2B | ||
| Q1 25 | $4.7B | $3.7B | ||
| Q4 24 | $5.1B | $2.2B | ||
| Q3 24 | $4.1B | $4.6B | ||
| Q2 24 | $5.2B | $4.8B |
| Q1 26 | — | $385.0M | ||
| Q4 25 | $755.0M | $300.0M | ||
| Q3 25 | $445.0M | $453.0M | ||
| Q2 25 | $699.0M | $450.0M | ||
| Q1 25 | $-722.0M | $373.0M | ||
| Q4 24 | $1.7B | $-280.0M | ||
| Q3 24 | $-528.0M | $468.0M | ||
| Q2 24 | $895.0M | $528.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 40.8% | ||
| Q3 25 | — | 40.6% | ||
| Q2 25 | — | 42.0% | ||
| Q1 25 | — | 41.9% | ||
| Q4 24 | — | 34.9% | ||
| Q3 24 | — | 41.8% | ||
| Q2 24 | — | 43.0% |
| Q1 26 | — | — | ||
| Q4 25 | 18.6% | 9.9% | ||
| Q3 25 | 11.5% | 16.9% | ||
| Q2 25 | 21.0% | 17.7% | ||
| Q1 25 | -20.2% | 16.5% | ||
| Q4 24 | 41.5% | 0.5% | ||
| Q3 24 | -17.1% | 15.6% | ||
| Q2 24 | 21.3% | 17.3% |
| Q1 26 | — | 9.8% | ||
| Q4 25 | 15.3% | 7.7% | ||
| Q3 25 | 9.8% | 11.1% | ||
| Q2 25 | 17.3% | 10.7% | ||
| Q1 25 | -15.4% | 10.1% | ||
| Q4 24 | 33.3% | -12.9% | ||
| Q3 24 | -12.8% | 10.2% | ||
| Q2 24 | 17.4% | 11.0% |
| Q1 26 | — | — | ||
| Q4 25 | $4.32 | $1.33 | ||
| Q3 25 | $2.12 | $2.00 | ||
| Q2 25 | $3.80 | $1.98 | ||
| Q1 25 | $-4.41 | $1.63 | ||
| Q4 24 | $9.66 | $-1.18 | ||
| Q3 24 | $-3.29 | $2.00 | ||
| Q2 24 | $5.11 | $2.24 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $1.6B |
| Total DebtLower is stronger | $6.3B | $6.4B |
| Stockholders' EquityBook value | $10.9B | — |
| Total Assets | $417.2B | — |
| Debt / EquityLower = less leverage | 0.57× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.6B | ||
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $1.9B | ||
| Q2 25 | — | $1.6B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $1.2B |
| Q1 26 | — | $6.4B | ||
| Q4 25 | $6.3B | $7.3B | ||
| Q3 25 | $5.8B | $7.3B | ||
| Q2 25 | $5.8B | $7.3B | ||
| Q1 25 | $5.9B | $7.2B | ||
| Q4 24 | $6.1B | $5.8B | ||
| Q3 24 | $5.9B | $6.5B | ||
| Q2 24 | $5.7B | $6.4B |
| Q1 26 | — | — | ||
| Q4 25 | $10.9B | $7.9B | ||
| Q3 25 | $10.5B | $7.8B | ||
| Q2 25 | $9.5B | $7.6B | ||
| Q1 25 | $8.2B | $6.9B | ||
| Q4 24 | $8.3B | $6.8B | ||
| Q3 24 | $9.0B | $7.8B | ||
| Q2 24 | $7.9B | $7.8B |
| Q1 26 | — | — | ||
| Q4 25 | $417.2B | $22.1B | ||
| Q3 25 | $415.3B | $22.1B | ||
| Q2 25 | $399.1B | $22.1B | ||
| Q1 25 | $382.9B | $21.1B | ||
| Q4 24 | $390.8B | $19.4B | ||
| Q3 24 | $396.8B | $21.9B | ||
| Q2 24 | $384.5B | $21.7B |
| Q1 26 | — | — | ||
| Q4 25 | 0.57× | 0.92× | ||
| Q3 25 | 0.55× | 0.94× | ||
| Q2 25 | 0.60× | 0.97× | ||
| Q1 25 | 0.72× | 1.05× | ||
| Q4 24 | 0.74× | 0.86× | ||
| Q3 24 | 0.65× | 0.83× | ||
| Q2 24 | 0.72× | 0.82× |
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 | $233.0M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 5.0% |
| Cash ConversionOCF / Net Profit | 0.31× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $233.0M | $887.0M | ||
| Q3 25 | $-1.1B | $685.0M | ||
| Q2 25 | $1.0B | $387.0M | ||
| Q1 25 | $-272.0M | $-18.0M | ||
| Q4 24 | $222.0M | $346.0M | ||
| Q3 24 | $-27.0M | $769.0M | ||
| Q2 24 | $-859.0M | $365.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $586.0M | ||
| Q3 25 | — | $538.0M | ||
| Q2 25 | — | $266.0M | ||
| Q1 25 | — | $-227.0M | ||
| Q4 24 | — | $148.0M | ||
| Q3 24 | — | $620.0M | ||
| Q2 24 | — | $247.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 15.0% | ||
| Q3 25 | — | 13.2% | ||
| Q2 25 | — | 6.3% | ||
| Q1 25 | — | -6.2% | ||
| Q4 24 | — | 6.8% | ||
| Q3 24 | — | 13.6% | ||
| Q2 24 | — | 5.2% |
| Q1 26 | — | 5.0% | ||
| Q4 25 | — | 7.7% | ||
| Q3 25 | — | 3.6% | ||
| Q2 25 | — | 2.9% | ||
| Q1 25 | — | 5.7% | ||
| Q4 24 | — | 9.1% | ||
| Q3 24 | — | 3.3% | ||
| Q2 24 | — | 2.5% |
| Q1 26 | — | — | ||
| Q4 25 | 0.31× | 2.96× | ||
| Q3 25 | -2.56× | 1.51× | ||
| Q2 25 | 1.45× | 0.86× | ||
| Q1 25 | — | -0.05× | ||
| Q4 24 | 0.13× | — | ||
| Q3 24 | — | 1.64× | ||
| Q2 24 | -0.96× | 0.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LNC
| Life Segment | $1.6B | 33% |
| Group Protection Segment | $1.5B | 31% |
| Annuities Segment | $1.3B | 27% |
| Other | $435.0M | 9% |
PPG
| Industrial Coatings | $1.6B | 42% |
| Performance Coatings | $1.3B | 34% |
| Global Architectural Coatings | $965.0M | 25% |
