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Side-by-side financial comparison of LINCOLN NATIONAL CORP (LNC) and Voya Financial, Inc. (VOYA). Click either name above to swap in a different company.
LINCOLN NATIONAL CORP is the larger business by last-quarter revenue ($4.9B vs $603.0M, roughly 8.2× Voya Financial, Inc.). Voya Financial, Inc. runs the higher net margin — 23.2% vs 15.3%, a 7.9% gap on every dollar of revenue. On growth, Voya Financial, Inc. posted the faster year-over-year revenue change (7.5% vs -2.8%). Over the past eight quarters, LINCOLN NATIONAL CORP's revenue compounded faster (9.4% CAGR vs 7.8%).
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.
Voya Financial is an American financial, retirement, investment and insurance company based in New York City. Voya began as ING U.S., the United States operating subsidiary of ING Group, which was spun off in 2013 and established independent financial backing through an initial public offering. In April 2014, the company rebranded itself as Voya Financial. Voya's predecessors had first entered the U.S. market in the 1970s.
LNC vs VOYA — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $4.9B | $603.0M |
| Net Profit | $755.0M | $140.0M |
| Gross Margin | — | — |
| Operating Margin | 18.6% | 28.0% |
| Net Margin | 15.3% | 23.2% |
| Revenue YoY | -2.8% | 7.5% |
| Net Profit YoY | -55.2% | 44.3% |
| EPS (diluted) | $4.32 | $1.41 |
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 | $4.9B | $603.0M | ||
| Q3 25 | $4.6B | $572.0M | ||
| Q2 25 | $4.0B | $542.0M | ||
| Q1 25 | $4.7B | $538.0M | ||
| Q4 24 | $5.1B | $561.0M | ||
| Q3 24 | $4.1B | $542.0M | ||
| Q2 24 | $5.2B | $528.0M | ||
| Q1 24 | $4.1B | $519.0M |
| Q4 25 | $755.0M | $140.0M | ||
| Q3 25 | $445.0M | $192.0M | ||
| Q2 25 | $699.0M | $166.0M | ||
| Q1 25 | $-722.0M | $156.0M | ||
| Q4 24 | $1.7B | $97.0M | ||
| Q3 24 | $-528.0M | $114.0M | ||
| Q2 24 | $895.0M | $205.0M | ||
| Q1 24 | $1.2B | $251.0M |
| Q4 25 | 18.6% | 28.0% | ||
| Q3 25 | 11.5% | 53.7% | ||
| Q2 25 | 21.0% | 34.7% | ||
| Q1 25 | -20.2% | 32.2% | ||
| Q4 24 | 41.5% | 21.4% | ||
| Q3 24 | -17.1% | 21.4% | ||
| Q2 24 | 21.3% | 52.3% | ||
| Q1 24 | 37.1% | 55.3% |
| Q4 25 | 15.3% | 23.2% | ||
| Q3 25 | 9.8% | 33.6% | ||
| Q2 25 | 17.3% | 30.6% | ||
| Q1 25 | -15.4% | 29.0% | ||
| Q4 24 | 33.3% | 17.3% | ||
| Q3 24 | -12.8% | 21.0% | ||
| Q2 24 | 17.4% | 38.8% | ||
| Q1 24 | 29.7% | 48.4% |
| Q4 25 | $4.32 | $1.41 | ||
| Q3 25 | $2.12 | $1.80 | ||
| Q2 25 | $3.80 | $1.66 | ||
| Q1 25 | $-4.41 | $1.42 | ||
| Q4 24 | $9.66 | $0.99 | ||
| Q3 24 | $-3.29 | $0.98 | ||
| Q2 24 | $5.11 | $1.96 | ||
| Q1 24 | $6.93 | $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 | — | — |
| Total DebtLower is stronger | $6.3B | $2.1B |
| Stockholders' EquityBook value | $10.9B | $5.0B |
| Total Assets | $417.2B | $178.9B |
| Debt / EquityLower = less leverage | 0.57× | 0.42× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $6.3B | $2.1B | ||
| Q3 25 | $5.8B | $2.1B | ||
| Q2 25 | $5.8B | $2.1B | ||
| Q1 25 | $5.9B | $2.1B | ||
| Q4 24 | $6.1B | $2.5B | ||
| Q3 24 | $5.9B | $2.5B | ||
| Q2 24 | $5.7B | $2.1B | ||
| Q1 24 | $5.7B | $2.1B |
| Q4 25 | $10.9B | $5.0B | ||
| Q3 25 | $10.5B | $5.0B | ||
| Q2 25 | $9.5B | $4.6B | ||
| Q1 25 | $8.2B | $4.4B | ||
| Q4 24 | $8.3B | $4.0B | ||
| Q3 24 | $9.0B | $4.7B | ||
| Q2 24 | $7.9B | $4.0B | ||
| Q1 24 | $7.5B | $4.2B |
| Q4 25 | $417.2B | $178.9B | ||
| Q3 25 | $415.3B | $177.4B | ||
| Q2 25 | $399.1B | $172.4B | ||
| Q1 25 | $382.9B | $163.9B | ||
| Q4 24 | $390.8B | $163.9B | ||
| Q3 24 | $396.8B | $166.9B | ||
| Q2 24 | $384.5B | $161.3B | ||
| Q1 24 | $383.4B | $161.6B |
| Q4 25 | 0.57× | 0.42× | ||
| Q3 25 | 0.55× | 0.42× | ||
| Q2 25 | 0.60× | 0.45× | ||
| Q1 25 | 0.72× | 0.48× | ||
| Q4 24 | 0.74× | 0.62× | ||
| Q3 24 | 0.65× | 0.53× | ||
| Q2 24 | 0.72× | 0.52× | ||
| Q1 24 | 0.76× | 0.51× |
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 | $557.0M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 0.31× | 3.98× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $233.0M | $557.0M | ||
| Q3 25 | $-1.1B | $168.0M | ||
| Q2 25 | $1.0B | $742.0M | ||
| Q1 25 | $-272.0M | $-179.0M | ||
| Q4 24 | $222.0M | $79.0M | ||
| Q3 24 | $-27.0M | $719.0M | ||
| Q2 24 | $-859.0M | $316.0M | ||
| Q1 24 | $-1.3B | $231.0M |
| Q4 25 | 0.31× | 3.98× | ||
| Q3 25 | -2.56× | 0.88× | ||
| Q2 25 | 1.45× | 4.47× | ||
| Q1 25 | — | -1.15× | ||
| Q4 24 | 0.13× | 0.81× | ||
| Q3 24 | — | 6.31× | ||
| Q2 24 | -0.96× | 1.54× | ||
| Q1 24 | -1.10× | 0.92× |
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% |
VOYA
| Other | $295.0M | 49% |
| Investment Management Segment | $274.0M | 45% |
| Distribution Fees Member | $34.0M | 6% |
