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LINCOLN NATIONAL CORP（LNC）与联合太平洋（UNP）财务数据对比。点击上方公司名可切换其他公司
联合太平洋的季度营收约是LINCOLN NATIONAL CORP的1.3倍（$6.2B vs $4.9B），联合太平洋净利率更高（27.4% vs 15.3%，领先12.0%），联合太平洋同比增速更快（3.2% vs -2.8%），过去两年LINCOLN NATIONAL CORP的营收复合增速更高（9.4% vs 1.7%）
林肯国民公司是美国财富200强控股企业，通过旗下多家子公司开展保险、投资管理等多元金融业务，“林肯金融集团”是该公司及其所有子公司共同使用的市场推广品牌名称。
联合太平洋是美国一级货运铁路运营商，共运营8300台机车，线路总长超5.18万公里，覆盖芝加哥、新奥尔良以西的23个美国州，是全美规模仅次于BNSF的第二大铁路企业。
LNC vs UNP — 直观对比
营收规模更大
UNP
是对方的1.3倍
$4.9B
营收增速更快
UNP
高出5.9%
-2.8%
净利率更高
UNP
高出12.0%
15.3%
两年增速更快
LNC
近两年复合增速
1.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.9B | $6.2B |
| 净利润 | $755.0M | $1.7B |
| 毛利率 | — | — |
| 营业利润率 | 18.6% | 39.5% |
| 净利率 | 15.3% | 27.4% |
| 营收同比 | -2.8% | 3.2% |
| 净利润同比 | -55.2% | 4.6% |
| 每股收益（稀释后） | $4.32 | $2.87 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收LNCUNP
| Q1 26 | — | $6.2B | ||
| Q4 25 | $4.9B | $6.1B | ||
| Q3 25 | $4.6B | $6.2B | ||
| Q2 25 | $4.0B | $6.2B | ||
| Q1 25 | $4.7B | $6.0B | ||
| Q4 24 | $5.1B | $6.1B | ||
| Q3 24 | $4.1B | $6.1B | ||
| Q2 24 | $5.2B | $6.0B |
净利润LNCUNP
| Q1 26 | — | $1.7B | ||
| Q4 25 | $755.0M | $1.8B | ||
| Q3 25 | $445.0M | $1.8B | ||
| Q2 25 | $699.0M | $1.9B | ||
| Q1 25 | $-722.0M | $1.6B | ||
| Q4 24 | $1.7B | $1.8B | ||
| Q3 24 | $-528.0M | $1.7B | ||
| Q2 24 | $895.0M | $1.7B |
营业利润率LNCUNP
| Q1 26 | — | 39.5% | ||
| Q4 25 | 18.6% | 39.5% | ||
| Q3 25 | 11.5% | 40.8% | ||
| Q2 25 | 21.0% | 41.0% | ||
| Q1 25 | -20.2% | 39.3% | ||
| Q4 24 | 41.5% | 41.3% | ||
| Q3 24 | -17.1% | 39.7% | ||
| Q2 24 | 21.3% | 40.0% |
净利率LNCUNP
| Q1 26 | — | 27.4% | ||
| Q4 25 | 15.3% | 30.4% | ||
| Q3 25 | 9.8% | 28.6% | ||
| Q2 25 | 17.3% | 30.5% | ||
| Q1 25 | -15.4% | 27.0% | ||
| Q4 24 | 33.3% | 28.8% | ||
| Q3 24 | -12.8% | 27.4% | ||
| Q2 24 | 17.4% | 27.9% |
每股收益（稀释后）LNCUNP
| Q1 26 | — | $2.87 | ||
| Q4 25 | $4.32 | $3.12 | ||
| Q3 25 | $2.12 | $3.01 | ||
| Q2 25 | $3.80 | $3.15 | ||
| Q1 25 | $-4.41 | $2.70 | ||
| Q4 24 | $9.66 | $2.91 | ||
| Q3 24 | $-3.29 | $2.75 | ||
| Q2 24 | $5.11 | $2.74 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | — | $735.0M |
| 总债务越低越好 | $6.3B | — |
| 股东权益账面价值 | $10.9B | — |
| 总资产 | $417.2B | $69.6B |
| 负债/权益比越低杠杆越低 | 0.57× | — |
8季度趋势，按日历期对齐
现金及短期投资LNCUNP
| Q1 26 | — | $735.0M | ||
| Q4 25 | — | $1.3B | ||
| Q3 25 | — | $808.0M | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $947.0M | ||
| Q2 24 | — | $1.1B |
总债务LNCUNP
| Q1 26 | — | — | ||
| Q4 25 | $6.3B | $30.3B | ||
| Q3 25 | $5.8B | $30.3B | ||
| Q2 25 | $5.8B | $30.3B | ||
| Q1 25 | $5.9B | $30.6B | ||
| Q4 24 | $6.1B | $29.8B | ||
| Q3 24 | $5.9B | $29.8B | ||
| Q2 24 | $5.7B | $31.2B |
股东权益LNCUNP
| Q1 26 | — | — | ||
| Q4 25 | $10.9B | $18.5B | ||
| Q3 25 | $10.5B | $17.3B | ||
| Q2 25 | $9.5B | $16.3B | ||
| Q1 25 | $8.2B | $16.0B | ||
| Q4 24 | $8.3B | $16.9B | ||
| Q3 24 | $9.0B | $16.6B | ||
| Q2 24 | $7.9B | $16.5B |
总资产LNCUNP
| Q1 26 | — | $69.6B | ||
| Q4 25 | $417.2B | $69.7B | ||
| Q3 25 | $415.3B | $68.6B | ||
| Q2 25 | $399.1B | $68.6B | ||
| Q1 25 | $382.9B | $68.5B | ||
| Q4 24 | $390.8B | $67.7B | ||
| Q3 24 | $396.8B | $67.6B | ||
| Q2 24 | $384.5B | $67.8B |
负债/权益比LNCUNP
| Q1 26 | — | — | ||
| Q4 25 | 0.57× | 1.64× | ||
| Q3 25 | 0.55× | 1.75× | ||
| Q2 25 | 0.60× | 1.86× | ||
| Q1 25 | 0.72× | 1.91× | ||
| Q4 24 | 0.74× | 1.76× | ||
| Q3 24 | 0.65× | 1.79× | ||
| Q2 24 | 0.72× | 1.89× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $233.0M | — |
| 自由现金流经营现金流 - 资本支出 | — | $631.0M |
| 自由现金流率自由现金流/营收 | — | 10.1% |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 0.31× | — |
| 过去12个月自由现金流最近4个季度 | — | $4.8B |
8季度趋势，按日历期对齐
经营现金流LNCUNP
| Q1 26 | — | — | ||
| Q4 25 | $233.0M | $2.2B | ||
| Q3 25 | $-1.1B | $2.5B | ||
| Q2 25 | $1.0B | $2.3B | ||
| Q1 25 | $-272.0M | $2.2B | ||
| Q4 24 | $222.0M | $2.7B | ||
| Q3 24 | $-27.0M | $2.7B | ||
| Q2 24 | $-859.0M | $1.9B |
自由现金流LNCUNP
| Q1 26 | — | $631.0M | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | — | $1.0B |
自由现金流率LNCUNP
| Q1 26 | — | 10.1% | ||
| Q4 25 | — | 20.1% | ||
| Q3 25 | — | 25.2% | ||
| Q2 25 | — | 22.7% | ||
| Q1 25 | — | 21.6% | ||
| Q4 24 | — | 28.4% | ||
| Q3 24 | — | 29.9% | ||
| Q2 24 | — | 16.8% |
资本支出强度LNCUNP
| Q1 26 | — | — | ||
| Q4 25 | — | 16.4% | ||
| Q3 25 | — | 15.2% | ||
| Q2 25 | — | 15.2% | ||
| Q1 25 | — | 15.0% | ||
| Q4 24 | — | 15.1% | ||
| Q3 24 | — | 13.6% | ||
| Q2 24 | — | 15.0% |
现金转化率LNCUNP
| Q1 26 | — | — | ||
| Q4 25 | 0.31× | 1.20× | ||
| Q3 25 | -2.56× | 1.41× | ||
| Q2 25 | 1.45× | 1.24× | ||
| Q1 25 | — | 1.36× | ||
| Q4 24 | 0.13× | 1.51× | ||
| Q3 24 | — | 1.59× | ||
| Q2 24 | -0.96× | 1.14× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
LNC
| Life Segment | $1.6B | 33% |
| Group Protection Segment | $1.5B | 31% |
| Annuities Segment | $1.3B | 27% |
| Other | $435.0M | 9% |
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
