Lincoln National Corp (LNC) · Nov 5, 2026 · Earnings

Lincoln National earnings miss as disability claims and outflows weigh

Miss — Adjusted EPS $1.72 vs ~$1.96 consensus; $2.20 excluding assumption review

Lincoln National’s third-quarter earnings show stronger underlying profit and capital flexibility, but reported EPS missed as disability claims and annuity outflows pressured results.

Lincoln is trying to shift toward a more diversified, less capital-intensive insurer: spread-based annuities and life insurance are carrying more of the earnings mix while the Talcott reinsurance transaction reduces balance-sheet risk. Against that backdrop, this was a mixed quarter with a real underlying improvement—but not a clean earnings beat.

The reported earnings miss is partly a one-time distortion, but still the headline result. Adjusted operating income available to common stockholders was $339 million, or $1.72 per diluted share, versus a published consensus of roughly $1.96; excluding the $0.48-per-share annual assumption-review hit, the figure was $2.20. The filing explicitly says third-quarter adjusted operating income was $339 million, or $1.72 per share, including the $0.48 unfavorable assumption-review impact.

Metric	Q3 2026	Q3 2025	Consensus
Adjusted operating EPS (Financial Highlights)	$1.72	$2.04	~$1.96
Adjusted EPS excluding assumption review (Financial Highlights)	$2.20	$2.04	~$1.96
Net income (Income Statement)	$1,399M	$445M
Adjusted operating income (Income Statement)	$373M	$431M
Annuities operating income (Segment results — Annuities)	$304M	$318M
Life Insurance operating income (Segment results — Life Insurance)	$130M	$54M
Group Protection operating income (Segment results — Group Protection)	$77M	$110M
Retirement Plan Services operating income (Segment results — Retirement Plan Services)	$55M	$46M

Life Insurance and Retirement Plan Services showed the business model working better. Life Insurance earnings rose to $130 million from $54 million, helped by higher alternative investment income, improved mortality and captive consolidation; underlying earnings excluding alternatives grew 38%. Retirement Plan Services earnings increased 20% to $55 million.

Annuities are improving in mix, but not yet in retention. Sales rose 21% sequentially to $4.3 billion, with fixed annuity sales more than doubling and spread-based products representing 67% of sales. That supports Lincoln’s goal of building steadier spread income. But annuity net outflows widened to roughly $2.7 billion from $1.1 billion a year earlier, and operating income fell 4% year over year to $304 million.

Group Protection is the clearest operational setback. Premiums grew 3%, but earnings dropped to $77 million and the operating margin fell to 5.5% from 8.1% excluding the prior-year assumption-review benefit. Disability claim severity rose while favorable incidence trends continued to normalize, showing that the segment’s earnings recovery remains vulnerable to claims experience.

Capital flexibility materially improved, although the shareholder-return signal is still early. Lincoln retired $437 million of preferred stock, resumed $50 million of common-stock repurchases, lifted holding-company liquidity net of prefunding to about $1.0 billion and held leverage at 25%. Those actions strengthen the balance-sheet story, but they do not offset the weaker claims experience and persistent annuity outflows in the quarter.

Bottom line: The underlying earnings engine was better than the reported EPS suggests, especially in Life Insurance and Retirement Plan Services. But the official result missed consensus, and the deterioration in Group Protection plus heavier annuity outflows leaves the broader turnaround story mixed rather than decisively advanced.

What to watch next

Fourth-quarter results reflect Talcott transaction and revised earnings definition

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

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Lincoln National earnings miss as disability claims and outflows weigh

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