LNC LINCOLN NATIONAL CORP

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 4/4 quarters. Q3 2023: $50M, Q2 2023: $100M, Q1 2023: $400M, Q3 2022: $200M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $50M vs trailing avg $233M (-79%)

What percentage of free cash flow is going to buybacks? Bull: 30-80%. Bear: <10% or >80%.

Buyback $750M / FCF $1.4B = 53% of FCF

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Missing shares repurchased or outstanding data

Are officers and directors buying stock with their own money on the open market?

2 open-market purchases by 1 insiders

• LINCOLN NATIONAL LIFE INSURANCE CO /IN/ () bought 2,254,486 shares at $11.09 on 2026-02-25
• LINCOLN NATIONAL LIFE INSURANCE CO /IN/ () bought 2,300,098 shares at $10.87 on 2025-12-19

Are insider purchases happening during the same quarters the company is actively buying back stock?

Insider buying coincided with company buybacks in 0 of 4 quarters

Looking at all open-market transactions, are insiders net buyers or net sellers?

Insiders bought $50M, sold $1M (net buying)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

No buyback-insider divergence detected