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%+. Bear: negative FCF or no buybacks.

Buyback $750M / FCF $1.1B = 66% 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?

4 open-market purchases by 3 insiders

• Charters Jennifer (EVP, Chief Information Officer) bought 300 shares at $32.61 on 2026-03-13
• 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
• Ryan Owen () bought 2,000 shares at $42.17 on 2025-11-12

Are both company buybacks and insider buying independently active? Bull when the company is buying back stock in 2+ quarters and insiders have made 2+ open-market purchases.

Company buybacks in 4 quarters and 4 insider purchases by 3 insiders (no calendar overlap, but both independently active)

Over the last 90 days, are insiders net buyers or net sellers on the open market?

Insiders bought $50M, sold $1M in the last 90 days (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