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LINC

Lincoln Educational Services Corporation

LINC

Lincoln Educational Services Corporation • NASDAQ
$20.58 ▲ 0.34% (+0.07)
Market Cap $650.82 M
52w High $25.76
52w Low $14.10
Dividend Yield 0%
P/E 45.73
Volume 66.30K
Outstanding Shares 31.62M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $141.389M ▲ $77.811M ▲ $3.799M ▲ 2.687% ▲ $0.12 ▲ $11.746M ▲
Q2-2025 $116.474M ▼ $66.805M ▲ $1.554M ▼ 1.334% ▼ $0.05 ▼ $7.181M ▲
Q1-2025 $117.506M ▼ $66.684M ▲ $1.944M ▼ 1.654% ▼ $0.063 ▼ $6.872M ▼
Q4-2024 $119.373M ▲ $63.324M ▲ $6.834M ▲ 5.725% ▲ $0.22 ▲ $14.25M ▲
Q3-2024 $114.41M $60.533M $3.953M 3.455% $0.13 $9.514M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $13.48M ▼ $466.939M ▲ $281.085M ▲ $185.854M ▲
Q2-2025 $16.701M ▼ $447.321M ▲ $266.643M ▲ $180.678M ▲
Q1-2025 $28.655M ▼ $427.432M ▼ $249.652M ▼ $177.78M ▼
Q4-2024 $59.273M ▲ $436.556M ▲ $258.292M ▲ $178.264M ▲
Q3-2024 $53.962M $404.022M $234.059M $169.963M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $3.799M ▲ $23.882M ▲ $-21.861M ▲ $-5.242M ▼ $-3.221M ▲ $2.031M ▲
Q2-2025 $1.555M ▼ $299K ▲ $-26.132M ▼ $13.879M ▲ $-11.954M ▲ $-26.088M ▲
Q1-2025 $1.944M ▼ $-8.378M ▼ $-19.64M ▲ $-2.6M ▼ $-30.618M ▼ $-28.267M ▼
Q4-2024 $6.834M ▲ $30.299M ▲ $-24.772M ▼ $-216K ▼ $5.311M ▲ $5.527M ▲
Q3-2024 $3.953M $5.606M $-19.192M $561K $-13.025M $-13.763M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Campus Operations
Campus Operations
 $110.00M ▲$110.00M ▲$120.00M ▲$120.00M ▲
Transitional
Transitional
 $0 ▲$10.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past several years, showing that demand for Lincoln’s programs is increasing. Gross profit has risen along with it, suggesting the core business remains healthy. However, operating and net profits are relatively small compared with revenue and have been uneven, with earnings stronger earlier in the period and softer more recently. This points to margin pressure, likely from higher costs and heavier spending on growth initiatives, even as the top line improves. Overall, it is a growing business with positive but fairly thin profitability at this stage.

Balance Sheet

Balance Sheet The balance sheet has expanded, with total assets and shareholder equity both trending upward, which is consistent with a company investing for growth. Debt levels have climbed as well, meaning Lincoln is using more borrowing to fund its strategy. Cash on hand has moved around over the years and is not especially large compared with the size of the business, which makes balance-sheet discipline and reliable cash generation important. In short, the company is building a larger platform but carrying more financial obligations to do so.

Cash Flow

Cash Flow Core operations generate positive cash, which is a key strength. However, free cash flow has been negative in recent years because the company is spending heavily on capital projects, such as new or expanded campuses and technology infrastructure. This pattern fits a growth and modernization phase: cash in from the business is being plowed back into facilities and systems. The trade-off is that continued expansion depends on maintaining solid operating cash flow and access to funding while these investments are being made.

Competitive Edge

Competitive Edge Lincoln operates in a specialized corner of education focused on skilled trades and career training, an area where employer demand is strong and the labor market has persistent shortages. Its long history and recognizable “Lincoln Tech” brand, combined with deep partnerships with major employers like Tesla, Hyundai, and Genesis, give it credibility and help align programs directly with jobs. The company’s growing national footprint and focus on hands-on training differentiate it from more general, online-only education providers. At the same time, it competes with other vocational educators, is exposed to changes in federal student-aid policies, and must keep job placement outcomes strong to maintain its edge.

Innovation and R&D

Innovation and R&D While Lincoln does not do traditional lab-style R&D, it is investing meaningfully in educational innovation. The Lincoln 10.0 hybrid learning platform blends online instruction with in-person labs and is designed to be scalable across campuses, improve student flexibility, and enhance retention. The use of virtual reality and industry-standard training tools keeps programs closer to real-world work environments. Much of the “innovation spend” is going into rolling out this platform, replicating successful programs at more locations, and deepening industry partnerships. The main risk is execution: the benefits depend on smooth rollout, consistent quality, and the ability to translate these tools into better outcomes and lower costs over time.

Summary

Lincoln Educational Services is in an expansion and modernization phase. Revenue and gross profit are rising, but margins are relatively thin and earnings have been choppy as the company spends to grow. The balance sheet shows a larger asset base funded partly with higher debt, underscoring the need for steady cash generation. Operating cash flow is positive, but heavy capital spending is currently absorbing that cash as Lincoln builds out campuses and technology. Strategically, the company is well positioned in high-demand skilled trades, supported by a long-standing brand, strong employer partnerships, and a scalable hybrid learning platform. The key watchpoints are execution on campus and platform expansion, maintaining student outcomes and employer relevance, and managing leverage and cash while growth investments remain elevated.

NEWS

November 10, 2025 · 8:00 AM UTC

Lincoln Educational Services Reports Continued Growth in Third Quarter Results and Raises Financial Guidance for Full-Year 2025

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November 7, 2025 · 9:04 AM UTC

Lincoln Tech to Expand Presence in Texas with New Rowlett Campus

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October 27, 2025 · 4:56 PM UTC

Lincoln Tech Brings Electrical/Electronics Training to South Plainfield, NJ Campus

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October 27, 2025 · 2:05 PM UTC

Lincoln Educational Services Corporation Schedules Third Quarter Earnings Release and Conference Call

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September 18, 2025 · 11:35 AM UTC

Lincoln Tech Celebrates 65th Anniversary of Columbia, MD campus

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