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Lincoln Educational Services (LINC) Financials

Lincoln Educational Services logo
$49.10 -1.89 (-3.71%)
Closing price 05/15/2026 04:00 PM Eastern
Extended Trading
$49.10 -0.01 (-0.01%)
As of 05/15/2026 04:10 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
Annual Income Statements for Lincoln Educational Services

Annual Income Statements for Lincoln Educational Services

This table shows Lincoln Educational Services' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders
-3.35 -28 -11 -6.55 2.02 47 33 12 26 9.89 21
Consolidated Net Income / (Loss)
-3.35 -28 -11 -6.55 2.02 49 35 13 26 9.89 20
Net Income / (Loss) Continuing Operations
-3.35 -28 -11 -6.55 2.02 49 35 13 26 9.89 21
Total Pre-Tax Income
-3.11 -28 -12 -6.35 2.28 14 47 16 36 15 26
Total Operating Income
0.70 -29 -4.72 -3.95 5.24 15 49 16 33 15 30
Total Gross Profit
154 141 132 138 150 171 196 200 216 258 313
Total Revenue
306 286 262 263 273 293 335 348 378 440 518
Operating Revenue
306 286 262 263 273 293 335 348 378 440 518
Total Cost of Revenue
152 144 129 125 123 122 139 149 162 182 205
Operating Cost of Revenue
152 144 129 125 123 122 139 149 162 182 205
Total Operating Expenses
154 170 137 142 145 156 147 183 182 243 283
Selling, General & Admin Expense
152 148 139 141 145 156 169 182 209 244 283
Other Operating Expenses / (Income)
- - - - - - - 0.00 0.00 -2.79 0.00
Impairment Charge
0.22 21 - - - 0.00 0.70 1.05 4.22 0.00 0.00
Other Special Charges / (Income)
1.74 0.23 -1.62 0.54 -0.57 -0.08 -22 -0.18 -31 2.12 -0.41
Total Other Income / (Expense), net
-3.81 0.81 -7.04 -2.39 -2.96 -1.28 -2.02 0.16 2.28 -0.47 -3.27
Interest Expense
8.02 6.13 7.10 2.42 2.96 1.28 2.02 0.16 0.35 2.57 3.39
Interest & Investment Income
0.05 0.16 0.06 0.03 0.01 0.00 0.00 0.32 2.63 2.10 0.13
Income Tax Expense
0.24 0.20 -0.27 0.20 0.27 -35 13 3.80 9.64 4.82 6.12
Basic Earnings per Share
($0.14) ($1.21) ($0.48) ($0.27) $0.08 $1.49 $1.04 $0.36 $0.86 $0.32 $0.65
Weighted Average Basic Shares Outstanding
23.17M 23.45M 23.91M 24.42M 24.55M 24.75M 25.08M 25.88M 30.11M 30.58M 30.94M
Diluted Earnings per Share
($0.14) ($1.21) ($0.48) ($0.27) $0.08 $1.49 $1.04 $0.36 $0.85 $0.32 $0.64
Weighted Average Diluted Shares Outstanding
23.17M 23.45M 23.91M 24.42M 24.55M 24.75M 25.08M 25.88M 30.54M 30.89M 31.26M
Weighted Average Basic & Diluted Shares Outstanding
23.90M 23.40M 23.90M 25.11M 26.36M 26.99M 27.45M 31.51M 31.76M 31.59M 31.88M

Quarterly Income Statements for Lincoln Educational Services

This table shows Lincoln Educational Services' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders
2.06 6.79 -0.21 -0.68 3.95 6.83 1.94 1.55 3.80 14 4.36
Consolidated Net Income / (Loss)
2.06 6.79 -0.21 -0.68 3.95 6.83 1.94 1.55 3.80 13 4.36
Net Income / (Loss) Continuing Operations
2.06 6.79 -0.21 -0.68 3.95 6.83 1.94 1.55 3.80 14 4.36
Total Pre-Tax Income
2.85 9.43 -0.33 -1.15 5.63 11 2.83 2.08 5.29 16 5.60
Total Operating Income
2.00 8.96 -0.46 -1.12 5.82 11 3.41 2.88 6.29 18 6.41
Total Gross Profit
56 61 60 57 66 74 70 70 84 89 86
Total Revenue
100 103 103 103 114 119 118 116 141 143 144
Operating Revenue
100 103 103 103 114 119 118 116 141 143 144
Total Cost of Revenue
43 41 43 46 48 45 47 47 57 54 58
Operating Cost of Revenue
43 41 43 46 48 45 47 47 57 54 58
Total Operating Expenses
54 53 61 58 61 63 67 67 78 71 79
Selling, General & Admin Expense
54 53 60 58 63 62 67 67 78 71 79
Other Special Charges / (Income)
0.01 - 0.31 0.60 -0.01 1.22 -0.22 -0.26 0.01 0.06 0.01
Total Other Income / (Expense), net
0.86 0.46 0.13 -0.03 -0.20 -0.37 -0.59 -0.80 -0.99 -0.89 -0.81
Interest Expense
0.02 0.27 0.57 0.67 0.66 0.67 0.70 0.81 0.99 0.89 0.84
Interest & Investment Income
0.88 0.74 0.70 0.64 0.46 0.30 0.11 0.01 0.00 0.00 0.03
Income Tax Expense
0.79 2.63 -0.11 -0.46 1.67 3.72 0.88 0.52 1.50 3.22 1.24
Basic Earnings per Share
$0.07 $0.22 ($0.01) ($0.02) $0.13 $0.22 $0.06 $0.05 $0.12 $0.42 $0.14
Weighted Average Basic Shares Outstanding
30.16M 30.11M 30.30M 30.66M 30.68M 30.58M 30.81M 30.99M 31.00M 30.94M 31.13M
Diluted Earnings per Share
$0.07 $0.21 ($0.01) ($0.02) $0.13 $0.22 $0.06 $0.05 $0.12 $0.41 $0.14
Weighted Average Diluted Shares Outstanding
30.70M 30.54M 30.30M 30.66M 31.04M 30.89M 31.07M 31.27M 31.32M 31.26M 31.33M
Weighted Average Basic & Diluted Shares Outstanding
31.36M 31.76M 31.44M 31.47M 31.48M 31.59M 31.59M 31.62M 31.62M 31.88M 31.72M

Annual Cash Flow Statements for Lincoln Educational Services

This table details how cash moves in and out of Lincoln Educational Services' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents
26 -13 6.84 -8.61 -7.30 -0.62 45 -33 30 -21 -31
Net Cash From Operating Activities
14 -6.11 -11 -1.69 0.99 23 27 0.88 26 29 59
Net Cash From Continuing Operating Activities
21 51 -11 -1.69 0.99 23 27 0.88 26 29 59
Net Income / (Loss) Continuing Operations
0.00 0.00 -11 -6.55 2.02 49 35 13 26 9.89 20
Consolidated Net Income / (Loss)
- - -11 -6.55 2.02 49 35 13 26 9.89 20
Depreciation Expense
15 11 8.70 8.42 8.12 7.40 7.14 6.36 6.60 11 19
Amortization Expense
0.55 0.95 0.58 0.37 0.19 0.18 0.14 0.00 0.18 1.76 1.81
Non-Cash Adjustments To Reconcile Net Income
10 -4.37 15 19 20 28 6.33 38 21 63 63
Changes in Operating Assets and Liabilities, net
-11 -14 -25 -23 -30 -61 -21 -57 -28 -57 -45
Net Cash From Investing Activities
-1.77 -3.15 11 -2.35 -4.81 -5.48 38 -21 7.37 -47 -86
Net Cash From Continuing Investing Activities
-1.77 -3.15 11 -2.35 -4.81 -5.48 38 -21 7.37 -47 -86
Purchase of Property, Plant & Equipment
-2.22 -3.60 -4.76 -4.70 -5.39 -5.58 -7.53 -8.99 -41 -57 -87
Sale of Property, Plant & Equipment
0.45 0.45 15 2.35 - 0.00 45 2.39 33 9.90 0.43
Net Cash From Financing Activities
14 -4.07 7.45 -4.57 -3.48 -19 -20 -13 -2.95 -3.33 -3.87
Net Cash From Continuing Financing Activities
14 -4.07 7.45 -4.57 -3.48 -19 -20 -13 -2.95 -3.33 -3.87
Repayment of Debt
-47 -3.90 -68 -35 -55 -28 -18 0.00 0.00 -0.46 -45
Issuance of Debt
84 0.00 76 31 40 11 - - - 0.00 45
Other Financing Activities, net
-23 - - - -0.98 0.00 -0.96 -1.99 -2.05 -2.88 -3.75
Cash Interest Paid
7.16 5.27 2.79 2.03 2.16 1.11 1.53 0.17 0.11 2.35 3.19
Cash Income Taxes Paid
0.09 0.15 0.14 0.19 0.12 0.18 0.74 1.47 7.20 8.84 6.17

Quarterly Cash Flow Statements for Lincoln Educational Services

This table details how cash moves in and out of Lincoln Educational Services' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents
-25 34 -10 -2.79 -13 5.31 -31 -12 -3.22 15 -12
Net Cash From Operating Activities
-6.79 22 -15 8.34 5.61 30 -8.38 0.30 24 44 4.57
Net Cash From Continuing Operating Activities
-6.79 22 -15 8.34 5.61 30 -8.38 0.30 24 44 4.57
Net Income / (Loss) Continuing Operations
2.06 6.79 -0.21 -0.68 3.95 6.83 1.94 1.56 3.80 13 4.36
Consolidated Net Income / (Loss)
2.06 6.79 -0.21 -0.68 3.95 6.83 1.94 1.56 3.80 13 4.36
Depreciation Expense
1.72 1.94 2.60 2.90 2.81 3.02 3.35 4.29 5.04 6.48 7.21
Amortization Expense
- 0.18 0.39 0.46 0.46 0.46 0.46 0.47 0.44 0.45 0.45
Non-Cash Adjustments To Reconcile Net Income
13 12 13 15 16 18 13 14 19 17 15
Changes in Operating Assets and Liabilities, net
-24 0.90 -31 -9.24 -18 1.77 -27 -20 -4.51 7.02 -22
Net Cash From Investing Activities
-18 12 8.03 -11 -19 -25 -20 -26 -22 -19 -15
Net Cash From Continuing Investing Activities
-18 12 8.03 -11 -19 -25 -20 -26 -22 -19 -15
Purchase of Property, Plant & Equipment
-18 -12 -1.68 -11 -19 -25 -20 -26 -22 -19 -15
Sale of Property, Plant & Equipment
- - 9.72 - 0.18 - 0.25 0.26 -0.01 -0.06 -0.01
Net Cash From Financing Activities
- - -3.59 -0.08 0.56 -0.22 -2.60 14 -5.24 -9.90 -1.76
Net Cash From Continuing Financing Activities
- - -3.59 -0.08 0.56 -0.22 -2.60 14 -5.24 -9.90 -1.76
Repayment of Debt
- - -0.44 -0.02 - - -0.08 -12 -25 -8.00 -28
Issuance of Debt
- - - - - - 0.00 - 20 - 33
Other Financing Activities, net
- - -3.16 -0.06 0.56 -0.22 -2.53 0.93 -0.24 -1.90 -6.76
Cash Interest Paid
- 0.02 0.03 1.03 0.67 0.62 0.65 0.74 0.96 0.84 0.84
Cash Income Taxes Paid
3.83 1.20 0.01 4.21 1.26 3.36 0.11 4.61 0.14 1.31 0.15

Annual Balance Sheets for Lincoln Educational Services

This table presents Lincoln Educational Services' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets
208 163 155 146 195 245 295 292 345 437 493
Total Current Assets
105 65 45 57 50 74 122 114 135 111 87
Cash & Equivalents
38 21 15 18 24 38 83 46 76 59 29
Accounts Receivable
10 15 16 19 21 30 26 37 36 43 37
Inventories, net
1.24 1.69 1.66 1.45 1.61 2.39 2.72 2.62 2.95 3.05 3.99
Prepaid Expenses
2.71 2.89 2.35 2.46 4.19 3.72 4.88 4.74 5.56 4.03 7.87
Current Deferred & Refundable Income Taxes
0.35 0.26 0.21 0.18 0.38 - - - - 0.00 1.60
Other Current Assets
- - - - - 0.00 4.56 4.56 10 1.15 8.13
Plant, Property, & Equipment, net
67 55 53 49 49 48 23 24 51 104 172
Total Noncurrent Assets
36 43 58 40 95 123 151 153 160 222 235
Noncurrent Note & Lease Receivables
5.28 7.32 8.93 12 15 16 20 23 33 46 46
Goodwill
15 15 15 15 15 15 15 15 11 11 11
Noncurrent Deferred & Refundable Income Taxes
- 0.00 0.42 0.42 0.00 36 24 22 23 25 22
Other Noncurrent Operating Assets
1.19 1.12 0.94 0.90 50 56 92 93 92 138 156
Total Liabilities & Shareholders' Equity
208 163 155 146 195 245 295 292 345 437 493
Total Liabilities
127 108 109 106 140 142 154 147 178 258 293
Total Current Liabilities
71 66 47 65 57 67 66 55 73 90 101
Accounts Payable
13 14 11 14 15 16 12 10 18 37 27
Accrued Expenses
11 15 12 11 7.87 17 16 8.65 14 12 18
Current Deferred Revenue
24 25 - - - - - 24 27 31 44
Other Current Liabilities
0.69 0.65 25 25 33 32 37 9.66 12 9.50 11
Total Noncurrent Liabilities
56 42 62 42 82 75 88 92 105 168 193
Long-Term Debt
32 30 53 34 32 15 0.00 - - - 0.00
Other Noncurrent Operating Liabilities
9.67 0.74 0.55 0.14 46 56 86 91 105 168 193
Commitments & Contingencies
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
81 55 46 40 43 91 129 145 167 178 200
Total Preferred & Common Equity
81 55 46 40 43 91 129 145 167 178 200
Total Common Equity
81 55 46 40 43 91 129 145 167 178 200
Common Stock
169 170 171 171 172 172 174 95 98 99 101
Retained Earnings
2.26 -26 -38 -44 -42 6.20 40 51 69 79 99

Quarterly Balance Sheets for Lincoln Educational Services

This table presents Lincoln Educational Services' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets
291 281 311 316 355 366 404 427 447 467 487
Total Current Assets
111 108 137 131 119 119 115 86 80 77 76
Cash & Equivalents
70 40 66 42 69 67 54 29 17 13 17
Accounts Receivable
32 35 32 40 40 44 53 47 47 51 42
Inventories, net
2.71 2.64 2.56 2.94 2.42 2.35 2.71 2.39 4.50 3.09 2.49
Prepaid Expenses
2.26 6.29 7.97 6.95 6.07 4.09 3.64 8.05 8.37 8.20 6.86
Current Deferred & Refundable Income Taxes
- - - - - 2.39 2.01 - 2.79 1.43 0.50
Other Current Assets
4.56 4.56 0.00 10 0.00 0.00 0.00 0.00 0.00 0.00 8.13
Plant, Property, & Equipment, net
24 26 33 38 52 59 75 126 149 160 179
Total Noncurrent Assets
156 147 141 147 184 187 213 215 219 229 231
Noncurrent Note & Lease Receivables
22 15 15 17 45 45 47 43 47 48 45
Goodwill
15 15 11 11 11 11 11 11 11 11 11
Noncurrent Deferred & Refundable Income Taxes
24 25 25 25 23 23 23 25 25 25 22
Other Noncurrent Operating Assets
96 93 90 93 103 108 132 135 134 143 153
Total Liabilities & Shareholders' Equity
291 281 311 316 355 366 404 427 447 467 487
Total Liabilities
153 146 157 159 191 202 234 250 267 281 288
Total Current Liabilities
60 55 69 66 60 67 73 83 88 96 92
Accounts Payable
16 13 17 18 14 19 28 34 34 35 28
Accrued Expenses
10 9.01 12 13 9.21 12 12 8.85 15 17 14
Current Deferred Revenue
- 21 23 22 22 24 23 29 28 33 39
Other Current Liabilities
33 10 10 11 12 12 10 9.75 11 11 11
Total Noncurrent Liabilities
93 91 88 93 131 135 161 167 178 185 196
Long-Term Debt
- - - - - - - - 13 8.00 5.00
Other Noncurrent Operating Liabilities
92 91 88 92 131 135 161 167 165 177 191
Commitments & Contingencies
0.00 - - - - - - 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests
126 135 154 157 164 165 170 178 181 186 199
Total Preferred & Common Equity
126 135 154 157 164 165 170 178 181 186 199
Total Common Equity
126 135 154 157 164 165 170 178 181 186 199
Common Stock
85 93 95 96 95 97 98 96 98 99 95
Retained Earnings
43 43 60 62 69 68 72 81 83 86 104

Annual Metrics And Ratios for Lincoln Educational Services

This table displays calculated financial ratios and metrics derived from Lincoln Educational Services' official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding
- - - - - - - - - - 31,618,405.00
DEI Adjusted Shares Outstanding
- - - - - - - - - - 31,618,405.00
DEI Earnings Per Adjusted Shares Outstanding
- - - - - - - - - - 0.66
Growth Metrics
- - - - - - - - - - -
Profitability Metrics
- - - - - - - - - - -
Net Operating Profit after Tax (NOPAT)
0.49 -20 -3.30 -2.77 4.62 53 36 13 24 10 23
Return On Investment Capital (ROIC_SIMPLE)
- - - - - - - 8.64% 14.59% 5.72% 11.62%
Earnings before Interest and Taxes (EBIT)
4.86 -22 -4.72 -3.95 5.24 15 49 16 33 15 30
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
20 -10 4.57 4.84 14 22 57 23 40 28 51
Valuation Ratios
- - - - - - - - - - -
Leverage & Solvency
- - - - - - - - - - -
Liquidity Ratios
- - - - - - - - - - -
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
12 -19 -12 -4.56 -3.20 21 60 -8.41 17 -22 -30
Efficiency Ratios
- - - - - - - - - - -
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
34 32 41 43 51 82 58 79 87 119 171
Increase / (Decrease) in Invested Capital
-11 -1.62 8.57 1.80 7.83 32 -24 21 7.52 32 53
Book Value per Share
$3.39 $2.21 $1.85 $1.62 $1.71 $3.44 $4.79 $5.52 $5.32 $5.66 $6.45
Tangible Book Value per Share
$2.78 $1.62 $1.27 $1.03 $1.13 $2.89 $4.25 $4.96 $4.98 $5.32 $6.11
Total Capital
127 97 98 89 89 120 141 145 167 178 200
Total Debt
46 42 53 49 34 17 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt
36 30 53 34 32 15 0.00 0.00 0.00 0.00 0.00
Net Debt
0.24 14 31 14 10 -21 -83 -65 -80 -59 -29
Capital Expenditures (CapEx)
1.77 3.15 -11 2.35 5.39 5.58 -38 6.60 7.39 47 86
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-1.71 -17 -25 -27 -28 -29 -28 -5.93 -19 -38 -42
Debt-free Net Working Capital (DFNWC)
44 9.99 -2.77 7.53 -4.73 9.32 56 59 61 21 -14
Net Working Capital (NWC)
34 -1.72 -2.77 -7.47 -6.73 7.32 56 59 61 21 -14
Net Nonoperating Expense (NNE)
3.84 8.06 8.18 3.78 2.61 4.58 1.48 -0.12 -1.66 0.31 3.21
Net Nonoperating Obligations (NNO)
-47 -23 -4.92 2.82 -4.62 -21 -83 -66 -80 -59 -29
Total Depreciation and Amortization (D&A)
15 12 9.29 8.79 8.31 7.58 7.28 6.36 6.77 13 21
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
($0.14) ($1.21) ($0.48) ($0.27) $0.08 $1.49 $1.04 $0.36 $0.86 $0.32 $0.65
Adjusted Weighted Average Basic Shares Outstanding
23.17M 23.45M 23.91M 24.42M 24.55M 24.75M 25.08M 25.88M 30.11M 30.58M 30.94M
Adjusted Diluted Earnings per Share
($0.14) ($1.21) ($0.48) ($0.27) $0.08 $1.49 $1.04 $0.36 $0.85 $0.32 $0.64
Adjusted Weighted Average Diluted Shares Outstanding
23.17M 23.45M 23.91M 24.42M 24.55M 24.75M 25.08M 25.88M 30.54M 30.89M 31.26M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
23.76M 24.72M 24.70M 25.11M 26.36M 26.99M 27.45M 31.51M 31.76M 31.59M 31.88M
Normalized Net Operating Profit after Tax (NOPAT)
1.86 -5.12 -4.44 -2.39 4.12 10 20 13 4.86 12 23
Debt Service Ratios
- - - - - - - - - - -
Payout Ratios
- - - - - - - - - - -

Quarterly Metrics And Ratios for Lincoln Educational Services

This table displays calculated financial ratios and metrics derived from Lincoln Educational Services' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding
- - - - - - - - - 31,618,405.00 31,618,405.00
DEI Adjusted Shares Outstanding
- - - - - - - - - 31,618,405.00 31,618,405.00
DEI Earnings Per Adjusted Shares Outstanding
- - - - - - - - - 0.43 0.14
Growth Metrics
- - - - - - - - - - -
Revenue Growth
8.50% 11.71% 18.42% 16.10% 14.85% 16.44% 13.68% 13.18% 23.58% - 22.51%
EBITDA Growth
-42.25% -15.25% 1,718.71% -91.10% 144.30% 30.05% 185.44% 240.48% 29.43% - 95.04%
EBIT Growth
-59.10% -20.88% 58.96% -104.75% 191.68% 21.93% 845.20% 357.89% 7.95% - 87.72%
NOPAT Growth
-59.56% -22.73% 58.96% -104.63% 183.24% 9.56% 832.31% 375.77% 10.27% - 112.27%
Net Income Growth
-41.76% -20.64% -96.33% -103.95% 91.52% 0.62% 1,008.41% 327.86% -3.90% - 124.07%
EPS Growth
-30.00% -19.23% 0.00% -103.51% 85.71% 4.76% 700.00% 350.00% -7.69% - 133.33%
Operating Cash Flow Growth
-164.04% 8,028.15% -6,878.50% -21.49% 182.55% 38.06% 43.90% -96.41% 326.01% - 154.50%
Free Cash Flow Firm Growth
-188.65% 91.59% -875.95% -235.65% -67.49% -2,302.05% -204.19% -96.83% -126.66% - 38.27%
Invested Capital Growth
24.99% 9.51% 22.72% 64.34% 35.44% 37.51% 59.88% 80.83% 55.20% - 25.49%
Revenue Q/Q Growth
12.38% 2.92% 0.82% -0.44% 11.17% 4.34% -1.56% -0.88% 21.39% - 0.76%
EBITDA Q/Q Growth
-85.23% 197.80% -76.81% -11.27% 305.17% 58.53% -49.91% 5.83% 54.03% - -42.95%
EBIT Q/Q Growth
-91.51% 349.05% -105.11% -143.67% 621.68% 87.72% -68.77% -15.68% 118.38% - -63.88%
NOPAT Q/Q Growth
-91.44% 347.26% -104.96% -143.67% 623.55% 73.00% -66.82% -8.24% 109.35% - -64.77%
Net Income Q/Q Growth
-88.03% 229.07% -103.15% -218.69% 679.62% 72.88% -71.55% -20.06% 144.47% - -65.70%
EPS Q/Q Growth
-87.72% 200.00% -104.76% -100.00% 750.00% 69.23% -72.73% -16.67% 140.00% - -65.85%
Operating Cash Flow Q/Q Growth
-163.96% 423.16% -168.05% 155.81% -32.74% 440.47% -127.65% 103.57% 7,887.29% - -89.51%
Free Cash Flow Firm Q/Q Growth
-154.40% 93.26% -1,564.61% -122.29% 32.83% 3.36% -110.80% -43.83% 22.65% - 14.86%
Invested Capital Q/Q Growth
43.82% 1.03% 7.79% 4.93% 18.53% 2.58% 25.32% 18.68% 1.73% - 9.33%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
56.71% 59.99% 58.38% 55.73% 58.00% 62.20% 59.65% 59.83% 59.49% - 59.44%
EBITDA Margin
3.73% 10.81% 2.45% 2.18% 7.94% 12.07% 6.14% 6.56% 8.32% - 9.78%
Operating Margin
2.00% 8.74% -0.44% -1.08% 5.09% 9.16% 2.90% 2.47% 4.45% - 4.45%
EBIT Margin
2.00% 8.74% -0.44% -1.08% 5.09% 9.16% 2.90% 2.47% 4.45% - 4.45%
Profit (Net Income) Margin
2.07% 6.62% -0.21% -0.66% 3.46% 5.72% 1.65% 1.33% 2.69% - 3.03%
Tax Burden Percent
72.34% 72.06% 65.44% 59.56% 70.25% 64.74% 68.79% 74.86% 71.76% - 77.79%
Interest Burden Percent
142.94% 105.17% 71.40% 102.60% 96.65% 96.59% 82.80% 72.13% 84.23% - 87.40%
Effective Tax Rate
27.66% 27.94% 0.00% 0.00% 29.75% 35.26% 31.21% 25.14% 28.24% - 22.21%
Return on Invested Capital (ROIC)
6.91% 28.77% -1.44% -3.94% 15.01% 25.38% 7.49% 6.30% 10.66% - 11.22%
ROIC Less NNEP Spread (ROIC-NNEP)
6.03% 28.32% -1.61% -4.06% 15.22% 25.73% 8.30% 7.99% 13.04% - 14.33%
Return on Net Nonoperating Assets (RNNOA)
-2.88% -13.28% 0.70% 2.06% -5.84% -10.40% -2.42% -1.64% -2.19% - -1.53%
Return on Equity (ROE)
4.03% 15.50% -0.74% -1.88% 9.17% 14.98% 5.07% 4.66% 8.47% - 9.68%
Cash Return on Invested Capital (CROIC)
11.81% 20.32% 8.51% -39.90% -20.60% -21.65% -35.48% -46.21% -32.45% - -7.24%
Operating Return on Assets (OROA)
2.42% 10.38% -0.55% -1.31% 5.98% 10.31% 3.37% 2.84% 5.05% - 5.30%
Return on Assets (ROA)
2.51% 7.87% -0.26% -0.80% 4.06% 6.44% 1.92% 1.53% 3.05% - 3.61%
Return on Common Equity (ROCE)
3.86% 15.50% -0.74% -1.88% 9.17% 14.98% 5.07% 4.66% 8.47% - 9.68%
Return on Equity Simple (ROE_SIMPLE)
17.67% 0.00% 15.74% 4.83% 5.79% 0.00% 6.78% 0.00% 0.00% - 0.00%
Net Operating Profit after Tax (NOPAT)
1.44 6.46 -0.32 -0.78 4.09 7.08 2.35 2.15 4.51 14 4.98
NOPAT Margin
1.45% 6.30% -0.31% -0.76% 3.57% 5.93% 2.00% 1.85% 3.19% - 3.46%
Net Nonoperating Expense Percent (NNEP)
0.88% 0.46% 0.16% 0.12% -0.22% -0.35% -0.81% -1.70% -2.38% - -3.11%
Return On Investment Capital (ROIC_SIMPLE)
- 3.87% - - - 3.97% 1.32% 1.11% 2.33% 7.09% 2.45%
Cost of Revenue to Revenue
43.29% 40.01% 41.62% 44.27% 42.00% 37.80% 40.35% 40.17% 40.51% - 40.56%
SG&A Expenses to Revenue
54.69% 51.24% 58.52% 56.23% 55.36% 52.03% 56.94% 57.58% 55.03% - 54.98%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Operating Expenses to Revenue
54.70% 51.24% 58.82% 56.81% 52.91% 53.05% 56.75% 57.36% 55.04% - 54.99%
Earnings before Interest and Taxes (EBIT)
2.00 8.96 -0.46 -1.12 5.82 11 3.41 2.88 6.29 18 6.41
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
3.72 11 2.53 2.24 9.09 14 7.22 7.64 12 25 14
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
1.69 1.89 1.99 2.26 2.21 2.79 2.82 4.03 4.00 - 0.00
Price to Tangible Book Value (P/TBV)
1.81 2.02 2.13 2.42 2.36 2.97 3.00 4.29 4.24 - 0.00
Price to Revenue (P/Rev)
0.72 0.83 0.83 0.91 0.89 1.13 1.10 1.56 1.50 - 0.00
Price to Earnings (P/E)
9.61 12.11 12.67 46.85 38.16 50.35 41.61 50.98 52.58 - 0.00
Dividend Yield
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Earnings Yield
10.40% 8.26% 7.89% 2.13% 2.62% 1.99% 2.40% 1.96% 1.90% - 0.00%
Enterprise Value to Invested Capital (EV/IC)
2.27 2.71 2.77 3.13 2.77 3.69 3.17 4.09 4.10 - 0.00
Enterprise Value to Revenue (EV/Rev)
0.53 0.62 0.66 0.75 0.76 1.00 1.04 1.55 1.49 - 0.00
Enterprise Value to EBITDA (EV/EBITDA)
4.62 5.85 6.08 15.63 12.91 15.52 14.34 18.89 17.98 - 0.00
Enterprise Value to EBIT (EV/EBIT)
5.45 7.03 7.59 32.60 24.36 28.91 24.82 31.44 31.38 - 0.00
Enterprise Value to NOPAT (EV/NOPAT)
7.42 9.64 10.55 44.26 33.59 42.99 36.79 46.41 46.08 - 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)
50.14 9.18 23.83 35.76 15.36 14.97 13.18 26.04 16.00 - 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)
21.38 13.95 35.84 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.07 0.04 - 0.03
Long-Term Debt to Equity
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.07 0.04 - 0.03
Financial Leverage
-0.48 -0.47 -0.44 -0.51 -0.38 -0.40 -0.29 -0.20 -0.17 - -0.11
Leverage Ratio
2.06 2.04 2.12 2.12 2.20 2.27 2.29 2.35 2.45 - 2.43
Compound Leverage Factor
2.94 2.15 1.52 2.18 2.13 2.19 1.89 1.70 2.06 - 2.12
Debt to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 6.71% 4.13% - 2.45%
Short-Term Debt to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Long-Term Debt to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 6.71% 4.13% - 2.45%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Common Equity to Total Capital
100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 93.29% 95.87% - 97.55%
Debt to EBITDA
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.34 0.20 - 0.09
Net Debt to EBITDA
0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.10 -0.13 - -0.20
Long-Term Debt to EBITDA
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.34 0.20 - 0.09
Debt to NOPAT
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.83 0.50 - 0.19
Net Debt to NOPAT
0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.24 -0.34 - -0.45
Long-Term Debt to NOPAT
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.83 0.50 - 0.19
Altman Z-Score
2.71 2.73 2.61 2.65 2.43 2.56 2.57 2.94 2.90 - 0.00
Noncontrolling Interest Sharing Ratio
4.06% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Liquidity Ratios
- - - - - - - - - - -
Current Ratio
1.98 1.83 1.98 1.78 1.57 1.23 1.04 0.90 0.81 - 0.83
Quick Ratio
1.61 1.52 1.82 1.65 1.46 1.13 0.91 0.72 0.67 - 0.63
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
-16 -1.06 -18 -39 -26 -25 -54 -77 -60 -39 -33
Operating Cash Flow to CapEx
-38.19% 182.67% 0.00% 75.49% 29.21% 122.31% -42.66% 1.14% 109.24% - 31.20%
Free Cash Flow to Firm to Interest Expense
-746.67 -3.87 -31.02 -58.62 -39.85 -37.77 -76.32 -94.65 -60.07 - -39.46
Operating Cash Flow to Interest Expense
-323.38 80.39 -26.34 12.50 8.51 45.09 -11.95 0.37 24.10 - 5.46
Operating Cash Flow Less CapEx to Interest Expense
-1,170.24 36.38 -12.17 -4.06 -20.62 8.22 -39.97 -31.77 2.04 - -12.03
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
1.21 1.19 1.24 1.21 1.18 1.13 1.16 1.15 1.14 - 1.19
Accounts Receivable Turnover
10.18 10.38 10.46 10.80 9.06 11.19 10.35 10.30 9.49 - 12.24
Inventory Turnover
55.86 58.31 66.15 70.50 62.93 60.58 77.35 54.72 67.75 - 88.64
Fixed Asset Turnover
11.80 10.11 10.09 8.88 7.43 5.70 5.11 4.48 4.19 - 3.57
Accounts Payable Turnover
9.33 11.33 12.28 9.64 7.82 6.59 7.65 7.07 6.25 - 6.91
Days Sales Outstanding (DSO)
35.85 35.17 34.88 33.80 40.27 32.63 35.26 35.44 38.46 - 29.82
Days Inventory Outstanding (DIO)
6.53 6.26 5.52 5.18 5.80 6.03 4.72 6.67 5.39 - 4.12
Days Payable Outstanding (DPO)
39.13 32.22 29.72 37.87 46.67 55.40 47.69 51.61 58.41 - 52.81
Cash Conversion Cycle (CCC)
3.26 9.22 10.68 1.10 -0.61 -16.75 -7.71 -9.50 -14.57 - -18.87
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
86 87 93 98 116 119 149 177 180 171 187
Invested Capital Turnover
4.77 4.57 4.66 5.19 4.20 4.28 3.75 3.40 3.34 - 3.24
Increase / (Decrease) in Invested Capital
17 7.52 17 38 30 32 56 79 64 53 38
Enterprise Value (EV)
195 235 258 306 322 439 473 725 738 - 0.00
Market Capitalization
265 315 328 373 376 498 501 728 743 - 0.00
Book Value per Share
$5.01 $5.32 $5.18 $5.24 $5.40 $5.66 $5.63 $5.72 $5.88 $6.45 $6.39
Tangible Book Value per Share
$4.67 $4.98 $4.84 $4.90 $5.06 $5.32 $5.29 $5.38 $5.54 $6.11 $6.04
Total Capital
157 167 164 165 170 178 178 194 194 200 204
Total Debt
0.00 0.00 0.00 0.00 0.00 0.00 0.00 13 8.00 0.00 5.00
Total Long-Term Debt
0.00 0.00 0.00 0.00 0.00 0.00 0.00 13 8.00 0.00 5.00
Net Debt
-70 -80 -70 -67 -54 -59 -29 -3.70 -5.48 -29 -12
Capital Expenditures (CapEx)
18 12 -8.03 11 19 25 20 26 22 19 15
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-5.76 -19 -11 -14 -12 -38 -25 -25 -32 -42 -33
Debt-free Net Working Capital (DFNWC)
65 61 59 52 42 21 3.28 -8.62 -19 -14 -16
Net Working Capital (NWC)
65 61 59 52 42 21 3.28 -8.62 -19 -14 -16
Net Nonoperating Expense (NNE)
-0.62 -0.33 -0.11 -0.10 0.14 0.24 0.40 0.60 0.71 1.45 0.63
Net Nonoperating Obligations (NNO)
-72 -80 -71 -67 -54 -59 -29 -3.70 -5.82 -29 -12
Total Depreciation and Amortization (D&A)
1.72 2.12 2.99 3.36 3.27 3.48 3.80 4.76 5.48 6.93 7.67
Debt-free, Cash-free Net Working Capital to Revenue
-1.57% -5.03% -2.77% -3.55% -2.83% -8.69% -5.59% -5.41% -6.47% - -5.98%
Debt-free Net Working Capital to Revenue
17.58% 16.20% 14.94% 12.85% 9.92% 4.78% 0.72% -1.84% -3.75% - -2.92%
Net Working Capital to Revenue
17.58% 16.20% 14.94% 12.85% 9.92% 4.78% 0.72% -1.84% -3.75% - -2.92%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$0.07 $0.22 ($0.01) ($0.02) $0.13 $0.22 $0.06 $0.05 $0.12 $0.42 $0.14
Adjusted Weighted Average Basic Shares Outstanding
30.16M 30.11M 30.30M 30.66M 30.68M 30.58M 30.81M 30.99M 31.00M 30.94M 31.13M
Adjusted Diluted Earnings per Share
$0.07 $0.21 ($0.01) ($0.02) $0.13 $0.22 $0.06 $0.05 $0.12 $0.41 $0.14
Adjusted Weighted Average Diluted Shares Outstanding
30.70M 30.54M 30.30M 30.66M 31.04M 30.89M 31.07M 31.27M 31.32M 31.26M 31.33M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
31.36M 31.76M 31.44M 31.47M 31.48M 31.59M 31.59M 31.62M 31.62M 31.88M 31.72M
Normalized Net Operating Profit after Tax (NOPAT)
1.45 6.46 -0.10 -0.36 4.08 7.86 2.20 1.96 4.52 14 4.99
Normalized NOPAT Margin
1.46% 6.30% -0.10% -0.35% 3.57% 6.59% 1.87% 1.69% 3.20% - 3.47%
Pre Tax Income Margin
2.86% 9.19% -0.32% -1.11% 4.92% 8.84% 2.41% 1.78% 3.74% - 3.89%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
95.05 32.83 -0.81 -1.67 8.83 16.26 4.87 3.54 6.34 - 7.65
NOPAT to Interest Expense
68.76 23.66 -0.57 -1.17 6.21 10.53 3.35 2.65 4.55 - 5.95
EBIT Less CapEx to Interest Expense
-751.81 -11.18 13.36 -18.23 -20.29 -20.60 -23.15 -28.60 -15.72 - -9.83
NOPAT Less CapEx to Interest Expense
-778.10 -20.35 13.60 -17.72 -22.92 -26.33 -24.67 -29.49 -17.51 - -11.53
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Augmented Payout Ratio
12.98% 3.43% 1.29% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%

Financials Breakdown Chart

Key Financial Trends

Below is a concise, data-driven snapshot of Lincoln Educational Services (LINC) using quarterly statements from the last four years. The focus is on revenue, profitability, cash flow, and leverage trends that may matter to retail investors.

  • Revenue momentum: LINC’s latest quarter (Q4 2025) revenue reached 142.9 million, up from 141.4 million in the prior quarter (Q3 2025), signaling improving topline momentum.
  • Net income improvement: Net income from continuing operations rose to 13.63 million in Q4 2025, a meaningful step up versus earlier quarters in 2025.
  • Operating cash flow improvement: Operating cash flow climbed to 43.5 million in Q4 2025, up from 23.9 million in Q3 2025 (and was positive across multiple recent quarters).
  • Free cash flow positive: In Q4 2025, free cash flow was roughly 25 million (OCF of ~43.5m minus capex of ~18.5m), indicating solid cash generation after sustaining capex.
  • Debt deleveraging: Long-term debt declined to about 8.0 million by Q4 2025, reflecting progress toward lower leverage.
  • Healthy gross margin: Latest quarter gross margin sits around 62% (gross profit ~89.0 million on revenue ~142.9 million), supporting ongoing profitability.
  • Balance sheet stability vs. liquidity nuance: Total equity sits near 186 million, but in some periods current liabilities exceed current assets, signaling liquidity nuances to watch.
  • Seasonality in cash flows: Revenue and cash flow exhibit quarter-to-quarter seasonality consistent with the education services cycle, affecting quarterly cash dynamics.
  • Near-term liquidity pressure: Cash balance declined meaningfully across the year, with lower ending cash in mid-2025 before recent OCF recovery, implying tighter near-term liquidity in some periods.
  • Financing outflows and debt repayments: Q4 2025 financed activities included debt repayments and other outflows, reducing cash and potentially limiting immediate liquidity access.
05/17/26 07:22 PM ETAI Generated. May Contain Errors.

Lincoln Educational Services Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Lincoln Educational Services' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Lincoln Educational Services' net income appears to be on an upward trend, with a most recent value of $20.00 million in 2025, falling from -$3.35 million in 2015. The previous period was $9.89 million in 2024. See where experts think Lincoln Educational Services is headed by visiting Lincoln Educational Services' forecast page.

Lincoln Educational Services' total operating income in 2025 was $30.31 million, based on the following breakdown:
  • Total Gross Profit: $312.85 million
  • Total Operating Expenses: $282.54 million

Over the last 10 years, Lincoln Educational Services' total revenue changed from $306.10 million in 2015 to $518.24 million in 2025, a change of 69.3%.

Lincoln Educational Services' total liabilities were at $293.48 million at the end of 2025, a 13.6% increase from 2024, and a 131.5% increase since 2015.

In the past 10 years, Lincoln Educational Services' cash and equivalents has ranged from $14.56 million in 2017 to $83.31 million in 2021, and is currently $28.52 million as of their latest financial filing in 2025.

Over the last 10 years, Lincoln Educational Services' book value per share changed from 3.39 in 2015 to 6.45 in 2025, a change of 90.2%.



Financial statements for NASDAQ:LINC last updated on 5/15/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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