LINC

MKT CAP:$1B

Lincoln Educational Services Corporation

Market Cap

$1B

Consumer Defensive·Education & Training Services·🇺🇸 United States·NASDAQ

Consumer Def.·Education·🇺🇸·NASDAQ

Stock Price

$40.77+$17.46 (+74.90%)

Apr 22, 2026

Company Details

Lincoln Educational Services Corporation, together with its subsidiaries, provides various career-oriented post-secondary education services to high school graduates and working adults in the United States. The company operates in two segme...

CEO

Scott Shaw

IPO Date

Jun 23, 2005

Website

www.lincolntech.edu

Key Metrics TTM

Revenue

$518M

+17.8% YoY

Net Income

$20M

EPS (Diluted)

$0.65

Free Cash Flow

-$27M

Revenue / Share

$16.58

Gross Margin

60.4%

Operating Margin

5.7%

Net Margin

3.9%

FCF Margin

-5.3%

P/S

2.4x

P/E

62.4x

Earnings Reports

Q1 2026

May 11, 2026

PENDING

FY 2025

Mar 2, 2026

$518M+17.8%EPS $0.65

Q4 2025

Mar 2, 2026

$143M+19.7%EPS $0.42

Q3 2025

Nov 10, 2025

$141M+23.6%EPS $0.12

Q2 2025

Aug 11, 2025

$116M+13.2%EPS $0.05

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$83M	$46M	-$326.0K
Q2 22	$82M	$46M	$396.0K
Q3 22	$92M	$52M	$5M
Q4 22	$92M	$55M	$11M
Q1 23	$87M	$49M	-$1M
Q2 23	$89M	$49M	$24M
Q3 23	$100M	$56M	$2M
Q4 23	$103M	$61M	$9M
Q1 24	$103M	$60M	-$458.0K
Q2 24	$103M	$57M	-$1M
Q3 24	$114M	$66M	$6M
Q4 24	$119M	$74M	$11M
Q1 25	$118M	$70M	$3M
Q2 25	$116M	$70M	$3M
Q3 25	$141M	$84M	$6M
Q4 25	$143M	$89M	$17M

Valuation

Quarter	P/S	P/E
Q1 22	3.7x	40.9x
Q2 22	3.7x	44.0x
Q3 22	3.6x	44.5x
Q4 22	3.6x	98.7x
Q1 23	3.5x	101.8x
Q2 23	3.5x	42.6x
Q3 23	3.4x	44.9x
Q4 23	3.3x	48.0x
Q1 24	3.2x	48.2x
Q2 24	3.1x	156.7x
Q3 24	2.9x	126.6x
Q4 24	2.8x	126.1x
Q1 25	2.7x	103.5x
Q2 25	2.7x	87.3x
Q3 25	2.5x	88.3x
Q4 25	2.4x	62.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$14M	-$15M
Q2 22	$4M	$2M
Q3 22	$11M	$7M
Q4 22	$270.0K	-$2M
Q1 23	-$214.0K	-$3M
Q2 23	$11M	$3M
Q3 23	-$7M	-$25M
Q4 23	$22M	$10M
Q1 24	-$15M	-$17M
Q2 24	$8M	-$3M
Q3 24	$6M	-$14M
Q4 24	$30M	$6M
Q1 25	-$8M	-$28M
Q2 25	$299.0K	-$26M
Q3 25	$24M	$2M
Q4 25	$44M	$25M

Capital Expenditures

Quarter	CapEx
Q1 22	$1M
Q2 22	$3M
Q3 22	$3M
Q4 22	$2M
Q1 23	$3M
Q2 23	$8M
Q3 23	$18M
Q4 23	$12M
Q1 24	$2M
Q2 24	$11M
Q3 24	$19M
Q4 24	$25M
Q1 25	$20M
Q2 25	$26M
Q3 25	$22M
Q4 25	$19M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+5.8%	+15.1%
Q2 22	+2.1%	+6.1%
Q3 22	+3.1%	+4.3%
Q4 22	+4.5%	+49.6%
Q1 23	+5.7%	+6.7%
Q2 23	+7.9%	-20.3%
Q3 23	+8.5%	+12.3%
Q4 23	+11.7%	+16.3%
Q1 24	+18.4%	+17.4%
Q2 24	+16.1%	+59.7%
Q3 24	+14.8%	+11.2%
Q4 24	+16.4%	+15.9%
Q1 25	+13.7%	+9.9%
Q2 25	+13.2%	+9.2%
Q3 25	+23.6%	+24.4%
Q4 25	+19.7%	+16.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$1M	1.5%
Q2 22	$491.0K	0.6%
Q3 22	$637.0K	0.7%
Q4 22	$744.0K	0.8%
Q1 23	$812.0K	0.9%
Q2 23	$3M	2.9%
Q3 23	$662.0K	0.7%
Q4 23	$2M	1.8%
Q1 24	$1M	1.0%
Q2 24	$1M	1.0%
Q3 24	$1M	1.1%
Q4 24	$1M	1.1%
Q1 25	$1M	1.0%
Q2 25	$1M	1.2%
Q3 25	$0	0.0%
Q4 25	$1M	1.0%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q1 22	—	—	$47M
Q2 22	—	—	$46M
Q3 22	—	—	$47M
Q4 22	$8M	$35M	—
Q1 23	—	—	$50M
Q2 23	—	—	$52M
Q3 23	—	—	$54M
Q4 23	—	—	$53M
Q1 24	—	—	$60M
Q2 24	—	—	$58M
Q3 24	—	—	$63M
Q4 24	—	—	$62M
Q1 25	—	—	$67M
Q2 25	—	—	$67M
Q3 25	—	—	$78M
Q4 25	—	—	$71M

Revenue Segments

Quarter	Healthcare and Other Professions Business Segment	Transportation and Skilled Trades	Campus Operations	Transitional
Q1 22	$24M	$59M	—	—
Q2 22	$24M	$58M	—	—
Q3 22	$24M	$67M	—	—
Q1 23	—	—	$86M	$932.0K
Q2 23	—	—	$88M	$433.0K
Q3 23	—	—	$100M	$91.0K
Q4 23	—	—	$103M	$12.0K
Q1 24	—	—	$103M	—
Q2 24	—	—	$103M	—
Q3 24	—	—	$114M	—
Q4 24	—	—	$112M	$7M
Q1 25	—	—	$118M	—
Q2 25	—	—	$116M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$66M	$0	$66M
Q2 22	$67M	$0	$67M
Q3 22	$70M	$0	$70M
Q4 22	$46M	$15M	$61M
Q1 23	$40M	$15M	$55M
Q2 23	$66M	$24M	$91M
Q3 23	$42M	$24M	$66M
Q4 23	$76M	$0	$76M
Q1 24	$70M	$0	$70M
Q2 24	$67M	$0	$67M
Q3 24	$54M	$0	$54M
Q4 24	$59M	$0	$59M
Q1 25	$29M	$0	$29M
Q2 25	$17M	$0	$17M
Q3 25	$13M	$0	$13M
Q4 25	$29M	$0	$29M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	26M	+2.1%	+3.3%
Q2 22	26M	+0.9%	+3.4%
Q3 22	25M	-2.2%	+1.0%
Q4 22	26M	+4.2%	+5.0%
Q1 23	30M	+13.6%	+16.8%
Q2 23	30M	+1.2%	+17.1%
Q3 23	31M	+1.0%	+20.9%
Q4 23	31M	+0.5%	+16.7%
Q1 24	30M	-1.8%	+0.9%
Q2 24	31M	+1.2%	+0.9%
Q3 24	31M	+1.2%	+1.1%
Q4 24	31M	+0.3%	+1.0%
Q1 25	31M	-0.2%	+2.5%
Q2 25	31M	+0.6%	+2.0%
Q3 25	31M	+0.2%	+0.9%
Q4 25	31M	-0.2%	+0.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$40.2K	2K
Q2 22	$40.0K	2K
Q3 22	$44.7K	2K
Q4 22	$43.3K	2K
Q1 23	$41.2K	2K
Q2 23	$41.8K	2K
Q3 23	$47.0K	2K
Q4 23	$44.6K	2K
Q1 24	$44.9K	2K
Q2 24	$44.7K	2K
Q3 24	$49.7K	2K
Q4 24	$48.2K	2K
Q1 25	$47.5K	2K
Q2 25	$47.1K	2K
Q3 25	$57.1K	2K
Q4 25	$55.2K	3K

Revenue / Employee