LINC FY 2025 Earnings Report — Lincoln Educational Services Corporation Revenue & Financial Results | Market Cap Arena

Lincoln Educational Services CorporationLINC

FY 2025 Earnings

Reported March 2, 2026

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2025	Prior Q	FY 2024	QoQ Change	YoY Change
Revenue	$518M	—	$440M	—	17.8%
Op. Income	$29M	—	$15M	—	90.9%
Gross Margin	60.4%	—	58.7%	—	1.7pp
Net Margin	3.9%	—	2.2%	—	1.6pp
EPS (Diluted)	$0.65	—	$0.32	—	103.1%
Free Cash Flow	-$27M	—	-$28M	—	0.4%

Revenue Flow

Item	Amount
REVENUE	$518M
Cost of Revenue	$205M
GROSS PROFIT	$313M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$283M
Other Expenses	$926.0K
Operating Expenses	$284M
Cost & Expenses	$489M
OPERATING INCOME	$29M
Interest Income	$126.0K
Interest Expense	$3M
Other Income/Expenses	-$3M
INCOME BEFORE TAX	$26M
Income Tax Expense	$6M
Net Income from Continuing Ops	$20M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$20M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$20M
D&A	$21M
EBIT	$30M
EBITDA	$50M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$518M
Cost of Revenue	$205M
GROSS PROFIT	$313M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$283M
Other Expenses	$926.0K
Operating Expenses	$284M
Cost & Expenses	$489M
OPERATING INCOME	$29M
Interest Income	$126.0K
Interest Expense	$3M
Other Income/Expenses	-$3M
INCOME BEFORE TAX	$26M
Income Tax Expense	$6M
Net Income from Continuing Ops	$20M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$20M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$20M
D&A	$21M
EBIT	$30M
EBITDA	$50M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$20M
Depreciation & Amortization	$19M
Stock-Based Compensation	$5M
Deferred Income Tax	$3M
Other Non-Cash Items	$59M
Change in Working Capital	-$47M
OPERATING CASH FLOW	$59M
Capital Expenditure	-$87M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$434.0K
NET CASH FROM INVESTING	-$86M
Net Debt Issuance	$43.0K
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	-$4M
NET CASH FROM FINANCING	-$4M
FREE CASH FLOW	-$27M
Net Change in Cash	-$31M

Balance Sheet

Item	Amount
Cash & Equivalents	$29M
Short-Term Investments	$0
Net Receivables	$58M
Inventory	$4M
Other Current Assets	-$4M
TOTAL CURRENT ASSETS	$87M
PP&E (Net)	$351M
Goodwill	$11M
Intangible Assets	$0
Long-Term Investments	$0
Tax Assets	$22M
Other Non-Current Assets	$23M
TOTAL NON-CURRENT ASSETS	$406M
TOTAL ASSETS	$493M
Account Payables	$27M
Short-Term Debt	$11M
Deferred Revenue	$0
Other Current Liabilities	$63M
TOTAL CURRENT LIABILITIES	$101M
Long-Term Debt	$193M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$193M
TOTAL LIABILITIES	$293M
Common Stock	$48M
Additional Paid-In Capital	$0
Retained Earnings	$99M
Treasury Stock	$0
Accum. Other Comp. Income	$0
Other Equity	$52M
TOTAL STOCKHOLDERS' EQUITY	$200M
Minority Interest	$0
TOTAL EQUITY	$200M
TOTAL LIABILITIES & EQUITY	$493M
Total Debt	$204M
Net Debt	$175M