Lincoln Educational Services Corp (LINC) Financial Statements
Industry: Educational Services (Services)
In fiscal 2025, Lincoln Educational Services reported revenue of $518.2M, up 17.8% from $440.1M the year before. Net income was $20.0M (a 3.9% net margin), or $0.64 per diluted share. Gross margin was 60.4% and operating margin was 5.8%. Operating activities generated $59.3M of cash, leaving -$27.3M of free cash flow. At fiscal year end, Lincoln Educational Services held $493.2M in total assets against $293.5M in total liabilities, including $28.5M of cash and equivalents.
Open the full interactive Lincoln Educational Services financials → Quarterly statements, key ratios, valuation history and price charts.
Lincoln Educational Services Key Stats
| Share Price | $23.45 |
|---|---|
| Market Cap | $736.8M |
| P/E Ratio | 36.6 |
| Revenue YoY Growth | +17.8% |
| 52-Week Range | $17.80 – $55.68 |
| Shares Outstanding | 31.3 million (basic, 2026 Q2) |
Lincoln Educational Services Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $293.1M | $335.3M | $348.3M | $378.1M | $440.1M | $518.2M |
| Cost of Goods Sold | $122.2M | $138.9M | $148.7M | $162.3M | $181.8M | $205.4M |
| Gross Profit | $170.9M | $196.4M | $199.5M | $215.8M | $258.3M | $312.9M |
| Operating Income | $14.8M | $49.3M | $16.3M | $33.4M | $15.2M | $30.3M |
| Pre-Tax Income | $13.5M | $47.2M | $16.4M | $35.6M | $14.7M | $26.1M |
| Income Tax | -$35.1M | $12.5M | $3.8M | $9.6M | $4.8M | $6.1M |
| Net Income | $48.6M | $34.7M | $12.6M | $26.0M | $9.9M | $20.0M |
| Diluted EPS | $1.49 | $1.04 | $0.36 | $0.85 | $0.32 | $0.64 |
Lincoln Educational Services Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $141.4M | $142.9M | $144.0M | $142.6M |
| Net Income | $3.8M | $12.7M | $4.4M | $1.9M |
| Diluted EPS | $0.12 | $0.41 | $0.14 | $0.06 |
Lincoln Educational Services Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $38.0M | $83.3M | $46.1M | $76.0M | $59.3M | $28.5M |
| Current Assets | $74.2M | $121.6M | $114.1M | $134.7M | $111.3M | $87.0M |
| Total Assets | $245.2M | $295.3M | $291.6M | $345.2M | $436.6M | $493.2M |
| Current Liabilities | $66.8M | $65.9M | $55.0M | $73.4M | $90.2M | $100.7M |
| Total Long-Term Debt | $17.2M | — | — | — | — | — |
| Total Liabilities | $142.1M | $153.9M | $146.7M | $178.4M | $258.3M | $293.5M |
| Shareholders' Equity | $91.1M | $129.4M | $144.9M | $166.8M | $178.3M | $199.7M |
Lincoln Educational Services Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $23.5M | $27.4M | $882,000 | $25.6M | $29.3M | $59.3M |
| Cash From Investing | -$5.5M | $37.8M | -$21.4M | $7.4M | -$47.0M | -$86.2M |
| Cash From Financing | -$18.6M | -$20.0M | -$12.5M | -$2.9M | -$3.3M | -$3.9M |
| Free Cash Flow | $17.9M | $19.9M | -$8.1M | -$15.1M | -$27.6M | -$27.3M |
Figures from Lincoln Educational Services' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Lincoln Educational Services financials page for every line item.
Lincoln Educational Services Company Profile
| Ticker | LINC |
|---|---|
| Exchange | Nasdaq |
| Industry | Educational Services (Services) |
| Headquarters | Parsippany, New Jersey |
| Incorporated in | New Jersey |
| Fiscal Year End | December 31 |
| SEC Filer Category | Accelerated filer |
| SEC CIK | 0001286613 |
Frequently Asked Questions
What was Lincoln Educational Services' revenue in fiscal 2025?
Lincoln Educational Services (LINC) reported revenue of $518.2M for fiscal 2025.
What is Lincoln Educational Services' annual revenue history?
Lincoln Educational Services' annual revenue by fiscal year: 2020: $293.1M; 2021: $335.3M; 2022: $348.3M; 2023: $378.1M; 2024: $440.1M; 2025: $518.2M.
What was Lincoln Educational Services' net income in fiscal 2025?
Lincoln Educational Services reported net income of $20.0M for fiscal 2025.
What was Lincoln Educational Services' earnings per share (EPS) in fiscal 2025?
Lincoln Educational Services' diluted EPS was $0.64 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Lincoln Educational Services generate in fiscal 2025?
Lincoln Educational Services generated -$27.3M of free cash flow in fiscal 2025.
What was Lincoln Educational Services' revenue last quarter?
In its most recent reported quarter (2026 Q2), Lincoln Educational Services reported revenue of $142.6M.
How many shares of Lincoln Educational Services are outstanding?
Lincoln Educational Services reported a weighted average of 31.3 million basic shares outstanding in 2026 Q2.
What is Lincoln Educational Services' market cap?
Based on its latest closing price, Lincoln Educational Services (LINC) has a market capitalization of about $736.8M.
When does Lincoln Educational Services' fiscal year end?
Lincoln Educational Services' fiscal year end, as registered with the SEC, is December 31.
Where is Lincoln Educational Services headquartered?
Lincoln Educational Services lists its business address in Parsippany, New Jersey in its SEC filings.