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Lincoln Educational Services
Lincoln Educational Services (LINC) investor relations material
Lincoln Educational Services Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary23 Feb, 2026
Executive summary
Achieved exceptional fourth quarter and full year 2025 results, exceeding financial guidance with strong revenue, net income, and adjusted EBITDA growth, setting the stage for long-term growth and shareholder returns.
Student starts and population grew double digits for 13 consecutive quarters, driven by demand for skilled trades and successful campus expansion strategies, including new campuses in Houston, Nashville, and Levittown.
Strategic focus on high school initiatives, corporate partnerships (e.g., New Jersey Transit, Johnson Controls), and new programs to drive future growth and profitability.
Investor Day scheduled for March 2026 to outline five-year growth strategy.
Financial highlights
Q4 2025 revenue grew 21.4% year-over-year to $142.9M, driven by a 17% increase in average student population and 3.7% higher revenue per student.
Adjusted EBITDA for Q4 rose 51.2% to $29.1M, with margin expanding to 20.4%; full-year adjusted EBITDA was $67.1M, up nearly 60%.
Net income for Q4 increased over 70% to $12.7M ($0.40/share); full-year net income doubled to $20.0M.
Full-year 2025 revenue up 19.7% to $518.2M; adjusted net income up 64% to $28.4M.
Operating cash flow for 2025 more than doubled to $59.3M; ended year with $29M in cash and $90M in liquidity, no debt.
Outlook and guidance
2026 guidance: revenue of $580M–$590M (13% growth), adjusted EBITDA of $72M–$76M (30% growth), net income of $20M–$23M, diluted EPS of $0.64–$0.74.
Student start growth projected at 8%–13%; capital expenditures expected at $70M–$75M, with 70% allocated to growth initiatives.
Adjusted EBITDA growth expected at ~30% for 2026, with highest contribution in Q4; net income growth to trail due to higher depreciation.
No debt expected at year-end 2026 despite use of credit facility for expansion.
Adjusted EBITDA guidance methodology updated to include new campus operating losses and strategic growth costs.
Quantify the impact of new Adj EBITDA definition
Explain the decline in Healthcare program starts
Detail plans for expanding into underserved US markets
Explain 2026 net income growth vs. EBITDA
Update on high school share program expansion
Current capacity utilization and future potential
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Next Lincoln Educational Services earnings date
Investor Day 202619 Mar, 2026
Lincoln Educational Services
Next Lincoln Educational Services earnings date
Investor Day 202619 Mar, 2026
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Frequently asked questions
Lincoln Educational Services Corporation provides career-focused education and training programs. The company operates a network of campuses offering programs in fields such as automotive technology, skilled trades, healthcare, and information technology. Lincoln Educational Services caters to individuals seeking to develop technical skills and pursue careers in high-demand industries. The company is headquartered in Parsippany, New Jersey, and its shares are listed on the NASDAQ.
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