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Lincoln Educational Services (LINC) investor relations material
Lincoln Educational Services Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Achieved double-digit year-over-year growth in revenue, adjusted EBITDA, and student population for Q3 2025, with twelve consecutive quarters of student start growth.
Q3 2025 revenue rose to $141.4M, adjusted EBITDA increased 65.1% to $16.9M, and net income was $3.8M.
Student starts increased 6% year-over-year to approximately 6,400–6,445 in Q3 2025.
Continued campus expansion with new locations in Houston, TX and Rowlett, TX, and completed relocations in Nashville, TN, Levittown, PA, and Philadelphia.
Raised full-year 2025 guidance and 2027 targets for revenue and adjusted EBITDA, reflecting strong demand and expansion.
Financial highlights
Q3 2025 revenue was $141.4M, up 23.6–25.4% year-over-year; adjusted EBITDA grew 65.1% to $16.9M.
Net income for Q3 2025 was $3.8M ($0.12/share); adjusted net income was $6.3M ($0.20/share), up 54.9%.
Nine-month revenue was $375.4M (+17.1% YoY); nine-month net income was $7.3M, up 138.7%.
Ended Q3 with $13.5M in cash and $65.5M in total liquidity, with $8M outstanding under the credit facility.
Capital expenditures for nine months were $68.1M, focused on campus expansion.
Outlook and guidance
FY 2025 guidance: revenue $505–$510M, adjusted EBITDA $65–$67M, net income $17–$19M, student starts up 15–16%, and capital expenditures $75–$80M.
2027 targets raised to over $600M in revenue and over $90M in adjusted EBITDA.
New Rowlett, TX campus scheduled to open Q1 2027; continued focus on geographic expansion and program replication.
Implementation of hybrid teaching platform expected by year-end.
Management expects to fund future capital expenditures with cash from operations and cash on hand.
Impact of new campus pre-opening costs on GAAP net income?
Reasons for declining Healthcare program student starts?
Quantify Lincoln 10.0 hybrid model's efficiency gains
New campus IRR performance vs. 20% threshold
RN program expansion timeline and impact
High school share program's growth potential
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Next Lincoln Educational Services earnings date
17th Annual Southwest IDEAS Conference20 Nov, 2025
Next Lincoln Educational Services earnings date
17th Annual Southwest IDEAS Conference20 Nov, 2025
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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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