Lincoln Educational Services (LINC) Q3 2026 earnings summary

Executive summary

• Q3 starts rose 14.2% to 7,362; revenue increased 12.6% to $159.2 million, Adjusted EBITDA grew 30.8% to $17.4 million, and net income rose 24.1% to $4.7 million.

• Average student population increased 10.9%; operating efficiencies and improved conversions supported higher earnings.

• FY2026 revenue guidance increased to $600–$605 million, while long-term 2030 objectives remain $850 million revenue and $150 million EBITDA.

Financial highlights

• Q3 revenue was $159.2 million vs. $141.4 million; operating income was $7.7 million vs. $6.3 million, and net income was $4.7 million vs. $3.8 million.

• Q3 diluted EPS was $0.15 vs. $0.12; operating cash flow increased to $34.9 million from $23.9 million.

• 9M revenue rose 18.7% to $445.7 million; net income was $11.0 million vs. $7.3 million.

• 9M operating cash flow increased to $61.5 million from $15.8 million; capital expenditures were $67.4 million.

Outlook and guidance

• FY2026 revenue guidance rose to $600–$605 million from $590–$600 million; student-start growth guidance narrowed to 10%–12%.

• Adjusted EBITDA guidance remains $76–$80 million, net income $23–$26 million, diluted EPS $0.74–$0.83, and capital expenditures $95–$100 million.

• Guidance includes ~$10 million of new-campus and strategic-growth losses; 2026 Adjusted EBITDA no longer excludes pre-opening and first-year campus losses.

• Rowlett programs are expected to begin in H1 2027, Suitland in Q4 2027, and Tempe in Q1 2028; future capital spending is expected to use operating cash flow, cash and credit availability.