NASDAQ · Financial Statements

Lincoln Educational Services Corporation (LINC) Financial Statements

$21.68 NASDAQ: LINC Market Cap $687.72M

Lincoln Educational Services Corporation most recently reported annual revenue of $518.0M, net profit of $20.0M. Revenue grew at an average annual rate of 12.1% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Lincoln Educational Services Corporation: Revenue rose from $197.0M in 2016 to $518.0M in 2025, a change of +162.9% over 9 years; net profit was positive in 7 of 10 reported years; operating margin moved from -2.6% to 5.8%, a shift of +8.4 percentage points; the most recent year shows net profit of $20.0M.

Income Statement — 10 Years (USD millions)

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	$197.0M	$262.0M	$263.0M	$273.0M	$293.0M	$335.0M	$348.0M	$378.0M	$440.0M	$518.0M
Operating Expenses	$202.0M	$267.0M	$267.0M	$268.0M	$278.0M	$286.0M	$332.0M	$345.0M	$425.0M	$488.0M
Operating Profit	$-5.0M	$-5.0M	$-4.0M	$5.0M	$15.0M	$49.0M	$16.0M	$33.0M	$15.0M	$30.0M
Operating Margin	-2.6%	-1.8%	-1.5%	1.9%	5.0%	14.7%	4.7%	8.8%	3.5%	5.8%
Other Income	$1.0M	$-7.0M	$-2.0M	$0	$69.0M	$-2.0M	$0	$2.0M	$0	$-4.0M
Interest	$6.0M	$7.0M	$2.0M	$3.0M	$1.0M	$2.0M	$0	$0	$3.0M	$3.0M
Depreciation	$11.0M	$9.0M	$8.0M	$8.0M	$7.0M	$7.0M	$6.0M	$7.0M	$11.0M	$21.0M
Profit Before Tax	$-4.0M	$-12.0M	$-6.0M	$2.0M	$84.0M	$47.0M	$16.0M	$36.0M	$15.0M	$26.0M
Tax	$-4.7M	$2.3M	$-3.1M	$11.7M	$41.9M	$26.5M	$23.1M	$27.1M	$32.8M	$23.4M
Net Profit	$-28.0M	$-11.0M	$-7.0M	$2.0M	$49.0M	$35.0M	$13.0M	$26.0M	$10.0M	$20.0M
EPS	$-1.21	$-0.48	$-0.27	$0.08	$1.49	$1.04	$0.36	$0.85	$0.32	$0.65
Dividend Payout	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

Metric	Sep '23	Dec '23	Mar '24	Jun '24	Sep '24	Dec '24	Mar '25	Jun '25	Sep '25	Dec '25	Mar '26	Jun '26
Revenue	$100.0M	$103.0M	$103.0M	$103.0M	$114.0M	$119.0M	$118.0M	$116.0M	$141.0M	$143.0M	$144.0M	$143.0M
Operating Expenses	$98.0M	$94.0M	$104.0M	$104.0M	$109.0M	$108.0M	$114.0M	$114.0M	$135.0M	$125.0M	$138.0M	$139.0M
Operating Profit	$2.0M	$9.0M	$0	$-1.0M	$6.0M	$11.0M	$3.0M	$3.0M	$6.0M	$18.0M	$6.0M	$3.0M
Operating Margin	2.0%	8.7%	-0.4%	-1.1%	5.1%	9.2%	2.7%	2.3%	4.5%	12.5%	4.5%	2.3%
Interest	$0	$0	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M
Profit Before Tax	$3.0M	$9.0M	$0	$-1.0M	$6.0M	$11.0M	$3.0M	$2.0M	$5.0M	$16.0M	$6.0M	$2.0M
Tax	$27.7M	$27.9M	$34.6M	$40.4M	$29.8M	$35.3M	$31.2M	$25.1M	$28.2M	$20.2M	$22.2M	$13.9M
Net Profit	$2.0M	$7.0M	$0	$-1.0M	$4.0M	$7.0M	$2.0M	$2.0M	$4.0M	$13.0M	$4.0M	$2.0M
EPS	$0.07	$0.22	$-0.01	$-0.02	$0.13	$0.22	$0.06	$0.05	$0.12	$0.42	$0.14	$0.06

Over the 10 years reported for Lincoln Educational Services Corporation, borrowings increased from $42.0M in 2016 to $204.0M in 2025, cash stood at $29.0M in the latest year, shareholders' equity was $48.0M, current assets covered current liabilities 0.86 times.

Balance Sheet — 10 Years (USD millions)

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Total Assets	$163.0M	$155.0M	$146.0M	$195.0M	$245.0M	$295.0M	$292.0M	$345.0M	$437.0M	$493.0M
Current Assets	$66.0M	$44.0M	$57.0M	$50.0M	$74.0M	$122.0M	$114.0M	$135.0M	$111.0M	$87.0M
Cash	$21.0M	$15.0M	$18.0M	$24.0M	$38.0M	$83.0M	$46.0M	$76.0M	$59.0M	$29.0M
Inventory	$1.0M	$2.0M	$1.0M	$2.0M	$2.0M	$3.0M	$3.0M	$3.0M	$3.0M	$4.0M
Receivables	$15.0M	$16.0M	$19.0M	$21.0M	$30.0M	$26.0M	$37.0M	$36.0M	$43.0M	$58.0M
Fixed Assets	$55.0M	$53.0M	$49.0M	$98.0M	$104.0M	$115.0M	$117.0M	$157.0M	$266.0M	$351.0M
Capital Work in Progress	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Investments	$28.0M	$9.0M	$12.0M	$30.0M	$16.0M	$0	$37.0M	$18.0M	$0	$0
Other Assets	$15.0M	$15.0M	$15.0M	$15.0M	$15.0M	$15.0M	$15.0M	$11.0M	$11.0M	$11.0M
Total Liabilities	$91.0M	$109.0M	$106.0M	$140.0M	$142.0M	$154.0M	$147.0M	$178.0M	$258.0M	$293.0M
Current Liabilities	$68.0M	$47.0M	$65.0M	$57.0M	$67.0M	$66.0M	$55.0M	$73.0M	$90.0M	$101.0M
Borrowings	$42.0M	$53.0M	$49.0M	$89.0M	$78.0M	$98.0M	$101.0M	$117.0M	$178.0M	$204.0M
Other Liabilities	$49.0M	$57.0M	$57.0M	$50.0M	$64.0M	$56.0M	$46.0M	$62.0M	$81.0M	$90.0M
Equity	$141.0M	$141.0M	$141.0M	$141.0M	$141.0M	$141.0M	$49.0M	$48.0M	$48.0M	$48.0M
Reserves	$72.0M	$46.0M	$40.0M	$55.0M	$103.0M	$141.0M	$145.0M	$167.0M	$178.0M	$200.0M

For Lincoln Educational Services Corporation, operating cash flow was positive in 7 of 10 reported years; free cash flow in the latest year was negative at $27.0M; free cash flow was positive in 2 of 10 years; financing activities used $4.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Operating Cash Flow	$-6.0M	$-11.0M	$-2.0M	$1.0M	$23.0M	$27.0M	$1.0M	$26.0M	$29.0M	$59.0M
Investing Cash Flow	$-5.0M	$-12.0M	$-5.0M	$-10.0M	$-11.0M	$30.0M	$-30.0M	$-33.0M	$-104.0M	$-173.0M
Financing Cash Flow	$-1.0M	$12.0M	$0	$-2.0M	$0	$-1.0M	$-11.0M	$-3.0M	$-4.0M	$-4.0M
Net Cash Flow	$-17.0M	$-7.0M	$-9.0M	$-7.0M	$-1.0M	$45.0M	$-33.0M	$30.0M	$-21.0M	$-31.0M
Free Cash Flow	$-10.0M	$-16.0M	$-6.0M	$-4.0M	$18.0M	$20.0M	$-8.0M	$-15.0M	$-28.0M	$-27.0M

Valuation & Return Ratios

Metric	Value
PEG Ratio	0.49
EV / EBITDA	14.65
FCF Yield	3.48%
Quick Ratio	0.92
Interest Coverage	8.96
Return 1Y	83.69%
Return 3Y	504.40%
Return 5Y	656.86%

Lincoln Educational Services Corporation (LINC) financials — frequently asked questions

What is Lincoln Educational Services Corporation's annual revenue?

Lincoln Educational Services Corporation (LINC) reported annual revenue of $518.0M in its most recent fiscal year.

What is Lincoln Educational Services Corporation's net profit?

Lincoln Educational Services Corporation (LINC) reported net profit of $20.0M in its most recent fiscal year.

What is LINC EV/EBITDA?

Lincoln Educational Services Corporation's enterprise value to EBITDA (EV/EBITDA) ratio is 14.65.

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