Lincoln Educational Services financials
$21.54−0.83%
Close Sep 29, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Fiscal year | FY25 Dec 31 | FY24 Dec 31 | FY23 Dec 31 | FY22 Dec 31 | FY21 Dec 31 | FY20 Dec 31 | FY19 Dec 31 | FY18 Dec 31 | FY17 Dec 31 | FY16 Dec 31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $518.2M | $440.1M | $378.1M | $348.3M | $335.3M | $293.1M | $273.3M | $263.2M | $261.9M | $285.6M |
| Gross profit | $312.9M | $258.3M | $215.8M | $199.5M | $196.4M | $170.9M | $149.8M | $137.8M | $132.4M | $141.1M |
| Gross margin | 60.4% | 58.7% | 57.1% | 57.3% | 58.6% | 58.3% | 54.8% | 52.4% | 50.6% | 49.4% |
| Operating income | $29.9M | $17.3M | $2.4M | $16.1M | $26.8M | $14.7M | $4.7M | -$3.4M | -$6.3M | -$28.7M |
| Net income | $20.0M | $9.9M | $26.0M | $9.2M | $26.1M | $36.8M | $1.9M | -$6.5M | -$11.5M | -$28.3M |
| Net margin | 3.9% | 2.2% | 6.9% | 2.6% | 7.8% | 12.6% | 0.7% | −2.5% | −4.4% | −9.9% |
| Diluted EPS | $0.64 | $0.32 | $0.85 | $0.36 | $1.04 | $1.49 | $0.08 | $-0.27 | $-0.48 | $-1.21 |
| EBITDA | $49.1M | $28.6M | $6.7M | $23.5M | $34.6M | $22.1M | $12.8M | $5.0M | $2.4M | $3.8M |
| Operating cash flow | $59.3M | $29.3M | $25.6M | $882.0K | $27.4M | $23.5M | $988.0K | -$1.7M | -$11.3M | -$6.1M |
| Free cash flow | -$27.3M | -$27.6M | -$15.1M | -$8.1M | $19.9M | $17.9M | -$4.4M | -$6.4M | -$16.1M | -$9.7M |
| Diluted shares | 31.3M | 30.9M | 30.5M | 25.9M | 25.1M | 24.7M | 24.6M | 24.4M | 23.9M | 23.5M |
Balance sheet
| Period end | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $28.5M | $59.3M | $76.0M | $46.1M | $83.3M | $38.0M |
| Short-term investments | $0.00 | $0.00 | $0.00 | $14.8M | $0.00 | — |
| Total debt | $31.1M | $29.3M | $16.2M | $0.00 | $0.00 | $17.2M |
| Total assets | $493.2M | $436.6M | $345.2M | $291.6M | $295.3M | $245.2M |
| Total liabilities | $293.5M | $258.3M | $178.4M | $146.7M | $153.9M | $142.1M |
| Shareholders' equity | $199.7M | $178.3M | $166.8M | $144.9M | $141.4M | $103.0M |
From SEC filings via Massive. Fiscal periods follow the company's own calendar; free cash flow is operating cash flow minus capital expenditure.
Sources: Massive / Polygon daily aggregates (split-adjusted) · SEC filings via Massive · FINRA settlements via Massive · Financial Modeling Prep. Figures are dated where shown; research is informational, not investment advice. Methodology