📈 Price History

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About

Lincoln Educational Services Corporation, together with its subsidiaries, provides various career-oriented postsecondary education services to high school graduates and working adults in the United States.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding LINC

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	468.6K	$19.1M	0.02%	Mar 2026
Jim Simons Renaissance Technologies LLC	293.2K	$11.9M	0.02%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

📊 MIXED Lincoln Educational Services posts 22.5% revenue growth to $144M in Q1 2026, raises guidance.

Revenue & Profitability

Revenue was $144 million, up 22.5% compared to the prior year quarter. Net income more than doubled to $4.4 million, with diluted EPS of $0.14. Adjusted EBITDA increased 84.7% to $15.5 million. The company generated $4.6 million in cash from operations, marking the first time in 10 years that Q1 operating cash flow was positive. The effective tax rate was approximately 22%, benefiting from a discrete item, but is expected to normalize to around 9% in future quarters.

Outlook

Management cited expanding interest in skilled trades driven by concerns about AI's impact on white-collar jobs and robust middle-class salaries. Employer demand for skilled workers continues to exceed supply. The company expects to benefit from government support, highlighted by visits from Secretary of Education Linda McMahon and Connecticut Governor Ned Lamont. Based on strong Q1 performance and momentum, Lincoln raised its full-year 2026 guidance.

Growth Drivers

Student start growth of 19.5% was driven equally by organic operations (campuses and programs opened before 2025) and new campuses. Skilled trades starts grew nearly 24%, while healthcare starts increased 5% after a prior decline. New campus developments in Hicksville, NY (enrolling Q4 2026) and Rowlett, TX (enrolling Q1 2027) are on schedule. The company is also expanding corporate partnerships, high school initiatives, and veteran enrollment.

Balance Sheet & CapEx

Capital expenditure guidance remains unchanged at $70-$75 million for 2026, with approximately 65% allocated to growth initiatives including new campuses and program expansions. Q1 CapEx was $15 million, below plan due to timing shifts into Q2. In April, the company increased its revolving credit facility from $60 million to $125 million, enhancing financial flexibility to support its growth strategy.

Margins

Total margin expanded to nearly 11% compared to 7% in the prior year quarter. Excluding new campus losses, incremental EBITDA margin was approximately 40%. Education service and facility expenses improved to 35.4% of revenue (ex-depreciation) from 37.3%, driven by instructional efficiencies. SG&A improved to 55% of revenue from 56.9%, supported by lower bad debt expense (9.5% of revenue vs 10.1%).

Key Risks

Management noted an incremental cost of approximately $750,000 per quarter for the remainder of the year due to higher laptop pricing, which the company does not intend to pass on to students. New campus losses in Q1 were $2.8 million, and full-year guidance includes approximately $10 million in new campus losses. Timing of capital expenditures can shift between quarters, impacting cash flow.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-10

Q2 2026 saw 22.4% revenue growth and 42.4% adjusted EBITDA growth, with strong student retention offsetting softer start growth. Full-year guidance is reiterated, capital expenditures are increased for new campuses, and demand for skilled trades remains robust.

Q1 2026 Q1 2026 2026-05-11

Q1 saw 19.5% student start growth and 22.5% revenue growth, with adjusted EBITDA up 84.7% and net income more than doubling. Full-year guidance was raised across all key metrics, supported by strong demand, operational efficiencies, and expanded financial flexibility.

Q4 2025 Q4 2025 2026-02-23

Delivered record 2025 results with revenue up 19.7% and adjusted EBITDA up 60%, driven by strong demand for skilled trades and successful campus expansions. 2026 guidance projects continued double-digit growth, robust margins, and ongoing investment in new campuses and programs.

Q3 2025 Q3 2025 2025-11-10

Q3 saw 25% revenue growth, 6% increase in student starts, and 65% rise in Adjusted EBITDA, driven by strong demand for skilled trades and new campus expansions. Full-year guidance was raised, with 2027 targets now exceeding $600M in revenue and $90M+ in Adjusted EBITDA.

Q2 2025 Q2 2025 2025-08-11

Q2 2025 saw 22% student start growth, 15% revenue growth, and a 68% increase in adjusted EBITDA year-over-year. Full-year guidance was raised, with strong performance in skilled trades and ongoing campus expansion, while healthcare is being restructured for future growth.

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