Lincoln Educational Services Corp
NASDAQ:LINC
Lincoln Educational Services Corp
Lincoln Educational Services Corp. engages in the provision of a career-oriented post-secondary education to recent high school graduates and working adults. The company is headquartered in Parsippany, New Jersey and currently employs 1,672 full-time employees. The company went IPO on 2005-06-23. The firm owns and operates approximately 22 campuses in approximately 14 states, offers programs in automotive technology, skilled trades, healthcare services, hospitality services and information technology. The Company’s segments include Transportation and Skilled Trades, and Healthcare and Other Professions (HOPS). The Transportation and Skilled Trades segment offers academic programs mainly in the career-oriented disciplines of transportation and skilled trades, including automotive, diesel, heating, ventilation and air conditioning, welding and manufacturing. The Healthcare and Other Professions segment offers academic programs in the career-oriented disciplines of health sciences, hospitality and business and information technology, including dental assistant, medical assistant, practical nursing, culinary arts and cosmetology.
Lincoln Educational Services Corp. engages in the provision of a career-oriented post-secondary education to recent high school graduates and working adults. The company is headquartered in Parsippany, New Jersey and currently employs 1,672 full-time employees. The company went IPO on 2005-06-23. The firm owns and operates approximately 22 campuses in approximately 14 states, offers programs in automotive technology, skilled trades, healthcare services, hospitality services and information technology. The Company’s segments include Transportation and Skilled Trades, and Healthcare and Other Professions (HOPS). The Transportation and Skilled Trades segment offers academic programs mainly in the career-oriented disciplines of transportation and skilled trades, including automotive, diesel, heating, ventilation and air conditioning, welding and manufacturing. The Healthcare and Other Professions segment offers academic programs in the career-oriented disciplines of health sciences, hospitality and business and information technology, including dental assistant, medical assistant, practical nursing, culinary arts and cosmetology.
Q4 & FY Outperformance: Lincoln Educational Services delivered an exceptional Q4 and full-year 2025, exceeding guidance on revenue, net income, and adjusted EBITDA.
Student Growth: Student starts grew 15.7% in Q4 and 15.2% for the year, with core programs driving about half the increase. Enrollment has now grown for 13 straight quarters.
Margin Expansion: Adjusted EBITDA margin improved over 400 basis points to 20.4% in Q4, aided by operational efficiencies and lower bad debt.
2026 Guidance: Management expects revenue of $580–590 million, adjusted EBITDA of $72–76 million, net income of $20–23 million, and start growth of 8–13%.
CapEx & Expansion: 2025 saw record capital investment ($88 million), mainly for campus relocations and expansions. Two new campuses are expected to open in 2026–2027.
Regulatory Compliance: All programs passed new earnings thresholds, with underperforming programs such as culinary and cosmetology exited.
Placement Strength: Placement rate improved to 82.8%, while graduation rate declined slightly to 67.5%.
High School Initiatives: Increased investment in high school recruiting and dual enrollment programs is expected to drive future growth.
