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Lincoln Educational Services Corporation reported significantly improved results for the quarter and six months ended June 30, 2026 and reiterated its full-year 2026 guidance. Second-quarter revenue was $142.6 million with net income of $1.9 million, up from $1.6 million a year earlier, and operating income rose to $3.3 million. Adjusted EBITDA for the quarter increased to $12.7 million from $8.9 million.
For the first half of 2026, revenue reached $286.5 million and net income $6.3 million, with adjusted EBITDA of $28.2 million. Management highlighted over 22% year-to-date revenue growth and over 60% growth in adjusted EBITDA, supported by strong demand for skilled trades programs and higher student populations.
The company reiterated 2026 guidance for revenue of $590–$600 million, adjusted EBITDA of $76–$80 million, net income of $23–$26 million, diluted EPS of $0.74–$0.83, and student start growth of 10%–14%, while raising capital expenditure guidance to $95–$100 million. Cash was $44.2 million with total liquidity of $143.2 million, and $26.0 million was outstanding under the revolving credit facility.
Lincoln Educational Services Corporation reported strong growth for the three and six months ended June 30, 2026. Revenue rose to $142.6 million for the quarter and $286.5 million year-to-date, up 22.4% from the prior-year periods, driven primarily by higher average student population and modest tuition increases. Quarterly net income increased to $1.9 million (basic and diluted EPS $0.06), with year-to-date net income of $6.3 million (EPS $0.20), reflecting expanding scale despite higher instructional, facilities and marketing costs.
The company is investing heavily in growth, with property, equipment and facilities increasing to $190.7 million and multiple new campuses in Houston, Hicksville, Rowlett and Suitland in various stages of opening. An amended and restated credit facility expanded revolving capacity to $125 million (of which $26.0 million was drawn) and extended maturity to 2031, supporting campus build-outs and upgrades. Operating cash flow improved to $26.6 million for the first half of 2026, compared with a use of cash in the prior year, while cash and equivalents increased to $44.2 million. The company remains highly dependent on Title IV federal student aid and carries significant lease obligations but reported no goodwill or long-lived asset impairments.
BlackRock, Inc. filed an amended Schedule 13G reporting its beneficial ownership in Lincoln Educational Services Corp. common stock. BlackRock reports beneficial ownership of 2,389,537 shares, representing 7.5% of the outstanding common stock.
BlackRock reports sole voting power over 2,342,658 shares and sole dispositive power over 2,389,537 shares, with no shared voting or dispositive power. Various underlying clients and investors have rights to dividends or sale proceeds, but no such person holds more than five percent of Lincoln Educational’s outstanding common shares.
Lincoln Educational Services Corporation, through its wholly owned subsidiary Lincoln Technical Institute, completed the purchase of its Melrose Park, Illinois campus property at 8315-8317 W. North Avenue for $18,800,000.00. The site had previously been operated under a lease from Melrose Omni, LLC.
To fund a portion of the purchase price, Lincoln Technical Institute obtained a $15,040,000.00 mortgage loan from Provident Bank, with the remaining amount paid from cash on hand. The loan bears a fixed interest rate of 5.99% per year for the first five years, then resets to a floating rate equal to 1.75% above the weekly average yield on five-year U.S. Treasury securities, with a floor of 5.00% per year, and matures on July 1, 2036. Beginning August 1, 2026, the subsidiary will make monthly principal and interest payments of approximately $97,628. The debt is secured by a mortgage and related security interests in the property, and is supported by a continuing guaranty from the company and its subsidiaries.
Lincoln Educational Services Corporation’s major shareholder Juniper Investment Company and affiliates reported a reduced stake in the company. As of this amendment, the reporting group collectively holds 2,141,723 common shares, representing about 6.8% of Lincoln’s 31,720,728 shares outstanding as of the May 11, 2026 record date.
The change reflects open‑market sales by Juniper Targeted Opportunity Fund, which sold 355,345 shares between February 27, 2026 and June 12, 2026 for an aggregate sale price of approximately $15,580,130 including commissions. The filing also notes that managing member John A. Bartholdson received an award of 3,515 shares of restricted stock valued at $155,000 on May 7, 2026 in connection with his role as a director.
Lincoln Educational Services Corp senior vice president and general counsel Alexandra M. Luster reported an open-market sale of 18,007 shares of common stock at a weighted average price of $44.64 per share. After this transaction, she directly holds 82,356 shares. The sale was completed in connection with the reporting person's financial planning needs, and the shares were sold on June 15, 2026 in multiple trades at prices ranging from $44.31 to $44.80 per share.
Lincoln Educational Services Corp filing a Form 144 reports an insider sale. The filing shows Alexandra Luster sold 1,993 shares of Common Stock on 06/05/2026 for aggregate proceeds of $99,877.12. The excerpt also lists multiple restricted stock unit vesting events from 2020–2022 totaling several thousand shares.
Juniper Targeted Opportunity Fund, L.P., advised by Juniper Investment Company, LLC, reported open-market sales of Lincoln Educational Services common stock. The fund sold 11,812 shares on June 11, 2026 at an average price of about $47.8657 per share and 37,000 shares on June 12, 2026 at about $46.8841 per share. After these transactions, the fund held 1,732,966 shares indirectly. A footnote states that Lincoln’s Chairman, John A. Bartholdson, shares voting and dispositive power over these shares through Juniper Investment but disclaims beneficial ownership except to the extent of his pecuniary interest.
LINCOLN EDUCATIONAL SERVICES CORP director Kevin M. Carney reported an insider transaction involving his living trust and personal holdings. On June 10, a trust associated with Carney sold 3,000 shares of common stock in an open‑market transaction at $48 per share, leaving the trust holding 25,039 shares indirectly. According to the disclosure, this sale was completed in connection with his financial planning needs. On June 8, Carney also moved 3,216 shares from his direct ownership into the Kevin M. Carney Living Trust, changing the form of ownership from direct to indirect without altering his economic interest, while his directly held position following that transfer was 2,495 shares.
Lincoln Educational Services Corp filed a Form 144 notice for the proposed resale of 3,000 shares of Common Stock. The shares relate to the vesting of restricted stock unit awards granted under the issuer's equity compensation plan on 05/05/2023. The filing lists $144,000.00 and reports 31,720,728 shares outstanding as of 06/10/2026.