Every 10-Q that Lincoln Educational Services (LINC) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow LINC and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full LINC filings page.
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.
Lincoln Educational Services Corporation reported sharply improved first‑quarter 2026 results. Revenue rose to $143.957 million from $117.506 million, a 22.5% increase driven mainly by 18.2% growth in average student population and tuition increases.
Net income more than doubled to $4.356 million from $1.944 million, with diluted EPS increasing to $0.14 from $0.06. Operating income margin improved to 4.5% of revenue from 2.9%, as selling, general and administrative costs fell as a share of revenue despite higher spending to support growth and new campuses.
Operating cash flow swung to an inflow of $4.566 million from an $8.378 million outflow a year earlier, while capital expenditures of $14.628 million continued to fund new campuses in Houston, Rowlett and Hicksville and facility upgrades. The company ended the quarter with $16.690 million in cash and later replaced its prior credit facility with a larger $125 million amended and restated revolving credit agreement maturing in 2031.
Lincoln Educational Services (LINC) reported strong top-line growth in Q3 2025. Revenue rose to $141.4 million, up 23.6% from $114.4 million a year ago, driven by a 17.2% increase in average student population and higher tuition and books/tools timing. Operating income was $6.3 million versus $5.8 million, while net income was $3.8 million compared with $4.0 million. Diluted EPS was $0.12 versus $0.13.
For the nine months, revenue reached $375.4 million versus $320.7 million, and net income improved to $7.3 million from $3.1 million as campus operations scaled. Cash and equivalents were $13.5 million, reflecting heavy capital spending of $68.1 million and new campus investments; $8.0 million was outstanding on the revolving credit facility.
The company opened a new Houston campus in Q3 and advanced leases for Hicksville, NY (programs expected by end of 2026) and Rowlett, TX (programs expected in Q1 2027). Unearned tuition was $33.5 million. Provision for credit losses increased with growth but declined as a share of revenue year over year.
Lincoln Educational Services (LINC) posted revenue of $116.5 million for the quarter ended June 30, 2025, up 13.2% year-over-year, and net income of $1.6 million compared with a loss a year earlier. Revenue growth was driven by increased student enrollment and start activity, while operating income improved to $2.9 million for the quarter and $6.3 million for the six months.
The company invested heavily in campus expansion and programs, recording $46.3 million of capital expenditures in the six months and increasing property, equipment and facilities to $149.1 million. Cash declined to $16.7 million from $59.3 million at year-end 2024, and the company has $13.0 million outstanding on its credit facility. Student receivables remain sizable ($124.5 million gross) with an allowance of $67.9 million and a $25.0 million provision for credit losses in the six months.