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Lincoln Educational (NASDAQ: LINC) outlines 2027 revenue, EBITDA goals

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(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Lincoln Educational Services Corporation reported that all proposals at its 2026 Annual Meeting were approved and outlined long-term growth plans. Shareholders elected 10 directors, with each nominee receiving about 23.5 million votes for and roughly 0.2–0.4 million votes withheld, with over 3.1 million broker non-votes.

Shareholders approved, on a non-binding advisory basis, executive compensation with 22.6 million votes for and 1.2 million against, and ratified Deloitte & Touche LLP as auditor with 26.8 million votes for. Management’s shareholder presentation highlighted a strategy focused on trades-focused education, new campuses and programs, and a forecast to exceed original 2027 targets of $550 million revenue and $90 million adjusted EBITDA, with expectations of over $600 million revenue and 24 campuses by 2027.

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Item 5.07 Submission of Matters to a Vote of Security Holders Governance
Results of a shareholder vote on proposals at an annual or special meeting.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Shares outstanding entitled to vote 31,696,582 shares Common stock outstanding and entitled to vote as of March 18, 2026
Shares represented at meeting 27,003,422 shares Shares of common stock present in person or by proxy at 2026 Annual Meeting
Say-on-pay support 22,584,287 for vs. 1,159,831 against Non-binding advisory vote on named executive officer compensation
Auditor ratification vote 26,809,750 for, 69,444 against Ratification of Deloitte & Touche LLP for fiscal year ending December 31, 2026
Original 2027 revenue target $550M revenue Management’s original 2027 goal referenced in shareholder presentation
Original 2027 adjusted EBITDA target $90M adjusted EBITDA Management’s original 2027 profitability goal referenced in presentation
Updated 2027 revenue expectation Over $600M revenue Revenue expectations by 2027 from shareholder presentation
Planned campuses by 2027 24 campuses Expected open campuses as of 2027, including Hicksville NY and Rowlett TX
non-binding advisory basis financial
"To approve, on a non-binding advisory basis, the compensation of our named executive officers"
A non-binding advisory basis is guidance or a recommendation offered for informational purposes that does not create legal obligations or guarantees; recipients can accept, modify, or ignore it without contractual consequences. Investors should treat it like a weather forecast for planning—useful for forming expectations and assessing risk, but not a firm promise—so they should verify assumptions, seek confirming information, and avoid relying on it as the sole basis for investment decisions.
independent registered public accounting firm financial
"To ratify the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm"
An independent registered public accounting firm is an outside accounting company officially registered with the government regulator to examine and report on a public company's financial records and controls. Investors treat its reports like an impartial inspector’s certificate — they add credibility to financial statements, help spot errors or misleading claims, and reduce the risk that shareholders are relying on unchecked or biased numbers.
forward-looking statements regulatory
"Statements contained in this presentation regarding Lincoln’s business that are not historical facts may be “forward-looking statements”"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Title IV Program regulations regulatory
"the effect of current and future Title IV Program regulations, including any potential reductions in funding"
Essential Critical Infrastructure Workers other
"Over 95% of our students are pursuing careers that the U.S Department of Homeland Security considers Essential Critical Infrastructure Workers"
adjusted EBITDA financial
"Projected to exceed original 2027 targets of $550M revenue and $90M adjusted EBITDA"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Understanding 8-K Material Events →
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 

FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): May 7, 2026

LINCOLN EDUCATIONAL SERVICES CORPORATION
(Exact name of registrant as specified in its charter)

New Jersey
  
000-51371
  
57-1150621
(State or other jurisdiction of incorporation)
  
(Commission File Number)
  
(IRS Employer Identification No.)
 
14 Sylvan Way, Suite A, Parsippany, NJ 07054
(Address of principal executive offices)   (Zip Code)
Registrant’s telephone number, including area code: (973) 736-9340
Not applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading symbol(s)
Name of each exchange on which registered
Common Stock, no par value per share
LINC
The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.07
Submission of Matters to a Vote of Security Holders.
 
On May 7, 2026, Lincoln Educational Services Corporation (the “Company”) held its 2026 Annual Meeting of Shareholders (the “Annual Meeting”) virtually via live webcast. A total of 31,696,582 shares of common stock, no par value per share (the “Common Stock”), were issued and outstanding and entitled to vote as of March 18, 2026, the record date for the Annual Meeting. There were 27,003,422 shares of Common Stock represented in person or by proxy at the Annual Meeting, constituting a quorum.  Each of the proposals was approved by the requisite vote of the Company’s shareholders. Set forth below are the proposals acted upon, as further described in the Company’s definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on March 26, 2026, and the final voting results for each proposal:
 
Proposal Number 1:  To elect the following 10 individuals named in the Company’s proxy statement as directors of the Company for a one-year term which will expire at the 2027 Annual Meeting of Shareholders or until their successors are duly elected and qualified.  Each nominee for director was elected by a vote of the shareholders as follows:
 
Nominee
Votes For
Votes Withheld
Broker
Non-Votes
John A Bartholdson
23,626,016
239,935
3,137,471
James J. Burke, Jr.
23,575,182
290,769
3,137,471
Anna Escobedo Cabral
23,599,841
266,110
3,137,471
Kevin M. Carney
23,628,321
237,630
3,137,471
Marta Newhart
23,615,050
250,901
3,137,471
Michael A Plater
23,479,505
386,446
3,137,471
Felecia J. Pryor
23,612,578
253,373
3,137,471
Carlton E. Rose
23,629,625
236,326
3,137,471
Scott M. Shaw
23,647,094
218,857
3,137,471
Sylvia J. Young
23,631,057
234,894
3,137,471

Proposal Number 2: To approve, on a non-binding advisory basis, the compensation of our named executive officers as disclosed in the Company’s proxy statement .  The proposal was approved by a vote of the shareholders as follows:
 
Votes For
Votes Against
Abstentions
Broker
Non-Votes
22,584,287
1,159,831
121,833
3,137,471

Proposal Number 3: To ratify the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2026.  The proposal was approved by a vote of the shareholders as follows:
 
Votes For
Votes Against
Abstentions
Broker
Non-Votes
26,809,750
69,444
124,228
not applicable

Item 7.01
Regulation FD Disclosure.
 
On May 7, 2026, the Company presented additional background information on the Company and on its strategic plan (the “Shareholder Presentation”) during its Annual Meeting of Shareholders.  A copy of the Shareholder Presentation is attached hereto as Exhibit 99.1, and is incorporated herein by reference. The information contained under this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly stated by specific reference in such filing.

Item 9.01
Financial Statements and Exhibits.

(d)
Exhibits.

99.1
 Shareholder  Presentation at the 2026 Annual Meeting of Shareholders
   
104
Cover Page Interactive Data File (embedded within the inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
LINCOLN EDUCATIONAL SERVICES CORPORATION
     
Date: May 8, 2026

 
     
 
By:
/s/ Alexandra M. Luster
  
 
Name:  Alexandra M. Luster
 
Title:    SVP, General Counsel & Secretary

 
Exhibit 99.1

 Chief Executive Officer and President  Shareholder Meeting 2026PRESENTED BY: SCOTT SHAW  May 7, 2026 
 
 Safe Harbor Statement  Statements contained in this presentation regarding Lincoln’s business that are not historical facts may be “forward-looking statements” within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). The words “may,” “will,” “expect,” “believe,” “anticipate,” “project,” “plan,” “goal,” “target,” “intend,” and “estimate” and their opposites and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on information available at the time that the statements are made and/or management’s good faith belief as of that time with respect to future events, many of which are beyond the Company’s control, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. While we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, achievements or that events and circumstances reflected in the forward-looking statements will occur and, as such, forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. All forward-looking statements are qualified in their entirety by this cautionary statement  Generally, forward-looking statements relate to business plans or strategies and projections involving anticipated revenues, earnings, or other aspects of the Company’s operating results. The Company cautions that these statements are subject to a number of uncertainties, risks, and other factors, that may influence the accuracy of the statements or the circumstances upon which the statements are based including, without limitation, uncertainties related to our ability to comply with the existing and future federal and state regulatory framework applicable to our industry; our failure to maintain eligibility for or our ability to process federal student financial assistance funds; the effect of current and future Title IV Program regulations, including any potential reductions in funding or restrictions on the use of funds received through Title IV Programs; the effect of current and future legislative or regulatory initiatives related to veterans’ benefit programs; continued Congressional examination of the for-profit education sector; investigations of, or actions commenced against, us or other companies in our industry; changes in the state regulatory environment or budgetary constraints; our inability to successfully formulate and implement a growth and diversification strategy, including effectively identifying, establishing and operating additional schools, programs or campuses; our success in updating and expanding the content of existing programs and developing new programs for our students in a timely and cost-effective manner while maintaining positive student outcomes; risks associated with the opening of new campuses; our failure to obtain timely regulatory approvals in connection with acquisitions or a change of control of our Company; risks associated with integration of acquired schools; enrollment declines or challenges in our students’ ability to find employment as a result of macroeconomic conditions; industry competition; risks associated with cybersecurity; our failure to maintain and expand existing industry relationships and develop new industry relationships; general economic conditions; and other factors discussed in the “Risk Factors” section of our Annual Reports and Quarterly Reports filed with the Securities and Exchange Commission incorporated by reference. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements. We make no representation as to the accuracy or completeness of these forward-looking statements and, except as required by law, we assume no obligation to update or revise these forward-looking statements publicly, even if new information becomes available in the future.  
 
 WELCOME 
 
 Our Students’ Success Is Our Success 
 
 2025 Was An Outstanding Year 
 
 Notes:  Prior years exclude Transitional segment (Somerville and Euphoria campuses).   Adjusted EBITDA restated to exclude only stock compensation and one-time items  2026 Budget based on midpoint of guidance  Trend Summary 
 
 A Resurgence of the Trades  The Tool Belt Generation  Over 95% of our students are pursuing careers that the U.S Department of Homeland Security considers Essential Critical Infrastructure Workers. 
 
 Our Students  Prospects currently in their final year of high school or who have graduated within the past year.  22% of our students enroll directly out of high school. Many are first-generation college students from blue-collar families.   HSO –leads generated by marketing  HSP –leads generated at high schools.  Prospects who graduated high school prior to the current year represent 73% of our student population.   Many have spent time in the workforce but have not yet achieved the success they aspire to. They are seeking a change and an opportunity to improve their lives, often while navigating significant personal, financial, and time commitments.  5% of our students are veterans transitioning into the civilian workforce.   While some military roles do not directly translate to civilian careers, veterans bring leadership qualities highly valued in business, including discipline, reliability, respect, and a strong work ethic.  HIGH SCHOOL  ADULT  VETERAN 
 
 Employer Demand for Lincoln Tech Graduates  Skilled Trades: HVAC, electrical, welding, and industrial service employers  Transportation: Automotive dealerships, collision repair centers, diesel, fleet, and trucking employers  Healthcare: Allied health and patient care employers  Employer relationships span local, regional, and national markets  Why Employers Choose Lincoln Tech  Hands-on training aligned to immediate workforce needs  Graduates prepared to contribute on day one  Reliable pipeline for employers’ workforce growth needs  Proven track record of supplying job-ready graduates over decades 
 
 Strong Industry Partner Relationships  Positions Lincoln as long-term solutions provider for both entry level technicians and advanced workforce training.  Employers appreciate the technical and soft skills of our students.  Partners provide validation of the quality of our education.  Co-branding opportunities with elite partners helps attract new students.  Partners provide better job opportunities for our graduates. 
 
 Feedback Integration  Student Support  Industrial Infrastructure  Engaging Curriculum  Graduation and Placement  Employment Assistance  Develop training programs with feedback from employers and key industry associations to understand gaps and needs.  Integrate industry preferred licensing and certifications into the curriculum.  Provide robust student support services to ensure strong outcomes.  Build labs and shops that replicate the working environment using professional grade equipment and tools.  Incorporate cutting edge education technology with animations, videos and simulations to make learning active and engaging.  Superior graduation rates and placement rates.  Expect students to meet employability standards for appearance, attendance and professional attitude while in school.  Offer an accelerated program with multiple entry points to allow students to graduate quickly and enter the workforce earlier.  Our Superior Educational Approach 
 
 Largest Provider of Automotive and Skilled Trade Graduates in the East  Source: IPEDS completions survey 2023-24  Lincoln Tech  1  #  6  #  WEST  EAST 
 
 New Construction  Evaluating new and adjacent markets to expand footprint.  Relocation of existing campuses to expand program offerings.  Streamlined, state-of-the-art facilities.  New campuses expected to generate ~$7M+ in EBITDA after 36 months of operations.  New Programs  Replicate profitable, high-demand programs in existing schools.  2024: 4 new programs, 1 expansion2025: 4 new programs, 2 expansions.  New programs expected to generate over $1M EBITDA after 24 months of operations.  Acquisitions  Continue to evaluate strategic opportunities to expand market share.  Leverage cost-saving synergies.  Diversify program offerings.  Existing Campuses and Programs  Efficiencies through Lincoln 10.0 hybrid teaching model, centralization, and automation.  Expansion of high school student initiatives & partnerships.  Well-Positioned to Exceed Long-Term Goals  Projected to exceed original 2027 targets of $550M revenue and $90M adjusted EBITDA.  Successful implementation of growth initiatives including new campuses and program replications & expansions driving revenue expectations of over $600M by 2027.  24 campuses to be open as of 2027 (including Hicksville, New York – projected opening Q4 2026 and Rowlett, Texas – projected opening Q1 2027).  ORGANIC GROWTH OPPORTUNITIES  INORGANIC GROWTH OPPORTUNITIES 
 
 Five Year Forecast  2026 is midpoint of Q1 Guidance 
 
 Experienced Management Team  Scott M. Shaw  Chief Executive Officer and President (25)  Brian K. Meyers  Executive Vice President and Chief Financial Officer (23)  Chad Nyce  Executive Vice President and Chief Operating Officer (6)  Stephen Ace  Senior Vice President of Human Resources (17)  Francis S. Giglio  Senior Vice President of Compliance and Regulatory Services (22)  Alexandra M. Luster  Senior Vice President, General Counsel and Secretary (31)  James Rasmussen  Senior Vice President of Admissions (19)  Neal Goldstein  Senior Vice President and Chief Information Officer (1)  David Shaw  Senior Vice President of Finance (22)  Gina Zaffino  Senior Vice President of Education (5) 
 
 Board of Directors  John A. Bartholdson  Non-Executive Chairman,  Lincoln Educational Services; Co-founder & Partner, Juniper Investment Co. LLC  James J. Burke Jr.  Founder & Managing Member, JJB Capital Partners LLC  Anna Escobedo Cabral  Former Treasurer of the United States of America  Kevin M. Carney  Former Executive Vice President & Chief Financial Officer, Web.com Group Inc.  Marta Newhart  Independent Director, Enterprise Leader & Chief Marketing, Communications & Brand Officer at APCO Worldwide  Dr. Michael A. Plater  Former University President, Strayer University  Felecia J. Pryor  Senior Vice President & Chief People Officer, John Deere  Carlton Rose  Former President, Global Fleet Maintenance & Engineering, UPS; 1981 Lincoln Tech Graduate  Scott M. Shaw  President & Chief Executive Officer, Lincoln Educational Services  Sylvia J. Young  Former President & Chief Executive Officer HCA Continental Division 
 
 THANK YOU 
 

Source: View Original Filing on SEC EDGAR

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