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Lincoln Educational Services reported strong fourth-quarter and full-year 2025 results and issued an upbeat 2026 outlook. Revenue for 2025 rose to $518.2 million from $440.1 million, while net income doubled to $20.0 million from $9.9 million. Adjusted EBITDA increased to $67.1 million from $42.3 million.
Fourth-quarter 2025 revenue grew to $142.9 million from $119.4 million, with net income climbing to $12.7 million from $6.8 million. Student starts for 2025 reached 20,906, up 15.2%, driven by transportation and skilled trades programs, where starts rose 23.4%.
For 2026, Lincoln targets revenue of $580–$590 million, adjusted EBITDA of $72–$76 million, and net income of $20–$23 million, with diluted EPS of $0.64–$0.74. Guidance implies continued double-digit growth and includes about $10 million of new campus and strategic initiative costs.
Ace Stephen E reported acquisition or exercise transactions in this Form 4 filing.
Lincoln Educational Services Corp reported that SVP and Chief Human Resources Stephen E. Ace received a grant of 4,821 shares of restricted common stock under the company’s 2020 Long-Term Incentive Plan. After this award, he owns 154,265 common shares directly.
Half of the award is tied to time-based vesting, and half to performance-based vesting. The performance-based portion may pay out up to 200% of the performance-based shares if company metrics set by the registrant are exceeded. Time-based shares vest in substantially equal annual tranches over three years beginning on March 1, 2027, while performance-based shares vest annually over three years depending on the percentage of performance targets achieved.
SHAW SCOTT M reported acquisition or exercise transactions in this Form 4 filing.
Lincoln Educational Services CEO and director Scott M. Shaw reported an equity award of 70,716 shares of restricted common stock. The grant was made at no cash cost per share under the company’s 2020 Long-Term Incentive Plan and increases his direct holdings to 1,167,689 shares.
Half of the award is subject to time-based vesting in substantially equal annual tranches over three years beginning on March 1, 2027. The other half is performance-based and will vest, if at all, over three years depending on company metrics, with the potential for up to 200% of the performance-based portion to vest if targets are exceeded.
Meyers Brian K reported acquisition or exercise transactions in this Form 4 filing.
Lincoln Educational Services Corp reported that its CFO and Treasurer, Brian K. Meyers, received a grant of 32,145 shares of restricted common stock under the 2020 Long-Term Incentive Plan. The grant was awarded at a price of $0.00 per share.
Half of the award is subject to time-based vesting in substantially equal annual tranches over three years beginning on March 1, 2027. The other half is performance-based and will vest, if at all, over three years depending on achievement of company metrics, with potential issuance of up to 200% of the performance-based portion if targets are exceeded. Following this grant, Meyers directly holds 227,187 common shares.
Lincoln Educational Services Corp reported that SVP and General Counsel Alexandra M. Luster acquired 4,821 shares of restricted common stock as an equity award. This increased her directly held common stock to 106,264 shares.
Half of the grant is time-based restricted stock that vests in substantially equal annual tranches over three years beginning on March 1, 2027. The other half is performance-based restricted stock that will vest, if at all, in annual tranches over three years based on achievement of company metrics and may result in up to 200% of the performance-based portion being issued if targets are exceeded.
Nyce Chad D reported acquisition or exercise transactions in this Form 4 filing.
Lincoln Educational Services Corp executive Chad D. Nyce, EVP & Chief Operating Officer, received a grant of 32,145 shares of restricted common stock under the company’s 2020 Long-Term Incentive Plan. This award increases his directly owned common stock to 202,354 shares following the transaction.
Half of the grant is subject to time-based vesting in substantially equal annual tranches over three years beginning on March 1, 2027. The other half is performance-based and will vest, if at all, over three years depending on the company’s achievement of preset metrics, with the potential for up to 200% of the performance-based shares to vest if targets are exceeded.
Alyeska Investment Group and affiliates reported a significant ownership position in Lincoln Educational Services Corporation common stock. They disclosed beneficial ownership of 1,626,623 shares, representing 5.14% of the company’s common stock, giving them shared power to vote and dispose of these shares but no sole power.
The stake is reported jointly by Alyeska Investment Group, L.P., Alyeska Fund GP, LLC, and Anand Parekh. The percentage is based on 31,623,795 shares of common stock outstanding as reported in Lincoln Educational’s Form 10-Q filed on November 10, 2025. The holders certify the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the company.
Lincoln Educational Services Corp director Kevin M. Carney reported selling common stock held in his living trust. On December 4, 2025, the trust sold 7,604 shares at a weighted average price of $22.64, and on December 5, 2025, it sold 13,866 shares at a weighted average price of $22.18.
The filing notes these sales were completed in connection with his financial planning needs. After the transactions, the trust holds 24,823 shares, and Carney also directly owns 3,216 shares. Each weighted average price reflects multiple open-market trades within disclosed price ranges.
Lincoln Educational Services (LINC) furnished a Form 8-K under Item 2.02 announcing financial results for the third quarter ended September 30, 2025.
The press release is included as Exhibit 99.1 and, as furnished, is not deemed “filed” under Section 18 of the Exchange Act nor incorporated into Securities Act filings unless specifically identified.
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.