Lincoln Educational Services Corp
lincolntech.eduWhat Do They Do?
Offers career-oriented postsecondary education in skilled trades, automotive, health sciences and information technology to recent high school graduates and working adults.
10-K for FY2025, filed Mar 2, 2026Business Activities— Lincoln Educational Services Corporation and its subsidiaries (collectively, the “Company”, “we”, “our”, and “us”, as…View ↗
How Do They Make Money?
Students pay tuition and fees for career programs, much of it funded through government student-aid programs; tuition is spread across the program, while bookstore, dormitory, cafeteria and contract-training sales are counted when goods are delivered or services are performed.
10-K for FY2025, filed Mar 2, 2026Our revenues consist primarily of student tuition and fees derived from the programs we offer. Our revenues are reduced by scholarships…View ↗
The majority of students enrolled at our schools rely on funds received under various government-sponsored student financial aid programs…View ↗
We extend credit for tuition and fees to many of our students that attend our campuses. Our credit risk is mitigated by the students’…View ↗
$518.2M
-
10-K for FY2025, filed Mar 2, 2026
$518.2M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Campus Operations
Recurring
10-K for FY2025, filed Mar 2, 2026 |
100%
FY2022: 95%
|
Campus Operations, FY2025
$518.2M Sources
|
Recurring |
|
Transitional
|
0.0%
FY2022: 5.0%
|
Transitional, FY2025
$0 Sources
|
Who Are Their Customers?
Recent high school graduates and working adults enroll for career training, often after responding to the company's digital marketing or meeting campus and field recruiters; referrals from current students, counselors and graduates also bring applicants.
10-K for FY2025, filed Mar 2, 2026Business Activities— Lincoln Educational Services Corporation and its subsidiaries (collectively, the “Company”, “we”, “our”, and “us”, as…View ↗
Marketing and Advertising. We utilize a fully integrated, primarily digital marketing approach in our lead generation and admissions…View ↗
Referrals. Referrals from current students, high school counselors and satisfied graduates and their employers have historically…View ↗
Recruiting. Our recruiting efforts are conducted by a group of approximately 286 campus-based and field representatives who meet directly…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 4 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$27.3M.
10-K for FY2025, filed Mar 2, 2026
$30.3MView ↗
10-K for FY2025, filed Mar 2, 2026
$20MView ↗
10-K for FY2025, filed Mar 2, 2026
−$27.3MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 10, 2026
Open tableView ↗
-
Aug 10, 2026
Reiterated full-year guidance and raised capital-expenditure guidance
The release maintained revenue, adjusted EBITDA, net income and student-start guidance while increasing capital-expenditure guidance.
Sources
8-K, filed Aug 10, 2026
Based on the 2026 first half operating and financial results, as well as the outlook for the remainder of the year, the Company is…View ↗
Growing. Revenue grew 55% in 4 years, from $335.3M in FY2021 to $518.2M in FY2025, about 11% a year.
Program mix
Hospitality training appeared in the earlier program mix, while the latest business description lists skilled trades, automotive, health sciences and information technology.
10-K for FY2022, filed Mar 7, 2023Lincoln Educational Services Corporation and its subsidiaries (collectively, the “Company”, “we”, “our” and “us”, as applicable) provide…View ↗
Hospitality ServicesView ↗
Culinary Arts & Food Services, Cosmetology, Aesthetics, International Baking and Pastry, Nail Technology, Therapeutic Massage & Bodywork…View ↗
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