Lincoln Educational Services Corp (NASDAQ: LINC) is a postsecondary education company that provides career-oriented training to recent high school graduates and working adults. Revenue comes from tuition charged per program, with rates ranging from $21,000 to $44,000 depending on discipline and length, and the student population is heavily dependent on federal financial aid through Title IV programs administered by the U.S. Department of Education. As of December 31, 2025, the company operated 22 campuses across 12 states under three brands: Lincoln Technical Institute, Lincoln College of Technology, and Nashville Auto Diesel College. Total revenue was $518.2 million for the year ended December 31, 2025, up from $440.1 million in FY2024, with 20,906 new student starts and an average student population of 16,622 during FY2025. The company carries a provision for credit losses equal to 11.2% of revenue in FY2025, reflecting the risk of self-financed student receivables. Five campuses operate as destination schools drawing national enrollment; the remaining campuses serve local metropolitan markets.

Revenue model

Tuition revenue charged per enrollment, with program tuition ranging from $21,000 to $44,000 (FY2025). A material share of tuition is funded through federal Title IV financial aid programs. The company self-finances a portion of student balances, generating a provision for credit losses of $58.1 million, or 11.2% of revenue, in FY2025.

Products and services

Programs in four areas: skilled trades (52% of average student enrollment, FY2025), including electrical, HVAC, welding, CNC, and electronic systems technology; automotive (26% of average student enrollment, FY2025), including technician and mechanic training; health sciences; and information technology. Program lengths range from 32 to 94 weeks depending on discipline. Schools operate under the Lincoln Technical Institute, Lincoln College of Technology, and Nashville Auto Diesel College brands.

Customers and end markets

Recent high school graduates and working adults seeking entry-level trade and technical careers. End employers include residential and commercial construction firms, telecommunications installation companies, architectural firms, and automotive service employers. Students at destination campuses are drawn nationally; students at non-destination campuses are drawn from local communities.

Value-chain role

Direct operator of postsecondary vocational schools. The company recruits students, delivers instruction through employed faculty (approximately 650 full-time and 400 part-time instructors as of December 31, 2025), self-finances a portion of student tuition, and operates graduate job placement programs to support employer relationships and Title IV compliance.

Geographic exposure

22 campuses in 12 states as of December 31, 2025, primarily serving major metropolitan markets. Two additional campuses under lease: Hicksville, New York (programs expected by end of 2026) and Rowlett, Texas (programs expected Q1 2027). Five campuses draw students nationally.

Source: SEC 10-K, filed 2026-03-02

Industry: Services-Educational Services Peers: 2U, LLC American Public Education Inc Amesite Inc ASPEN GROUP, INC. Duolingo Inc EpicQuest Education Group International Ltd Nerdy Inc Universal Technical Institute Inc