Lincoln Educational Services (LINC) Financial Statements & Analysis

Lincoln Educational Services (LINC) Income Statement

Lincoln Educational Services reported revenue of $518.24M in fiscal 2025 (fiscal year ended Dec 31, 2025), up 17.8% from $440.06M a year earlier. Net income was $20.00M, up 102.2% year over year, a net margin of 3.9%. Gross margin was 60.4% and operating margin 5.6%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $142.56M, up 22.4% from the same quarter a year earlier.

Lincoln Educational Services Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Lincoln Educational Services Corporation income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	518.24	440.06	378.07	348.29	335.34	293.10	273.34	263.20	261.85
Cost of Revenue	205.39	181.76	162.28	148.75	138.93	122.20	123.50	125.37	129.41
Gross Profit	312.85	258.31	215.80	199.54	196.41	170.90	149.85	137.83	132.44
Operating Expenses
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	282.95	243.80	209.14	182.39	168.92	156.20	145.18	141.24	138.78
Operating Expenses	283.87	243.80	244.27	183.26	147.14	156.12	145.18	141.24	138.78
Operating Income	28.98	14.50	33.36	16.28	49.26	14.78	5.24	-3.95	-4.72
Other Income/Expense
Interest Income	0.13	2.10	2.63	0.32	0.00	0.00	0.01	0.03	0.06
Interest Expense	3.39	2.57	-0.35	0.16	2.02	1.28	2.96	2.42	7.10
Other Income/Expense	0.41	0.68	2.28	0.16	-2.02	68.84	0.00	-2.39	-7.04
Income
Income Before Tax	26.12	14.71	35.64	16.44	47.25	83.62	2.28	-6.35	-11.76
Income Tax Expense	6.12	4.82	9.64	3.80	12.53	35.06	0.27	0.20	-0.27
Net Income	20.00	9.89	26.00	12.63	34.72	48.57	2.02	-6.55	-11.48
Net Income - Continuous Operations	20.00	9.89	26.00	12.63	34.72	48.57	2.02	-6.55	-11.48
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	48.67	28.61	13.43	22.96	7.22	22.10	13.36	4.50	4.04
EBIT	29.51	17.28	6.66	17.15	0.08	-	-	-	-
Depreciation & Amortization	19.16	11.33	6.77	6.36	7.14	7.40	8.12	8.42	8.70
Earnings Per Share
Basic EPS	1.00	-	1.00	-	1.00	1.00	-	-	-
Diluted EPS	1.00	-	1.00	-	1.00	1.00	-	-	-
Basic Shares Outstanding	30.94	30.58	30.11	25.88	25.08	24.75	24.55	24.24	23.91
Diluted Shares Outstanding	31.26	30.89	30.54	25.88	25.08	24.75	24.55	24.42	23.91

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Lincoln Educational Services Financial Statements

What was Lincoln Educational Services's revenue in fiscal 2025?

Lincoln Educational Services reported revenue of $518.24M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 17.8% from $440.06M a year earlier.

Is Lincoln Educational Services profitable?

Yes. Lincoln Educational Services earned net income of $20.00M in fiscal 2025, a net margin of 3.9%. In fiscal 2024 it earned $9.89M.

What is Lincoln Educational Services's operating margin?

Lincoln Educational Services's operating income was $28.98M on revenue of $518.24M in fiscal 2025, an operating margin of 5.6%, compared with 3.3% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition