Lincoln Educational Services (LINC) Balance Sheet: Assets & Liabilities

Lincoln Educational Services (LINC) Balance Sheet

As of Dec 31, 2025 (end of fiscal 2025), Lincoln Educational Services reported total assets of $493.16M and total liabilities of $293.48M. Shareholders' equity was $199.69M, up 12.0% from $178.26M a year earlier. Total debt stood at $203.86M against $28.52M in cash and short-term investments, a net debt position of $175.34M. That puts debt-to-equity at 1.02, compared with 1.00 a year earlier.

Lincoln Educational Services Balance Sheet Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Balance sheet showing assets, liabilities, and shareholders' equity for Lincoln Educational Services Corporation (LINC) - 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
Current Assets
Cash and Cash Equivalents	28.52	59.27	75.99	46.07	83.31	38.03	23.64	17.57	14.56
Short-Term Investments	0.00	0.00	0.00	14.76	0.00	0.00	0.00	0.00	0.00
Cash & Short-Term Investments	28.52	59.27	75.99	60.83	83.31	38.03	23.64	17.57	14.56
Accounts Receivable	36.93	42.98	35.69	37.18	26.16	30.02	20.65	18.68	15.79
Inventory	3.99	3.05	2.95	2.62	2.72	2.39	1.61	1.45	1.66
Other Current Assets	7.87	5.94	20.03	13.51	4.88	3.72	4.57	17.13	10.56
Total Current Assets	87.03	111.25	134.66	114.14	121.63	74.16	50.48	57.11	44.18
Non-Current Assets
Property, Plant & Equipment (Net)	350.90	266.31	156.58	117.04	114.61	103.58	98.41	49.29	52.87
Long-Term Investments	0.00	0.00	17.50	22.73	0.00	16.46	30.34	12.18	9.47
Goodwill	10.74	10.74	10.74	14.54	14.54	14.54	14.54	14.54	14.54
Intangible Assets	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.02
Other Non-Current Assets	1.27	22.89	43.27	0.81	0.79	0.73	1.00	12.50	33.73
Total Non-Current Assets	406.13	325.30	210.59	177.43	173.67	171.03	144.29	88.93	111.04
Total Assets	493.16	436.56	345.25	291.57	295.30	245.19	194.76	146.04	155.21
Current Liabilities
Accounts Payable	27.02	37.03	18.15	10.50	12.30	15.68	14.58	14.11	10.51
Short-Term Debt	11.10	9.50	11.81	19.26	11.48	10.50	11.14	15.00	0.00
Accrued Liabilities	3.45	2.77	13.68	8.65	2.28	-	-	-	-
Deferred Revenue	44.16	30.63	26.91	24.15	25.41	23.45	23.41	22.55	24.65
Other Current Liabilities	18.43	10.29	2.87	-2.76	0.02	16.72	8.07	12.93	12.33
Total Current Liabilities	100.71	90.21	73.41	55.02	65.88	66.84	57.21	64.58	47.48
Non-Current Liabilities
Long-Term Debt	192.77	168.06	104.98	91.00	86.41	67.91	78.05	33.77	52.59
Deferred Tax Liabilities	0.00	0.00	0.00	0.00	0.00	0.00	0.15	0.00	0.00
Other Non-Current Liabilities	0.00	0.02	0.06	0.67	1.61	7.39	4.23	7.82	9.32
Total Non-Current Liabilities	192.77	168.08	105.04	91.67	88.02	75.30	82.43	41.59	61.92
Total Liabilities	293.48	258.29	178.45	146.69	153.90	142.14	139.63	106.17	109.40
Stockholders' Equity
Common Stock	48.18	48.18	48.18	49.07	141.38	141.38	141.38	141.38	141.38
Retained Earnings	99.17	79.17	69.28	51.23	39.70	6.20	-42.06	-44.07	-37.53
Accumulated Other Comprehensive Income	0.00	0.27	-0.04	-0.96	-1.24	-4.17	-3.46	-4.06	-4.51
Treasury Stock	-	-	-	-	82.86	-	-	-	-
Additional Paid-in Capital	52.34	50.64	49.38	45.54	32.44	-52.35	-52.72	-53.38	-53.53
Shares Outstanding	31.62	31.46	31.36	31.15	27.00	-	-	-	-
Total Stockholders' Equity	199.69	178.26	166.80	144.88	141.40	103.05	55.13	39.87	45.81
Total Liabilities & Equity	493.16	436.56	345.25	291.57	295.30	245.19	194.76	146.04	155.21

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 Balance Sheet

How much debt does Lincoln Educational Services have?

Lincoln Educational Services had total debt of $203.86M as of Dec 31, 2025, against $28.52M in cash and short-term investments. Its debt-to-equity ratio was 1.02. Total debt was $177.56M a year earlier.

What are Lincoln Educational Services's total assets?

Lincoln Educational Services reported total assets of $493.16M as of Dec 31, 2025, up 13.0% from $436.56M a year earlier. Total liabilities were $293.48M.

What is Lincoln Educational Services's shareholders' equity?

Lincoln Educational Services's shareholders' equity was $199.69M as of Dec 31, 2025, or about $6.31 of book value per share.

What is the debt-to-equity ratio?

The debt-to-equity ratio divides a company's total debt by its shareholders' equity. It shows how much of the business is financed with borrowed money; normal levels vary widely by industry. Full definition