LINCOLN EDUCATIONAL SERVICES CORP
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $518.2M | $440.1M | $378.1M | $348.3M | $335.3M |
| Cost of revenue | $205.4M | $181.8M | $162.3M | $148.7M | $138.9M |
| Selling, general & administrative | $282.9M | $243.8M | $209.1M | $182.4M | $168.9M |
| Operating income | $30.3M | $15.2M | $33.4M | $16.3M | $49.3M |
| Interest expense | $3.4M | $2.6M | $347,000 | $160,000 | $2.0M |
| Pretax income | $26.1M | $14.7M | $35.6M | $16.4M | $47.2M |
| Income tax expense | $6.1M | $4.8M | $9.6M | $3.8M | $12.5M |
| Net income | $20.0M | $9.9M | $26.0M | $12.6M | $34.7M |
| Balance Sheet | |||||
| Cash and equivalents | $28.5M | $59.3M | $76.0M | $46.1M | $83.3M |
| Current assets | $87.0M | $111.3M | $134.7M | $114.1M | $121.6M |
| Total assets | $493.2M | $436.6M | $345.2M | $291.6M | $295.3M |
| Current liabilities | $100.7M | $90.2M | $73.4M | $55.0M | $65.9M |
| Total liabilities | $293.5M | $258.3M | $178.4M | $146.7M | $153.9M |
| Stockholders' equity | $199.7M | $178.3M | $166.8M | $144.9M | $129.4M |
| Cash Flow Statement | |||||
| Cash from operations | $59.3M | $29.3M | $25.6M | $882,000 | $27.4M |
| Depreciation and amortization | $19.2M | $11.3M | $6.6M | $6.4M | $7.1M |
| Stock-based compensation | $5.5M | $4.6M | $5.9M | $3.1M | $2.9M |
| Capital expenditure | $86.6M | $56.9M | $40.7M | $9.0M | $7.5M |
| Free cash flow | -$27.3M | -$27.6M | -$15.1M | -$8.1M | $19.9M |
| Share repurchases | $0 | $0 | $891,000 | $9.4M | $0 |
| Impairments | $0 | $0 | $3.8M | $0 | $0 |
Shares outstanding 31.7M · Free float 33.7%
Annual filing data through FY ended December 31, 2025; float as of July 12, 2026.