Revenue: As of FY2025 Q4, the actual value is USD 142.87 M, beating the estimate of USD 131.62 M.EPS: As of FY2025 Q4, the actual value is USD 0.4, beating the estimate of USD 0.34.EBIT: As of FY2025 Q4, the actual value is USD 18.63 M.Lincoln Educational Services Corporation announced its financial results for the fourth quarter and full year ended December 31, 2025, as detailed in a press release furnished as Exhibit 99.1 to a Current Report on Form 8-K on February 23, 2026 .<h4>Fourth Quarter 2025 Financial and Operational Highlights</h4><ul><li>Revenue: $142.9 million, marking an increase of $23.5 million or 19.7% compared to the prior year. Excluding the Transitional segment, revenue increased by 21.4% .</li><li>Net Income: Increased to $12.7 million, or $0.40 per share, compared to $6.8 million, or $0.22 per share in the prior year .</li><li>Adjusted EBITDA: Increased by $9.9 million, or 51.2%, to $29.1 million .</li><li>Net Cash Flow from Operations: $43.5 million, compared to $30.3 million in the prior year .</li><li>Student Starts: Grew by 15.7% excluding the Transitional segment .</li><li>Student Population: Rose by 14.9% excluding the Transitional segment .</li><li>Educational Services and Facilities Expense: Increased by $8.8 million, or 19.5%, to $53.9 million .</li><li>Selling, General and Administrative Expense: Increased by $9.1 million, or 14.6%, to $71.2 million .</li><li>Operating Income: $17.7 million in 2025, up from $10.9 million in 2024 .</li><li>Interest Expense, net: $889 thousand in 2025, compared to $373 thousand in 2024 .</li><li>Pension Excise Tax: $926 thousand in 2025, compared to $0 in 2024 .</li><li>Provision for Income Taxes: $3.2 million in 2025, compared to $3.7 million in 2024 .</li></ul><h4>Fourth Quarter 2025 Segment Results</h4><ul><li>Campus Operations Segment Revenue: Increased by $25.2 million, or 21.4%, to $142.9 million .</li><li>Campus Operations Segment Adjusted EBITDA: Increased by $13.0 million, or 42.4%, to $43.8 million, from $30.7 million in the prior year comparable period .</li><li>Transitional Segment: No campuses were classified in this segment in 2025. In 2024, the Summerlin campus in this segment had revenue of $1.7 million and operating expenses of $2.3 million; the sale of this campus was completed on January 1, 2025 .</li><li>Corporate and Other Expenses: $16.7 million, compared to $13.8 million in the prior year comparable period .</li></ul><h4>Full Year 2025 Financial and Operational Highlights</h4><ul><li>Total Revenue: Increased by $78.2 million or 17.8% to $518.2 million. Excluding the Transitional segment, revenue increased by 19.7% .</li><li>Net Income: $20.0 million, a 102.2% increase compared to $9.9 million in the prior year .</li><li>Adjusted EBITDA: Increased 58.7% to $67.1 million .</li><li>Net Cash Flow from Operations: Increased by $30.0 million, or 102.4%, to $59.3 million .</li><li>Student Starts: Grew by 15.2% excluding the Transitional segment .</li><li>Student Population: Rose by 14.9% excluding the Transitional segment .</li><li>Operating Income: $30.3 million in 2025, up from $15.2 million in 2024 .</li><li>Student Starts (Total): 20,906 in 2025, up from 18,660 in 2024 (12.0% increase) .</li><li>Average Population (Total): 16,622 in 2025, up from 14,426 in 2024 (15.2% increase) .</li><li>End of Period Population (Total): 17,046 in 2025, up from 15,138 in 2024 (12.6% increase) .</li></ul><h4>Full Year 2025 Campus Operations Segment Operating Metrics</h4><ul><li>Revenue: $518.2 million in 2025, up from $433.0 million in 2024 (19.7% increase) .</li><li>Operating Income: $98.7 million in 2025, up from $63.6 million in 2024 (55.3% increase) .</li><li>Starts: 20,906 in 2025, up from 18,153 in 2024 (15.2% increase) .<ul><li>Transportation and Skilled Trades Starts: 16,526 in 2025, up from 13,396 in 2024 (23.4% increase) .</li><li>Healthcare and Other Professions Starts: 4,380 in 2025, down from 4,757 in 2024 (-7.9% decrease) .</li></ul></li><li>Average Population: 16,622 in 2025, up from 14,100 in 2024 (17.9% increase) .<ul><li>Transportation and Skilled Trades Average Population: 12,984 in 2025, up from 10,347 in 2024 (25.5% increase) .</li><li>Healthcare and Other Professions Average Population: 3,638 in 2025, down from 3,753 in 2024 (-3.1% decrease) .</li></ul></li><li>End of Period Population: 17,046 in 2025, up from 14,838 in 2024 (14.9% increase) .<ul><li>Transportation and Skilled Trades End of Period Population: 13,612 in 2025, up from 11,081 in 2024 (22.8% increase) .</li><li>Healthcare and Other Professions End of Period Population: 3,434 in 2025, down from 3,757 in 2024 (-8.6% decrease) .</li></ul></li></ul><h4>Full Year 2025 Consolidated Cash Flows</h4><ul><li>Net Cash Provided by Operating Activities: $59.3 million in 2025, compared to $29.3 million in 2024 .</li><li>Capital Expenditures: -$86.6 million in 2025, compared to -$56.9 million in 2024 .</li><li>Net Cash Used in Investing Activities: -$86.2 million in 2025, compared to -$47.0 million in 2024 .</li><li>Net Cash Used in Financing Activities: -$3.9 million in 2025, compared to -$3.3 million in 2024 .</li><li>Net Decrease in Cash and Cash Equivalents: -$30.8 million in 2025, compared to -$21.0 million in 2024 .</li><li>Cash and Cash Equivalents (End of Period): $28.5 million in 2025, compared to $59.3 million in 2024 .</li></ul><h4>Total Liquidity (as of December 31, 2025)</h4><ul><li>Cash and Cash Equivalents: $28.5 million .</li><li>Credit Facility: $60.0 million .</li><li>Total Liquidity: $88.5 million .</li></ul><h4>Full Year 2026 Outlook</h4>Lincoln Educational Services Corporation forecasts 2026 revenue between $580 million and $590 million, representing a 13% year-over-year growth at the midpoint, with Adjusted EBITDA projected to be between $72 million and $76 million, a 30% increase at the midpoint . Net income is expected to range from $20 million to $23 million, an 8% increase, while capital expenditures are planned between $70 million and $75 million, and student starts are anticipated to grow by 8% to 13% .

Lincoln Educational | 8-K: FY2025 Q4 Revenue Beats Estimate at USD 142.87 M