Revenue: As of FY2025, the actual value is USD 518.24 M, beating the estimate of USD 507.13 M.EPS: As of FY2025, the actual value is USD 0.64, beating the estimate of USD 0.5725.EBIT: As of FY2025, the actual value is USD 33.58 M.<h4>Overall Company Performance</h4><ul><li>Net Income: Net income for Lincoln Educational Services Corporation was $19,998 thousand in 2025, an increase from $9,891 thousand in 2024.</li><li>Operating Income: Operating income increased to $30,312 thousand in 2025 from $15,177 thousand in 2024.</li><li>Net Interest Expense: Net interest expense was - $3,394 thousand in 2025, compared to - $2,565 thousand in 2024.</li><li>Pension Excise Tax: The company incurred a pension excise tax of - $926 thousand in 2025, with no such expense in 2024.</li><li>Income Before Income Taxes: Income before income taxes was $26,118 thousand in 2025, up from $14,711 thousand in 2024.</li><li>Provision for Income Taxes: The provision for income taxes was $6,120 thousand in 2025, compared to $4,820 thousand in 2024.</li><li>Bad Debt Expense: Bad debt expense as a percentage of revenues decreased to 11.2% in 2025 from 12.9% in 2024.</li><li>90⁄10 Rule Percentages: For the fiscal year ended December 31, 2025, Lincoln Educational Services Corporation’s institutions’ 90⁄10 Rule percentages ranged from approximately 82.9% to 88.0%.</li></ul><h4>Operational Metrics</h4><ul><li>Total New Student Starts: Total new student starts were 20,906 in 2025, up from 18,660 in 2024.</li><li>Average Student Population: The average student population was 16,622 in 2025, an increase from 14,426 in 2024.</li><li>End of Period Student Population: The end of period student population was 17,046 in 2025, compared to 15,138 in 2024.</li><li>Capital Expenditures: Capital expenditures were 16.7% of revenues in 2025.</li></ul><h4>Cash Flow</h4><ul><li>Cash and Cash Equivalents: Cash and cash equivalents stood at $28.5 million as of December 31, 2025, a decrease from $59.3 million as of December 31, 2024, primarily due to increased capital expenditures.</li><li>Net Cash Provided by Operating Activities: Operating cash flow increased to $59.3 million in 2025 from $29.3 million in 2024, driven by higher net income and changes in working capital.</li><li>Net Cash Used in Investing Activities: Net cash used in investing activities was - $86.2 million in 2025, an increase from - $47.0 million in 2024, mainly due to increased capital expenditures.</li><li>Net Cash Used in Financing Activities: Net cash used in financing activities was - $3.9 million in 2025, compared to - $3.3 million in 2024.</li></ul><h4>Segment Results</h4><h5>Campus Operations</h5><ul><li>Revenue: Revenue increased by 19.7% to $518,241 thousand in 2025 from $432,966 thousand in 2024, primarily due to a 17.9% increase in average student population.</li><li>Operating Income: Operating income increased by 55.3% to $98,698 thousand in 2025 from $63,558 thousand in 2024.</li><li>New Student Starts: New student starts were 20,906 in 2025, up 15.2% from 18,153 in 2024.</li><li>Average Student Population: The average student population was 16,622 in 2025, an increase of 17.9% from 14,100 in 2024.</li><li>End of Period Student Population: The end of period student population was 17,046 in 2025, up 14.9% from 14,838 in 2024.</li><li>Educational Services and Facilities Expense: This expense increased by 15.8% to $205,389 thousand in 2025 from $177,410 thousand in 2024, driven by higher costs for a larger student population and increased depreciation.</li><li>Selling, General and Administrative Expense: This expense increased by 12.1% to $214,596 thousand in 2025 from $191,379 thousand in 2024, due to investments in new programs, initiatives, and higher administrative and student services costs.</li></ul><h5>Transitional Segment</h5><ul><li>Revenue: Revenue decreased by 100% to $0 in 2025 from $7,098 thousand in 2024.</li><li>Operating Income: Operating income changed by 100% to $0 in 2025 from - $2,039 thousand in 2024, reflecting the closure of the Summerlin campus.</li><li>New Student Starts: New student starts decreased by 100% to 0 in 2025 from 507 in 2024.</li><li>Average Student Population: The average student population decreased by 100% to 0 in 2025 from 326 in 2024.</li><li>End of Period Student Population: The end of period student population decreased by 100% to 0 in 2025 from 300 in 2024.</li></ul><h5>Corporate and Other</h5><ul><li>Corporate and Other Expenses: Corporate and other expenses were - $68,386 thousand in 2025, an increase from - $46,342 thousand in 2024, mainly due to workforce expansion, increased employee medical claims, and higher performance-based incentive compensation.</li></ul><h4>Outlook / Guidance</h4>Lincoln Educational Services Corporation plans to open new campuses in Hicksville, New York by the end of 2026 and Rowlett, Texas in the first quarter of 2027. The company expects to finalize the implementation of its hybrid teaching platform, Lincoln 10.0, for most programs by the end of 2026 and for the Licensed Practical Nurse program by 2027. Capital expenditures are projected to be approximately 12.1% of revenues in 2026, which the company expects to fund through operating activities and cash on hand.

Lincoln Educational | 10-K: FY2025 Revenue Beats Estimate at USD 518.24 M