Revenue: As of FY2026 Q2, the actual value is USD 142.56 M, beating the estimate of USD 139.34 M.

EPS: As of FY2026 Q2, the actual value is USD 0.06, beating the estimate of USD -0.006.

EBIT: As of FY2026 Q2, the actual value is USD 3.363 M.

Second Quarter 2026 Financial and Operational Highlights (Compared to Q2 2025)

Revenue

Lincoln Educational Services Corporation’s revenue increased by 22.4% to $142.6 million from $116.5 million for the second quarter ended June 30, 2026, primarily due to a 14.5% increase in average student population and tuition increases.

Adjusted EBITDA

Adjusted EBITDA rose by 42.4% to $12.7 million from $8.9 million.

Net Income

Net income for the three months ended June 30, 2026, was $1,946 thousand, up from $1,554 thousand in the prior year period.

Operating Income

Operating income increased by 15.1% to $3,312 thousand from $2,878 thousand.

Operating Costs

Educational services and facilities expense increased by 27.4% to $59.6 million from $46.8 million, driven by costs related to new campuses and a larger student population. Selling, general and administrative expense increased by 18.8% to $79.7 million from $67.1 million, mainly due to a larger student population, higher sales and marketing expenses, and increased provision for credit losses. Corporate and other expenses were $18.2 million, up from $16.4 million in the prior year comparable period.

Cash Flow

Net cash from operating activities improved significantly to $22.1 million generated, compared to $0.3 million in the prior year quarter.

Operational Metrics

Ending student population grew by 10.4% to approximately 18,900 students. Student starts increased by 1%.

Year-to-Date 2026 Financial Highlights (Six Months Ended June 30, 2026, Compared to YTD 2025)

Revenue

Revenue increased by $52.5 million, or 22.5%, to $286.5 million, primarily due to a 16.3% increase in average student population and tuition increases.

Adjusted EBITDA

Adjusted EBITDA increased by 62.9% to $28.2 million from $17.3 million.

Net Income

Net income for the six months ended June 30, 2026, was $6,302 thousand, up from $3,499 thousand in the prior year period.

Operating Income

Operating income increased by 54.5% to $9,719 thousand from $6,292 thousand.

Operating Costs

Educational services and facilities expense increased by 25.3% to $118.0 million from $94.2 million. Selling, general and administrative expense increased by 18.5% to $158.8 million from $134.0 million. Corporate and other expenses were $39.6 million, up from $34.7 million in the prior year period.

Cash Flow

Net cash provided by operating activities was $26,633 thousand for the six months ended June 30, 2026, compared to net cash used in operating activities of - $8,079 thousand in the prior year period. Capital expenditures were - $29,132 thousand for the six months ended June 30, 2026, compared to - $46,276 thousand in the prior year period.

Operational Metrics

Average student population rose by 16.3% to over 18,300 students. Student starts grew by 9%.

Total Liquidity

Total liquidity as of June 30, 2026, was approximately $143.2 million, including $44.2 million in cash and cash equivalents and $99.0 million in available borrowings under its credit facility.

Recent Business Developments

Lincoln Educational Services Corporation signed a lease in Suitland, Maryland, for a new campus expected to open in Q4 2027, and acquired its Melrose Park, Illinois campus property for $18.8 million.

Full Year 2026 Outlook

Lincoln Educational Services Corporation reiterated its full-year guidance for revenue, adjusted EBITDA, and net income, while raising capital expenditure guidance to support strategic growth initiatives. The company projects full-year revenue between $590.0 million and $600.0 million, adjusted EBITDA between $76.0 million and $80.0 million, and net income between $23.0 million and $26.0 million. Capital expenditures are now expected to be between $95.0 million and $100.0 million, and full-year student start growth is reiterated at 10% to 14%.