Lincoln Educational Services reported strong second-quarter 2026 results, with revenue rising 22.4% year-over-year to $142.6 million and adjusted EBITDA of $12.7 million. Net income for the quarter was $1.95 million, and the company generated $22.1 million of net cash from operating activities in the quarter. Lincoln reiterated full-year 2026 guidance and raised capital expenditure expectations to support a new Suitland, Maryland campus and the Melrose Park property acquisition.

Financial Highlights

• Revenue: $142.6 million for Q2 2026, up 22.4% from $116.5 million in Q2 2025.
• Adjusted EBITDA: $12.7 million for Q2 2026, up 42.4% from $8.9 million in Q2 2025.
• Net income: $1.95 million for Q2 2026 versus $1.55 million in Q2 2025.
• Net cash from operating activities: $22.1 million generated in Q2 2026 versus $0.3 million previously.
• Total liquidity as of June 30, 2026: approximately $143.2 million (cash and available credit).

Business Highlights

• Ending student population increased 10.4% to approximately 18,900, an increase of nearly 1,800 students year-over-year.
• Student starts rose 1% in the quarter; company reaffirmed full-year student start growth guidance of 10–14% and noted the August class is expected to be among the largest in company history.
• Signed lease for a focused-program campus in Suitland, Maryland (Electrical and HVAC training) with expected opening in Q4 2027 to deploy a lower-cost, faster-build focused-program campus model.
• Completed acquisition of the Melrose Park, Illinois campus property for $18.8 million in July and received recognition for the Melrose Park campus (USA Today) and the Grand Prairie, Texas campus (Accrediting Commission designation).
• Average student population grew by 16.3% year-to-date to over 18,300, reflecting traction in Transportation and Skilled Trades programs.

Original SEC Filing: LINCOLN EDUCATIONAL SERVICES CORP [ LINC ] - 8-K - Aug. 10, 2026