--- title: "Lincoln Educational | 8-K: FY2025 Q4 Revenue Beats Estimate at USD 142.87 M" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/276635963.md" datetime: "2026-02-23T19:14:47.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/276635963.md) - [en](https://longbridge.com/en/news/276635963.md) - [zh-HK](https://longbridge.com/zh-HK/news/276635963.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/276635963.md) | [English](https://longbridge.com/en/news/276635963.md) # Lincoln Educational | 8-K: FY2025 Q4 Revenue Beats Estimate at USD 142.87 M 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 . #### Fourth Quarter 2025 Financial and Operational Highlights - **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% . - **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 . - **Adjusted EBITDA:** Increased by $9.9 million, or 51.2%, to $29.1 million . - **Net Cash Flow from Operations:** $43.5 million, compared to $30.3 million in the prior year . - **Student Starts:** Grew by 15.7% excluding the Transitional segment . - **Student Population:** Rose by 14.9% excluding the Transitional segment . - **Educational Services and Facilities Expense:** Increased by $8.8 million, or 19.5%, to $53.9 million . - **Selling, General and Administrative Expense:** Increased by $9.1 million, or 14.6%, to $71.2 million . - **Operating Income:** $17.7 million in 2025, up from $10.9 million in 2024 . - **Interest Expense, net:** $889 thousand in 2025, compared to $373 thousand in 2024 . - **Pension Excise Tax:** $926 thousand in 2025, compared to $0 in 2024 . - **Provision for Income Taxes:** $3.2 million in 2025, compared to $3.7 million in 2024 . #### Fourth Quarter 2025 Segment Results - **Campus Operations Segment Revenue:** Increased by $25.2 million, or 21.4%, to $142.9 million . - **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 . - **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 . - **Corporate and Other Expenses:** $16.7 million, compared to $13.8 million in the prior year comparable period . #### Full Year 2025 Financial and Operational Highlights - **Total Revenue:** Increased by $78.2 million or 17.8% to $518.2 million. Excluding the Transitional segment, revenue increased by 19.7% . - **Net Income:** $20.0 million, a 102.2% increase compared to $9.9 million in the prior year . - **Adjusted EBITDA:** Increased 58.7% to $67.1 million . - **Net Cash Flow from Operations:** Increased by $30.0 million, or 102.4%, to $59.3 million . - **Student Starts:** Grew by 15.2% excluding the Transitional segment . - **Student Population:** Rose by 14.9% excluding the Transitional segment . - **Operating Income:** $30.3 million in 2025, up from $15.2 million in 2024 . - **Student Starts (Total):** 20,906 in 2025, up from 18,660 in 2024 (12.0% increase) . - **Average Population (Total):** 16,622 in 2025, up from 14,426 in 2024 (15.2% increase) . - **End of Period Population (Total):** 17,046 in 2025, up from 15,138 in 2024 (12.6% increase) . #### Full Year 2025 Campus Operations Segment Operating Metrics - **Revenue:** $518.2 million in 2025, up from $433.0 million in 2024 (19.7% increase) . - **Operating Income:** $98.7 million in 2025, up from $63.6 million in 2024 (55.3% increase) . - **Starts:** 20,906 in 2025, up from 18,153 in 2024 (15.2% increase) . - **Transportation and Skilled Trades Starts:** 16,526 in 2025, up from 13,396 in 2024 (23.4% increase) . - **Healthcare and Other Professions Starts:** 4,380 in 2025, down from 4,757 in 2024 (-7.9% decrease) . - **Average Population:** 16,622 in 2025, up from 14,100 in 2024 (17.9% increase) . - **Transportation and Skilled Trades Average Population:** 12,984 in 2025, up from 10,347 in 2024 (25.5% increase) . - **Healthcare and Other Professions Average Population:** 3,638 in 2025, down from 3,753 in 2024 (-3.1% decrease) . - **End of Period Population:** 17,046 in 2025, up from 14,838 in 2024 (14.9% increase) . - **Transportation and Skilled Trades End of Period Population:** 13,612 in 2025, up from 11,081 in 2024 (22.8% increase) . - **Healthcare and Other Professions End of Period Population:** 3,434 in 2025, down from 3,757 in 2024 (-8.6% decrease) . #### Full Year 2025 Consolidated Cash Flows - **Net Cash Provided by Operating Activities:** $59.3 million in 2025, compared to $29.3 million in 2024 . - **Capital Expenditures:** -$86.6 million in 2025, compared to -$56.9 million in 2024 . - **Net Cash Used in Investing Activities:** -$86.2 million in 2025, compared to -$47.0 million in 2024 . - **Net Cash Used in Financing Activities:** -$3.9 million in 2025, compared to -$3.3 million in 2024 . - **Net Decrease in Cash and Cash Equivalents:** -$30.8 million in 2025, compared to -$21.0 million in 2024 . - **Cash and Cash Equivalents (End of Period):** $28.5 million in 2025, compared to $59.3 million in 2024 . #### Total Liquidity (as of December 31, 2025) - **Cash and Cash Equivalents:** $28.5 million . - **Credit Facility:** $60.0 million . - **Total Liquidity:** $88.5 million . #### Full Year 2026 Outlook 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% . ### 相關股票 - [Lincoln Educational (LINC.US)](https://longbridge.com/zh-HK/quote/LINC.US.md) ## 相關資訊與研究 - [Lincoln Educational Services Corporation (NASDAQ:LINC) Sees Significant Increase in Short Interest](https://longbridge.com/zh-HK/news/280859550.md) - [Lincoln Educational Insider Sells 8,450 Shares Amid Big Stock Surge, but Here's What Matters for Investors](https://longbridge.com/zh-HK/news/280859848.md) - [Starbucks Closes JV with Boyu Capital to Boost Growth in China](https://longbridge.com/zh-HK/news/281616807.md) - [Lincoln Educational Services (NASDAQ:LINC) Updates FY 2026 Earnings Guidance](https://longbridge.com/zh-HK/news/276607724.md) - [US visa curbs fallout: Indian students in US drop 6.9% to 352,644 in 2026](https://longbridge.com/zh-HK/news/281606469.md)