LINCOLN EDUCATIONAL SERVICES CORPLINCEarnings & Financial Report
Lincoln Tech is an American group of for-profit postsecondary vocational institutions headquartered in Parsippany, New Jersey with campuses in Colorado, Connecticut, Georgia, Illinois, Indiana, Maryland, New Jersey, New York, Pennsylvania, Rhode Island, Tennessee, and Texas. Each campus is owned and operated by Lincoln Educational Services Corporation, a provider of career-oriented post-secondary education.
Revenue
$114.4M
Gross Profit
$66.4M
Operating Profit
$5.8M
Net Profit
$4.0M
Gross Margin
58.0%
Operating Margin
5.1%
Net Margin
3.5%
YoY Growth
14.8%
EPS
$0.13
Financial Flow
LINCOLN EDUCATIONAL SERVICES CORP Q3 2024 Financial Summary
LINCOLN EDUCATIONAL SERVICES CORP reported revenue of $114.4M (up 14.8% YoY) for Q3 2024, with a net profit of $4.0M (up 91.5% YoY) (3.5% margin). Cost of goods sold was $48.1M, operating expenses totaled $60.5M.
Key Financial Metrics
| Total Revenue | $114.4M |
|---|---|
| Net Profit | $4.0M |
| Gross Margin | 58.0% |
| Operating Margin | 5.1% |
| Report Period | Q3 2024 |
Revenue Breakdown
LINCOLN EDUCATIONAL SERVICES CORP Q3 2024 revenue of $114.4M breaks down across 2 segments, led by Transferred Over Time at $105.1M (91.9% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Transferred Over Time | $105.1M | 91.9% |
| Transferred At Point In Time | $9.3M | 8.1% |
LINCOLN EDUCATIONAL SERVICES CORP Revenue by Segment — Quarterly Trend
LINCOLN EDUCATIONAL SERVICES CORP revenue by segment across the last 4 reported quarters, showing how each business line (such as Transferred Over Time and Transferred At Point In Time) has evolved quarter over quarter.
| Segment | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|
| Transferred Over Time | $136.0M | $127.8M | $110.9M | $110.5M |
| Transferred At Point In Time | $6.9M | $13.6M | $5.6M | $7.0M |
LINCOLN EDUCATIONAL SERVICES CORP Annual Revenue by Year
LINCOLN EDUCATIONAL SERVICES CORP annual revenue history includes year-by-year totals (for example, 2025 revenue was $518.2M).
| Year | Annual Revenue |
|---|---|
| 2025 | $518.2M |
| 2024 | $440.1M |
| 2023 | $378.1M |
| 2022 | $348.3M |
LINCOLN EDUCATIONAL SERVICES CORP Quarterly Revenue & Net Profit History
LINCOLN EDUCATIONAL SERVICES CORP results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 2025 | $142.9M | +19.7% | $12.7M | 8.9% |
| Q3 2025 | $141.4M | +23.6% | $3.8M | 2.7% |
| Q2 2025 | $116.5M | +13.2% | $1.6M | 1.3% |
| Q1 2025 | $117.5M | +13.7% | $1.9M | 1.7% |
| Q4 2024 | $119.4M | +16.4% | $6.8M | 5.7% |
| Q3 2024 | $114.4M | +14.8% | $4.0M | 3.5% |
| Q2 2024 | $102.9M | +16.1% | $-682.0K | -0.7% |
| Q1 2024 | $103.4M | +18.4% | $-214.0K | -0.2% |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $103.4M | $102.9M | $114.4M | $119.4M | $117.5M | $116.5M | $141.4M | $142.9M |
| YoY Growth | 18.4% | 16.1% | 14.8% | 16.4% | 13.7% | 13.2% | 23.6% | 19.7% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $355.2M | $366.4M | $404.0M | $436.6M | $427.4M | $447.3M | $466.9M | $493.2M |
| Liabilities | $190.7M | $201.5M | $234.1M | $258.3M | $249.7M | $266.6M | $281.1M | $293.5M |
| Equity | $164.5M | $164.9M | $170.0M | $178.3M | $177.8M | $180.7M | $185.9M | $199.7M |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $-14.9M | $8.3M | $5.6M | $30.3M | $-8.4M | $299000 | $23.9M | $43.5M |