Lincoln Educational Services (LINC) financial statements
Lincoln Educational Services reported revenue of $518M in fiscal 2025, up 6.8% a year over 9 years.
Net income was $20M and the operating margin 5.8%, against -10.1% in 2016.
Free cash flow was -$27M.
The diluted share count rose 33% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Lincoln Educational Services's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $286M | $262M | $263M | $273M | $293M | $335M | $348M | $378M | $440M | $518M |
| Cost of revenue | $144M | $129M | $125M | $123M | $122M | $139M | $149M | $162M | $182M | $205M |
| Gross profit | $141M | $132M | $138M | $150M | $171M | $196M | $200M | $216M | $258M | $313M |
| Selling, general and admin | $148M | $139M | $141M | $145M | $156M | $169M | $182M | $209M | $244M | $283M |
| Operating income | -$29M | -$5M | -$4M | $5M | $15M | $49M | $16M | $33M | $15M | $30M |
| Interest expense | $6M | $7M | $2M | $3M | $1M | $2M | $160,000 | $347,000 | $3M | $3M |
| Pre-tax income | -$28M | -$12M | -$6M | $2M | $14M | $47M | $16M | $36M | $15M | $26M |
| Income tax | $200,000 | -$274,000 | $200,000 | $268,000 | -$35M | $13M | $4M | $10M | $5M | $6M |
| Net income | -$28M | -$11M | -$11M | $2M | $49M | $35M | $13M | $26M | $10M | $20M |
| EPS (diluted) | -$1.21 | -$0.48 | -$0.48 | $0.08 | $1.49 | $1.04 | $0.36 | $0.85 | $0.32 | $0.64 |
| Diluted shares | 23M | 24M | 24M | 25M | 25M | 25M | 26M | 31M | 31M | 31M |
| Gross margin | 49.4% | 50.6% | 52.4% | 54.8% | 58.3% | 58.6% | 57.3% | 57.1% | 58.7% | 60.4% |
| Operating margin | -10.1% | -1.8% | -1.5% | 1.9% | 5.0% | 14.7% | 4.7% | 8.8% | 3.4% | 5.8% |
| Net margin | -9.9% | -4.4% | -4.4% | 0.7% | 16.6% | 10.4% | 3.6% | 6.9% | 2.2% | 3.9% |
Balance sheet
Fiscal years, from Lincoln Educational Services's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $21M | $15M | $18M | $24M | $38M | $83M | $61M | $76M | $59M | $29M |
| Receivables | $15M | $16M | $19M | $21M | $30M | $26M | $37M | $36M | $43M | $37M |
| Inventory | $2M | $2M | $1M | $2M | $2M | $3M | $3M | $3M | $3M | $4M |
| Total current assets | $65M | $45M | $57M | $50M | $74M | $122M | $114M | $135M | $111M | $87M |
| Property, plant and equipment | $55M | $53M | $49M | $49M | $48M | $23M | $24M | $51M | $104M | $172M |
| Goodwill | $15M | $15M | $15M | $15M | $15M | $15M | $15M | $11M | $11M | $11M |
| Total assets | $163M | $155M | $146M | $195M | $245M | $295M | $292M | $345M | $437M | $493M |
| Total current liabilities | $66M | $47M | $65M | $57M | $67M | $66M | $55M | $73M | $90M | $101M |
| Long-term debt | $30M | $53M | $34M | $32M | $15M | $0 | — | — | $0 | $0 |
| Total liabilities | $108M | $109M | $106M | $140M | $142M | $154M | $147M | $178M | $258M | $293M |
| Shareholders' equity | $55M | $46M | $40M | $43M | $91M | $129M | $145M | $167M | $178M | $200M |
| Net debt | $21M | $38M | $31M | $10M | -$21M | -$83M | -$46M | -$76M | -$59M | -$29M |
Cash flow
Fiscal years, from Lincoln Educational Services's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$6M | -$11M | -$2M | $988,000 | $23M | $27M | $882,000 | $26M | $29M | $59M |
| Capital spending | $4M | $5M | $5M | $5M | $6M | $8M | $9M | $41M | $57M | $87M |
| Free cash flow | -$10M | -$16M | -$6M | -$4M | $18M | $20M | -$8M | -$15M | -$28M | -$27M |
| Stock-based compensation | $1M | $1M | $522,000 | $679,000 | $2M | $3M | $3M | $6M | $5M | $5M |
| Dividends paid | $0 | — | — | — | — | — | — | — | — | — |
| Share buybacks (net) | — | — | — | — | — | $0 | -$9M | -$891,000 | $0 | — |
| Net borrowing | -$387,000 | $9M | -$4M | -$14M | -$17M | -$18M | $0 | — | $0 | $0 |
| Free cash flow margin | -3.4% | -6.1% | -2.4% | -1.6% | 6.1% | 5.9% | -2.3% | -4.0% | -6.3% | -5.3% |
Questions
What was Lincoln Educational Services's revenue in 2025?
$518M in fiscal 2025, from its 10-K filing.
How much free cash flow does Lincoln Educational Services generate?
-$27M in fiscal 2025 (operating cash flow minus capital spending).
From Lincoln Educational Services's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.