Lincoln Educational Services Corp (LINC) financial statements: income statement, balance sheet and cash flow
Lincoln Educational Services Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Lincoln Educational Services Corp reported revenue of $518.2M (+17.8% year on year) and net income of $20.0M (+102.2% year on year).
Income statement
Lincoln Educational Services Corp income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
REVENUE
$518.2M
$440.1M
$378.1M
$348.3M
Educational services and facilities
$205.4M
$181.8M
$162.3M
$148.7M
Selling, general and administrative
$282.9M
$243.8M
$209.1M
$182.4M
Gain on insurance proceeds
$0
($2.8M)
—
—
(Gain) loss on sale of assets
($406.0K)
$2.1M
($30.9M)
($177.0K)
Impairment of goodwill and long-lived assets
$0
$0
$4.2M
—
Total costs & expenses
$487.9M
$424.9M
$344.7M
$332.0M
OPERATING INCOME
$30.3M
$15.2M
$33.4M
$16.3M
Interest income
$126.0K
$2.1M
$2.6M
$318.0K
Interest expense
($3.4M)
($2.6M)
($347.0K)
($160.0K)
Pension excise tax
($926.0K)
—
—
—
INCOME BEFORE INCOME TAXES
$26.1M
$14.7M
$35.6M
$16.4M
PROVISION FOR INCOME TAXES
$6.1M
$4.8M
$9.6M
$3.8M
NET INCOME
$20.0M
$9.9M
$26.0M
$12.6M
Employee pension plan adjustments, net of taxes
($274.0K)
—
—
—
COMPREHENSIVE INCOME
$19.7M
—
—
—
Net income per common share (in Dollars per share)
$0.65
$0.32
$0.86
$0.36
Net income per common share (in Dollars per share)
$0.64
$0.32
$0.85
$0.36
Basic (in Shares)
30.9K
30.6M
30.1M
25.9M
Diluted (in Shares)
31.3K
30.9M
30.5M
25.9M
Lincoln Educational Services Corp income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
REVENUE
$142.6M
$144.0M
$141.4M
$116.5M
Educational services and facilities
$59.6M
$58.4M
$57.3M
$46.8M
Selling, general and administrative
$79.6M
$79.2M
$77.8M
$67.1M
Gain on sale of assets
($33.0K)
$6.0K
$10.0K
($256.0K)
Total costs and expenses
$139.2M
$137.6M
$135.1M
$113.6M
OPERATING INCOME
$3.3M
$6.4M
$6.3M
$2.9M
Interest income
$7.0K
$30.0K
$0
$11.0K
Interest expense
($1.1M)
($837.0K)
($991.0K)
($813.0K)
INCOME BEFORE INCOME TAXES
$2.3M
$5.6M
$5.3M
$2.1M
PROVISION FOR INCOME TAXES
$315.0K
$1.2M
$1.5M
$522.0K
NET INCOME
$1.9M
$4.4M
$3.8M
$1.6M
Net income per common share (in Dollars per share)
$0.06
$0.14
$0.12
$0.05
Basic (in Shares)
31.3M
31.1M
31.0M
31.0M
Diluted (in Shares)
31.4M
31.3M
31.3M
31.3M
Balance sheet
Lincoln Educational Services Corp balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$28.5M
$59.3M
$76.0M
$46.1M
Accounts receivable, less allowance of $43,975 and $42,615 at December 31, 2025 and December 31, 2024, respectively
$36.9M
$43.0M
$35.7M
$37.2M
Inventories
$4.0M
$3.1M
$2.9M
$2.6M
Income tax receivable
$1.6M
—
—
—
Tenant allowance receivable
$8.1M
—
—
—
Prepaid and other assets
$7.9M
$4.8M
$5.6M
$4.7M
Assets held for sale
$0
$1.1M
$10.2M
$4.6M
Total current assets
$87.0M
$111.3M
$134.7M
$114.1M
PROPERTY, EQUIPMENT AND FACILITIES - At cost, net of accumulated depreciation and amortization of $148,067 and $141,271 at December 31, 2025 and December 31, 2024, respectively
$171.6M
$103.5M
$50.9M
$23.9M
Noncurrent receivables, less allowance of $26,371 and $22,957 at December 31, 2025 and December 31, 2024, respectively
$21.2M
$19.6M
$17.5M
$22.7M
Deferred finance charges
$302.0K
$323.0K
—
—
Deferred income taxes, net
$21.7M
$25.4M
$23.2M
$22.3M
Operating lease right-of-use assets
$154.2M
$136.0M
$89.9M
$93.1M
Finance lease right-of-use assets
$25.1M
$26.7M
$15.8M
—
Goodwill
$10.7M
$10.7M
$10.7M
$14.5M
Pension plan assets, net
$0
$1.6M
$759.0K
—
Other assets, net
$1.3M
$1.4M
$1.8M
$812.0K
Total other assets
$234.5M
$221.8M
$159.7M
$153.5M
TOTAL ASSETS
$493.2M
$436.6M
$345.2M
$291.6M
Unearned tuition
$44.2M
$30.6M
$26.9M
$24.2M
Accounts payable
$27.0M
$37.0M
$18.2M
$10.5M
Accrued expenses
$18.4M
$12.0M
$13.7M
$8.7M
Income taxes payable
$0
$1.1M
$2.8M
$2.1M
Current portion of operating lease liabilities
$10.6M
$9.5M
$11.7M
$9.6M
Current portion of finance lease liabilities
$463.0K
$0
$70.0K
—
Total current liabilities
$100.7M
$90.2M
$73.4M
$55.0M
Long-term portion of operating lease liabilities
$162.1M
$138.8M
$88.9M
$91.0M
Long-term portion of finance lease liabilities
$30.7M
$29.3M
$16.1M
—
Other long-term liabilities
$0
$16.0K
$56.0K
—
Total liabilities
$293.5M
$258.3M
$178.4M
$146.7M
Common stock, no par value - authorized 100,000,000 shares at December 31, 2025 and December 31, 2024, issued and outstanding 31,623,795 shares at December 31, 2025 and 31,462,640 shares at December 31, 2024
48.2M
48.2M
48.2M
49.1M
Additional paid-in capital
$52.3M
$50.6M
$49.4M
$45.5M
Retained earnings
$99.2M
$79.2M
$69.3M
$51.2M
Accumulated other comprehensive loss
$0
$274.0K
($36.0K)
($960.0K)
Total stockholders’ equity
$199.7M
$178.3M
$166.8M
$144.9M
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$493.2M
$436.6M
$345.2M
$291.6M
Lincoln Educational Services Corp balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$44.2M
$16.7M
$13.5M
$16.7M
Accounts receivable, less allowance of $41,378 and $43,975 at June 30, 2026 and December 31, 2025, respectively
$45.9M
$41.7M
$51.1M
$47.3M
Inventories
$4.1M
$2.5M
$3.1M
$4.5M
Income tax receivable
$1.9M
$501.0K
$1.4M
—
Tenant allowance receivable
$5.6M
$8.1M
—
—
Prepaid and other assets
$4.6M
$6.9M
$8.2M
$8.4M
Total current assets
$106.2M
$76.4M
$77.3M
$79.6M
PROPERTY, EQUIPMENT AND FACILITIES - At cost, net of accumulated depreciation and amortization of $160,833 and $148,067 at June 30, 2026 and December 31, 2025, respectively
$190.7M
$179.4M
$160.5M
$149.1M
Noncurrent receivables, less allowance of $26,865 and $26,371 at June 30, 2026 and December 31, 2025, respectively
$21.6M
$20.7M
$22.8M
$21.1M
Deferred finance charges
$1.2M
$267.0K
$337.0K
$354.0K
Deferred income taxes, net
$21.7M
$21.7M
$24.8M
$24.8M
Operating lease right-of-use assets
$151.6M
$151.2M
$142.1M
$132.7M
Finance lease right-of-use assets
$24.2M
$24.7M
$25.5M
$25.9M
Goodwill
$10.7M
$10.7M
$10.7M
$10.7M
Other assets, net
$1.8M
$1.7M
$1.3M
$1.3M
Total other assets
$232.8M
$231.0M
$229.1M
$218.6M
TOTAL ASSETS
$529.8M
$486.7M
$466.9M
$447.3M
Unearned tuition
$51.9M
$39.3M
$33.5M
$28.1M
Accounts payable
$30.7M
$28.3M
$35.1M
$34.0M
Accrued expenses
$16.7M
$13.8M
$16.8M
$15.4M
Current portion of operating lease liabilities
$11.1M
$10.4M
$10.1M
$10.7M
Current portion of finance lease liabilities
$534.0K
$498.0K
$430.0K
—
Total current liabilities
$111.0M
$92.3M
$95.9M
$88.3M
Long-term portion of operating lease liabilities
$160.1M
$160.1M
$146.4M
$134.5M
Long-term portion of finance lease liabilities
$30.4M
$30.5M
$30.8M
$30.9M
Long-term debt
$26.0M
$5.0M
$8.0M
$13.0M
Total liabilities
$327.4M
$287.9M
$281.1M
$266.6M
Common stock, no par value - authorized 100,000,000 shares at June 30, 2026 and December 31, 2025, issued and outstanding 31,722,150 shares at June 30, 2026 and 31,623,795 shares at December 31, 2025
48.2M
48.2M
48.2M
48.2M
Additional paid-in capital
$48.7M
$47.1M
$50.9M
$49.6M
Retained earnings
$105.5M
$103.5M
$86.5M
$82.7M
Total stockholders’ equity
$202.4M
$198.8M
$185.9M
$180.7M
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$529.8M
$486.7M
$466.9M
$447.3M
Cash flow statement
Lincoln Educational Services Corp cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$20.0M
$9.9M
$26.0M
$12.6M
Depreciation and amortization
$19.2M
$11.3M
$6.6M
$6.4M
Finance lease amortization
$1.7M
$1.6M
$175.0K
—
Amortization of deferred finance charges
$142.0K
$133.0K
—
$0
Deferred income taxes
$2.6M
($2.2M)
$1.6M
$1.3M
(Gain) loss on sale of assets
($406.0K)
$2.1M
($30.9M)
($177.0K)
Gain on insurance proceeds
$0
($2.8M)
—
—
Proceeds from insurance
$0
$2.8M
—
—
Fixed asset donations
($311.0K)
($277.0K)
($239.0K)
($408.0K)
Provision for credit losses
$58.1M
$56.6M
$41.6M
$34.9M
Stock-based compensation expense
$5.5M
$4.6M
$5.9M
$3.1M
Accounts receivable
($53.7M)
($66.0M)
($45.8M)
($48.6M)
Inventories
($933.0K)
($184.0K)
($330.0K)
$103.0K
Prepaid income taxes
($1.6M)
—
—
—
Prepaid expenses and current assets
($10.4M)
($687.0K)
$900.0K
($11.0K)
Other assets, net
$7.2M
$110.0K
$1.0M
$450.0K
Accounts payable
($9.3M)
$11.6M
$5.0M
($2.0M)
Accrued expenses
$6.4M
($1.7M)
$5.0M
($7.0M)
Unearned tuition
$13.5M
$3.8M
$2.8M
($1.3M)
Income taxes payable
($1.1M)
($1.8M)
$777.0K
$1.0M
Other liabilities
$2.6M
$338.0K
$1.1M
($541.0K)
Total adjustments
$39.3M
$19.4M
($439.0K)
($11.8M)
Net cash provided by operating activities
$59.3M
$29.3M
$25.6M
$882.0K
Capital expenditures
($86.6M)
($56.9M)
($40.7M)
($9.0M)
Proceeds from sale of property and equipment
$434.0K
$9.9M
$33.3M
$2.4M
Net cash used in investing activities
($86.2M)
($47.0M)
$7.4M
($21.4M)
Proceeds from borrowings
$45.0M
—
—
—
Payments on borrowings
($45.0M)
—
—
$0
Payment of deferred finance fees
($121.0K)
($456.0K)
—
—
Finance lease principal paid
($356.0K)
($267.0K)
$0
—
Tenant allowance finance leases
$399.0K
$762.0K
—
—
Net share settlement for equity-based compensation
-3.8M
-3.4M
-2.1M
-2.0M
Net cash used in financing activities
($3.9M)
($3.3M)
($2.9M)
($12.5M)
NET DECREASE IN CASH AND CASH EQUIVALENTS
($30.8M)
($21.0M)
$30.0M
($33.0M)
CASH AND CASH EQUIVALENTS —Beginning of period
$59.3M
$80.3M
$50.3M
$83.3M
CASH AND CASH EQUIVALENTS—End of period
$28.5M
—
—
—
Interest
$3.2M
$2.4M
$110.0K
$171.0K
Income taxes
$6.2M
$8.8M
$7.2M
$1.5M
Liabilities accrued for or noncash additions of fixed assets
$6.7M
$8.2M
$3.5M
$1.3M
Lincoln Educational Services Corp cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$6.3M
$4.4M
$7.3M
$3.5M
Depreciation and amortization
$14.6M
$7.2M
$12.7M
$7.6M
Finance lease amortization
$835.0K
$418.0K
$1.3M
$835.0K
Amortization of deferred finance charges
$88.0K
$35.0K
$107.0K
$90.0K
Deferred income taxes
$0
—
$547.0K
$547.0K
Gain on sale of assets
($27.0K)
$6.0K
($466.0K)
($476.0K)
Fixed asset donations
($111.0K)
($93.0K)
($197.0K)
($197.0K)
Provision for credit losses
$29.7M
$13.7M
$42.6M
$25.0M
Stock-based compensation expense
$3.1M
$1.4M
$4.1M
$2.5M
Accounts receivable
($39.1M)
($18.0M)
($53.9M)
($30.8M)
Inventories
($91.0K)
$1.5M
($40.0K)
($1.5M)
Prepaid income taxes
($324.0K)
$1.1M
($1.4M)
($2.8M)
Prepaid expenses and current assets
$5.8M
$995.0K
($3.8M)
($3.6M)
Other assets, net
($387.0K)
$725.0K
$1.9M
($657.0K)
Accounts payable
($754.0K)
$1.0M
($2.9M)
($9.8M)
Accrued expenses
($1.7M)
($4.6M)
$4.8M
$3.5M
Unearned tuition
$7.8M
($4.9M)
$2.9M
($2.5M)
Income taxes payable
$0
—
($1.1M)
($1.1M)
Other liabilities
$986.0K
($378.0K)
$1.4M
$1.7M
Total adjustments
$20.3M
$210.0K
$8.5M
($11.6M)
Net cash provided by (used in) operating activities
$26.6M
$4.6M
$15.8M
($8.1M)
Capital expenditures
($29.1M)
($14.6M)
($68.1M)
($46.3M)
Proceeds from (payments for) sale of property and equipment
$27.0K
($6.0K)
—
—
Net cash used in investing activities
($29.1M)
($14.6M)
($67.6M)
($45.8M)
Proceeds from borrowings
$70.0M
$33.0M
$45.0M
$25.0M
Payments on borrowings
($44.0M)
($28.0M)
($37.0M)
($12.0M)
Payment of deferred finance fees
($990.0K)
—
($121.0K)
($121.0K)
Finance lease principal paid
($219.0K)
($101.0K)
($266.0K)
($179.0K)
Tenant allowance finance leases
$0
—
$2.2M
$2.2M
Net share settlement for equity-based compensation
-6.7M
-6.7M
-3.8M
-3.6M
Net cash provided by financing activities
$18.1M
($1.8M)
$6.0M
$11.3M
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
$15.7M
($11.8M)
($45.8M)
($42.6M)
CASH AND CASH EQUIVALENTS —Beginning of period
$28.5M
$28.5M
$59.3M
$59.3M
CASH AND CASH EQUIVALENTS—End of period
$44.2M
$16.7M
$13.5M
$16.7M
Interest
$1.7M
$837.0K
$2.3M
$1.4M
Income taxes
$544.0K
$147.0K
$4.9M
$4.7M
Liabilities accrued for or non-cash additions of fixed assets