Lincoln Educational Services Corporation (NASDAQ:LINC) reported its Q4 2025 earnings, showcasing a substantial increase in revenue driven by both organic growth and campus expansions. The company’s student start momentum continues to be strong, with a 15.7% increase in the quarter, marking the 13th consecutive quarter of year-over-year growth.
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Key Takeaways from the Earnings Call
Revenue increased by 21.4% to $142.9 million, driven by a 17% rise in average student population and a 3.7% increase in revenue per student.
Student starts grew by 15.7% in the quarter, marking the 13th consecutive quarter of year-over-year growth, with nearly 4,000 new students enrolled.
Net income increased by over 70% to $12.7 million, and adjusted EBITDA reached $29.1 million, up 51.2% from the prior year.
The company’s adjusted EBITDA margin expanded by more than 400 basis points to 20.4%, reflecting strong operating leverage.
Full Year Results and 2026 Guidance
Lincoln Educational Services reported full year revenue growth of 19.7% to $518.2 million, with average student population rising by 17.9%. The company provided guidance for 2026, expecting revenue of $580 million to $590 million, adjusted EBITDA of $72 million to $76 million, and net income of $20 million to $23 million.
The company’s CEO, Scott Shaw, highlighted the strong demand for skilled trades training and the company’s focus on delivering high-quality education and career outcomes for its students. Shaw also emphasized the company’s commitment to expanding its network of schools and replicating its most in-demand programs at existing campuses.
Investor Day and Future Outlook
Lincoln Educational Services will host its Investor Day on March 19, 2026, at its new Nashville campus, where the company will present its 5-year roadmap and provide further guidance on its future growth prospects.
Based on the company’s strong earnings report and guidance, investors may be interested in learning more about Lincoln Educational Services and its potential for future growth. As always, it’s essential to do your own research and consider multiple sources before making any investment decisions.
For more information on Lincoln Educational Services and its earnings report, you can visit the company’s investor relations website or consult with a financial advisor.
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