Lincoln Educational Services Stock Earnings Reports

Lincoln Educational Services reported a strong Q1 2026 driven by 19.5% student start growth (more than 5,500 new students), with about half of that growth organic. Revenue rose 22.5% to $144M, adjusted EBITDA increased 84.7% to $15.5M, and net income more than doubled to $4.4M (EPS $0.14). The company generated positive operating cash flow in Q1 for the first time in many years and narrowed expense ratios via instructional efficiencies (Lincoln 10.0 hybrid model). Health care starts recovered modestly (+5%), while transportation and skilled trades drove most of the growth (~80% of population). Management raised full-year 2026 guidance to revenue of $590M–$600M, adjusted EBITDA of $76M–$80M, net income of $23M–$26M, and student population growth of 10%–14%. CapEx guidance remains $70M–$75M (about 65% growth initiatives). Post-quarter the company amended its credit facility, increasing the revolving line from $60M to $125M to support campus expansion and flexibility. Management reiterated a multi-year growth plan targeting $850M revenue and $150M adjusted EBITDA by 2030, with a methodical greenfield cadence (~2 new campuses/year) but increased optionality given the larger credit facility.