LINCOLN EDUCATIONAL SERVICES CORP
Financial highlights
| Metric | FY December 31, 2025 | FY December 31, 2024 | FY December 31, 2023 | FY December 31, 2022 | FY December 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $518.2M | $440.1M | $378.1M | $348.3M | $335.3M |
| Operating income | $30.3M | $15.2M | $33.4M | $16.3M | $49.3M |
| Cost of revenue | $205.4M | $181.8M | $162.3M | $148.7M | $138.9M |
| Cash from operations | $59.3M | $29.3M | $25.6M | $882,000 | $27.4M |
| Capital expenditure | $86.6M | $56.9M | $40.7M | $9.0M | $7.5M |
| Free cash flow | -$27.3M | -$27.6M | -$15.1M | -$8.1M | $19.9M |
| Share repurchases | $0 | $0 | $891,000 | $9.4M | $0 |
| Impairments | $0 | $0 | $3.8M | $0 | $0 |
| Total assets | $493.2M | $436.6M | $345.2M | $291.6M | $295.3M |
| Total liabilities | $293.5M | $258.3M | $178.4M | $146.7M | $153.9M |
Shares outstanding 31.7M · Free float 33.7%
Annual filing data through FY ended December 31, 2025; float as of July 12, 2026.