Earnings Releases·Nov 9, 2026, 4:18 PM ET

Lincoln Educational Services — Q3 2026 Earnings Summary

Q3 2026 revenue rose 12.6% to $159.2 million and Adjusted EBITDA surged 30.8% to $17.4 million, while year-to-date revenue and Adjusted EBITDA grew 18.7% and 49.0% respectively, driven by a 14.2% increase in student starts.
Full-year 2026 revenue guidance was raised to $600.0–$605.0 million, while Adjusted EBITDA, net income, and EPS guidance were reiterated; management cited strong demand in skilled trades and healthcare as key drivers for long-term 2030 objectives.
Capital allocation included $21.0 million in share repurchases (871,135 shares) and a $30 million increase in authorization to $70 million, alongside the $18.8 million acquisition of the Melrose Park, Illinois campus property.
Strategic expansion continues with new leases signed for campuses in Tempe, Arizona (opening Q1 2028) and Suitland, Maryland (opening Q4 2027), plus the upcoming November 2026 opening of the Hicksville, New York campus.
Liquidity strengthened to approximately $136 million as of September 30, 2026, supported by $34.9 million in Q3 operating cash flow, though long-term debt increased to $24.8 million.