Lincoln Educational Services Corp. (LINC)
Nasdaq · Services-Educational Services · Services · CIK 1286613 · fiscal year ends in Dec
Closing price $22.14 on 29 Oct 2026; 52-week range $17.80 to $55.68.
Key figures
The last twelve months reported, with the latest price and balance sheet.
- Revenue, last twelve months
- $570.8M
- Revenue growth
- 22.0%
- Net income, last twelve months
- $22.8M
- Earnings per share
- $0.72
- Gross margin
- 59.8%
- Operating margin
- 5.9%
- Net margin
- 4.0%
- Free cash flow
- $24.5M
- Return on equity
- 11.3%
- Market value
- $702.5M
- Price to earnings
- 30.8x
- Cash
- $44.2M
- Debt
- $26.0M
- Debt to equity
- 0.13
- Shares outstanding
- 31.7M
Financial statements
Revenue, profit and cash flow by fiscal year, each year linked to its annual report.
| Fiscal year | Year end | Revenue | Operating income | Net income | EPS | Free cash flow | Filing |
|---|---|---|---|---|---|---|---|
| FY2025 | 31 Dec 2025 | $518.2M | $30.3M | $20.0M | $0.64 | -$27.3M | 10-K filed 2 Mar 2026 |
| FY2024 | 31 Dec 2024 | $440.1M | $15.2M | $9.9M | $0.32 | -$27.6M | 10-K filed 4 Mar 2025 |
| FY2023 | 31 Dec 2023 | $378.1M | $33.4M | $26.0M | $0.85 | -$15.1M | 10-K filed 5 Mar 2024 |
| FY2022 | 31 Dec 2022 | $348.3M | $16.3M | $12.6M | $0.36 | -$8.1M | 10-K filed 7 Mar 2023 |
| FY2021 | 31 Dec 2021 | $335.3M | $49.3M | $34.7M | $1.04 | $19.9M | 10-K filed 3 Mar 2022 |
By quarter
| Quarter | Quarter end | Revenue | Net income | EPS |
|---|---|---|---|---|
| Q2 FY2026 | 30 Jun 2026 | $142.6M | $1.9M | $0.06 |
| Q1 FY2026 | 31 Mar 2026 | $144.0M | $4.4M | $0.14 |
| Q4 FY2025 | 31 Dec 2025 | $142.9M | $12.7M | $0.40 |
| Q3 FY2025 | 30 Sep 2025 | $141.4M | $3.8M | $0.12 |
| Q2 FY2025 | 30 Jun 2025 | $116.5M | $1.6M | $0.05 |
| Q1 FY2025 | 31 Mar 2025 | $117.5M | $1.9M | $0.06 |
| Q4 FY2024 | 31 Dec 2024 | $119.4M | $6.8M | $0.22 |
| Q3 FY2024 | 30 Sep 2024 | $114.4M | $4.0M | $0.13 |
Revenue by segment
As the company reports it in the segment note of its annual report.
By business, FY2025
| Segment | Revenue | Share |
|---|---|---|
| Campus Operations | $518.2M | 100.0% |
Company events
The newest 8-K filings of 182 held.
| Filed | Form | Event | Items |
|---|---|---|---|
| 10 Aug 2026 | 8-K | Results | 2.02, 9.01 |
| 10 Jul 2026 | 8-K | Deal completed, Material agreement, New debt | 1.01, 2.01, 2.03, 9.01 |
| 13 May 2026 | 8-K | Material agreement | 1.01, 9.01 |
| 11 May 2026 | 8-K | Results | 2.02, 9.01 |
| 11 May 2026 | 8-K | Shareholder vote, Investor update | 5.07, 7.01, 9.01 |
| 16 Apr 2026 | 8-K | Material agreement, New debt, Other events | 1.01, 2.03, 8.01, 9.01 |
| 19 Mar 2026 | 8-K | Investor update | 7.01, 9.01 |
| 23 Feb 2026 | 8-K | Results | 2.02, 9.01 |
| 23 Dec 2025 | 8-K | Leadership change, Material agreement | 1.01, 5.02, 9.01 |
| 10 Nov 2025 | 8-K | Results | 2.02, 9.01 |
| 11 Aug 2025 | 8-K | Results | 2.02, 9.01 |
| 14 May 2025 | 8-K | Shareholder vote, Investor update, Other events | 5.07, 7.01, 8.01, 9.01 |
Every filing
The newest filings with the SEC of 373 held.
| Filed | Form | Period |
|---|---|---|
| 10 Aug 2026 | 8-K | 10 Aug 2026 |
| 10 Aug 2026 | 10-Q | 30 Jun 2026 |
| 10 Jul 2026 | 8-K | 7 Jul 2026 |
| 13 May 2026 | 8-K | 12 May 2026 |
| 11 May 2026 | 10-Q | 31 Mar 2026 |
| 11 May 2026 | 8-K | 11 May 2026 |
| 11 May 2026 | 8-K | 7 May 2026 |
| 16 Apr 2026 | 8-K | 13 Apr 2026 |
| 26 Mar 2026 | ARS | 31 Dec 2025 |
| 26 Mar 2026 | DEFA14A | – |
| 26 Mar 2026 | DEF 14A | 7 May 2026 |
| 19 Mar 2026 | 8-K | 19 Mar 2026 |
Insider trades
Form 4 trades by officers, directors and 10% owners, last 12 months.
| Traded | Insider | Type | Shares | Price | Value | Held after | Form 4 |
|---|---|---|---|---|---|---|---|
| 15 Jun 2026 | Luster Alexandra M, SVP and General Counsel | Sale outside a trading plan | 18,007 | $44.64 | $803.8K | 82,356 | 15 Jun 2026 |
| 12 Jun 2026 | Juniper Investment Company, Llc, Insider | Sale outside a trading plan | 37,000 | $46.88 | $1.7M | 1,732,966 | 15 Jun 2026 |
| 11 Jun 2026 | Juniper Investment Company, Llc, Insider | Sale outside a trading plan | 11,812 | $47.87 | $565.4K | 1,781,778 | 15 Jun 2026 |
| 10 Jun 2026 | Carney Kevin M, Director | Sale outside a trading plan | 3,000 | $48.00 | $144.0K | 25,039 | 10 Jun 2026 |
| 5 Jun 2026 | Luster Alexandra M, SVP and General Counsel | Sale outside a trading plan | 1,993 | $50.11 | $99.9K | 100,363 | 9 Jun 2026 |
| 4 Jun 2026 | Juniper Investment Company, Llc, Insider | Sale outside a trading plan | 25,208 | $51.13 | $1.3M | 1,781,778 | 5 Jun 2026 |
| 3 Jun 2026 | Juniper Investment Company, Llc, Insider | Sale outside a trading plan | 81,504 | $50.10 | $4.1M | 1,806,986 | 5 Jun 2026 |
| 3 Jun 2026 | Pryor Felecia J., Director | Sale outside a trading plan | 2,000 | $49.70 | $99.4K | 14,801 | 4 Jun 2026 |
| 22 May 2026 | Burke James J Jr, Director | Sale outside a trading plan | 15,807 | $48.36 | $764.4K | 44,198 | 27 May 2026 |
| 18 May 2026 | Burke James J Jr, Director | Sale outside a trading plan | 16,000 | $49.54 | $792.6K | 60,005 | 18 May 2026 |
| 15 May 2026 | Juniper Investment Company, Llc, Insider | Sale outside a trading plan | 1,985 | $50.11 | $99.5K | – | 18 May 2026 |
| 14 May 2026 | Burke James J Jr, Director | Sale outside a trading plan | 193 | $51.76 | $10.0K | 76,005 | 18 May 2026 |
Planned insider sales
Form 144 notices, filed when the sell order goes to the broker.
| Filed | Seller | Shares | Value | Planned sale |
|---|---|---|---|---|
| 15 Jun 2026 | LUSTER ALEXANDRA M, Officer | 18,007 | $803.8K | 15 Jun 2026 |
| 10 Jun 2026 | Carney Kevin M, Officer | 3,000 | $144.0K | 10 Jun 2026 |
| 5 Jun 2026 | LUSTER ALEXANDRA M, Officer | 1,993 | $99.9K | 5 Jun 2026 |
| 3 Jun 2026 | Pryor Felecia J., Officer | 2,000 | $99.4K | 3 Jun 2026 |
| 14 May 2026 | James J Burke Jr, Director | 32,000 | $1.6M | 14 May 2026 |
| 12 May 2026 | Meyers Brian K, Officer | 40,070 | $2.0M | 12 May 2026 |
| 10 Mar 2026 | Nyce Chad D, Policy-Making Officer | 8,450 | $299.3K | 9 Mar 2026 |
| 6 Mar 2026 | Young Sylvia Jean, Officer | 7,959 | $285.0K | 6 Mar 2026 |
| 2 Mar 2026 | Plater Michael A, Officer | 17,256 | $616.5K | 2 Mar 2026 |
| 26 Feb 2026 | JAMES BURKE, DIRECTOR | 3,214 | $112.8K | 25 Feb 2026 |
Large holders
Schedule 13D and 13G filings by holders of more than 5% of the voting shares.
| Filed | Holder | Schedule | Stake | Shares |
|---|---|---|---|---|
| 29 Jul 2026 | BlackRock, Inc. | 13G amended | 7.5% | 2.4M |
| 15 Jun 2026 | Juniper Targeted Opportunity Fund, L.P. | 13D amended | 6.1% | 1.9M |
| 15 May 2026 | Alyeska Investment Group, L.P. | 13G amended | 2.44% | 777.8K |
| 27 Mar 2026 | The Vanguard Group | 13G amended | 0% | 0 |
| 27 Feb 2026 | Juniper Targeted Opportunity Fund, L.P. | 13D amended | 7.3% | 2.3M |
| 17 Feb 2026 | Alyeska Investment Group, L.P. | 13G | 5.14% | 1.6M |
Short interest
Shares sold short and not yet bought back, on each FINRA settlement date.
| Settlement | Shares short | Change | Days to cover |
|---|---|---|---|
| 15 Oct 2026 | 1.9M | -25.8% | 3.68 |
| 30 Sep 2026 | 2.6M | -7.4% | 3.45 |
| 15 Sep 2026 | 2.8M | +33.01% | 3.57 |
| 31 Aug 2026 | 2.1M | +3.65% | 2.08 |
| 14 Aug 2026 | 2.1M | -29.77% | 1.46 |
| 31 Jul 2026 | 2.9M | -4.3% | 5.19 |
| 15 Jul 2026 | 3.1M | +11.27% | 5.23 |
| 30 Jun 2026 | 2.8M | +11.42% | 5.52 |
Funds that hold it
From each fund's latest Form 13F.
242 funds held it at 30 Jun 2026: 139 added and 60 trimmed in the quarter. The largest:
| Fund | Shares | Value | Change in the quarter |
|---|---|---|---|
| BlackRock, Inc. | 2,483,081 | $123.9M | +300,567 |
| Juniper Investment Company, LLC | 1,732,966 | $86.5M | -205,345 |
| Needham Investment Management LLC | 1,325,000 | $66.1M | +47,500 |
| AllianceBernstein L.P. | 1,562,856 | $63.6M | +1,534,396 |
| First Eagle Investment Management, LLC | 1,231,060 | $61.4M | – |
| Vanguard Capital Management LLC | 1,221,492 | $61.0M | +19,362 |
| Next Century Growth Investors LLC | 1,175,462 | $58.7M | +134,860 |
| Driehaus Capital Management LLC | 951,576 | $47.5M | +274,653 |
| Geode Capital Management, LLC | 877,173 | $43.8M | +136,404 |
| American Century Companies Inc. | 814,084 | $40.6M | +5,782 |
Peers
Companies in the same industry.
- Graham Holdings Co. (GHC): revenue $5.1B, market value $4.9B
- Laureate Education, Inc. (LAUR): revenue $1.9B, market value $4.9B
- Covista Inc. (CVSA): revenue $2.0B, market value $4.3B
- Grand Canyon Education, Inc. (LOPE): revenue $1.1B, market value $4.0B
- Stride, Inc. (LRN): revenue $2.5B, market value $3.4B
- Perdoceo Education Corp. (PRDO): revenue $858.6M, market value $2.0B
- Strategic Education, Inc. (STRA): revenue $1.3B, market value $1.7B
- Universal Technical Institute Inc. (UTI): revenue $883.6M, market value $1.3B
- American Public Education Inc. (APEI): revenue $668.0M, market value $812.8M