Lincoln Educational Services Corporation reported a significant increase in its financial performance for the fiscal year ended December 31, 2025, with total revenues reaching $518.2 million, a 17.8% increase from $440.1 million in the previous year. This growth was primarily driven by a 15.2% rise in average student enrollment, which averaged 16,622 students during the year. The company’s net income also saw a substantial increase, rising to $20.0 million, compared to $9.9 million in 2024, reflecting a net income margin of 4.0%.
In terms of operational changes, Lincoln Educational Services has expanded its campus footprint, operating 22 campuses across 12 states. The company has signed leases for two new campuses in Hicksville, New York, and Rowlett, Texas, with programs expected to commence in late 2026 and early 2027, respectively. The company’s strategic focus on geographic expansion and the introduction of new programs in skilled trades, automotive, health sciences, and information technology is aimed at addressing the growing skills gap in the labor market.
The company’s operational efficiency has improved, as evidenced by a decrease in educational services and facilities expenses as a percentage of revenue, which fell from 41.3% in 2024 to 39.6% in 2025. This improvement is attributed to the scaling of operations and better management of costs associated with a larger student population. Additionally, selling, general, and administrative expenses increased by 16.1% to $282.9 million, driven by higher marketing and administrative costs to support the growing student base.
Lincoln Educational Services continues to rely heavily on federal financial aid, with approximately 85% of its revenue derived from Title IV Programs. The company has maintained a strong compliance record, with a composite score of 2.0, indicating financial responsibility as assessed by the Department of Education. However, the company remains vigilant regarding regulatory changes that could impact its funding and operational capabilities, particularly concerning the 90/10 Rule, which limits the percentage of revenue derived from federal funds.
Looking ahead, Lincoln Educational Services is optimistic about its growth trajectory, with plans to enhance its program offerings and further expand its geographic presence. The company aims to leverage its hybrid teaching platform, Lincoln 10.0, to provide flexible and efficient educational experiences for students. Despite the challenges posed by regulatory scrutiny and market competition, the company is positioned to capitalize on the increasing demand for career-oriented education.
About LINCOLN EDUCATIONAL SERVICES CORP
Lincoln Educational Services Corporation provides career-oriented postsecondary education across various fields including skilled trades, automotive technology, healthcare, and IT. Operating multiple campuses in the U.S., it offers diploma, certificate, and associate degree programs designed to prepare students for in-demand jobs. The company emphasizes flexible, hybrid learning models, industry partnerships, and job placement support to serve students and local employers effectively.
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