Short answer
LINCOLN EDUCATIONAL SERVICES CORP (LINC) filed its fiscal 2025 10-K annual report with the SEC on Mar 2, 2026. It reported revenue of $518M (+17.8% year over year) and net income of $20M.
- Top risk flagged: Regulatory risk: surety bonds of approximately $20.0 million posted to maintain authorization with multiple states
FY2025 key financial metrics · XBRL
- Revenue
- $518M
- +17.8% YoY
- Net income
- $20M
- +102.2% YoY
- Operating margin
- 5.8%
- +2.4 pp YoY
- EPS (diluted)
- $0.64
- +100.0% YoY
- ROE
- 10.0%
- +4.5 pp YoY
- Operating cash flow
- $59M
- +102.4% YoY
Source: XBRL data from the LINCOLN EDUCATIONAL SERVICES CORP (LINC) FY2025 10-K on SEC EDGAR. USD.
LINCOLN EDUCATIONAL SERVICES CORP FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: tuition financing and educational services for students, with credit risk mitigated by reliance on federal Title IV financial aid programs
- New emphasis on hybrid teaching platform "Lincoln 10.0," substantially complete and expected fully implemented by end of 2026 (except nursing in 2027)
- Strategic shift: geographic expansion with new campuses in Houston (opened Aug 2025), Hicksville NY, and Rowlett TX planned by early 2027; plus facility sale-leaseback transaction in Levittown PA
- Financial metric: revenue increased 17.8% to $518.2M driven by 15.2% rise in average student population; operating income nearly doubled to $30.3M (5.8% margin)
- Noteworthy fact: pension plan termination in 2024 yielded $1.9M reversion, with $0.9M pension excise tax expense recorded in 2025
Management Discussion & Analysis
- Revenue $518.2M for fiscal 2025, up 17.8% YoY from prior year
- Operating segments: Campus Operations (core business) and Transitional (no campuses in Transitional as of 2025)
- Best segment: Campus Operations driving overall revenue growth; Transitional segment exited after Jan 1, 2025 sale of Summerlin campus
- Enrollment 17,046 at 22 campuses in 2025, average enrollment 16,622 representing growth
- Management outlook highlights expanding programs, geographic growth, and addressing skills gap with hybrid training and job placement focus
Risk Factors
- Regulatory risk: surety bonds of approximately $20.0 million posted to maintain authorization with multiple states
- Macroeconomic exposure: institutional student loan commitments increased to $53.3 million as of December 31, 2025 from $44.6 million in 2024
- Operational risk: operating lease liabilities of $27.4 million for four new leases entered during fiscal 2025
- Competitive risk: dependence on successful high school recruiting season impacting student enrollment and revenue growth
- Financial risk: revolver facility increase from $40.0 million to $60.0 million with maturity extended to March 7, 2028
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