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Jun 30
Lincoln Tech Q2 2025 Earnings Report
Reported higher revenue, returned to profitability, and raised full-year 2025 guidance.
Key Takeaways
Lincoln Educational Services posted strong Q2 2025 results with double-digit revenue growth, a return to net profitability, and a sharp increase in adjusted EBITDA. The company also raised its full-year outlook driven by strong enrollment growth and campus performance.
Revenue rose 13.2% year-over-year to $116.5M
Net income reached $1.6M, compared to a $0.7M loss last year
EPS came in at $0.05; adjusted EPS was $0.09
Student starts increased by 19.5% year-over-year
Lincoln Tech
Lincoln Tech
Forward Guidance
Full-year 2025 revenue, adjusted EBITDA, net income, capital expenditures, and student start guidance were all raised based on strong first-half performance and favorable operating trends.
Positive Outlook
- Revenue guidance increased to $490–500M
- Adjusted EBITDA guidance raised to $60–65M
- Net income guidance increased to $13–18M
- Student starts expected to grow 12–15% for FY2025
- Strong enrollment and campus performance driving outlook
Challenges Ahead
- Higher SG&A expenses driven by increased administrative and compensation costs
- Increased medical claims expense
- Ongoing capital expenditure requirements of $75–80M
- Dependence on continued enrollment growth
- Potential risks from new campus openings and expansions