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Sep 30, 2025
Lincoln Tech Q3 2025 Earnings Report
Lincoln Educational Services reported increased revenue and student population in Q3 2025, with net income slightly down due to one-time gains in the prior year.
Key Takeaways
Lincoln Educational Services posted a strong Q3 2025, driven by higher student starts and population growth, as well as improved operational efficiency. Despite a slight dip in net income compared to the prior year, results were solid due to the absence of last year’s one-time insurance gain.
Revenue grew to $141.4 million, up 23.6% YoY.
Net income was $3.8 million, down slightly due to prior year's $2.8M one-time insurance gain.
Student starts rose 3.2% and total student population increased 14.8%.
Adjusted EBITDA rose to $16.9 million, a 65.1% increase.
Revenue by Segment
Forward Guidance
Lincoln raised its full-year 2025 guidance based on strong Q3 performance and expects over $500 million in revenue and improved profitability.
Positive Outlook
- Raised FY25 revenue guidance to $505–510 million.
- Adjusted EBITDA outlook increased to $65–67 million.
- Net income forecast revised upward to $17–19 million.
- Student start growth guidance raised to 15–16%.
- Expectations for FY27 increased to $600M+ revenue and $90M adjusted EBITDA.
Challenges Ahead
- Continued expansion and new campus development incur pre-opening and startup losses.
- Higher SG&A due to increased performance incentives and marketing expenses.
- Reduction in cash and cash equivalents from $59.3M to $13.5M due to investments.
- Corporate overhead costs rose sharply YoY.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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