Lincoln Educational Services Corp balance sheet

At the end of fiscal 2025, Lincoln Educational Services Corp had total assets of $493m, total liabilities of $293m and shareholders' equity of $200m. It held $28.5m in cash against $0 of debt: net cash of $28.5m.

Balance sheet

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Lincoln Educational Services Corp: balance sheet, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Cash and equivalents	46	66	27	62	13	12	38	21	15	18	24	38	83	46	76	59	29	44
Receivables	—	34	20	17	16	14	10	15	16	19	21	30	26	37	36	43	37	46
Inventory	—	4	3	3	2	1	1	2	2	1	2	2	3	3	3	3	4	4
Total current assets	—	117	73	100	104	113	105	65	45	57	50	74	122	114	135	111	87	106
Goodwill	—	107	97	66	62	22	23	15	15	15	15	15	15	15	11	11	11	11
Total assets	—	413	362	347	306	214	208	163	155	146	195	245	295	292	345	437	493	530
Accounts payable	—	26	15	14	15	12	13	14	11	14	15	16	12	10	18	37	27	31
Deferred revenue (current)	—	51	43	35	30	26	24	25	25	23	23	23	25	24	27	31	44	52
Total current liabilities	—	122	71	59	57	83	71	66	47	65	57	67	66	55	73	90	101	111
Short-term debt	—	—	—	—	0	30	10	12	0	15	2	2	0	—	—	—	—	—
Long-term debt	—	57	36	6	55	0	32	30	53	34	32	15	0	—	—	0	0	26
Total debt	0	57	37	74	90	65	59	42	53	64	37	20	0	0	0	0	0	26
Total liabilities	—	190	123	148	161	131	127	108	109	106	140	142	154	147	178	258	293	327
Shareholders' equity	219	222	239	198	145	83	81	55	46	40	43	91	129	145	167	178	200	202
Non-controlling interests and other (assets − liabilities − equity)	—	—	—	—	—	—	—	—	—	—	12	12	12	—	—	—	—	—
Net debt (negative = net cash)	−46	−9	10	12	77	53	20	21	39	46	13	−18	−83	−46	−76	−59	−29	−18
Shares outstanding	—	28m	—	—	—	—	—	—	—	—	25m	26m	27m	31m	31m	31m	32m	32m

US$ millions unless shown otherwise. Fiscal quarters.

Lincoln Educational Services Corp: balance sheet, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Receivables	53	43	47	47	51	37	42	46
Inventory	3	3	2	5	3	4	2	4
Total current assets	115	111	86	80	77	87	76	106
Goodwill	11	11	11	11	11	11	11	11
Total assets	404	437	427	447	467	493	487	530
Accounts payable	28	37	34	34	35	27	28	31
Deferred revenue (current)	23	31	29	28	33	44	39	52
Total current liabilities	73	90	83	88	96	101	92	111
Long-term debt	—	0	—	13	8	0	5	26
Total debt	—	0	—	13	8	0	5	26
Total liabilities	234	258	250	267	281	293	288	327
Shareholders' equity	170	178	178	181	186	200	199	202
Shares outstanding	31m	31m	32m	32m	32m	32m	32m	32m

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from Lincoln Educational Services Corp's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Lincoln Educational Services Corp.