Lincoln Educational Services Corp income statement

In fiscal 2025, Lincoln Educational Services Corp reported revenue of $518m, up 17.8% on the year before, operating income of $30.3m (a 5.8% margin) and net income of $20.0m, or $0.64 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

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

Lincoln Educational Services Corp: income statement, 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
Revenue	553	605	457	380	216	218	306	286	262	263	273	293	335	348	378	440	518	571
Cost of revenue	211	227	197	178	102	103	152	144	129	125	123	122	139	149	162	182	205	229
Gross profit	341	377	260	202	113	115	154	141	132	138	150	171	196	200	216	258	313	342
Selling, general and administrative	252	258	217	189	117	117	152	148	139	141	145	156	169	182	209	244	283	308
Operating income	88	115	35	−13	−3	−24	1	−29	−5	−4	5	15	49	16	33	15	30	34
Interest expense	4	5	4	4	4	3	8	6	7	2	3	1	2	0	0	3	3	4
Income before tax	84	111	31	−17	−8	−27	−3	−28	−12	−6	2	14	47	16	36	15	26	29
Income tax	35	−45	13	−2	20	−1	0	0	−0	0	0	−35	13	4	10	5	6	6
Net income	49	70	18	−37	−51	−56	−3	−28	−11	−11	2	49	35	13	26	10	20	23
Diluted EPS	$1.82	$2.79	$0.79	−$1.68	−$2.28	−$2.46	−$0.14	−$1.21	−$0.48	−$0.48	$0.08	$1.49	$1.04	$0.36	$0.85	$0.32	$0.64	—
Diluted shares (average)	27m	25m	22m	22m	23m	23m	23m	23m	24m	24m	25m	25m	25m	26m	31m	31m	31m	—
EBITDA	113	141	63	14	20	−4	15	−18	4	4	13	22	56	23	40	27	49	61

US$ millions unless shown otherwise. Fiscal quarters.

Lincoln Educational Services Corp: income statement, 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
Revenue	114	119	118	116	141	143	144	143
Cost of revenue	48	45	47	47	57	54	58	60
Gross profit	66	74	70	70	84	89	86	83
Selling, general and administrative	63	62	67	67	78	71	79	80
Operating income	6	11	3	3	6	18	6	3
Interest expense	1	1	1	1	1	1	1	1
Income before tax	6	11	3	2	5	16	6	2
Income tax	2	4	1	1	1	3	1	0
Net income	4	7	2	2	4	13	4	2
Diluted EPS	$0.13	$0.22	$0.06	$0.05	$0.12	$0.41	$0.14	$0.06
EBITDA	9	14	7	8	12	24	14	11

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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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.