Lincoln Educational Services Corporation (LINC) Q3 2025 Earnings Call Transcript

Revenue $141.4 million, an increase of 25.4% year-over-year. The growth was driven by continued momentum in student starts year-to-date.

Student Starts Approximately 6,400, representing a 6% growth year-over-year. This growth was achieved despite a high comparative base from the prior year, driven by strong demand and successful program additions and expansions.

Revenue per Student Increased by 4.8% year-over-year, reflecting tuition increases and the timing of book and tool revenue.

Average Student Population Grew by nearly 20% year-over-year, with the ending population increasing by about 17% to 18,200 students compared to 15,600 in the prior year.

Adjusted EBITDA $16.9 million, a 65.1% increase year-over-year from $10.2 million. This improvement was driven by efficiencies from the Lincoln 10.0 hybrid teaching model, improved space utilization, and lower instructional costs as a percentage of revenue.

Net Income $3.8 million compared to $4 million in the prior year. Adjusted net income was $6.3 million or $0.20 per diluted share, representing a 54.9% increase year-over-year.

Cash from Operations $23.9 million for the quarter, contributing to a year-to-date total of $15.8 million. This reflects strong cash generation in the second half of the year.

Capital Expenditures Approximately $21.7 million for the quarter and $68.1 million for the first nine months of the year, primarily tied to growth initiatives such as campus relocations and the build-out of the new Houston campus.