Lincoln Educational Services Corporation (LINC) Income Statement
LINC 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsLINC revenue and net income
Where LINC's revenue goes
2025Each bar shows an amount and its share of revenue. LINC kept 3.9% of revenue as net income.
LINC profit margins
LINC growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +17.8% | +14.2% | +12.1% | +10.4% |
| Gross profit | +21.1% | +16.2% | +12.9% | +12.0% |
| Operating income | +97.0% | +22.5% | +15.1% | +44.0% |
| Net income | +102.2% | +16.5% | −16.3% | — |
| EPS (diluted) | +63.6% | +32.1% | +22.2% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
LINC quarterly EPS vs estimates
Lincoln Educational Services beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 9, 2026 (estimate $0.12).
LINC income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $518.2M | $440.1M | $378.1M | $348.3M | $335.3M | $293.1M | $273.3M | $263.2M | $261.9M | $196.9M |
| Cost of revenue | $205.4M | $181.8M | $162.3M | $148.7M | $138.9M | $122.2M | $123.5M | $125.4M | $129.4M | $94.9M |
| Gross profit | $312.9M | $258.3M | $215.8M | $199.5M | $196.4M | $170.9M | $149.8M | $137.8M | $132.4M | $102.0M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $282.9M | $243.8M | $170.9M | $182.4M | $135.8M | $156.2M | $145.2M | $141.2M | $138.8M | $103.1M |
| Total operating expenses | $282.9M | $243.1M | $182.4M | $183.3M | $147.1M | $156.1M | $145.2M | $141.2M | $138.8M | $103.1M |
| Operating income | $29.9M | $15.2M | $33.4M | $16.3M | $49.3M | $14.8M | $5.2M | −$4.0M | −$4.7M | −$5.2M |
| Interest income | $126,000 | $2.1M | $2.2M | $318,000 | $0 | $1,000 | $8,000 | $31,000 | $56,000 | $155,000 |
| Interest expense | $3.4M | $2.6M | $347,000 | $160,000 | $2.0M | $1.3M | $3.0M | $2.4M | $7.1M | $6.1M |
| Income before taxes | $26.1M | $14.7M | $35.6M | $16.4M | $47.2M | $83.6M | $2.3M | −$6.3M | −$11.8M | −$4.3M |
| Income taxes | $6.1M | $4.8M | $9.6M | $3.8M | $12.5M | $35.1M | $268,000 | $200,000 | −$274,000 | $200,000 |
| Net income | $20.0M | $9.9M | $26.0M | $12.6M | $34.7M | $48.6M | $2.0M | −$6.5M | −$11.5M | −$28.3M |
| EBITDA | $50.3M | $28.6M | $42.6M | $23.0M | $7.2M | $22.1M | $13.4M | $4.5M | $4.0M | −$10.9M |
| EPS (diluted) | $0.90 | $0.55 | $0.37 | $0.39 | $1.03 | $0.33 | $0.04 | −$0.27 | −$0.49 | −$0.22 |
| Gross margin | 60.4% | 58.7% | 57.1% | 57.3% | 58.6% | 58.3% | 54.8% | 52.4% | 50.6% | 51.8% |
| Operating margin | 5.8% | 3.4% | 8.8% | 4.7% | 14.7% | 5.0% | 1.9% | −1.5% | −1.8% | −2.6% |
| Net margin | 3.9% | 2.2% | 6.9% | 3.6% | 10.4% | 16.6% | 0.7% | −2.5% | −4.4% | −14.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $142.6M | $144.0M | $142.9M | $141.4M | $116.5M | $117.5M | $119.4M | $114.4M | $102.9M | $103.4M | $102.5M | $99.6M |
| Cost of revenue | $59.6M | $58.4M | $53.9M | $57.3M | $46.8M | $47.4M | $45.1M | $48.1M | $45.6M | $43.0M | $41.0M | $43.1M |
| Gross profit | $82.9M | $85.6M | $89.0M | $84.1M | $69.7M | $70.1M | $74.3M | $66.4M | $57.4M | $60.3M | $61.5M | $56.5M |
| Sales, general & admin | $55.6M | $79.2M | $71.2M | $77.8M | $67.1M | $66.9M | $62.1M | $63.3M | $57.9M | $60.5M | $52.5M | $54.5M |
| Total operating expenses | $79.6M | $79.2M | $71.2M | $77.8M | $67.1M | $66.9M | $63.3M | $60.5M | $58.5M | $60.8M | $52.5M | $54.5M |
| Operating income | $3.3M | $6.4M | $17.8M | $6.3M | $2.6M | $3.2M | $10.9M | $5.8M | −$1.1M | −$458,000 | $9.0M | $2.0M |
| Interest income | $7,000 | $30,000 | $1,000 | $0 | $11,000 | $114,000 | $299,000 | $464,000 | $638,000 | $698,000 | $737,000 | $878,000 |
| Interest expense | $1.1M | $837,000 | $889,000 | $991,000 | $813,000 | $701,000 | $672,000 | $659,000 | $667,000 | $567,000 | $273,000 | $21,000 |
| Income before taxes | $2.3M | $5.6M | $15.9M | $5.3M | $2.1M | $2.8M | $10.6M | $5.6M | −$1.1M | −$327,000 | $9.4M | $2.9M |
| Income taxes | $315,000 | $1.2M | $3.2M | $1.5M | $522,000 | $882,000 | $3.7M | $1.7M | −$463,000 | −$113,000 | $2.6M | $789,000 |
| Net income | $1.9M | $4.4M | $12.7M | $3.8M | $1.6M | $1.9M | $6.8M | $4.0M | −$682,000 | −$214,000 | $6.8M | $2.1M |
| EBITDA | $11.5M | $13.7M | $23.7M | $11.7M | $7.4M | $6.9M | $14.7M | $9.5M | $2.8M | $3.2M | $11.6M | $3.7M |
| EPS (diluted) | $0.06 | $0.14 | $0.50 | $0.20 | $0.09 | $0.11 | $0.31 | $0.13 | $0.05 | $0.06 | $0.22 | $0.11 |
| Gross margin | 58.2% | 59.4% | 62.3% | 59.5% | 59.8% | 59.7% | 62.2% | 58.0% | 55.7% | 58.4% | 60.0% | 56.7% |
| Operating margin | 2.3% | 4.5% | 12.5% | 4.5% | 2.3% | 2.7% | 9.2% | 5.1% | −1.1% | −0.4% | 8.7% | 2.0% |
| Net margin | 1.4% | 3.0% | 8.9% | 2.7% | 1.3% | 1.7% | 5.7% | 3.5% | −0.7% | −0.2% | 6.6% | 2.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in LINC's financial statements (latest annual report filed March 2, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
LINC financial results
In fiscal year 2025 (ended December 31, 2025), Lincoln Educational Services reported revenue of $518.2 million, up 17.8% from the year before. It had net income of $20.0 million (up 102.2%), a net profit margin of 3.9%. Diluted earnings per share came to $0.90. Over five years revenue grew at an average rate of 12.1% a year.
See the LINC stock overview for the latest quote and news, or the LINC chart for price history and technical indicators.
LINC income statement FAQ
What is Lincoln Educational Services's annual revenue?
Lincoln Educational Services reported total revenue of $518.2 million for fiscal year 2025, which ended on December 31, 2025. That was up 17.8% from $440.1 million the previous year.
Is Lincoln Educational Services profitable?
Yes. Lincoln Educational Services reported net income of $20.0 million in fiscal 2025, a net profit margin of 3.9%; its operating margin was 5.8%.
What is Lincoln Educational Services's gross margin?
Lincoln Educational Services's gross margin was 60.4% in fiscal 2025: for every $100 of revenue, Lincoln Educational Services kept $60 after the direct cost of its products and services.
How fast is Lincoln Educational Services growing?
Revenue grew 12.1% a year on average over the last five fiscal years, from $293.1 million to $518.2 million.
What are Lincoln Educational Services's earnings per share?
Lincoln Educational Services earned $0.90 per diluted share in fiscal 2025, compared with $0.55 a year earlier.
When will Lincoln Educational Services report its next earnings?
Lincoln Educational Services is expected to report results for the quarter ending September 30, 2026 on November 9, 2026 before the market opens.
When does Lincoln Educational Services's fiscal year end?
Lincoln Educational Services's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 2, 2026.