Lincoln Educational Services Corp. reported fourth‑quarter 2025 revenue of $142.9 million, a 19.7% year‑over‑year increase from $119.4 million in Q4 2024, exceeding analyst expectations by roughly 7.6%. The company’s campus‑operations segment was the primary driver, contributing $25.2 million in revenue growth and supporting a robust expansion of student enrollment.
Adjusted EBITDA for the quarter rose to $29.1 million, up 51.2% from $18.0 million in the same period a year earlier. The increase reflects higher utilization of existing campuses, pricing power in core trade and healthcare programs, and disciplined cost management. The company’s operating leverage continues to improve as capacity utilization climbs toward 60% of available capacity.
Core‑segment student starts grew 15.7% in Q4 2025, marking the thirteenth consecutive quarter of growth, and 4% on a same‑campus, same‑program basis. This sustained enrollment momentum underpins the revenue and earnings gains and signals strong demand for the company’s skill‑trade and health‑science curricula.
Earnings per share were $0.40, beating the consensus estimate of $0.36 by $0.04 (an 11% beat). The company’s full‑year 2026 revenue guidance of $580 million to $590 million remains above the consensus estimate of approximately $567.7 million, while adjusted EBITDA guidance is $72 million to $76 million—down from the previously reported $90 million to $100 million range and reflecting the inclusion of about $10 million in new‑campus operating losses and strategic growth initiatives.
"There are three major drivers behind our exceptional finish to 2025 and our outlook for continued double‑digit growth for revenue and adjusted EBITDA in 2026," said President and CEO Scott Shaw. "Second, our carefully executed new campus development and program replication strategies are delivering strong results. Third, our core operations continue to demonstrate consistent growth. Together these drivers have led Lincoln to exceed the financial guidance we had consistently raised for 2025 and set the stage for consistent long‑term growth in the years ahead."
The company will no longer exclude pre‑opening costs and first‑year campus operating losses from adjusted EBITDA starting in 2026, enhancing comparability. An Investor Day is scheduled for March 19, 2026, where management will present a five‑year roadmap and further detail the growth strategy.
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