Lincoln Educational Services Corporation (LINC)

LINC Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	494.74	440.06	378.07	348.29	335.34	293.1
Revenue Growth (YoY)	16.90%	16.40%	8.55%	3.86%	14.41%	7.23%
Cost of Revenue	196.6	181.76	162.28	148.75	138.93	122.2
Gross Profit	298.14	258.31	215.8	199.54	196.41	170.9
Selling, General & Admin	273.88	243.8	209.14	182.39	196.32	156.2
Operating Expenses	273.88	243.8	209.14	182.39	196.32	156.2
Operating Income	24.26	14.5	6.66	17.15	0.08	14.7
Interest Expense	-3.18	-2.57	-0.35	-0.16	-2.02	-1.28
Interest & Investment Income	0.42	2.1	2.63	0.32	-	-
EBT Excluding Unusual Items	21.51	14.04	8.94	17.31	-1.93	13.43
Impairment of Goodwill	-	-	-3.8	-	-	-
Gain (Loss) on Sale of Assets	-0.75	-2.12	30.92	0.18	22.48	0.08
Asset Writedown	-	-	-0.42	-1.05	-0.7	-
Other Unusual Items	-	-	-	-	27.4	-
Pretax Income	20.75	14.71	35.64	16.44	47.25	13.51
Income Tax Expense	6.62	4.82	9.64	3.8	12.53	-35.06
Earnings From Continuing Operations	14.13	9.89	26	12.63	34.72	48.57
Net Income	14.13	9.89	26	12.63	34.72	48.57
Preferred Dividends & Other Adjustments	-	-	-	3.42	8.62	11.75
Net Income to Common	14.13	9.89	26	9.21	26.1	36.81
Net Income Growth	43.49%	-61.95%	105.77%	-63.61%	-28.51%	2310.17%
Shares Outstanding (Basic)	31	31	30	26	25	25
Shares Outstanding (Diluted)	31	31	31	26	25	25
Shares Change (YoY)	1.29%	1.15%	18.01%	3.18%	1.34%	0.79%
EPS (Basic)	0.46	0.32	0.86	0.36	1.04	1.49
EPS (Diluted)	0.45	0.32	0.85	0.36	1.04	1.49
EPS Growth	40.12%	-62.35%	138.82%	-65.78%	-30.08%	1799.31%
Free Cash Flow	-46.8	-27.56	-15.14	-8.1	19.92	17.91
Free Cash Flow Per Share	-1.50	-0.89	-0.50	-0.31	0.79	0.72
Gross Margin	60.26%	58.70%	57.08%	57.29%	58.57%	58.31%
Operating Margin	4.90%	3.29%	1.76%	4.92%	0.02%	5.01%
Profit Margin	2.86%	2.25%	6.88%	2.65%	7.78%	12.56%
Free Cash Flow Margin	-9.46%	-6.26%	-4.00%	-2.33%	5.94%	6.11%
EBITDA	41.63	27.46	13.43	23.51	7.22	22.1
EBITDA Margin	8.42%	6.24%	3.55%	6.75%	2.15%	7.54%
D&A For EBITDA	17.37	12.96	6.77	6.36	7.14	7.4
EBIT	24.26	14.5	6.66	17.15	0.08	14.7
EBIT Margin	4.90%	3.29%	1.76%	4.92%	0.02%	5.01%
Effective Tax Rate	31.90%	32.76%	27.05%	23.13%	26.52%	-
Advertising Expenses	-	43.3	38.2	35	33.1	31.2

Updated Nov 10, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q