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	Mar 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	454.2	440.06	378.07	348.29	335.34	293.1
Revenue Growth (YoY)	15.24%	16.40%	8.55%	3.86%	14.41%	7.23%
Cost of Revenue	186.15	181.76	162.28	148.75	138.93	122.2
Gross Profit	268.06	258.31	215.8	199.54	196.41	170.9
Selling, General & Admin	250.22	243.8	209.14	182.39	196.32	156.2
Operating Expenses	250.22	243.8	209.14	182.39	196.32	156.2
Operating Income	17.84	14.5	6.66	17.15	0.08	14.7
Interest Expense	-2.7	-2.57	-0.35	-0.16	-2.02	-1.28
Interest & Investment Income	1.52	2.1	2.63	0.32	-	-
EBT Excluding Unusual Items	16.66	14.04	8.94	17.31	-1.93	13.43
Impairment of Goodwill	-	-	-3.8	-	-	-
Gain (Loss) on Sale of Assets	-1.59	-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	17.86	14.71	35.64	16.44	47.25	13.51
Income Tax Expense	5.82	4.82	9.64	3.8	12.53	-35.06
Earnings From Continuing Operations	12.05	9.89	26	12.63	34.72	48.57
Net Income	12.05	9.89	26	12.63	34.72	48.57
Preferred Dividends & Other Adjustments	-	-	-	3.42	8.62	11.75
Net Income to Common	12.05	9.89	26	9.21	26.1	36.81
Net Income Growth	-53.46%	-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)	1.56%	1.15%	18.01%	3.18%	1.34%	0.79%
EPS (Basic)	0.39	0.32	0.86	0.36	1.04	1.49
EPS (Diluted)	0.39	0.32	0.85	0.36	1.04	1.49
EPS Growth	-53.94%	-62.35%	138.82%	-65.78%	-30.08%	1799.31%
Free Cash Flow	-39.21	-27.56	-15.14	-8.1	19.92	17.91
Free Cash Flow Per Share	-1.26	-0.89	-0.50	-0.31	0.79	0.72
Gross Margin	59.02%	58.70%	57.08%	57.29%	58.57%	58.31%
Operating Margin	3.93%	3.29%	1.76%	4.92%	0.02%	5.01%
Profit Margin	2.65%	2.25%	6.88%	2.65%	7.78%	12.56%
Free Cash Flow Margin	-8.63%	-6.26%	-4.00%	-2.33%	5.94%	6.11%
EBITDA	31.6	27.46	13.43	23.51	7.22	22.1
EBITDA Margin	6.96%	6.24%	3.55%	6.75%	2.15%	7.54%
D&A For EBITDA	13.75	12.96	6.77	6.36	7.14	7.4
EBIT	17.84	14.5	6.66	17.15	0.08	14.7
EBIT Margin	3.93%	3.29%	1.76%	4.92%	0.02%	5.01%
Effective Tax Rate	32.55%	32.76%	27.05%	23.13%	26.52%	-
Advertising Expenses	-	43.3	38.2	35	33.1	31.2

Updated May 12, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q