Lincoln Educational Services Corporation (LINC)

LINC Cash Flow Statement

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

Operating Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	22.8	20	9.89	26	12.63	34.72
Depreciation & Amortization	27.78	20.83	12.96	6.77	6.36	7.14
Other Amortization	0.14	0.14	0.13	-	-	0.62
Loss (Gain) From Sale of Assets	0.04	-0.41	2.12	-30.92	-0.18	-22.48
Asset Writedown & Restructuring Costs	-	-	-	4.22	1.05	0.7
Stock-Based Compensation	6	5.49	4.63	5.89	3.11	2.89
Provision & Write-off of Bad Debts	62.79	58.09	56.58	41.64	34.92	26.79
Other Operating Activities	1.85	2.31	-2.52	1.39	0.89	9.95
Change in Accounts Receivable	-61.91	-53.65	-65.98	-45.76	-48.64	-26.5
Change in Inventory	0.43	-0.93	-0.18	-0.33	0.1	-0.33
Change in Accounts Payable	-0.28	-9.29	11.58	5.04	-2.03	-3.68
Change in Unearned Revenue	23.84	13.53	3.77	2.75	-1.25	1.95
Change in Income Taxes	0.87	-2.67	-1.76	0.78	1.04	0.53
Change in Other Net Operating Assets	9.67	5.88	-1.91	8.08	-7.12	-4.87
Operating Cash Flow	94.02	59.31	29.31	25.56	0.88	27.45
Operating Cash Flow Growth	237.90%	102.38%	14.67%	2797.73%	-96.79%	16.87%

Investing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Capital Expenditures	-69.49	-86.63	-56.87	-40.7	-8.99	-7.53
Sale of Property, Plant & Equipment	-0.04	0.43	9.9	33.31	2.39	45.38
Investment in Securities	-	-	-	14.76	-14.76	-
Investing Cash Flow	-69.53	-86.2	-46.97	7.37	-21.35	37.85

Financing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Short-Term Debt Issued	-	45	-	-	-	-
Total Debt Issued	90	45	-	-	-	-
Short-Term Debt Repaid	-	-45	-	-	-	-
Long-Term Debt Repaid	-	-0.36	-0.27	-	-	-17.83
Total Debt Repaid	-77.4	-45.36	-0.27	-	-	-17.83
Net Debt Issued (Repaid)	12.6	-0.36	-0.27	-	-	-17.83
Repurchase of Common Stock	-	-	-	-0.89	-9.45	-
Preferred Dividends Paid	-	-	-	-	-1.11	-1.22
Dividends Paid	-	-	-	-	-1.11	-1.22
Other Financing Activities	-9.62	-3.51	-3.06	-2.05	-1.99	-0.96
Financing Cash Flow	2.99	-3.87	-3.33	-2.95	-12.55	-20.01

Net Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Cash Flow	27.48	-30.75	-21	29.98	-33.02	45.28

Free Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Free Cash Flow	24.53	-27.32	-27.56	-15.14	-8.1	19.92
Free Cash Flow Growth	-	-	-	-	-	11.23%
Free Cash Flow Margin	4.30%	-5.27%	-6.26%	-4.00%	-2.33%	5.94%
Free Cash Flow Per Share	0.78	-0.87	-0.89	-0.50	-0.31	0.79
Levered Free Cash Flow	5.24	-41.82	-5.88	-13.24	-12.89	-2.21
Unlevered Free Cash Flow	7.46	-39.84	-4.41	-13.02	-12.79	-1.57

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash Interest Paid	3.53	3.19	2.35	0.11	0.17	1.53
Cash Income Tax Paid	1.99	6.17	8.84	7.2	1.47	0.74
Change in Working Capital	-27.38	-47.14	-54.48	-29.44	-57.9	-32.89

SEC Filings: 10-K · 10-Q

Data Source: S&P Global Market Intelligence Last updated: Aug 10, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Sep 2, 2026

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