10-Q · May 11, 2026
Lincoln Educational Services Corporation reported impressive Q1 2026 results, achieving revenue of $143.9 million, a 22.5% increase year-over-year, alongside a significant EPS of $0.14, well above expectations. The…
Earnings analysis · 10-Q
LINC earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
The supplied filing text is limited primarily to Part II disclosures and does not include the June 30, 2026 income statement, balance sheet, cash flow statement, segment results, or MD&A; therefore current-quarter…
Read full summary
The supplied filing text is limited primarily to Part II disclosures and does not include the June 30, 2026 income statement, balance sheet, cash flow statement, segment results, or MD&A; therefore current-quarter revenue, margins, EPS, cash flow, and working-capital trends cannot be assessed reliably. Disclosed items were generally stable, including no material market-risk changes, no material legal developments, and no new risk factors. The filing does disclose an April 13, 2026 amended credit agreement and a May 12, 2026 purchase and sale agreement, but the supplied extract omits their quantitative financial terms.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Controls Remained Effective
The company reported no changes during the quarter ended June 30, 2026 that materially affected, or were reasonably likely to materially affect, internal control over financial reporting; management concluded disclosure controls were adequate and effective.
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$29.7M Buyback Capacity Remains
The company did not repurchase any additional shares in the three months ended June 30, 2026. Approximately $29.7 million remained available under the repurchase program, which has authorized aggregate additional repurchases of approximately $30.6 million.
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Repurchase History Disclosed
To date, the company has repurchased approximately 1.7 million shares at an average price of $5.95, for aggregate expenditure of approximately $10.3 million.
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Market Risk Stable
The filing states there were no material changes in market-risk exposure during the three months ended June 30, 2026.
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No Material Legal Developments
The company reported no material developments related to previously disclosed legal proceedings during the quarter ended June 30, 2026.
What to watch
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Updated Credit Agreement
The company entered into an amended and restated credit agreement dated April 13, 2026. The supplied extract does not provide the facility size, outstanding borrowings, or pricing, limiting assessment of financing exposure.
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Melrose Omni Transaction
The company disclosed a purchase and sale agreement dated May 12, 2026 for the Melrose Omni transaction. The supplied extract does not provide the purchase price or expected financial contribution, creating uncertainty around acquisition-related capital requirements.
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Capital Allocation Unclear
The company had approximately $29.7 million remaining for share repurchases as of June 30, 2026, but made no additional repurchases during the three months ended June 30, 2026; capital allocation priorities therefore remain unclear from the supplied filing extract.
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No New Risks, Residual Uncertainty
The company states that it did not become aware of any specific new and additional risk factors during the quarter ended June 30, 2026, but also notes that unknown or currently immaterial risks may materially adversely affect results.
Management's outlook
The supplied 10-Q extract does not include MD&A outlook or quantitative guidance. Prior full-year guidance of $590 million-$600 million revenue and $0.74-$0.83 EPS was reported in the prior analysis, but no update is provided in the supplied filing text.
Earlier filings 4
10-K · March 2, 2026
Lincoln reported FY2025 revenue of $518.2 million, an increase of 17.8% year-over-year, driven by higher enrollment (17,046 students as of December 31, 2025; average enrollment 16,622). The business saw a clear…
10-Q · May 12, 2025
Lincoln reported Q1 revenue of $117.506 million, up from $103.366 million a year ago, and returned to GAAP net income of $1.944 million (diluted EPS $0.06) versus a loss of $0.214 million in Q1 2024. Operating income…
10-Q · November 12, 2024
Lincoln reported quarter revenue of $114,410 and diluted EPS of $0.13 for the three months ended September 30, 2024, up from $99,618 and $0.07 in the year-ago quarter. Gross margin held at ~58.0% while operating income…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.