LINC
Lincoln Educational Services
NASDAQ: LINC · CONSUMER DEFENSIVE · EDUCATION & TRAINING SERVICES
$40.35
+1.74% today
Updated 2026-04-29
Market cap
$1.27B
P/E ratio
62.22
P/S ratio
2.45x
EPS (TTM)
$0.64
Dividend yield
—
52W range
$16 – $43
Volume
0.5M
Lincoln Educational Services (LINC) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $321.51M | $327.77M | $376.91M | $552.54M | $639.49M | $512.63M | $402.70M | $345.02M | $325.02M | $193.22M | $196.91M | $261.85M | $263.20M | $273.34M | $293.10M | $335.34M | $348.29M | $378.07M | $440.06M | $518.24M |
| Revenue growth (YoY) | — | +1.9% | +15.0% | +46.6% | +15.7% | -19.8% | -21.4% | -14.3% | -5.8% | -40.6% | +1.9% | +33.0% | +0.5% | +3.9% | +7.2% | +14.4% | +3.9% | +8.6% | +16.4% | +17.8% |
| Cost of revenue | $136.63M | $139.50M | $153.53M | $211.29M | $239.74M | $222.96M | $192.21M | $172.69M | $164.35M | $92.17M | $94.92M | $129.41M | $125.37M | $123.50M | $122.20M | $138.93M | $148.75M | $162.28M | $181.76M | $205.39M |
| Gross profit | $184.88M | $188.27M | $223.38M | $341.24M | $399.76M | $289.67M | $210.49M | $172.34M | $160.67M | $101.06M | $101.99M | $132.44M | $137.83M | $149.85M | $170.90M | $196.41M | $199.54M | $215.79M | $258.31M | $312.85M |
| Gross margin | 57.5% | 57.4% | 59.3% | 61.8% | 62.5% | 56.5% | 52.3% | 49.9% | 49.4% | 52.3% | 51.8% | 50.6% | 52.4% | 54.8% | 58.3% | 58.6% | 57.3% | 57.1% | 58.7% | 60.4% |
| R&D | — | — | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — | — | — | — | — |
| SG&A | $157.31M | $162.40M | $187.72M | $252.67M | $270.88M | $244.40M | $174.20M | $162.89M | $150.44M | $70.12M | $75.13M | $111.78M | $111.84M | $115.38M | $125.00M | $135.82M | $147.39M | $170.94M | $200.50M | $282.95M |
| Operating income | $28.00M | $25.89M | $35.58M | $88.32M | $122.64M | $34.89M | $-27.66M | $-9.56M | $-48.55M | $778000.00 | $-5.16M | $-4.72M | $-3.95M | $5.24M | $14.78M | $49.26M | $16.28M | $33.36M | $15.18M | $28.98M |
| Operating margin | 8.7% | 7.9% | 9.4% | 16.0% | 19.2% | 6.8% | -6.9% | -2.8% | -14.9% | 0.4% | -2.6% | -1.8% | -1.5% | 1.9% | 5.0% | 14.7% | 4.7% | 8.8% | 3.4% | 5.6% |
| EBITDA | $45.68M | $25.89M | $53.61M | $112.62M | $148.93M | $63.42M | $14.12M | $19.97M | $17.51M | $19.41M | $-10.91M | $4.04M | $4.50M | $13.36M | $22.10M | $56.40M | $22.96M | $42.76M | $28.61M | $50.34M |
| EBITDA margin | 14.2% | 7.9% | 14.2% | 20.4% | 23.3% | 12.4% | 3.5% | 5.8% | 5.4% | 10.0% | -5.5% | 1.5% | 1.7% | 4.9% | 7.5% | 16.8% | 6.6% | 11.3% | 6.5% | 9.7% |
| EBIT | $30.62M | $9.96M | $35.69M | $88.38M | $122.72M | $34.95M | $-12.73M | $-3.73M | $-1.83M | $4.91M | $-21.97M | $-4.66M | $-3.92M | $5.25M | $14.70M | $49.26M | $16.60M | $35.99M | $17.28M | $29.51M |
| Interest expense | $2.29M | $2.34M | $2.15M | $4.28M | $4.53M | $4.37M | $4.47M | $4.27M | $3.43M | $8.02M | $6.13M | $7.10M | $2.42M | $2.96M | $1.27M | $2.02M | $160000.00 | $347000.00 | $2.56M | $3.39M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $15.55M | $8.34M | $20.20M | $49.24M | $69.73M | $17.54M | $-37.19M | $-51.29M | $-56.13M | $-3.35M | $-28.30M | $-11.48M | $-6.54M | $2.02M | $48.56M | $34.72M | $12.63M | $26.00M | $9.89M | $20.00M |
| Net income growth (YoY) | — | -46.4% | +142.1% | +143.8% | +41.6% | -74.8% | -312.0% | -37.9% | -9.5% | +94.0% | -744.9% | +59.4% | +43.0% | +130.8% | +2310.2% | -28.5% | -63.6% | +105.8% | -62.0% | +102.2% |
| Profit margin | 4.8% | 2.5% | 5.4% | 8.9% | 10.9% | 3.4% | -9.2% | -14.9% | -17.3% | -1.7% | -14.4% | -4.4% | -2.5% | 0.7% | 16.6% | 10.4% | 3.6% | 6.9% | 2.2% | 3.9% |