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10-Q

Quarterly Report

LINCOLN EDUCATIONAL SERVICES CORPORATION LINC

0001140361-25-041363

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Filed
Nov 10, 2025 12:00 AM ET
Period of report

On SEC.gov

Financials in this filing

Metric Period Value
Shares Outstanding Q3 2025 · Nov 10, 2025 31.62M sh
Shares Diluted Q3 2025 · Sep 30, 2025 31.32M sh
Shares Diluted Q3 2025 · Sep 30, 2025 31.22M sh
Shares Diluted Q3 2025 · Sep 30, 2024 31.04M sh
Shares Diluted Q3 2025 · Sep 30, 2024 30.81M sh
Capex Q3 2025 · Sep 30, 2025 $68.13M
Capex Q3 2025 · Sep 30, 2024 $32.09M
Operating Cash Flow Q3 2025 · Sep 30, 2025 $15.8M
Operating Cash Flow Q3 2025 · Sep 30, 2024 −$993K
Long Term Debt Q3 2025 · Sep 30, 2025 $8M
Long Term Debt Q3 2025 · Dec 31, 2024 $0
Cash And Equivalents Q3 2025 · Sep 30, 2025 $13.48M
Cash And Equivalents Q3 2025 · Dec 31, 2024 $59.27M
Stockholders Equity Q3 2025 · Sep 30, 2025 $185.85M
Stockholders Equity Q3 2025 · Jun 30, 2025 $180.68M
Stockholders Equity Q3 2025 · Mar 31, 2025 $177.78M
Stockholders Equity Q3 2025 · Dec 31, 2024 $178.26M
Stockholders Equity Q3 2025 · Sep 30, 2024 $169.96M
Stockholders Equity Q3 2025 · Jun 30, 2024 $164.86M
Stockholders Equity Q3 2025 · Mar 31, 2024 $164.49M
Stockholders Equity Q3 2025 · Dec 31, 2023 $166.8M
Current Liabilities Q3 2025 · Sep 30, 2025 $95.88M
Current Liabilities Q3 2025 · Dec 31, 2024 $90.21M
Total Liabilities Q3 2025 · Sep 30, 2025 $281.09M
Total Liabilities Q3 2025 · Dec 31, 2024 $258.29M
Current Assets Q3 2025 · Sep 30, 2025 $77.33M
Current Assets Q3 2025 · Dec 31, 2024 $111.25M
Total Assets Q3 2025 · Sep 30, 2025 $466.94M
Total Assets Q3 2025 · Dec 31, 2024 $436.56M
Eps Diluted Q3 2025 · Sep 30, 2025 $0.12
Eps Diluted Q3 2025 · Sep 30, 2025 $0.23
Eps Diluted Q3 2025 · Sep 30, 2024 $0.13
Eps Diluted Q3 2025 · Sep 30, 2024 $0.10
Eps Basic Q3 2025 · Sep 30, 2025 $0.12
Eps Basic Q3 2025 · Sep 30, 2025 $0.24
Eps Basic Q3 2025 · Sep 30, 2024 $0.13
Eps Basic Q3 2025 · Sep 30, 2024 $0.10
Sga Expense Q3 2025 · Sep 30, 2025 $77.81M
Sga Expense Q3 2025 · Sep 30, 2025 $211.78M
Sga Expense Q3 2025 · Sep 30, 2024 $63.34M
Sga Expense Q3 2025 · Sep 30, 2024 $181.7M
Net Income Q3 2025 · Sep 30, 2025 $3.8M
Net Income Q3 2025 · Sep 30, 2025 $7.3M
Net Income Q3 2025 · Jun 30, 2025 $1.55M
Net Income Q3 2025 · Mar 31, 2025 $1.94M
Net Income Q3 2025 · Sep 30, 2024 $3.95M
Net Income Q3 2025 · Sep 30, 2024 $3.06M
Net Income Q3 2025 · Jun 30, 2024 −$682K
Net Income Q3 2025 · Mar 31, 2024 −$214K
Operating Income Q3 2025 · Sep 30, 2025 $6.29M
Operating Income Q3 2025 · Sep 30, 2025 $12.58M
Operating Income Q3 2025 · Sep 30, 2024 $5.82M
Operating Income Q3 2025 · Sep 30, 2024 $4.25M
Cost Of Revenue Q3 2025 · Sep 30, 2025 $57.28M
Cost Of Revenue Q3 2025 · Sep 30, 2025 $151.48M
Cost Of Revenue Q3 2025 · Sep 30, 2024 $48.06M
Cost Of Revenue Q3 2025 · Sep 30, 2024 $136.64M
Revenue Q3 2025 · Sep 30, 2025 $141.39M
Revenue Q3 2025 · Sep 30, 2025 $375.37M
Revenue Q3 2025 · Sep 30, 2024 $114.41M
Revenue Q3 2025 · Sep 30, 2024 $320.69M