Lincoln Educational Q3 revenue rises 13%, beats estimates
LINC•Lincoln Educational Services reported Q3 revenue of $159.18 million, up 12.6% and above the $152.46 million estimate, while adjusted EBITDA of $17.4 million also beat expectations. It raised 2026 revenue guidance to $600 million-$605 million and expects adjusted EBITDA of $76 million-$80 million.
1. Quarterly results
Q3 revenue rose 12.6% to $159.18 million, compared with analysts’ $152.46 million estimate. Adjusted EBITDA was $17.4 million, beating the $16.57 million estimate; net income was $4.72 million.
2. Guidance and buybacks
Lincoln Educational Services raised its 2026 revenue guidance to $600 million-$605 million and expects adjusted EBITDA of $76 million-$80 million, net income of $23 million-$26 million and diluted EPS of $0.74-$0.83. The company repurchased $21 million of shares and raised its buyback authorization to $70 million.
3. Enrollment growth
The company said revenue growth was primarily driven by a 10.9% increase in average student population and a 14.2% rise in student starts. It attributed higher operating and net income to operating efficiencies, while education services and facilities expenses increased with student population, laptop pricing and depreciation from capital investments.
