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Lincoln Educational Services cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$7.6M in Q2 2026 · $24.5M over twelve months

Operating cash flow$22.1M
Capital spending−$14.5M
Free cash flow+$7.6M
Cash / net income11.3×
Cash conversion cycle-12 days

Analysis

In Q2 2026, Lincoln Educational Services generated $22.1M of operating cash flow and spent $14.5M on capital projects, leaving free cash flow of $7.6M. That is $33.7M more than in Q2 2025 (−$26.1M).

Over the twelve months to Jun 30, 2026, operating cash flow was $94.0M; the largest uses were capital spending ($69.5M), other financing ($10.0M), other investing ($43K); besides operations, cash came from net borrowing (+) / repaid (−) ($13.0M); the cash balance rose by $27.5M.

Operating cash flow was $22.1M against net income of $1.9M — 11.3× profit, cash ran ahead of reported earnings. The largest differences: receivables −$21.1M, deferred revenue +$12.6M, depreciation & amortization +$7.4M.

Its cash conversion cycle was -12 days (receivables 28 + inventory 5 − payables 45): suppliers fund its working capital.

Free cash flow

Lincoln Educational Services: free cash flow by quarterLincoln Educational Services: free cash flow by quarter−$13.8MQ3 2024$5.5MQ4 2024−$28.3MQ1 2025−$26.1MQ2 2025$2.0MQ3 2025$25.0MQ4 2025−$10.1MQ1 2026$7.6MQ2 2026
Operating cash flow less capital spending.
Lincoln Educational Services: operating cash flow against capital spendingLincoln Educational Services: operating cash flow against capital spendingOperating cash flowCapital spending$5.6M$19.4MQ3 2024$30.3M$24.8MQ4 2024−$8.4M$19.9MQ1 2025$299K$26.4MQ2 2025$23.9M$21.9MQ3 2025$43.5M$18.5MQ4 2025$4.6M$14.6MQ1 2026$22.1M$14.5MQ2 2026
Latest (Q2 2026): Operating cash flow $22.1M, Capital spending $14.5M.

Capital allocation, year by year

Lincoln Educational Services: where the cash came from (up) and went (down), by fiscal yearLincoln Educational Services: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingBuybacksFY2021: Operating cash flow $27.4MFY2021: Net borrowing −$17.8MFY2021: Asset sales $45.4MFY2021: Capital spending −$7.5M$72.8MFY2021FY2022: Operating cash flow $882KFY2022: Asset sales $2.4MFY2022: Capital spending −$9.0MFY2022: Buybacks −$9.4M$3.3MFY2022FY2023: Operating cash flow $25.6MFY2023: Asset sales $33.3MFY2023: Capital spending −$40.7MFY2023: Buybacks −$891K$58.9MFY2023FY2024: Operating cash flow $29.3MFY2024: Net borrowing −$495KFY2024: Asset sales $9.9MFY2024: Capital spending −$56.9M$39.2MFY2024FY2025: Operating cash flow $59.3MFY2025: Capital spending −$86.6M$59.3MFY2025
Over these 5 years operating cash flow totalled $143M; the largest uses were capital spending ($201M) and net borrowing ($18.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$44.2M
Debt$26.0M
Net cash$18.2M

Lincoln Educational Services funds itself: free cash flow was $24.5M over the last twelve months, and $44.2M of cash and investments stands against $26.0M of debt.

Where the cash came from and went

Lincoln Educational Services: sources (+) and uses (−) of cash, Q2 2026Lincoln Educational Services: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)−$27.5MOperating cash flow$22.1MNet borrowing (+) / repaid (−)$21.0MCapital spending−$14.5MOther financing−$1.1MOther investing$33K
Lincoln Educational Services: sources (+) and uses (−) of cash, TTM to Q2 2026Lincoln Educational Services: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow$94.0MCapital spending−$69.5MCash drawn (+) / kept (−)−$27.5MNet borrowing (+) / repaid (−)$13.0MOther financing−$10.0MOther investing−$43K

From profit to cash

Lincoln Educational Services: net income to operating cash flow, Q2 2026Lincoln Educational Services: net income to operating cash flow, Q2 2026Net income$1.9MDepreciation & amortization$7.4MStock-based pay$1.6MGains on disposals−$33KReceivables−$21.1MInventory−$1.6MPayables−$1.8MAccrued liabilities$2.9MDeferred revenue$12.6MPrepaid and other assets$4.8MOther liabilities$1.4MOperating cash flow$22.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202628545-12
Q1 202625543-13
Q4 202528653-19
Q3 202532655-17
Q2 202537766-23
Q1 202535568-28
Q4 202437666-23
Q3 202439545-1

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026$22.1M−$14.5M$21.0M−$27.5M$7.6M
Q1 2026$4.6M−$14.6M$5.0M$11.8M−$10.1M
Q4 2025$43.5M−$18.5M−$8.0M−$15.0M$25.0M
Q3 2025$23.9M−$21.9M−$5.0M$3.2M$2.0M
Q2 2025$299K−$26.4M$13.0M$12.0M−$26.1M
Q1 2025−$8.4M−$19.9M−$1.1M$30.6M−$28.3M
Q4 2024$30.3M−$24.8M—−$5.3M$5.5M
Q3 2024$5.6M−$19.4M—$13.0M−$13.8M

Lincoln Educational Services: income statement and cash flow

Lincoln Educational Services, Q2 2026: revenue $143M (+22% year over year), operating margin 2.3%. The chart follows the revenue to costs, profit and cash.

Lincoln Educational Services: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.