Filing Flows › Lincoln Educational Services (LINC) › Q3 2025
Lincoln Educational Services (LINC) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
Lincoln Educational Services (LINC) reported revenue of $141M for the third quarter 2025 (Q3 2025), +24% from a year earlier and +21% from the quarter before. Operating margin was 4.4%, net earnings $3.8M (2.7% of revenue).
Lincoln Educational Services, Q3 2025: revenue $141M (+24% year over year), operating margin 4.4%, net earnings $3.8M, operating cash flow $23.9M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $141M | +21% | +24% |
| Operating profit | $6.3M | +118% | +8% |
| Net earnings | $3.8M | +144% | -4% |
| Operating cash flow | $23.9M | 80× | +326% |
| Free cash flow | $2.0M | — | — |
What changed
Revenue was $141.4M in Q3 2025, up 24% year over year and up 21% from the previous quarter.
Operating profit was $6.3M, a 4.4% margin (down 0.6 points year over year). Of the extra revenue versus a year earlier, 2% reached operating profit, below the 5% margin then. Total costs grew 24% against revenue growth of 24%. Net earnings were $3.8M, down 4% year over year. The effective tax rate was 28.2%.
Operating cash flow was $23.9M (up 326% year over year), 629% of net earnings. Non-cash charges added back $5.0M of depreciation and amortization and $1.5M of share-based compensation. Working capital and other items added $13.5M. Capital expenditures of $21.9M left free cash flow of $2.0M.
Questions
What was Lincoln Educational Services' revenue in the third quarter 2025?
Lincoln Educational Services (LINC) reported revenue of $141M for the third quarter 2025 (Q3 2025), +24% from a year earlier and +21% from the quarter before.
Was Lincoln Educational Services profitable in the third quarter 2025?
Operating profit was $6.3M (4.4% of revenue) and net earnings $3.8M.