Filing Flows › Lincoln Educational Services (LINC) › Q4 2025
Lincoln Educational Services (LINC) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 2, 2026
Lincoln Educational Services (LINC) reported revenue of $143M for the fourth quarter 2025 (Q4 2025), +20% from a year earlier and +1% from the quarter before. Operating margin was 12.4%, net earnings $12.7M (8.9% of revenue).
Lincoln Educational Services, Q4 2025: revenue $143M (+20% year over year), operating margin 12.4%, net earnings $12.7M, operating cash flow $43.5M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $143M | +1% | +20% |
| Operating profit | $17.7M | +182% | +62% |
| Net earnings | $12.7M | +234% | +86% |
| Operating cash flow | $43.5M | +82% | +44% |
| Free cash flow | $25.0M | 12× | +352% |
What changed
Revenue was $142.9M in Q4 2025, up 20% year over year and up 1% from the previous quarter.
Operating profit was $17.7M, a 12.4% margin (up 3.3 points year over year). Of the extra revenue versus Q4 2024, 29% reached operating profit, above the 9% margin then. Total costs grew 15% against revenue growth of 20%. The fastest-growing cost line was Cost of revenue (+19%). Net earnings were $12.7M, up 86% year over year. The effective tax rate was 20.2%.
Operating cash flow was $43.5M (up 44% year over year), 343% of net earnings. Non-cash charges added back $6.5M of depreciation and amortization and $1.4M of share-based compensation. Working capital and other items added $22.9M. Capital expenditures of $18.5M left free cash flow of $25.0M.
Questions
What was Lincoln Educational Services' revenue in the fourth quarter 2025?
Lincoln Educational Services (LINC) reported revenue of $143M for the fourth quarter 2025 (Q4 2025), +20% from a year earlier and +1% from the quarter before.
Was Lincoln Educational Services profitable in the fourth quarter 2025?
Operating profit was $17.7M (12.4% of revenue) and net earnings $12.7M.