Lincoln Educational Services (LINC) Q3 FY2026 earnings: revenue $159 million, up 12.6% on the year

Lincoln Educational Services Corp. (LINC) reported revenue of $159 million for Q3 FY2026, the quarter ended 30 September 2026, up 12.6% on the same quarter a year earlier. Net income was $5 million, up 24.1% on the year, and diluted earnings per share $0.15. The figures are the company's own, from the 10-Q it filed with the SEC on 9 November 2026.

Revenue

$159 million

+12.6% on the year · +11.7% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

4.8%

4.4% a year earlier

Q4 FY2024Q3 FY2026

Net income

$5 million

+24.1% on the year · +142.3% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$0.15

+25.0% on the year · +150.0% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 raised, 1 narrowed, 7 kept.

Revenue rose 12.6% on enrollment: Revenue reached $159.2 million, up $17.8 million or 12.6%, mainly from a 10.9% rise in average student population.
Adjusted EBITDA up 30.8%: Adjusted EBITDA reached $17.4 million from $13.3 million. Net income rose 24.1% to $4.7 million, and diluted EPS was $0.15 against $0.12.
Starts rose 14.2% on comparable basis: Starts totalled 7,362, up 14.2% against the comparable 2025 base of 6,445. The 2025 comparable figures exclude 2,764 starts dated July 1, 2025.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	159	143	141	+11.7%	+12.6%
Cost of revenue	67.1	59.6	57.3	+12.6%	+17.2%
Gross profit	92.1	82.9	84.1	+11.0%	+9.5%
Gross margin	57.8%	58.2%	59.5%
Selling, general and administrative	84.3	79.6	77.8	+5.9%	+8.4%
Operating income	7.7	3.3	6.3	+132.4%	+22.5%
Operating margin	4.8%	2.3%	4.4%
Interest expense	1.1	1.1	1.0	+5.3%	+12.4%
Pre-tax income	6.6	2.3	5.3	+191.3%	+24.4%
Income tax	1.9	0.3	1.5	+494.0%	+25.2%
Effective tax rate	28.4%	13.9%	28.2%
Net income	4.7	1.9	3.8	+142.3%	+24.1%
Net margin	3.0%	1.4%	2.7%
Diluted EPS	$0.15	$0.06	$0.12	+150.0%	+25.0%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	34.9	22.1	23.9	+58.1%	+46.1%
Capital expenditure	38.2	14.5	21.9	+163.6%	+75.0%
Free cash flow	-3.4	7.6	2.0
Free cash flow margin	-2.1%	5.3%	1.4%
Cash from investing	-37.7	-14.5	-21.9
Cash from financing	-20.7	19.9	-5.2
Depreciation and amortisation	0.1	7.4	0.1	-98.2%	-9.7%
Share-based compensation	1.7	1.6	1.5	+6.4%	+12.1%
Diluted shares, weighted	31m	31m	31m	+0.0%	+0.3%
Shares outstanding at period end	31m	32m	32m	-2.7%	-2.4%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	188	202	186	-7.3%	+1.0%
Debt	25.0	26.0	8.0	-3.8%	+212.8%
Operating lease liabilities	154	160	146	-4.1%	+4.9%
Finance lease liabilities	30.2	30.4	30.8	-0.5%	-1.9%
Other liabilities	121	111	95.9	+8.7%	+25.8%
Total liabilities and equity	517	530	467	-2.4%	+10.7%
Fixed assets	220	191	160	+15.4%	+37.1%
Goodwill	10.7	10.7	10.7	0.0%	0.0%
Cash and equivalents	20.6	44.2	13.5	-53.3%	+53.0%
Receivables	39.4	45.9	51.1	-14.1%	-22.9%
Inventory	3.7	4.1	3.1	-9.0%	+19.9%
Other assets	223	234	228	-4.9%	-2.3%
Total assets	517	530	467	-2.4%	+10.7%

Questions

What was Lincoln Educational Services' revenue in Q3 FY2026?

Lincoln Educational Services (LINC) reported revenue of $159 million for Q3 FY2026, the quarter ended 30 September 2026, up 12.6% on the same quarter a year earlier.

How much did Lincoln Educational Services earn in Q3 FY2026?

Net income for Q3 FY2026 was $5 million, up 24.1% on the year, and diluted earnings per share $0.15.

When did Lincoln Educational Services report Q3 FY2026 results?

Lincoln Educational Services filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 9 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	87.8	82.6	82.1	91.8	91.8	87.3	88.6	99.6	103	103	103	114	119	118	116	141	143	144	143	159
Cost of revenue	34.8	36.2	36.1	39.9	36.5	38.1	40.0	43.1	41.0	43.0	45.6	48.1	45.1	47.4	46.8	57.3	53.9	58.4	59.6	67.1
Gross profit	53.0	46.4	46.0	51.9	55.3	49.2	48.6	56.5	61.5	60.3	57.4	66.4	74.3	70.1	69.7	84.1	89.0	85.6	82.9	92.1
Gross margin	60%	56%	56%	57%	60%	56%	55%	57%	60%	58%	56%	58%	62%	60%	60%	59%	62%	59%	58%	58%
SG&A	40.8	46.7	45.8	47.0	42.9	50.3	51.8	54.5	52.5	60.5	57.9	63.3	62.1	66.9	67.1	77.8	71.2	79.2	79.6	84.3
Operating income	34.0	-0.3	0.4	4.9	11.3	-1.1	23.5	2.0	9.0	-0.5	-1.1	5.8	10.9	3.4	2.9	6.3	17.7	6.4	3.3	7.7
Operating margin	39%	-0%	0%	5%	12%	-1%	27%	2%	9%	-0%	-1%	5%	9%	3%	2%	4%	12%	4%	2%	5%
Interest expense	1.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.3	0.6	0.7	0.7	0.7	0.7	0.8	1.0	0.9	0.8	1.1	1.1
Pre-tax income	32.9	-0.4	0.4	4.8	11.6	-0.7	24.0	2.9	9.4	-0.3	-1.1	5.6	10.6	2.8	2.1	5.3	15.9	5.6	2.3	6.6
Tax rate	27%	n/a	28%	27%	26%	n/a	28%	28%	28%	n/a	n/a	30%	35%	31%	25%	28%	20%	22%	14%	28%
Net income	24.0	0.3	0.3	3.5	8.6	-0.1	17.2	2.1	6.8	-0.2	-0.7	4.0	6.8	1.9	1.6	3.8	12.7	4.4	1.9	4.7
Net margin	27%	0%	0%	4%	9%	-0%	19%	2%	7%	-0%	-1%	3%	6%	2%	1%	3%	9%	3%	1%	3%
Diluted EPS	$0.74	$0.00	$0.00	$0.10	$0.26	$0.00	$0.57	$0.07	$0.21	-$0.01	-$0.02	$0.13	$0.22	$0.06	$0.05	$0.12	$0.40	$0.14	$0.06	$0.15
Operating cash flow	9.7	-14.4	4.4	10.6	0.3	-0.2	10.6	-6.8	21.9	-14.9	8.3	5.6	30.3	-8.4	0.3	23.9	43.5	4.6	22.1	34.9
Capital expenditure	2.3	1.1	2.5	3.5	1.9	3.2	7.7	17.8	12.0	1.7	11.0	19.4	24.8	19.9	26.4	21.9	18.5	14.6	14.5	38.2
Free cash flow	7.4	-15.4	1.8	7.1	-1.7	-3.5	3.0	-24.6	9.9	-16.6	-2.7	-13.8	5.5	-28.3	-26.1	2.0	25.0	-10.1	7.6	-3.4
Buybacks	n/a	0.0	2.5	4.2	2.7	0.6	0.3	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Shares outstanding	27m	27m	27m	26m	31m	31m	31m	31m	31m	31m	31m	31m	31m	32m	32m	32m	32m	32m	32m	31m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 9 November 2026: the filing.