NASDAQ: LINC LINCOLN EDUCATIONAL SERVICES CORP 8-K

Lincoln Educational raises 2027 revenue target to $600M+, up from $550M original goal

Filed May 11, 2026 · Period ending May 7, 2026 · ~1 min read

Key Changes

high

Company now projects over $600M revenue by 2027, exceeding original $550M target and $90M adjusted EBITDA goal, driven by new campus openings and program expansions.

Exhibit 99.1 view on EDGAR →
high

Two new campuses planned: Hicksville, NY (Q4 2026) and Rowlett, TX (Q1 2027), bringing total to 24 campuses. New campuses expected to generate $7M+ EBITDA after 36 months.

Exhibit 99.1 view on EDGAR →
low

All 10 directors elected with 98.4%-99.0% support; say-on-pay approved with 95.1% support (22.6M for, 1.2M against); auditor ratified with 99.7% approval. Quorum: 27.0M of 31.7M shares outstanding.

Item 5.07 — Submission of Matters to a Vote of Security Holders verify on EDGAR →
low

Company furnished shareholder presentation covering strategic plan and 2025 results at annual meeting under Regulation FD.

Item 7.01 — Regulation FD Disclosure verify on EDGAR →

Summary

Lincoln Educational Services disclosed at its May 7, 2026 annual meeting that it now expects to exceed its original 2027 financial targets, projecting over $600 million in revenue compared to the prior $550 million goal. The upward revision reflects successful execution of the company's organic growth strategy, including new campus openings and program expansions.

The company plans to operate 24 campuses by 2027, with new locations opening in Hicksville, New York (Q4 2026) and Rowlett, Texas (Q1 2027). Management stated new campuses typically generate approximately $7 million or more in EBITDA after 36 months of operations.

The raised guidance represents a 9% increase over the original revenue target and suggests the company's expansion into new markets and program additions are tracking ahead of initial expectations. Lincoln added eight new programs across 2024-2025 and positions itself as the largest provider of automotive and skilled trade graduates in the eastern United States, with over 95% of students training for essential critical infrastructure careers. The annual meeting also saw routine governance approvals, with all directors elected and executive compensation approved with strong shareholder support.

Section-by-Section Diff

Event · Item 7.01 — Regulation FD Disclosure

~100 words

Item 7.01 — Regulation FD Disclosure filed; see Key Changes for terms.

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Added Shareholder Presentation at Annual Meeting low

Added in current filing · verify on EDGAR →

On May 7, 2026, the Company presented additional background information on the Company and on its strategic plan (the “Shareholder Presentation”) during its Annual Meeting of Shareholders.

Lincoln Educational disclosed that it presented a shareholder presentation covering background information and its strategic plan at its Annual Meeting on May 7, 2026. The presentation is furnished as Exhibit 99.1 under Item 7.01 (Regulation FD Disclosure), meaning it is not formally filed and will not be incorporated by reference into other SEC filings unless specifically stated.

Event · Item 5.07 — Submission of Matters to a Vote of Security Holders

~400 words

Lincoln Educational held its 2026 annual meeting; shareholders elected 10 directors, approved executive compensation, and ratified Deloitte as auditor.

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Added Director elections low

Added in current filing · verify on EDGAR →

A total of 31,696,582 shares of common stock, no par value per share (the “Common Stock”), were issued and outstanding and entitled to vote as of March 18, 2026, the record date for the Annual Meeting. There were 27,003,422 shares of Common Stock represented in person or by proxy at the Annual Meeting, constituting a quorum.

The company held its 2026 annual meeting with 27,003,422 shares represented (85.2% of the 31,696,582 shares outstanding). All 10 director nominees were elected with support ranging from 98.4% to 99.0% of votes cast (excluding broker non-votes). The elections were uncontested and received strong shareholder support.

Added Say-on-pay vote low

Added in current filing · view on EDGAR → · paraphrased

Votes For: 22,584,287, Votes Against: 1,159,831, Abstentions: 121,833, Broker Non-Votes: 3,137,471

Shareholders approved executive compensation on an advisory basis with 95.1% support (22,584,287 for vs. 1,159,831 against). This represents 71.2% support of the 31,696,582 shares outstanding. The strong approval indicates shareholder satisfaction with the company's executive pay practices.

Added Auditor ratification low

Added in current filing · view on EDGAR → · paraphrased

Votes For: 26,809,750, Votes Against: 69,444, Abstentions: 124,228

Shareholders ratified Deloitte & Touche LLP as the independent auditor for fiscal 2026 with 99.7% approval (26,809,750 for vs. 69,444 against). This represents 84.6% support of the 31,696,582 shares outstanding. The overwhelming support reflects confidence in the auditor selection.

Event · Exhibit 99.1

~2,200 words View exhibit on EDGAR ↗

Lincoln Educational Services held its 2026 shareholder meeting, presenting 2025 results and growth strategy through 2027.

4 Added

Added 2025 financial performance medium

Added in current filing · view on EDGAR →

2025 Was An Outstanding Year

The company characterized 2025 as an outstanding year in its shareholder meeting presentation. The presentation included trend summaries showing adjusted EBITDA growth, though specific financial figures were presented in chart format rather than text.

Added Growth strategy and new program economics high

Added in current filing · view on EDGAR →

New campuses expected to generate ~$7M+ in EBITDA after 36 months of operations. ... New programs expected to generate over $1M EBITDA after 24 months of operations.

The company outlined its organic growth strategy, stating that new campuses are expected to generate approximately $7 million or more in EBITDA after 36 months of operations, while new programs at existing campuses are expected to generate over $1 million in EBITDA after 24 months. The company added four new programs in 2024 and four more in 2025, with two expansions in 2025.

Added Student demographics and market positioning medium

Added in current filing · view on EDGAR →

Over 95% of our students are pursuing careers that the U.S Department of Homeland Security considers Essential Critical Infrastructure Workers. ... 22% of our students enroll directly out of high school. ... Prospects who graduated high school prior to the current year represent 73% of our student population. ... 5% of our students are veterans transitioning into the civilian workforce.

Lincoln Educational Services disclosed its student composition: over 95% are training for essential critical infrastructure careers, 22% enroll directly from high school, 73% are adult students who graduated high school in prior years, and 5% are military veterans. The company positioned itself as the largest provider of automotive and skilled trade graduates in the eastern United States.

Show 1 minor / wording change

Added Management and board composition low

Added in current filing · view on EDGAR →

Scott M. Shaw Chief Executive Officer and President (25) Brian K. Meyers Executive Vice President and Chief Financial Officer (23) Chad Nyce Executive Vice President and Chief Operating Officer (6) ... John A. Bartholdson Non-Executive Chairman, Lincoln Educational Services; Co-founder & Partner, Juniper Investment Co. LLC

The presentation disclosed the company's management team and board of directors, including years of experience for each executive. The leadership team includes CEO Scott Shaw with 25 years of experience and CFO Brian Meyers with 23 years. The board is chaired by John Bartholdson, who is also co-founder and partner at Juniper Investment Co.