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Get filing alertsLincoln Educational raises 2026 guidance after Q1 revenue jumps 22.5%, net income doubles
Filed May 11, 2026 · Period ending May 11, 2026 · ~1 min read
Key Changes
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Q1 revenue rose 22.5% to $144.0M; net income more than doubled to $4.4M ($0.14/share) from $1.9M ($0.06/share); adjusted EBITDA up 85% to $15.5M
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Raised full-year 2026 guidance: revenue to $590-600M (from $580-590M), adjusted EBITDA to $76-80M (from $72-76M), EPS to $0.74-0.83 (from $0.64-0.74)
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Student starts grew 19.5% to 5,500 (14th consecutive quarter of growth); ending population up 17.6% to 18,702, driven by organic growth and new campuses
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Amended credit facility in April, increasing revolving capacity to $125M (adding $65M in liquidity) to support growth initiatives
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New campuses in Hicksville, NY and Rowlett, TX on schedule for Q4 2026 and Q1 2027 enrollment; actively negotiating two additional greenfield locations
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Summary
Lincoln Educational Services reported strong first-quarter 2026 results and raised full-year guidance across all key metrics. Revenue grew 22.5% year-over-year to $144.0 million, driven by an 18.2% increase in average student population and tuition increases. Net income more than doubled to $4.4 million, while adjusted EBITDA jumped 85% to $15.5 million.
Operating cash flow swung to $4.6 million generated from $8.4 million used in the prior-year quarter. The company raised 2026 revenue guidance to $590-600 million (from $580-590 million), adjusted EBITDA to $76-80 million (from $72-76 million), and diluted EPS to $0.74-0.83 (from $0.64-0.74). Student start growth guidance increased to 10-14% from 8-13%.
Lincoln also expanded its revolving credit facility to $125 million in April, adding $65 million in liquidity to fund growth initiatives including new campuses in Hicksville, NY (Q4 2026) and Rowlett, TX (Q1 2027), plus two additional greenfield locations under negotiation. The results reflect sustained enrollment momentum (14 consecutive quarters of start growth) and operational leverage as the company scales its campus footprint into under-served markets.
Section-by-Section Diff
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
Revenue increased 22.5% to $144.0 million from $117.5 million
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Net income more than doubled to $4.4 million, or $0.14 per share, compared to $1.9 million, or $0.06 per share
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Adjusted EBITDA1 increased 85% to $15.5 million from $8.4 million
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Net cash from operating activities improved $13 million to $4.6 million generated versus $8.4 million used last year
Lincoln Educational Services reported strong first quarter 2026 results. Revenue grew 22.5% year-over-year to $144.0 million, driven by an 18.2% increase in average student population and tuition increases. Net income more than doubled to $4.4 million ($0.14 per share) from $1.9 million ($0.06 per share) in Q1 2025. Adjusted EBITDA increased 85% to $15.5 million. The company also generated $4.6 million in operating cash flow, a $13 million improvement from the $8.4 million used in the prior-year quarter.
Added in current filing · view on EDGAR →
Student starts grew by 19.5% to 5,500, an increase of approximately 900
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Student ending-population rose by 17.6% to 18,702, an increase of nearly 2,800
Student starts increased 19.5% to 5,500 students in Q1 2026, representing approximately 900 additional starts compared to the prior year. Ending student population grew 17.6% to 18,702, an increase of nearly 2,800 students. The company noted this marks fourteen consecutive quarters of start growth, with about half attributed to organic growth from campuses and programs operating over one year.
Added in current filing · view on EDGAR →
Previous | FY 2026 Guidance | Updated | FY 2026 Guidance | Revenue | $ 580 - $590 | $ 590 - $600 | Adjusted EBITDA1 | $ 72 - $76 | $ 76 - $80 | Net income | $ 20 - $23 | $ 23 - $26 | Diluted EPS | $ 0.64 - $0.74 | $ 0.74 - $0.83 | Capital expenditures | $ 70 - $75 | $ 70 - $75 | Student starts | 8% - 13% | 10% - 14%
Lincoln raised its full-year 2026 guidance across multiple metrics. Revenue guidance increased to $590-$600 million from $580-$590 million. Adjusted EBITDA guidance rose to $76-$80 million from $72-$76 million. Net income guidance increased to $23-$26 million from $20-$23 million, with diluted EPS guidance raised to $0.74-$0.83 from $0.64-$0.74. Student start growth guidance was raised to 10-14% from 8-13%. Capital expenditure guidance remained unchanged at $70-$75 million.
Added in current filing · view on EDGAR →
The relocations and program expansions at our Nashville, Tennessee and Levittown, Philadelphia campuses, as well as our new campus in Houston, Texas, are all meeting our expectations. Moreover, the development of our new Hicksville, New York and Rowlett, Texas campuses remain on schedule to begin enrollment during the fourth quarter of this year and first quarter of next year, respectively. At the same time, we are actively negotiating two additional greenfield locations to expand our best-in-class campuses and presence into other under-served U.S. markets.
Lincoln provided updates on its campus expansion strategy. Relocations and program expansions at Nashville, Tennessee and Levittown, Philadelphia campuses, plus the new Houston, Texas campus, are meeting expectations. New campuses in Hicksville, New York and Rowlett, Texas remain on schedule to begin enrollment in Q4 2026 and Q1 2027, respectively. The company is also actively negotiating two additional greenfield locations to expand into other under-served U.S. markets.
Event · Item 2.02 — Results of Operations and Financial Condition
Lincoln Educational Services announced Q1 2026 financial results via press release.
Added in current filing · verify on EDGAR →
On May 11, 2026, Lincoln Educational Services Corporation. (the “Company”) issued a press release announcing financial results for its first quarter ended March 31, 2026.
The company disclosed its first quarter 2026 financial results through a press release. The 8-K itself does not contain the actual financial figures — those are in the attached press release (Exhibit 99.1), which is furnished rather than filed and therefore not incorporated by reference into SEC registration statements.
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