Lincoln Educational Q1 revenue +22.5% to $144M on 18.2% enrollment growth; credit facility upsized to $125M

Filed May 11, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 12, 2025 · ~2 min read

Key Changes

• high

  Revenue grew 22.5% YoY to $144.0M, accelerating from 13.7% prior-year growth, driven by 18.2% enrollment growth (19.5% new starts) and tuition increases. Operating income rose 88% to $6.4M (4.5% margin) as revenue growth outpaced expenses.

  MD&A: Revenue and Operating Income verify on EDGAR →
• high

  Credit facility more than doubled to $125M from $60M and maturity extended to April 2031 (from March 2028), adding three lenders alongside Fifth Third. The $5M drawn at quarter-end was repaid upon closing.

  MD&A: Credit Facility; Notes: Debt verify on EDGAR →
• medium

  Campus count increased to 22 with Houston opening in August 2025. Rowlett, Texas lease signed Q4 2025 for Q1 2027 launch; Hicksville, NY on track for end-of-2026. Q1 capex $14.6M, down from $19.9M prior year, reflecting timing of build-outs.

  MD&A: Campus Expansion verify on EDGAR →