Houston, Texas: The company opened a new campus in Houston, with classes beginning in late September. Shaw said early enrollments at campuses opened in 2025 are meeting or exceeding expectations and are expected to support continued start growth in 2026.Philadelphia area: Lincoln relocated its Philadelphia automotive technician program to a 90,000-square-foot facility in Levittown, Pennsylvania, and added newly opened HVAC, electrical, and welding programs alongside automotive training.Nashville, Tennessee: ...

Financial Data and Key Metrics Changes - In Q4 2025, Lincoln Educational Services reported a revenue increase of $25.2 million, or 21.4%, reaching $142.9 million [20] - Net income surged over 70% to $12.7 million, equating to $0.40 per diluted share, while adjusted net income rose to $15.8 million, or $0.50 per diluted share [24] - Adjusted EBITDA increased by 51.2% to $29.1 million, with an EBITDA margin expanding over 400 basis points to 20.4% [24] Business Line Data and Key Metrics Changes - Student starts grew by 15.7% in Q4, marking 13 consecutive quarters of growth, with transportation and skilled trades accounting for 80% of the student population and generating a 23.4% increase [9][22] - Healthcare and other professions, representing about 20% of the population, saw a 2% decline in starts, attributed to the exit from the culinary program and a pause in nursing enrollments [22][41] Market Data and Key Metrics Changes - The company is expanding its presence in Texas, with a new campus in Houston, and anticipates significant job creation in skilled trades in the region [11][12] - The demand for skilled trades training is increasing as employer needs outpace supply, with a growing public interest in alternatives to traditional four-year college education [7][8] Company Strategy and Development Direction - Lincoln is focusing on expanding its network of schools and replicating in-demand programs at existing campuses to address the skills gap in the U.S. [18] - The company plans to initiate two new campus projects each year, with new campuses in Hicksville, New York, and Rowlett, Texas, expected to open in 2026 [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trends for 2026, projecting revenue could approach $600 million, with adjusted EBITDA expected to grow by approximately 30% [17][30] - The company is optimistic about the demand for skilled trades and the effectiveness of its hybrid teaching model, which combines hands-on learning with online instruction [15][18] Other Important Information - The company has made significant strides in reducing bad debt levels, which, along with operational efficiencies, is expected to enhance the student experience and profitability [17] - Lincoln's graduation rate declined to 67.5%, while the placement rate increased to 82.8% [67] Q&A Session Summary Question: Demand for high school initiatives - Management noted a shift in high school receptiveness to skilled trades, with expectations for growth in high school student enrollment over the next few years [38] Question: Performance in healthcare and other professions - Management indicated that healthcare sector growth is expected to resume with the re-enrollment of nursing students, despite previous declines due to program exits [41][42] Question: 2026 guidance assumptions - Management discussed the balance of organic growth and new campuses contributing to the 2026 guidance, emphasizing the importance of existing programs [48][52] Question: CapEx and expansion opportunities - Management confirmed that the East Point campus expansion is on track, with potential for similar expansions at other campuses based on market demand [55][57] Question: Graduation and placement rates - Management provided metrics indicating a graduation rate of 67.5% and a placement rate of 82.8%, with expectations for improvement in high school initiatives [67][68]

Financial Data and Key Metrics Changes - In Q4 2025, Lincoln Educational Services achieved revenue growth of $25.2 million, or 21.4%, reaching $142.9 million [20] - Adjusted EBITDA increased by 51.2% to $29.1 million, with an EBITDA margin expanding more than 400 basis points to 20.4% [24] - Net income rose over 70% to $12.7 million, or $0.40 per diluted share [24] - For the full year 2025, revenue grew 19.7% to $518.2 million, driven by a 17.9% growth in average student population [25] Business Line Data and Key Metrics Changes - Transportation and skilled trades, representing about 80% of the student population, generated start growth of 23.4%, with strong organic growth of approximately 7.5% [22] - Healthcare and other professions, accounting for about 20% of the population, saw a decline in starts by 2% due to strategic exits from less profitable programs [22][42] Market Data and Key Metrics Changes - The company reported a 15.7% growth in student starts during Q4 2025, marking 13 consecutive quarters of growth [9] - The average student population grew by 17%, with a year-end population of approximately 17,000 students, representing over 2,200 more students than the prior year [21] Company Strategy and Development Direction - Lincoln Tech is focusing on expanding its network of schools and replicating in-demand programs at existing campuses to meet the growing demand for skilled trades [18] - The company plans to initiate two new campus projects each year, with new campuses in Hicksville, New York, and Rowlett, Texas, expected to open in 2026 [12][13] - The company is investing in high school initiatives to increase student recruitment, aiming to grow the percentage of students coming from high schools [38][68] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued growth trends, projecting revenue could approach $600 million for 2026 [17] - The company is optimistic about the demand for skilled trades training, driven by employer needs and the public's questioning of traditional four-year college education [7] - Management noted that the outlook for 2026 is robust, with expectations for continued growth in student starts and profitability [18][33] Other Important Information - The company completed the most ambitious expansion in its recent history in 2025, including relocating campuses and launching new programs [10][11] - Capital expenditures for 2025 totaled $88 million, with approximately 70% related to growth initiatives [25] Q&A Session Summary Question: Demand for high school initiatives - Management noted that they are investing more in recruiting high school students due to increased receptiveness from schools and parents [38] Question: Performance of healthcare and other professions - Management indicated that healthcare sector growth is expected to resume with the re-enrollment of nursing students at Paramus [41] Question: 2026 guidance assumptions - Management expects continued organic growth and contributions from new campuses, with a focus on maintaining profitability through operational efficiencies [49][52] Question: Expansion opportunities - Management confirmed that they are exploring additional space in existing campuses to accommodate growth and new programs [55] Question: Graduation and placement rates - The graduation rate declined to 67.5%, while the placement rate increased to 82.8% [67]

Conference Call Today, at 10:00 a.m. Eastern Time Investor Day Scheduled for March 19, 2026, at the new Nashville, TN campus PARSIPPANY, N.J., Feb. 23, 2026 (GLOBE NEWSWIRE) -- Lincoln Educational Services Corporation (Nasdaq: LINC) today announced financial and operating results for the fourth quarter and fiscal year ended December 31, 2025, as well as recent business developments. Fourth Quarter 2025 Financial and Operational Highlights Revenue of $142.9 million, increased $23.5 million, or 19.7%; 21.4% e ...