What is the revenue and EPS growth rate for Lincoln Educational Services year over year?

What does Lincoln Educational Services do and what are its main business segments?

Did Lincoln Educational Services beat or miss consensus estimates last quarter?

What guidance did Lincoln Educational Services's management provide for the next earnings period?

What is Lincoln Educational Services's gross profit margin?

What were the key takeaways from Lincoln Educational Services’s earnings call?

What were the key takeaways from Lincoln Educational Services's earnings call?

What is the market's earnings forecast for Lincoln Educational Services next quarter?

- **Revenue Growth**: Q3 2025 revenue up 25.4% to $141.4 million, driven by 6% student start growth and new campus openings.
- **Strategic Expansion**: New Rowlett, TX, and Hicksville, NY, campuses to add $25-$30 million in annualized revenue by 2027. Lincoln 10.0 model improves efficiency, reducing instructional costs.
- **Health Care Focus**: Core LPN and medical assisting programs grew 2%, with RN program approvals pending. Paramus, NJ, campus to resume LPN enrollments in January 2026.
- **High School Outreach**: Program partnerships doubled year-over-year, integrating career training into high school curricula.
- **2027 Targets**: Revised guidance projects $600 million in revenue and $90 million in EBITDA, exceeding prior targets of $550 million and $90 million.
- **Military Enrollment**: 5%-6% of students use GI Bill benefits, with plans to expand into degree-granting programs for veterans.

**【CEO Summary Section】**
- Lincoln reported 6% year-over-year growth in student starts for Q3 2025, driven by strong demand in skilled trades programs. New campuses in East Point, GA, Houston, TX, and upcoming Rowlett, TX, contributed significantly to growth.
- The company expanded programs at existing campuses, including automotive, HVAC, and welding, with 11 new programs launched in 2024-2025. The Lincoln 10.0 hybrid teaching model improved instructional efficiency and space utilization.
- Health care segment focus shifted to core LPN and medical assisting programs, with plans to introduce RN programs in 2026. The Paramus, NJ campus will resume LPN enrollments in January 2026.
- High school outreach programs doubled year-over-year, with partnerships in New Jersey and Texas to integrate career training into high school curricula.
- Management raised 2027 financial targets to $600 million in revenue and $90 million in EBITDA, exceeding previous guidance of $550 million and $90 million, respectively.

**【CFO Financial Commentary】**
- Q3 2025 revenue reached $141.4 million, a 25.4% year-over-year increase, driven by a 6% rise in student starts and higher revenue per student. Adjusted EBITDA grew 65.1% to $16.9 million, reflecting operational leverage from new campuses and program expansions.
- Net income was $3.8 million, or $0.12 per share, with adjusted net income of $6.3 million, up 54.9% year-over-year. Cash flow from operations was $23.9 million for the quarter.
- Capital expenditures for the first nine months of 2025 totaled $68.1 million, primarily for new campuses and program expansions. The company expects to exceed 2025 guidance of $505-$510 million in revenue and $65-$67 million in EBITDA.

**【Q&A Highlights】**
- **2026 Outlook**: CFO Brian Meyers confirmed 2026 EBITDA under revised methodology (excluding pre-opening costs) will exceed 2025 guidance of $65-$67 million. New campuses in Rowlett, TX, and Hicksville, NY, are expected to contribute $25-$30 million in annualized revenue by year four.
- **Health Care Segment**: CEO Scott Shaw emphasized core LPN and medical assisting programs grew 2% in Q3, with RN program approvals pending in New Jersey, New York, and Connecticut. Regulatory delays could take 12-48 months.
- **Campus Expansion**: East Point, GA, campus added 500 student capacity, and Rowlett, TX, campus (opening Q1 2027) will have 1,600 student capacity. New campuses achieve 20%+ IRR threshold, with East Point exceeding expectations.
- **Military Enrollment**: 5%-6% of students use GI Bill benefits, with plans to re-enter the military training market as degree-granting institutions in key states.


Lincoln Educational Services Corporation (LINC) Q3 2025 Earnings Call Transcript

Transportation and Skilled Trades

Healthcare and Other Professions

Campus Operations

Transitional

LINC

LINC fundamentals

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