The strong beat and raised guidance across all metrics, combined with 14 consecutive quarters of student start growth and positive Q1 operating cash flow (historically negative), signal accelerating momentum. The expanded $125M credit facility provides firepower for new campus development. Monitor the May 11 conference call for details on the two additional greenfield locations under negotiation and the trajectory toward the 2030 targets of $850M revenue and $150M EBITDA.
Price Chart
Executive Summary
Lincoln Educational Services reported Q1 2026 revenue of $144.0M (+22.5% YoY) and GAAP diluted EPS of $0.14, beating the $0.04 consensus by 250%. The company raised full-year 2026 guidance across all key metrics: revenue to $590-600M, adjusted EBITDA to $76-80M, and diluted EPS to $0.74-0.83, reflecting strong student start growth of 19.5% and improved operating leverage.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $144.0M, up 22.5% YoY from $117.5M
- GAAP diluted EPS $0.14 vs $0.06 YoY, 250% beat vs $0.04 consensus
- Adjusted EBITDA $15.5M, up 85% from $8.4M YoY
- Student starts grew 19.5% to 5,500; student population up 17.6% to 18,702
- Full-year 2026 guidance raised: revenue $590-600M (prev $580-590M), diluted EPS $0.74-0.83 (prev $0.64-0.74)
- Credit facility expanded to $125M in April 2026, adding $65M liquidity
- Operating cash flow positive $4.6M vs -$8.4M used in Q1 2025 (a typically negative cash flow period)
- Fourteenth consecutive quarter of student start growth
Financial Impact
Revenue beat consensus by ~$8.8M (6.5%); EPS beat consensus by $0.10 (250%); guidance raised by $10-15M at midpoint across revenue and EBITDA
Risk Factors
- Regulatory risk from Title IV program rules and 90/10 rule compliance in for-profit education sector
- Execution risk from new campus openings (Hicksville, Rowlett) and two additional greenfield locations
- Healthcare program enrollment declined 2.8% YoY, partially offsetting strong skilled trades growth
- Cash burn from capital expenditures ($14.6M in Q1) and new campus pre-opening costs (~$10M in 2026 guidance)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001140361-26-020531 |
| Document: ef20072995_8k.htm | 0001140361-26-020531 |
| Document: 0001140361-26-020531-index-headers.html | 0001140361-26-020531 |
| Document: 0001140361-26-020531-index.html | 0001140361-26-020531 |
| Document: 0001140361-26-020531.txt | 0001140361-26-020531 |
| 8-K Data (Synthetic) | 0001140361-26-020531 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | Press Release | $21.96 $21.68 | ▼ −1.27% | ▼ −0.75% | $21.26 (−3.19%) |
Oct 19, 2026 7d ago | Press Release | $22.37 | awaiting T+1 | — | $21.26 (−4.96%) |
Sep 21, 2026 5w ago | Press Release | $25.18 $24.22 | ▼ −3.81% | ▼ −3.80% | $21.26 (−15.57%) |
Sep 18, 2026 5w ago | Press Release | $25.37 $25.18 | ▼ −0.75% | ▼ −2.30% | $21.26 (−16.20%) |
Aug 20, 2026 9w ago | Press Release | $26.14 $25.72 | ▼ −1.61% | ▼ −2.02% | $21.26 (−18.67%) |
Aug 10, 2026 11w ago | 8-K | $30.77 $30.38 | ▼ −1.27% | ▼ −0.95% | $21.26 (−30.91%) |
Aug 10, 2026 11w ago | Press Release | $30.77 $30.38 | ▼ −1.27% | ▼ −0.95% | $21.26 (−30.91%) |
Jul 28, 2026 12w ago | Press Release | $42.06 $43.44 | ▲ +3.28% | ▲ +4.82% | $21.26 (−49.45%) |
Jul 10, 2026 15w ago | 8-K | $53.87 $53.51 | ▼ −0.67% | ▼ −1.02% | $21.26 (−60.53%) |
Jun 15, 2026 19w ago | Insider Cluster | $45.91 $46.50 | ▲ +1.29% | ▲ +2.53% | $21.26 (−53.69%) |
US Market Status
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