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PARSIPPANY, N.J. — Lincoln Educational Services Corporation reported continued momentum in the first quarter ended March 31, 2026, with revenue rising 22.5% to $144.0 million, net income more than doubling to $4.4 million ($0.14 per share), and adjusted EBITDA increasing 85% to $15.5 million. Net cash from operating activities improved by $13.0 million to a $4.6 million inflow versus an $8.4 million use a year earlier, and total liquidity was approximately $72 million as of March 31. The company raised its 2026 financial guidance and in April amended its credit agreement to expand its revolving credit facility to $125 million to support growth initiatives. Lincoln said student starts grew 19.5% to 5,500 and ending population rose 17.6% to 18,702. Management reported that relocations and program expansions at Nashville, Tennessee and Levittown, Philadelphia and a new campus in Houston, Texas are meeting expectations; the Hicksville, New York campus and the Rowlett, Texas campus remain on schedule to begin enrollment in the fourth quarter of 2026 and the first quarter of 2027, respectively, and the company is negotiating two additional greenfield locations. Executives attributed the quarter’s bottom-line outperformance to increased operating efficiencies and investments in people, processes and capital, noted higher depreciation and costs tied to new campuses, and reiterated longer-term 2030 targets of $850 million in revenue and $150 million of EBITDA.

Prepared by Christopher Adams and reviewed by editorial team.