LINC · XBRL financial data

Lincoln Educational Services financial statements, every fiscal year

The same tables from 8 filings, lined up. Matched by XBRL tag: renamed lines keep their history.

How these numbers work

Every number comes from the company's XBRL financial data filed with the SEC, and each one links to its filing.
Lines are matched by XBRL tag, so a line renamed between filings keeps its history.
* marks a quarter worked out from the filing totals: the 10-K year minus the first three quarters, or a year-to-date total minus the earlier one. Fourth-quarter earnings per share is fourth-quarter net income over the fourth-quarter weighted shares.
0 means a filing states zero; a dash (—) means no filing states that number.
“year only” means the 10-K gives the full year but not the quarters needed to work out the fourth. A worked-out quarter of revenue, cost of revenue or operating cash flow more than twice the company's largest quarter of the two years before is shown this way too.
Gross profit is shown as the company reports it; a worked-out quarter must equal revenue less cost of revenue for that quarter, or it is a dash.
Operating income can be above gross profit when the company books other operating income between the two, shown on its own line.
Shares outstanding come from each filing's cover page, as of the date printed there.
Quarters are fiscal: Q2 FY27 is the second quarter of the company's fiscal 2027.

Income statement

Fiscal years (LINC's year ends in late December)

In thousands of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2022Dec 31, 2022	FY 2023Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Revenue from contracts with customers	293,095	335,336	348,287	378,070	440,064	518,241
Cost of goods and services sold	122,196	138,931	148,746	162,275	181,759	205,389
Selling, general and administrative	156,199	168,923	182,391	209,135	243,803	282,946
General and administrative	—	—	69,571	82,622	89,415	114,283
Operating income (loss)	14,781	49,261	16,278	33,358	15,177	30,312
Interest income	0	0	318	2,628	2,099	126
Interest expense	1,275	2,015	160	347	2,565	3,394
Income tax expense (benefit)	(35,059)	12,528	3,802	9,642	4,820	6,120
Net income (loss)	48,565	34,718	12,634	25,997	9,891	19,998
Earnings per share, basic USD per share	1.49	1.04	0.36	0.86	0.32	0.65
Earnings per share, diluted USD per share	1.49	1.04	0.36	0.85	0.32	0.64
Weighted average shares, basic thousands of shares	24,748	25,081	25,879	30,105	30,580	31
Weighted average shares, diluted thousands of shares	24,748	25,081	25,879	30,541	30,891	31

Fiscal years (LINC's year ends in late December)

In thousands of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2022Dec 31, 2022	FY 2023Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Cash and cash equivalents	38,026	83,307	46,074	75,992	59,273	28,519
Short-term investments	—	0	14,758	0	—	—
Accounts receivable	30,021	26,159	37,175	35,692	42,983	36,929
Inventory	2,394	2,721	2,618	2,948	3,053	3,986
Prepaid and other current assets	3,723	4,881	4,738	5,556	4,793	7,872
Total current assets	74,164	121,627	114,135	134,663	111,252	87,032
Property and equipment, net	48,388	23,119	23,940	50,857	103,533	171,603
Right-of-use asset	55,187	91,487	93,097	89,923	136,034	154,223
Goodwill	14,536	14,536	14,536	10,742	10,742	10,742
Total assets	245,190	295,299	291,566	345,249	436,556	493,164
Accounts payable	15,676	12,297	10,496	18,152	37,026	27,023
Accrued liabilities	16,692	15,669	8,653	13,680	11,986	18,430
Current portion of long-term debt	2,000	0	—	—	—	—
Total current liabilities	66,842	65,882	55,020	73,410	90,212	100,709
Long-term debt	15,212	0	—	—	0	0
Lease liability, non-current	52,702	86,410	91,001	88,853	138,803	162,113
Total liabilities	142,141	153,899	146,689	178,445	258,292	293,476
Retained earnings	6,203	39,702	51,225	69,279	79,170	99,168
Total stockholders' equity	91,067	129,418	144,877	166,804	178,264	199,688
Total liabilities and equity	245,190	295,299	291,566	345,249	436,556	493,164
Common shares outstanding (cover page) thousands of shares	26,989	27,449	31,512	31,759	31,593	31,879

Fiscal years (LINC's year ends in late December)

In thousands of dollars	FY 2020Dec 31, 2020	FY 2021Dec 31, 2021	FY 2022Dec 31, 2022	FY 2023Dec 31, 2023	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Net income (loss)	48,565	34,718	12,634	25,997	9,891	19,998
Stock-based compensation	1,686	2,889	3,111	5,894	4,629	5,488
Depreciation and amortization	7,400	7,140	6,362	6,596	11,334	19,161
Net cash from operating activities	23,485	27,447	882	25,558	29,306	59,311
Purchases of property and equipment	5,580	7,531	8,986	40,699	56,866	86,633
Net cash from investing activities	(5,483)	37,848	(21,354)	7,369	(46,971)	(86,199)
Share repurchases	—	0	9,445	891	0	—
Proceeds from long-term debt	11,000	0	—	—	0	45,000
Repayments of long-term debt	28,000	17,833	0	—	0	45,000
Net cash from financing activities	(18,620)	(20,014)	(12,548)	(2,945)	(3,331)	(3,866)

SIC 8200 and related industry codes, similar size. Each row is the latest quarter reported.

How peers are chosen

SIC 8200 and related industry codes with public float (or, where float is missing, quarterly revenue) between 0.2x and 5x the company's.
Each row is the latest quarter the company has reported, named in the Quarter column; when that filing is a 10-K, it is the fourth quarter, never the full year.
Runway shows only for companies burning cash with under $10B of public float.
* marks a quarter worked out from the filing totals: for a 10-K, the year less the first three quarters; for a 10-Q, the year-to-date total less the earlier one.
A cell reading “not reported” means the filings give no figure for that quarter alone.

Company	Cash ($K)	Revenue, quarter ($K)	Operating cash flow, quarter ($K)	Shares outstanding	Runway	Quarter
Lincoln Educational Services	44,178	142,560	22,067*	31.7M	—	Q2 FY26 10-QJun 30, 2026
Udemy	252,563	not reported	15,440	146.3M	—	Q1 FY26 10-QMar 31, 2026
American Public Education	146,548	171,731	12,137*	18.3M	—	Q2 FY26 10-QJun 30, 2026
Universal Technical Institute	130,060	218,907	10,333*	55.1M	—	Q3 FY26 10-QJun 30, 2026
Perdoceo Education	162,889	213,355	74,629*	62.6M	—	Q2 FY26 10-QJun 30, 2026
Phoenix Education Partners	159,363	260,680*	79,643*	36.7M	—	Q4 FY26 10-KAug 31, 2026
Stride	547,750	639,378	(124,787)	42.0M	6.3 quarters	Q1 FY27 10-QSep 30, 2026
Strategic Education	123,755	337,264	29,176*	22.2M	—	Q2 FY26 10-QJun 30, 2026
Laureate Education	189,904	485,085	151,746*	135.7M	—	Q3 FY26 10-QSep 30, 2026

Not investment advice. Not affiliated with the U.S. SEC.