Lincoln Educational Services LINC

Lincoln Educational Services Corporation provides diversified career oriented postsecondary education to recent high school graduates and working adults. The company operates 22 campuses in 12 states and offers programs in skilled trades, automotive, health sciences and information technology under the brands Lincoln Technical Institute, Lincoln College of Technology and Nashville Auto Diesel College. All campuses are nationally accredited and eligible to participate in federal financial aid programs administered by the U S Department of Education and applicable state agencies.

The company generates revenue primarily from tuition and fees paid by students enrolled in its diploma certificate and associate degree programs. For the fiscal year ended December 31 2025 total revenue was $518.2 million representing an increase of 17.8% over the prior year. Approximately 84.7% of revenue was derived from Title IV programs in fiscal year 2025. About 4.8% of revenue came from veterans benefits programs.

The company operates through the following segments.

• Campus Operations: The Campus Operations segment includes campuses that are continuing in operation and contribute to the company's core operations and performance. All campuses continuing in operation are classified in this segment and each offers programs across various areas of study.
• Transitional: The Transitional segment refers to campuses that are marked for closure and are currently being taught out or held for sale. As of December 31 2025 the company had no campuses classified as Transitional. As of December 31 2024 the net assets for the Summerlin Las Vegas campus were classified as held for sale with operating results within the Transitional segment and the sale was consummated effective January 1 2025. The Somerville Massachusetts campus was closed in 2023 fully taught out by December 31 2023 and was classified in the Transitional segment for that year.

The company believes it provides high quality career oriented training that serves students, local employers and their communities while addressing a growing skills gap. Its programs target areas underserved by traditional postsecondary providers and are supported by convenient scheduling, career focused curricula and strong job placement services. The company competes primarily with other for profit career schools, not for profit public and private institutions, and two year community colleges most of which participate in Title IV funding. Competitive advantages include diverse program offerings, quality of instruction, strong brand reputation, and graduates success in securing employment.

The company serves recent high school graduates and working adults seeking career oriented education. Its student body includes individuals from local communities, as well as students from across the United States, and occasionally from abroad who attend its destination schools. The company also maintains relationships with local employers and several Fortune 500 firms to support graduate placement and curriculum development.