LINCOLN EDUCATIONAL SERVICES CORP (LINC) Financial Statements — Income, Balance Sheet, Cash Flow

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Financial Statements — LINC

Balance Sheet

(in millions USD)

Metric	Q2 2026	Q1 2026	Q3 2025	Q2 2025	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022	Q2 2022	Q1 2022	Q3 2021	Q2 2021	Q1 2021
Cash & Equivalents	44.18	16.69	13.48	16.70	28.66	53.96	66.99	68.55	41.72	66.36	40.28	69.62	66.99	65.60	47.15	33.01	26.74
Short-term Investments	--	--	--	--	--	--	--	--	24.34	24.34	14.76	--	--	--	--	--	--
Accounts Receivable	45.87	41.73	51.13	47.26	47.28	53.12	43.58	40.48	40.26	32.05	34.86	31.90	31.59	34.87	29.99	31.72	30.60
Inventory	4.08	2.49	3.09	4.50	2.39	2.71	2.35	2.42	2.94	2.56	2.64	2.71	3.08	2.64	3.16	3.33	2.67
Total Current Assets	106.25	76.40	77.33	79.63	86.38	115.44	119.39	118.75	130.68	137.49	107.59	111.05	111.46	113.03	110.95	72.50	70.78
Property, Plant & Equipment	190.69	179.35	160.49	149.14	125.65	75.50	59.50	52.01	38.40	32.51	26.15	23.84	22.04	23.45	23.25	51.45	49.04
Goodwill	10.74	10.74	10.74	10.74	10.74	10.74	10.74	10.74	10.74	10.74	14.54	14.54	14.54	14.54	14.54	14.54	14.54
Total Non-current Assets*	423.53	410.33	389.61	367.69	341.05	288.58	246.99	236.41	185.10	173.93	173.51	180.23	173.95	174.66	142.50	172.15	169.07
Total Assets	529.78	486.73	466.94	447.32	427.43	404.02	366.38	355.16	315.78	311.42	281.09	291.28	285.42	287.69	253.46	244.65	239.85
Accounts Payable	30.68	28.25	35.07	33.99	34.36	27.86	19.00	14.28	17.58	16.84	12.94	16.24	13.94	13.08	16.04	13.39	17.72
Total Current Liabilities	110.95	92.30	95.88	88.25	83.10	73.46	66.89	59.88	66.10	68.66	54.57	59.88	58.19	55.05	68.88	62.47	60.55
Long-term Debt	26.00	5.00	8.00	13.00	--	--	--	--	--	--	--	--	--	--	16.33	16.83	17.33
Total Non-current Liabilities*	216.44	195.61	185.21	178.39	166.55	160.60	134.63	130.79	92.51	88.29	91.27	93.25	88.74	92.06	70.64	72.45	72.46
Total Liabilities	327.39	287.91	281.08	266.64	249.65	234.06	201.52	190.67	158.61	156.95	145.84	153.13	146.93	147.10	139.51	134.92	133.01
Retained Earnings	105.47	103.52	86.47	82.67	81.11	72.34	68.38	69.07	62.49	60.42	43.17	42.87	39.63	39.67	16.05	12.51	10.39
Total Stockholder Equity	202.39	198.83	185.85	180.68	177.78	169.96	164.86	164.49	157.17	154.47	135.25	126.16	126.50	128.60	101.96	97.74	94.86

* Derived from reported values

Income Statement

(in millions USD) (except per-share rows)

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021
Total Revenue	142.56	143.96	142.87	141.39	116.47	117.51	119.37	114.41	102.91	103.37	102.52	99.62	88.65	87.28	91.78	91.81	82.14	82.55	87.82	89.06
Cost of Revenue	59.63	58.39	53.91	57.28	46.79	47.41	45.12	48.06	45.56	43.02	41.02	43.13	40.03	38.09	36.51	39.93	36.11	36.20	34.79	38.10
Gross Profit	82.93	85.57	88.97	84.11	69.68	70.10	74.25	66.36	57.35	60.34	61.50	56.49	48.62	49.19	55.27	51.88	46.04	46.36	53.03	50.95
Selling, General & Admin	30.83	34.08	28.41	28.42	28.48	28.97	23.57	63.34	57.87	60.49	52.53	54.49	51.81	50.31	42.89	46.98	45.84	46.68	40.76	45.21
Total Operating Expenses	79.62	79.16	71.23	77.82	66.81	66.68	63.33	60.53	58.47	60.80	52.54	54.49	25.10	50.31	43.94	47.00	45.64	46.68	18.98	45.21
Operating Income	3.31	6.41	17.74	6.29	2.88	3.41	10.93	5.82	(1.12)	(0.46)	8.96	2.00	23.52	(1.12)	11.33	4.88	0.40	(0.33)	34.05	5.75
Interest Expense	1.06	0.84	0.89	0.99	0.81	0.70	0.67	0.66	0.67	0.57	0.27	0.02	0.03	0.03	0.05	0.04	0.04	0.04	1.14	0.29
Pretax Income	2.26	5.60	15.92	5.29	2.08	2.83	10.56	5.63	(1.14)	(0.33)	9.43	2.85	24.03	(0.67)	11.60	4.84	0.36	(0.37)	32.90	5.45
Tax Provision	0.32	1.24	3.22	1.50	0.52	0.88	3.72	1.67	(0.46)	(0.11)	2.63	0.79	6.78	(0.56)	3.04	1.30	0.10	(0.64)	8.94	1.61
Net Income	1.95	4.36	12.70	3.80	1.55	1.94	6.83	3.95	(0.68)	(0.21)	6.79	2.06	17.25	(0.11)	8.56	3.54	0.26	0.27	23.96	3.84
Basic EPS	0.06	0.14	0.42	0.12	0.05	0.06	0.22	0.13	(0.02)	(0.01)	0.22	0.07	0.57	0.00	0.26	0.10	0.00	0.00	0.74	0.11
Diluted EPS	0.06	0.14	0.41	0.12	0.05	0.06	0.22	0.13	(0.02)	(0.01)	0.21	0.07	0.57	0.00	0.26	0.10	0.00	0.00	0.74	0.11

Cash Flow Statement

(in millions USD)

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021
Operating Cash Flow	22.07	4.57	43.51	23.88	0.30	(8.38)	30.30	5.61	8.34	(14.93)	21.95	(6.79)	10.62	(0.21)	0.27	10.60	4.38	(14.37)	9.70	16.68
Capital Expenditures	14.50	14.63	18.51	21.85	26.39	19.89	24.77	19.37	11.04	1.68	12.01	17.78	7.65	3.25	1.93	3.47	2.53	1.05	2.28	1.74
Free Cash Flow*	7.56	(10.06)	25.00	2.03	(26.09)	(28.27)	5.53	(13.76)	(2.71)	(16.62)	9.93	(24.57)	2.97	(3.46)	(1.66)	7.13	1.85	(15.42)	7.42	14.95
Investing Cash Flow	(14.47)	(14.63)	(18.57)	(21.86)	(26.13)	(19.64)	(24.77)	(19.19)	(11.04)	8.03	12.33	(17.78)	16.07	(3.25)	(16.69)	(3.47)	(0.15)	(1.04)	43.10	(1.74)
Financing Cash Flow	19.89	(1.76)	(9.90)	(5.24)	13.88	(2.60)	(0.22)	0.56	(0.08)	(3.59)	0.00	0.00	(0.61)	(2.33)	(2.91)	(4.50)	(2.84)	(2.30)	(16.64)	(0.80)

* Derived from reported values

Dividends Per Share

(USD)

Metric	Q4 2014	Q3 2014	Q2 2014	Q1 2014	Q4 2013	Q3 2013	Q2 2013	Q1 2013	Q4 2012	Q3 2012	Q2 2012	Q1 2012
Dividends Per Share	0.02	0.02	0.07	0.07	0.07	0.07	0.07	0.07	0.21	0.00	0.00	0.07