Form 8-K

8-K — LINCOLN EDUCATIONAL SERVICES CORP

Accession: 0001140361-26-031997

Filed: 2026-08-10

Period: 2026-08-10

CIK: 0001286613

SIC: 8200 (SERVICES-EDUCATIONAL SERVICES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — ef20079845_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (ef20079845_ex99-1.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: ef20079845_8k.htm · Sequence: 1

false000128661300012866132026-08-102026-08-10

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): August 10, 2026

LINCOLN EDUCATIONAL SERVICES CORPORATION

(Exact Name of Registrant as Specified in Charter)

New Jersey

000-51371

57-1150621

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

14 Sylvan Way, Suite A, Parsippany, NJ 07054

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (973)

736-9340

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following

provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which

registered

Common Stock No Par Value

LINC

NASDAQ

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule

12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards

provided pursuant to Section 13(a) of the Exchange Act.

☐

Item 2.02.

Results of Operations and Financial Condition.

On August 10, 2026, Lincoln Educational Services Corporation. (the “Company”) issued a press release announcing financial results for its second

quarter ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated in this Item 2.02 by reference.

The information contained under this Item 2.02 in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be

deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. Furthermore, the information contained under this Item 2.02 in this Current Report on

Form 8-K, including Exhibit 99.1, shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, unless specifically identified therein as being

incorporated therein by reference. The furnishing of the information under this Item 2.02 in this Current Report is not intended to, and does not, constitute a determination or admission by the Company that the information contained under this

Item 2.02 in this Current Report is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Company.

Item 9.01

Financial Statements and Exhibits.

(d)

Exhibits

99.1

Press release of Lincoln Educational Services Corporation dated August 10, 2026

104

Cover Page Interactive Data File (embedded within the inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the

undersigned hereunto duly authorized.

LINCOLN EDUCATIONAL SERVICES CORPORATION

Date: August 10, 2026

By:

/s/ Brian K. Meyers

Name:

Brian K. Meyers

Title:

Executive Vice President, Chief Financial Officer and Treasurer

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: ef20079845_ex99-1.htm · Sequence: 2

Exhibit 99.1

Lincoln Educational Services Reports Strong Second Quarter Financial Results; Reiterates Full Year Financial Guidance

Conference Call Today, at 10:00 a.m. Eastern Standard Time

PARSIPPANY, N.J., August 10, 2026 -- Lincoln

Educational Services Corporation (Nasdaq: LINC) today reported financial results for the second quarter ended June 30, 2026, as well as recent business developments.

Second Quarter 2026 Financial and Operational Highlights

(Quarter ended June 30, 2026, compared to quarter ended June 30, 2025, unless otherwise noted)

•

Revenue increased 22.4% to $142.6 million from $116.5 million

•

Adjusted EBITDA increased 42.4% to $12.7 million from $8.9 million1

•

Net cash from operating activities improved to $22.1 million generated versus $0.3 million

•

Total liquidity as of June 30, 2026 of approximately $143 million1

•

Ending student population rose by 10.4% to approximately 18,900, an increase of nearly 1,8002

•

Student starts increased 1%; Full-year student start growth guidance of 10-14% reiterated2

•

Reiterated all other financial guidance for the full year while raising capital expenditure guidance to support the new Suitland, Maryland campus and the acquisition of the Melrose Park, Illinois

campus property

Year-to-Date 2026 Financial Highlights

(Six months ended June 30, 2026, compared to June 30, 2025, unless otherwise noted)

•

Revenue increased $52.5 million, or 22.5% to $286.5 million

•

Adjusted EBITDA increased 62.9% to $28.2 million from $17.3 million1

•

Average student population rose by 16.3% to over 18,300, an increase of almost 2,6002

•

Student starts grew by 9%2

1 A complete listing of Lincoln's

non-GAAP measures, along with descriptions and reconciliations to the corresponding GAAP measures, is included at the end of this release.

2 2025 figures include 2,764 student starts on July 1, 2025, to align with comparable student start activity in the current year, during the last week of June 2026, returning to the

Company’s typical start schedule

Recent Business Developments

•

In June, the Company signed a lease in Suitland, Maryland - its second campus serving the metropolitan Washington, D.C. area and the first to deploy a new focused-program campus model - offering

Electrical and HVAC training, with an expected opening in the fourth quarter of 2027.

•

In July, the Company completed the acquisition of its previously leased Melrose Park, Illinois campus property for $18.8 million.

•

The Melrose Park, Illinois campus was named one of “America’s Top Vocational Schools” by USA Today, marking the second consecutive year receiving this distinction.

•

The Grand Prairie, Texas campus was named a “School of Excellence” by the Accrediting Commission of Career Schools and Colleges, recognizing the campus's outstanding performance during its

accreditation renewal.

“During the second quarter and first half of the year, Lincoln continued to execute our mission of providing superior education and training to our students for high

in-demand careers and generated strong operating results. Our performance and current third quarter trends lead to our reiterating our full year 2026 financial guidance,” said Scott Shaw, President & CEO.

“Employer demand for our graduates remains strong, and awareness of career opportunities in the skilled trades continues to grow. Following nearly 20% student start

growth in the first quarter, we expected second-quarter growth to moderate to approximately half this rate and enrollment for the quarter did grow at approximately nine percent. However, our start growth for the quarter slowed to one percent, as

fewer enrolled students than expected attended the first day of class.

In addition, during the quarter, we observed changes in the student decision-making process that affected conversion from enrollment to start. We have taken, and continue

to take, actions to address these trends and believe they are reaccelerating growth in new student starts as our August class is expected to be one of the largest in our history and we remain confident in our guidance for full-year student start

growth of 10% to 14%.

"A contributing factor to August’s projected strong starts is our re-invigorated high school recruiting platform. Last summer we started an overhaul and expansion of our

high school recruiting team, given renewed interest by students, parents and even guidance counselors in the skilled trades. While we see improvements this year from these investments, we expect even more growth next year as the teams build on

their relationships and reach even more prospective students.

“Our prior investments which have created a more efficient and scalable business model have continued to drive our operating efficiency and financial results as we have

grown our revenues by over 22% and our Adjusted EBITDA by over 60% year to date, while continuing to make investments in our future growth and delivering superior student outcomes.

"We're excited about the potential for our focused-program strategy, beginning with our new Suitland campus, which will expand access to high-demand Electrical and HVAC

training in the Washington, D.C. area - a market where data center growth is driving strong tradesperson demand. This model costs less than half of a traditional campus buildout and can be constructed faster, letting us respond more quickly to

employer needs in the region.

"Between our strong first half, continued execution of our growth strategy, improving cash generation, and the ongoing national demand for skilled trades talent, we

remain confident in achieving our full-year 2026 guidance and progressing toward our 2030 targets of $850 million in revenue and $150 million in Adjusted EBITDA."

2026 SECOND QUARTER FINANCIAL RESULTS

(Quarter ended June 30, 2026, compared to quarter ended June 30, 2025)

•

Revenue increased by $26.1 million, or

22.4% to $142.6 million, primarily due to a 14.5% increase in average student population, with the remainder attributable to tuition increases.

•

Educational services and facilities

expense increased by $12.8 million, or 27.4% to $59.6 million. This includes a $2.9 million increase in costs related to the new campuses in Houston, Hicksville, and Rowlett. The increase was primarily driven by costs associated with a

larger student population as well as higher books and tools expense primarily due to timing of program starts. The remaining increase was attributable to $3.1 million higher depreciation expense, including $0.8 million related to new

campuses, largely resulting from capital investments to support growth initiatives.

•

Selling, general and administrative

expense increased by $12.6 million, or 18.8% to $79.7 million. This includes a $2.1 million increase in costs related to new campuses in Houston, Hicksville, and Rowlett. The increase was primarily driven by a larger student population,

higher sales and marketing expense, and an increased provision for credit losses.

Corporate and Other

This category includes unallocated expenses incurred on behalf of the entire Company. Corporate and other expenses were $18.2 million for the three months ended June 30,

2026, compared to $16.4 million in the prior year comparable period. The increase was primarily driven by higher salaries and benefits to support a larger student population and to execute the Company's growth initiatives.

2026 YEAR-TO-DATE FINANCIAL RESULTS

(Six months ended June 30, 2026, compared to June 30, 2025)

•

Revenue increased by $52.5 million, or

22.5% to $286.5 million, primarily due to a 16.3% increase in average student population, with the remainder attributable to tuition increases.

•

Educational services and facilities

expense increased by $23.8 million, or 25.3% to $118.0 million. This includes a $5.7 million increase in costs related to the new campuses in Houston, Hicksville, and Rowlett. The increase was primarily driven by costs associated with a

larger student population. The remaining increase was attributable to higher depreciation expense, largely resulting from capital investments to support growth initiatives.

•

Selling, general and administrative

expense increased by $24.8 million, or 18.5% to $158.8 million. This includes a $4.0 million increase in costs related to new campuses in Houston, Hicksville, and Rowlett. The increase was primarily driven by higher sales and marketing

expense due to higher student acquisition costs.

Corporate and Other

Corporate and other expenses were $39.6 million for the six months ended June 30, 2026, compared to $34.7 million in the prior year comparable period. The increase was

primarily driven by higher salaries and benefits to support a larger student population and to execute the Company's growth initiatives.

FULL YEAR 2026 OUTLOOK

Based on the 2026 first half operating and financial results, as well as the outlook

for the remainder of the year, the Company is reiterating its guidance for revenue, adjusted EBITDA, net income and student starts, and increasing capital expenditure guidance by

approximately $25 million reflecting the Melrose Park, Illinois property acquisition and new Suitland, Maryland campus, as follows:

2026 Guidance

(In millions, except for student starts and diluted EPS)

Low

High

Revenue

590.0

600.0

Adjusted EBITDA1

76.0

80.0

Net income

23.0

26.0

Diluted EPS

0.74

0.83

Capital expenditures

95.0

100.0

Student starts

The guidance in this release includes references to non-GAAP operating measures. A reconciliation to the midpoint of the guidance can be reviewed below in the non-GAAP operating

measures at the end of this release. The 2026 adjusted EBITDA guidance includes approximately $10.0 million in losses related to new campus openings and strategic growth initiatives.

CONFERENCE CALL INFO

Lincoln will host a conference call today at 10:00 a.m. Eastern Standard Time to discuss results.

To access the live webcast of the conference call, please go to the Investor Overview section of Lincoln’s website at http://www.lincolntech.edu. Participants may also register via

teleconference at: Q2 2026 Lincoln Educational Services Earnings Conference Call. Once registration is completed, participants will be provided with a dial-in number containing a

personalized PIN to access the call. Participants are encouraged to register at least 15 minutes prior to the start of the call.

An archived version of the webcast will be accessible for 90 days at http://www.lincolntech.edu.

ABOUT LINCOLN EDUCATIONAL SERVICES CORPORATION

Lincoln Educational Services Corporation is a leading provider of diversified career-oriented post-secondary education helping to provide solutions to America’s skills

gap. Lincoln offers career-oriented programs to recent high school graduates and working adults in four principal areas of study: skilled trades, automotive, health sciences and information technology. Lincoln has provided the workforce with

skilled technicians since its inception in 1946 and currently operates 22 campuses in 12 states under the brands Lincoln Technical Institute, Lincoln College of Technology and Nashville Auto Diesel College. The Company was incorporated in New

Jersey in 2003 as the successor-in-interest to various acquired schools including Lincoln Technical Institute, Inc. which opened its first campus in Newark, New Jersey in 1946. For more information, please go to www.lincolntech.edu.

FORWARD-LOOKING STATEMENTS

Statements in this press release and in oral statements made from time to time by representatives of Lincoln Educational Services Corporation that

are not historical facts, including those made in a conference call, may be “forward-looking statements” as that term is defined in the federal securities laws. The words “may,” “will,” “expect,” “believe,” “anticipate,” “project,” “plan,”

“intend,” “estimate,” “goal,” “target” and “continue,” and similar expressions and their opposite are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results

and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. The Company cautions you that these statements concern current expectations about the Company’s future

performance or events and are subject to a number of uncertainties, risks, and other influences, many of which are beyond the Company’s control, that may affect the accuracy of the statements or the prospects upon which the statements are based

including, without limitation, risks associated with our ability to comply with the extensive federal and state regulatory framework applicable to the for-profit education industry such as the 90/10 rule, prescribed cohort default rates, the effect

of current and future Title IV Program regulations arising out of negotiated rulemakings, including any potential reductions in funding or restrictions on the use of funds received through Title IV Programs and financial responsibility and

administrative capability standards; the effect of future legislative or regulatory initiatives related to veterans' benefit programs; our ability to obtain timely regulatory approvals in connection with acquisitions of additional schools and the

related risks associated with integration of acquired schools; risks associated with the opening of new campuses; our ability to execute our growth strategies including updating and expanding the content of existing programs and developing new

programs for our students in a timely and cost-effective manner while maintaining positive student outcomes; our ability to effectively compete within our industry; impacts related to epidemics or pandemics; risks associated with cybersecurity;

general economic conditions; and other factors discussed in the “Risk Factors” section of our Annual Reports and Quarterly Reports filed with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by

this cautionary statement, and Lincoln undertakes no obligation to publicly revise or update any forward-looking statements, whether as a result of new information, future events or otherwise after the date hereof.

LINCOLN EDUCATIONAL SERVICES CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share amounts)

(Unaudited)

June 30,

2026

December 31,

2025

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

44,178

28,519

Accounts receivable, less allowance of $41,378 and $43,975 at June 30, 2026 and December 31, 2025, respectively

45,871

36,929

Inventories

4,077

3,986

Income tax receivable

1,923

1,599

Tenant allowance receivable

5,587

8,127

Prepaid and other assets

4,613

7,872

Total current assets

106,249

87,032

PROPERTY, EQUIPMENT AND FACILITIES - At cost, net of accumulated depreciation and amortization of $160,833 and $148,067 at June 30, 2026 and

December 31, 2025, respectively

190,686

171,603

OTHER ASSETS:

Noncurrent receivables, less allowance of $26,865 and $26,371 at June 30, 2026 and December 31, 2025, respectively

21,645

21,248

Deferred finance charges

1,204

302

Deferred income taxes, net

21,668

Operating lease right-of-use assets

151,565

154,223

Finance lease right-of-use assets

24,240

25,075

Goodwill

10,742

Other assets, net

1,781

1,271

Total other assets

232,845

234,529

TOTAL ASSETS

529,780

493,164

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:

Unearned tuition

51,920

44,159

Accounts payable

30,677

27,023

Accrued expenses

16,695

18,430

Current portion of operating lease liabilities

11,127

10,634

Current portion of finance lease liabilities

534

463

Total current liabilities

110,953

100,709

NONCURRENT LIABILITIES:

Long-term portion of operating lease liabilities

160,074

162,113

Long-term portion of finance lease liabilities

30,364

30,654

Long-term debt

26,000

Total liabilities

327,391

293,476

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY:

Common stock, no par value - authorized 100,000,000 shares at June 30, 2026 and December 31, 2025, issued and outstanding 31,722,150 shares

at June 30, 2026 and 31,623,795 shares at December 31, 2025

48,181

Additional paid-in capital

48,738

52,339

Retained earnings

105,470

99,168

Total stockholders' equity

202,389

199,688

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

529,780

493,164

LINCOLN EDUCATIONAL SERVICES CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

REVENUE

142,560

116,474

286,518

233,980

COSTS AND EXPENSES:

Educational services and facilities

59,632

46,791

118,025

94,199

Selling, general and administrative

79,649

67,061

158,801

133,965

Gain on sale of assets

(33

)

(256

)

(27

)

(476

)

Total costs and expenses

139,248

113,596

276,799

227,688

OPERATING INCOME

3,312

2,878

9,719

6,292

OTHER:

Interest income

125

Interest expense

(1,058

)

(813

)

(1,895

)

(1,514

)

INCOME BEFORE INCOME TAXES

2,261

2,076

7,861

4,903

PROVISION FOR INCOME TAXES

315

522

1,559

1,404

NET INCOME

1,946

1,554

6,302

3,499

Basic

Net income per common share

0.06

0.05

0.20

0.11

Diluted

Net income per common share

0.06

0.05

0.20

0.11

Weighted average number of common shares outstanding:

Basic

31,258

30,990

31,194

30,900

Diluted

31,419

31,271

31,375

31,172

LINCOLN EDUCATIONAL SERVICES CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

Six Months Ended

June 30,

2026

2025

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income

6,302

3,499

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Depreciation and amortization

14,587

7,637

Finance lease amortization

835

Amortization of deferred finance charges

Deferred income taxes

547

Gain on sale of assets

(27

)

(476

)

Fixed asset donations

(111

)

(197

)

Provision for credit losses

29,717

25,012

Stock-based compensation expense

3,059

2,548

(Increase) decrease in assets:

Accounts receivable

(39,056

)

(30,797

)

Inventories

(91

)

(1,451

)

Prepaid income taxes

(324

)

(2,794

)

Prepaid expenses and current assets

5,783

(3,611

)

Other assets, net

(387

)

(657

)

Increase (decrease) in liabilities:

Accounts payable

(754

)

(9,768

)

Accrued expenses

(1,735

)

3,452

Unearned tuition

7,761

(2,548

)

Income taxes payable

(1,072

)

Other liabilities

986

1,672

Total adjustments

20,331

(11,578

)

Net cash provided by (used in) operating activities

26,633

(8,079

)

CASH FLOWS FROM INVESTING ACTIVITIES:

Capital expenditures

(29,132

)

(46,276

)

Proceeds from (payments for) sale of property and equipment

504

Net cash used in investing activities

(29,105

)

(45,772

)

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from borrowings

70,000

25,000

Payments on borrowings

(44,000

)

(12,000

)

Payment of deferred finance fees

(990

)

(121

)

Finance lease principal paid

(219

)

(179

)

Tenant allowance finance leases

2,212

Net share settlement for equity-based compensation

(6,660

)

(3,633

)

Net cash provided by financing activities

18,131

11,279

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

15,659

(42,572

)

CASH AND CASH EQUIVALENTS —Beginning of period

28,519

59,273

CASH AND CASH EQUIVALENTS—End of period

44,178

16,701

(1) RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

In addition to disclosing financial results that are determined in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company believes it is useful to present

non-GAAP financial measures that exclude certain significant items as a means to understand the performance of its business, and to enable comparability of operating performance between periods. Additionally, the Company’s management regularly

uses our non-GAAP financial measures to make operating decisions, for planning and forecasting purposes. EBITDA, adjusted EBITDA, and total liquidity are measures not recognized in financial statements presented in accordance with GAAP.

•

We define EBITDA as income (loss) before net interest expense (interest income), provision (benefit) for income taxes, depreciation and amortization.

•

We define adjusted EBITDA as EBITDA plus stock-based compensation expense and adjustments for items not considered part of the Company’s normal recurring operations.

•

We define total liquidity as the Company’s cash and cash equivalents and available borrowings under our credit facility.

EBITDA,

adjusted EBITDA, and total liquidity are presented because we believe they are useful indicators of the Company’s performance and ability to make strategic investments and meet capital expenditures and debt service requirements. However, they are

not intended to represent cash flows from operations as defined by GAAP and should not be used as an alternative to net income (loss) as indicators of operating performance or cash flow as a measure of liquidity. EBITDA, adjusted EBITDA, and

total liquidity are not necessarily comparable to similarly titled measures used by other companies.

Adjusted EBITDA excludes non-cash stock-based compensation and one-time, non-recurring items. Historically Adjusted EBITDA has excluded pre-opening costs, as well as net

operating losses from new campuses, for up to four quarters after the campus opening, or until the campus becomes profitable, whichever occurs first. Beginning in fiscal year 2026, the Company no longer adjusts adjusted EBITDA for pre-opening costs

and net operating losses from new campuses and program expansions. Going forward, adjusted EBITDA will reflect only the add-back of non-cash stock-based compensation and other non-recurring items, if any. Prior period amounts in this release have

been recast to conform to the current methodology.

The following is a reconciliation of net income (loss) to EBITDA and adjusted EBITDA, as well as a presentation of total liquidity (in thousands):

Three Months Ended June 30,

(Unaudited)

Consolidated

Campus Operations

Corporate

2026

2025

2026

2025

2026

2025

Net income (loss)

1,946

1,554

20,946

18,704

(19,000

)

(17,150

)

Interest expense, net

1,051

802

603

605

448

197

Provision for income taxes

315

522

315

522

Depreciation and amortization

7,789

4,710

7,655

4,545

134

165

EBITDA

11,101

7,588

29,204

23,854

(18,103

)

(16,266

)

Stock-based compensation expense

1,615

1,343

1,615

1,343

Adjusted EBITDA

12,716

8,931

29,204

23,854

(16,488

)

(14,923

)

Six Months Ended June 30,

(Unaudited)

Consolidated

Campus Operations

Corporate

2026

2025

2026

2025

2026

2025

Net income (loss)

6,302

3,499

48,119

39,782

(41,817

)

(36,283

)

Interest expense, net

1,858

1,389

1,178

1,199

680

190

Provision for income taxes

1,559

1,404

1,559

1,404

Depreciation and amortization

15,421

8,472

15,155

8,145

266

327

EBITDA

25,140

14,764

64,452

49,126

(39,312

)

(34,362

)

Stock-based compensation expense

3,059

2,548

3,059

2,548

Adjusted EBITDA

28,199

17,312

64,452

49,126

(36,253

)

(31,814

)

As of

June 30, 2026

Cash and cash equivalents

44,178

Available liquidity under Credit facility

99,000

Total Liquidity

143,178

*As of June 30, 2026, $26.0 million was outstanding under the revolving credit facility.

The tables below presents operating income (loss) (in thousands) for the three and six months ended June 30, 2026:

Three Months Ended June 30,

Operating Income (loss):

2026

2025

% Change

Campus Operations

21,548

19,309

11.6

Corporate

(18,236

)

(16,431

)

11.0

Total

3,312

2,878

15.1

Six Months Ended June 30,

Operating Income (loss):

2026

2025

% Change

Campus Operations

49,297

40,982

20.3

Corporate

(39,578

)

(34,690

)

14.1

Total

9,719

6,292

54.5

Information included in the table below provides student starts and population with a breakdown by Transportation and Skilled Trade programs and Healthcare and Other

Professions programs.

Population by Program:

Three Months Ended June 30,

2026

2025

2025*

% Change

% Change*

Starts:

Transportation and Skilled Trades

4,844

2,350

4,802

106.1

0.9

Healthcare and Other Professions

1,125

807

1,119

39.4

0.5

Total

5,969

3,157

5,921

89.1

0.8

Average Population:

Transportation and Skilled Trades

14,714

11,920

12,329

23.4

19.3

Healthcare and Other Professions

3,628

3,634

3,685

(0.2

(1.5

Total

18,342

15,554

16,014

17.9

14.5

End of Period Population:

Transportation and Skilled Trades

15,302

11,050

13,502

38.5

13.3

Healthcare and Other Professions

3,602

3,306

3,618

9.0

(0.4

Total

18,904

14,356

17,120

31.7

10.4

Six Months Ended June 30,

2026

2025

2025*

% Change

% Change*

Starts:

Transportation and Skilled Trades

9,241

5,901

8,353

56.6

10.6

Healthcare and Other Professions

2,237

1,866

2,178

19.9

2.7

Total

11,478

7,767

10,531

47.8

9.0

Average Population:

Transportation and Skilled Trades

14,705

11,807

12,012

24.5

22.4

Healthcare and Other Professions

3,610

3,704

3,730

(2.5

(3.2

Total

18,315

15,511

15,742

18.1

16.3

End of Period Population:

Transportation and Skilled Trades

15,302

11,050

13,502

38.5

13.3

Healthcare and Other Professions

3,602

3,306

3,618

9.0

(0.4

Total

18,904

14,356

17,120

31.7

10.4

* 2025 figures include 2,764 student starts on July 1, 2025, to align with comparable student start activity in the current year during the last week of June 2026, returning to our typical start schedule.

The reconciliations provided below represent management’s projections of various components included in our outlook for the full year 2026. These calculations are for

illustrative purposes and will be reviewed as the year progresses to reflect actual results, our outlook and continued relevance of specific items. Any revisions or modifications, if necessary, will be disclosed in future announcements of 2026

quarterly results. Adjusted EBITDA and net income have been reconciled to the midpoint of our guidance.

Reconciliation of Net Income to Adjusted EBITDA - 2026 Guidance

(Reconciled to the Mid-Point of 2026 Guidance)

Adjusted

EBITDA

Net Income

24,500

Interest expense, net

4,000

Provision for taxes

10,300

Depreciation and amortization

33,000

EBITDA

71,800

Stock-based compensation expense

6,200

Total

78,000

2026 Guidance Range

76,000 - $80,000

LINCOLN EDUCATIONAL SERVICES CORPORATION

Brian Meyers, CFO

973-736-9340

EVC GROUP LLC

Investor Relations: Michael Polyviou, mpolyviou@evcgroup.com, 732-933-2754

Media Relations: Tom Gibson, 201-476-0322

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