Q4 2025 Lincoln Educational Services Corp Earnings Call Transcript
Key Points
- Lincoln Educational Services Corp (LINC) achieved a 15.7% growth in student starts during the fourth quarter of 2025, marking 13 consecutive quarters of growth.
- The company reported a near doubling of net income and a 51.7% increase in adjusted EBITDA during the fourth quarter.
- Lincoln Educational Services Corp (LINC) successfully relocated and expanded campuses in Nashville, Philadelphia, and Houston, contributing to increased student enrollment and program offerings.
- The company has a strong pipeline for future growth with plans to open new campuses in Hicksville, New York, and Rowlett, Texas, in 2026 and 2027, respectively.
- Lincoln Educational Services Corp (LINC) has established successful corporate partnerships, such as with New Jersey Transit and Johnson Controls, enhancing training opportunities and profitability.
- The company experienced a decline in its graduation rate by about 200 basis points to approximately 67.5% in 2025.
- Healthcare and other professions programs saw a decline in starts, partly due to the strategic exit from the culinary program and previous enrollment restrictions at the Paramus nursing campus.
- Despite strong overall growth, the company anticipates approximately $10 million in losses related to new campuses and program development in 2026.
- Capital expenditures exceeded guidance due to accelerated construction activities, impacting cash flow and requiring the use of credit facilities.
- The company faces challenges in expanding its high school share program due to slow-moving school district partnerships, limiting immediate growth potential in this area.
Ladies and gentlemen, thank you for standing by. Welcome to the fourth-quarter 2025 Lincoln Educational Services earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to turn the conference over to Michael Polyviou, please go ahead.
Thank you, Michelle. Good morning, everyone. Before the market opened today, Lincoln Educational Services issued new to recording financial results for the fourth quarter and full year ended December 31, 2025, as well as recent corporate developments. The release is available on the Investor Relations portion of the company's corporate website at www.lincolntech.edu.
Joining us today on the call are Scott Shaw, CEO and President; and Brian Meyers, Chief Financial Officer and Executive Vice President. Today's call will be recorded and is being broadcast live on the company's website, and a replay of the call will be
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