LINCOLN EDUCATIONAL SERVICES CORP

Lincoln Educational Services Corporation (NASDAQ: LNCE) operates as a diversified provider of career-oriented postsecondary education serving recent high school graduates and working adults across the United States. The company's website is www.lincolneducational.com.

As of December 31, 2025, Lincoln operates 22 campuses across 12 states under three primary brands: Lincoln Technical Institute, Lincoln College of Technology, and Nashville Auto Diesel College. The company serves approximately 17,046 enrolled students and employs approximately 2,590 people, including roughly 650 full-time instructors and 400 part-time instructors. Five of the company's campuses function as destination schools attracting students nationally and internationally, while the remaining campuses primarily serve local and regional communities.

Lincoln's educational offerings span four primary areas of study: skilled trades, automotive, health sciences, and information technology. Skilled trades represent the largest segment at 52 percent of average student enrollment, followed by automotive at 26 percent and health sciences and information technology at 22 percent. Programs range from diploma and certificate offerings lasting 27 to 104 weeks with tuition from $14,500 to $44,000, to associate degree programs lasting 77 to 94 weeks with tuition from $34,000 to $43,000. The company offers programs in electrical systems, HVAC, welding, CNC machining, automotive technology, collision repair, diesel truck service, medical assisting, dental assisting, licensed practical nursing, and computer systems support.

The company generates revenue primarily through Title IV federal student financial aid programs, which accounted for approximately 84.7 percent of revenues on a cash basis for fiscal year 2025. Additional revenue sources include veterans' benefits programs representing approximately 4.8 percent of revenues. Lincoln's business is organized into two reportable segments: Campus Operations, encompassing all continuing campuses, and Transitional, for campuses marked for closure or held for sale.

Lincoln maintains national accreditation through the Accrediting Commission of Career Schools and Colleges and operates under extensive federal and state regulatory oversight. The company is expanding geographically with new campuses planned for Hicksville, New York and Rowlett, Texas, while implementing a hybrid teaching platform called Lincoln 10.0 designed to enhance flexibility and scalability across its operations.