Lincoln Educational Services Corporation (LINC) Q3 2025 Earnings Call Transcript
Revenue $141.4 million, an increase of 25.4% year-over-year. The growth was driven by continued momentum in student starts year-to-date.
Student Starts Approximately 6,400, representing a 6% growth year-over-year. This growth was achieved despite a high comparative base from the prior year, driven by strong demand and successful program additions and expansions.
Revenue per Student Increased by 4.8% year-over-year, reflecting tuition increases and the timing of book and tool revenue.
Average Student Population Grew by nearly 20% year-over-year, with the ending population increasing by about 17% to 18,200 students compared to 15,600 in the prior year.
Adjusted EBITDA $16.9 million, a 65.1% increase year-over-year from $10.2 million. This improvement was driven by efficiencies from the Lincoln 10.0 hybrid teaching model, improved space utilization, and lower instructional costs as a percentage of revenue.
Net Income $3.8 million compared to $4 million in the prior year. Adjusted net income was $6.3 million or $0.20 per diluted share, representing a 54.9% increase year-over-year.
Cash from Operations $23.9 million for the quarter, contributing to a year-to-date total of $15.8 million. This reflects strong cash generation in the second half of the year.
Capital Expenditures Approximately $21.7 million for the quarter and $68.1 million for the first nine months of the year, primarily tied to growth initiatives such as campus relocations and the build-out of the new Houston campus.
Trade with 70% Backtested Accuracy
Analyst Views on LINC
About LINC
About the author

Pullen Investment Management Reduces Stake in TETRA Technologies
- Stake Reduction: Pullen Investment Management sold 384,274 shares of TETRA Technologies in Q4 2026, with an estimated transaction value of $2.96 million, reflecting a cautious strategy amid stock price fluctuations.
- Decline in Position Value: The reduction resulted in a $1.08 million decrease in TETRA's position value within Pullen's portfolio, highlighting the stock's volatility and its impact on investment strategies.
- Strong Market Performance: As of January 16, 2026, TETRA shares were priced at $11.57, marking a 132% increase over the past year, significantly outperforming the S&P 500 by 114 percentage points, indicating a notable improvement in the company's profitability.
- Investment Strategy Shift: Following the stake reduction in TETRA, Pullen continues to allocate funds into lower-risk index funds, demonstrating a focus on risk management amid cyclical fluctuations in the energy sector.

Super Micro Computer (SMCI) Options Trading Volume Hits 96,481 Contracts, Record High
- Surge in Options Trading: Super Micro Computer (SMCI) recorded an options trading volume of 96,481 contracts today, equivalent to approximately 9.6 million shares, representing 48.7% of its average daily trading volume over the past month, indicating heightened market interest in its future performance.
- Focus on Specific Strike Price: Notably, the $23 strike put option has seen significant activity with 4,628 contracts traded today, involving around 462,800 underlying shares, reflecting investor expectations regarding potential downside risks in the stock's price.
- Increased Market Activity: In comparison, Lincoln Educational Services Corp (LINC) has also shown robust options trading with 922 contracts traded today, accounting for 47.9% of its average daily volume, suggesting rising market activity in the education sector as well.
- Investor Sentiment Shift: The notable increase in options trading volumes for both SMCI and LINC, significantly above their historical averages, suggests a cautiously optimistic outlook among investors regarding the future price movements of these companies, which may influence their stock price volatility.






