Key Highlights

  • Lincoln Educational (NASDAQ:LINC) closed up 24.58% on November 9, 2026, after reporting third-quarter Revenue of USD 159.2 million, up 12.6% from USD 141.4 million a year earlier.
  • Student starts rose 14.2% to 7,362 on a comparable basis, the average student population grew 10.9%, and the ending population reached 20,325, up 11.4%.
  • Adjusted EBITDA increased 30.8% to USD 17.4 million, Net Income rose 24.1% to USD 4.7 million, and diluted Earnings were USD 0.15 per share against USD 0.12.
  • The company raised 2026 revenue guidance to USD 600 million to USD 605 million and narrowed expected start growth to 10% to 12%, while keeping its earnings outlook.

What Drove the Quarter

Lincoln Educational (NASDAQ:LINC) trains students for skilled trades such as automotive repair, HVAC, electrical work and welding, and in some campuses healthcare roles. Demand for these programs has risen as employers struggle to Fill technical jobs and more young people question the cost of four-year degrees. That trend shows in the numbers. Revenue growth was driven by a larger student body, and Operating Income rose 22.5% to USD 7.7 million. Operating Cash Flow was much stronger at USD 34.9 million, compared with USD 23.9 million a year earlier. For the first nine months, revenue rose 18.7% to USD 445.7 million and adjusted EBITDA climbed 49.0% to USD 45.6 million. The start comparison excludes 2,764 starts from a legacy enrollment date in July 2025; on a reported basis, starts were lower, which investors should keep in mind when reading the growth rate. Liquidity stood at about USD 136 million at September 30, and a November amendment to the revolving Credit Facility added flexibility for borrowing, repayment and share repurchases.

Guidance, Campuses and Buybacks

The new revenue range of USD 600 million to USD 605 million compares with a previous range of USD 590 million to USD 600 million. Adjusted EBITDA guidance was held at USD 76 million to USD 80 million, including about USD 10 million of losses from new campuses and growth initiatives, and diluted earnings guidance stayed at USD 0.74 to USD 0.83 per share. Expansion continues. A second New York campus in Hicksville is expected to start its first class in November 2026, a focused-program campus in Suitland, Maryland is planned for the fourth quarter of 2027, and a first Arizona campus in Tempe is targeted for the first quarter of 2028. The company bought back 871,135 shares for about USD 21.0 million in the quarter and raised its authorization by USD 30 million to USD 70 million. It also purchased its previously leased Melrose Park, Illinois campus for USD 18.8 million.

Risks and What to Watch

The Business depends on federal student aid, so any change in Title IV rules or enforcement would affect enrollment and cash flow. New campuses carry start-up losses, and Capital spending of USD 95 million to USD 100 million in 2026 is high relative to earnings. A strong labor market can reduce enrollment, because potential students take jobs instead of training. Lincoln Educational (NASDAQ:LINC) also reiterated 2030 targets of USD 850 million of revenue and USD 150 million of EBITDA, which leave little room for delays in campus openings. After a 24.58% jump, the shares already price in a good part of that plan.

Where Things Stand

Lincoln Educational soared 24.58% after a quarter of double-digit revenue and start growth, a 30.8% rise in adjusted EBITDA and a higher 2026 revenue outlook. Earnings guidance was unchanged because of Investment in new campuses. Investors will watch fourth-quarter starts, the opening of the Hicksville campus, the pace of buybacks, and any policy change affecting federal student aid.