Lincoln Educational Services Reports Strong Q4, Full Year 2024 Financial Results and Provides Robust Outlook for 2025

Lincoln Educational Services Corporation announced robust financial results for the fourth quarter and full year 2024, underlining strong growth across key operating metrics and a promising outlook for 2025.

For the fourth quarter ended December 31, 2024, the company saw revenue rise 16.4% to $119.4 million. Driving the quarter’s success were a 9.6% increase in student starts and a 14.1% growth in the quarter-end student population. The company reported net income of $6.8 million and generated an adjusted EBITDA of $19.2 million. Additionally, operating cash flow reached $30.3 million, supporting a balance sheet boasting nearly $100 million in liquidity with no debt outstanding.

On a full-year basis, revenues increased 16.4% to $440.1 million compared to the previous year, while student starts grew by 15.2%. Net income for 2024 was $9.9 million, and adjusted EBITDA reached $42.3 million, with the company achieving or surpassing its guidance ranges for all key financial metrics.

In addition to its strong financial performance, Lincoln Educational Services highlighted recent business developments aimed at supporting its growth initiatives. The company entered into a lease agreement for a new campus in Hicksville, New York, set to become its second location in the New York City metro area. Concurrently, it completed the sale of its Summerlin, Las Vegas campus—a move that contributed a loss on sale of assets in the fourth quarter. These strategic actions are aligned with the company’s efforts to expand its footprint and respond to increasing demand for career-oriented education.

Looking forward to 2025, management provided guidance with revenue expectations between $480 million and $490 million, adjusted EBITDA ranging from $55 million to $60 million, and net income projected between $8 million and $13 million. The guidance also includes capital expenditure estimates of $70 million to $75 million and anticipates student start growth in the range of 8% to 12%. The company’s continued investments in operational efficiency—exemplified by the rollout of its hybrid teaching platform, Lincoln 10.0—and plans to open additional campuses in key markets support its growth strategy.

“We had a very strong finish to 2024, achieving or exceeding all of our guidance metrics while continuing to invest in our growth strategies,” said Scott Shaw, President and CEO. “By focusing on providing high value training to our students and corporate partners, we are meeting the rising demand for educational alternatives to traditional four-year college degrees while expanding employers’ ability to fill their workforce skills gap.”

Lincoln Educational Services’ strong performance in 2024, combined with its strategic campus expansion and robust financial position, sets the stage for continued growth and operational success in 2025.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Lincoln Educational Services’s 8K filing here.

About Lincoln Educational Services

Lincoln Educational Services Corporation, together with its subsidiaries, provides various career-oriented post-secondary education services to high school graduates and working adults in the United States. The company operates in two segments, Campus Operations and Transitional. It offers associate's degree, and diploma and certificate programs in automotive technology; skilled trades programs, including electrical, heating and air conditioning repair, welding, computerized numerical control, and electrical and electronic systems technology; health science programs comprising licensed practical nurse, registered nurse, dental assistant, medical assistant, medical administrative assistant, and claims examiner; hospitality service and information technology programs, such as culinary, therapeutic massage, cosmetology, aesthetics, and computer systems support technicians.