Lincoln Educational Services (NASDAQ:LINC) reported fourth-quarter results that handily beat Wall Street expectations, fueled by a sharp rise in student enrollments and heightened national demand for skilled trades.
The Parsippany, New Jersey-based provider of vocational education saw revenue climb 19.7% year-over-year to $142.9 million, surpassing the analyst consensus of $133.6 million.
The top-line growth was supported by a significant increase in the student population, which reached 17,046 at year-end, up 12.6% from the previous year.
The company’s profitability also exceeded targets.
GAAP earnings per share for the quarter came in at $0.40, a 17.6% beat over the $0.34 expected by analysts.
Adjusted EBITDA rose to $29.1 million, representing a healthy 20.4% margin, as the company benefited from operational efficiencies and its "Lincoln 10" hybrid teaching model.
While Lincoln’s GAAP EPS guidance for 2026 ($0.69 at the midpoint) initially appeared to lag consensus estimates, its revenue and EBITDA outlooks painted a more aggressive growth picture.
The company projects 2026 revenue between $580 million and $590 million, roughly 5.4% above previous analyst forecasts.
It also expects EBITDA to reach $74 million at the midpoint, signaling that the company is prioritizing market share and campus expansion over immediate bottom-line maximization.