LINC FINANCIAL STATEMENTS

Lincoln Educational Services — balance sheet, income statement and cash flow trends

LINCLincoln Educational Services

🇺🇸 USA · NASDAQ · Consumer Defensive · Education & Training Services

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue544.7 M $+19.9%

Gross Profit328.3 M $+22.5%

Operating Income33.1 M $+75.9%

EBITDA57.1 M $+68.5%

Net Income22.4 M $+86.0%

Peer Comparison· Education & Training Services

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
LINC	19.9%	60.3%	10.5%	4.1%
NWC	-0.5%	31.7%	13.0%	5.4%
ULVR	-16.2%	46.9%	22.0%	11.9%
GUNDG	-31.4%	4.1%	-5.3%	-5.2%
BATS	-1.0%	61.4%	49.0%	30.2%
TABGD	21.7%	15.6%	18.8%	4.9%
Industry median	8.6%	56.0%	13.3%	5.4%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
LINC	19.9%	60.3%	10.5%	4.1%
STRA	3.0%	49.3%	18.0%	10.2%
PRDO	17.7%	71.1%	31.9%	19.9%
UTI	11.0%	48.6%	12.9%	4.9%
COUR	9.8%	54.8%	-3.8%	-8.2%
LOPE	7.4%	53.3%	29.1%	19.5%
Industry median	8.6%	56.0%	13.3%	5.4%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity198.8 M $41%
Current Liabilities92.3 M $19%
Long-term Liabilities195.6 M $40%

Key Figures

YoY change

Total Assets486.7 M $+13.9%

Total Liabilities287.9 M $+15.3%

Total Equity198.8 M $+11.8%

Cash & ST Investments16.7 M $-41.8%

Total Debt206.6 M $+17.2%

Net Debt189.9 M $+28.6%

Peer Comparison· Education & Training Services

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
LINC	0.83	103.9%	3.32	40.8%
NWC	2.12	57.0%	0.98	49.9%
ULVR	0.79	190.6%	2.21	22.0%
GUNDG	8.18	4.7%	6.99	84.5%
BATS	0.87	74.6%	2.54	43.9%
TABGD	1.56	27.9%	0.02	61.2%
Industry median	1.16	29.8%	-0.00	49.7%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
LINC	0.83	103.9%	3.32	40.8%
STRA	1.16	6.7%	-0.21	78.6%
PRDO	4.82	6.0%	-4.77	77.6%
UTI	1.17	93.0%	1.38	39.9%
COUR	2.47	—	—	63.1%
LOPE	2.75	15.0%	-0.45	71.9%
Industry median	1.16	29.8%	-0.00	49.7%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow72.3 M $+101.5%

Capital Expenditures81.4 M $+8.4%

Free Cash Flow-9.1 M $—

Dividends Paid——

Peer Comparison· Education & Training Services

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
LINC	13.3%	-1.7%	14.9%	322.4%
NWC	10.5%	5.4%	5.1%	193.6%
ULVR	15.4%	12.7%	2.8%	130.0%
GUNDG	-26.6%	-3.7%	22.9%	511.0%
BATS	19.2%	17.0%	2.2%	63.5%
TABGD	16.6%	9.7%	9.4%	340.6%
Industry median	12.5%	10.6%	3.2%	134.3%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
LINC	13.3%	-1.7%	14.9%	322.4%
STRA	17.2%	13.7%	3.5%	168.0%
PRDO	26.8%	25.8%	1.0%	134.9%
UTI	9.5%	0.2%	9.3%	192.7%
COUR	11.6%	10.8%	0.8%	-141.0%
LOPE	26.1%	23.1%	3.0%	133.7%
Industry median	12.5%	10.6%	3.2%	134.3%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 2, 26. This content is for informational purposes only and is not investment advice.