---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-22-040228"
form_type: "8-K"
ticker: "LINC"
cik: "0001286613"
company_name: "LINCOLN EDUCATIONAL SERVICES CORP"
filed_at: "2022-11-07T23:59:59+00:00"
generated_at: "2026-06-22T05:03:33.167845+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Lincoln Educational Q3 revenue $91.8M, net income $3.5M; reiterates FY guidance

## Summary
- Q3 revenue $91.8M (+3.1% YoY); net income $3.5M, EPS $0.10; adjusted EBITDA $7.4M.
- Student starts declined 9.2% while average revenue per student rose 5.9%; full-year revenue guidance reaffirmed at $340-350M.
- Board approved closing Somerville, MA campus with estimated $2.0M costs; teach-out for ~300 students ending by Dec 2023.
- Repurchased 668,440 shares for $4.2M in Q3; terminated credit agreement (no outstanding debt); cash $69.6M.

## SEC filing metadata
- accession: 0001140361-22-040228
- form_type: 8-K
- ticker: LINC
- cik: 0001286613
- company_name: LINCOLN EDUCATIONAL SERVICES CORP
- filed_at: 2022-11-07T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1286613/000114036122040228/0001140361-22-040228-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1286613/000114036122040228/brhc10043755_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-22-040228
- JSON: https://secwatch.observer/filing/0001140361-22-040228.json
- Plain text: https://secwatch.observer/filing/0001140361-22-040228.txt

## Key facts
- Earnings Releases
  LINCOLN EDUCATIONAL SERVICES CORP reported third quarter ended September 30, 2022 results: revenue $91.8 million, net income $3.5 million, EPS $0.10.
  - Period: third quarter ended September 30, 2022
  - Revenue: $91.8 million
  - Net income: $3.5 million
  - EPS: $0.10
  - Result: reported results
  source text: and financial results for the third quarter as well as recent business developments. Third Quarter 2022 Financial Highlights and Recent Operating Developments • Revenue of $91.8 million • Net income of $3.5 million • Adjusted EBITDA* of $7.4 million • Earnings per share of $0.10 • Cash of $69.6 million and debt free • Repurchased 668,440 shares of Company common
  evidence_url: https://www.sec.gov/Archives/edgar/data/1286613/000114036122040228/0001140361-22-040228-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.