---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-23-038529"
form_type: "8-K"
ticker: "LINC"
cik: "0001286613"
company_name: "LINCOLN EDUCATIONAL SERVICES CORP"
filed_at: "2023-08-08T23:59:59+00:00"
generated_at: "2026-06-12T00:58:43.822861+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Lincoln Educational Q2 revenue up 9.8% to $88.2M; raises FY2023 guidance

## Summary
- Revenue grew 9.8% to $88.2M, driven by 17.9% increase in new student starts and 8.6% higher revenue per student.
- Adjusted EBITDA of $2.4M; net gain of $30.9M from sale of Nashville property, net proceeds $33.3M.
- Full-year 2023 revenue guidance raised to $360M-$370M, adjusted EBITDA to $22M-$26M, adjusted net income to $10M-$13M.
- Student start growth refined to upper end of prior range: 6%-10% (excluding ~150 starts shifted to 2024).
- Closed sale of Nashville campus for $33.8M; entered rent-free lease for up to 15 months while relocating.

## SEC filing metadata
- accession: 0001140361-23-038529
- form_type: 8-K
- ticker: LINC
- cik: 0001286613
- company_name: LINCOLN EDUCATIONAL SERVICES CORP
- filed_at: 2023-08-08T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1286613/000114036123038529/0001140361-23-038529-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1286613/000114036123038529/brhc20057056_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-23-038529
- JSON: https://secwatch.observer/filing/0001140361-23-038529.json
- Plain text: https://secwatch.observer/filing/0001140361-23-038529.txt

## Key facts
- Earnings Releases
  LINCOLN EDUCATIONAL SERVICES CORP reported second quarter ended June 30, 2023 results: revenue $88.2 million. Guidance raised.
  - Period: second quarter ended June 30, 2023
  - Revenue: $88.2 million
  - Guidance: raised
  - Result: reported results
  source text: Second Quarter 2023 Financial Highlights and Recent Operating Developments * • Revenue grew 9.8% to $88.2 million • New student starts increased 17.9% • Adjusted EBITDA of $2.4 million • Total liquidity of $95 million; No debt outstanding • Raising outlook for revenues and earnings for the full year and refining outlook for start growth to the upper end of previous range
  evidence_url: https://www.sec.gov/Archives/edgar/data/1286613/000114036123038529/0001140361-23-038529-index.htm

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