---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-23-051529"
form_type: "8-K"
ticker: "LINC"
cik: "0001286613"
company_name: "LINCOLN EDUCATIONAL SERVICES CORP"
filed_at: "2023-11-06T23:59:59+00:00"
generated_at: "2026-06-08T19:13:49.122261+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Lincoln Ed Q3: revenue $99.5M (+10.5%), EPS $0.07, raises FY2023 guidance

## Summary
- Revenue grew 10.5% to $99.5M; adjusted EBITDA $6.1M; EPS $0.07.
- New student starts up 7.1%; average revenue per student up 7.3%.
- Full-year guidance raised: revenue $370–375M, adjusted EBITDA $24–26M, student start growth 8–11%.
- New Houston campus (100k sq ft) announced; Nashville/Philadelphia relocations/expansions; Atlanta campus on track for Q1 2024.
- No debt outstanding; total liquidity $70.3M.

## SEC filing metadata
- accession: 0001140361-23-051529
- form_type: 8-K
- ticker: LINC
- cik: 0001286613
- company_name: LINCOLN EDUCATIONAL SERVICES CORP
- filed_at: 2023-11-06T23:59:59+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/1286613/000114036123051529/0001140361-23-051529-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1286613/000114036123051529/ef20014081_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-23-051529
- JSON: https://secwatch.observer/filing/0001140361-23-051529.json
- Plain text: https://secwatch.observer/filing/0001140361-23-051529.txt

## Key facts
- Earnings Releases
  LINCOLN EDUCATIONAL SERVICES CORP reported the third quarter ended September 30, 2023 results: revenue $99.5 million, EPS $0.07. Guidance raised.
  - Period: the third quarter ended September 30, 2023
  - Revenue: $99.5 million
  - EPS: $0.07
  - Guidance: raised
  - Result: reported results
  source text: Third Quarter 2023 Financial Highlights and Recent Operating Developments * • Revenue grew 10.5% to $99.5 million • New student starts increased 7.1% • Adjusted EBITDA of $6.1 million • Earnings per share of $0.07 • Total liquidity of $70.3 million; no debt outstanding • Recently announced strategic growth plans include new Houston campus and relocation and expansion of Nashville and Philadelphia campuses • Raised outlook for full year revenue, student starts and adjusted net income; raised lower end of adjusted EBITDA range; reduced 2023 capital expenditures due to timing *Note: The highlighted financial results exclude the Transitional segment.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1286613/000114036123051529/0001140361-23-051529-index.htm

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