LINC on Nasdaq

Lincoln Group of Schools

Logo: lincolnedu.com4

American for-profit vocational schools

Lincoln Tech is an American group of for-profit postsecondary vocational institutions headquartered in Parsippany, New Jersey with campuses in Colorado, Connecticut, Georgia, Illinois, Indiana, Maryland, New Jersey, New York, Pennsylvania, Rhode Island, Tennessee, and Texas. Each campus is owned and operated by Lincoln Educational Services Corporation (Nasdaq: LINC), a provider of career-oriented post-secondary education.3 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

1946Founded1

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  • TickerLINC on Nasdaq1
  • IndustryServices-Educational Services1
  • HeadquartersParsippany, New Jersey1
  • Websitewww.lincolnedu.com
  • Incorporated inNJ5
  • Business address14 Sylvan Way, Suite A, Parsippany, Nj 070545
  • Filer categoryAccelerated filer5
Lincoln Group of Schools image from its website
Image: lincolnedu.com4

Lincoln Tech is an American group of for-profit postsecondary vocational institutions headquartered in Parsippany, New Jersey with campuses in Colorado, Connecticut, Georgia, Illinois, Indiana, Maryland, New Jersey, New York, Pennsylvania, Rhode Island, Tennessee, and Texas. Each campus is owned and operated by Lincoln Educational Services Corporation (Nasdaq: LINC), a provider of career-oriented post-secondary education.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

5.8%Operating margin8
3.9%Net margin8
17.8%Revenue growth, 20258
10.0%Return on equity8
-$27.3MFree cash flow8

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue40¢$205.4M
  • Selling, general and admin55¢$282.9M
  • Interest1¢$3.4M
  • Income tax1¢$6.1M
  • Profit4¢$20.0M

Out of $518.2M in revenue.8

Where each dollar of operating cash went, fiscal 2025

  • Capital spending100¢$86.6M

Out of $59.3M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.8

Financial statements

Revenue91011128$518.2M in 2025+90% since 2019
0$200.0M$400.0M$600.0M2019: $273.3M$273.3M20192020: $293.1M$293.1M2020+7%2021: $335.3M$335.3M2021+14%2022: $348.3M$348.3M2022+4%2023: $378.1M$378.1M2023+9%2024: $440.1M$440.1M2024+16%2025: $518.2M$518.2M2025+18%
Operating income91011128$30.3M in 2025+479% since 2019
0$20.0M$40.0M$60.0M2019: $5.2M$5.2M20192020: $14.8M$14.8M2020+182%2021: $49.3M$49.3M2021+233%2022: $16.3M$16.3M2022−67%2023: $33.4M$33.4M2023+105%2024: $15.2M$15.2M2024−55%2025: $30.3M$30.3M2025+100%
Net income91011128$20.0M in 2025+892% since 2019
0$20.0M$40.0M$60.0M2019: $2.0M$2.0M20192020: $48.6M$48.6M2020+2310%2021: $34.7M$34.7M2021−29%2022: $12.6M$12.6M2022−64%2023: $26.0M$26.0M2023+106%2024: $9.9M$9.9M2024−62%2025: $20.0M$20.0M2025+102%

Every line of the income statement as filed: the last 3 fiscal years, latest first.8

Period ending2025-12-312024-12-312023-12-31
REVENUE$518.2M$440.1M$378.1M
Educational services and facilities$205.4M$181.8M$162.3M
Selling, general and administrative$282.9M$243.8M$209.1M
Gain on insurance proceeds$0-$2.8M$0
(Gain) loss on sale of assets-$406.0K$2.1M-$30.9M
Impairment of goodwill and long-lived assets$0$0$4.2M
Total costs & expenses$487.9M$424.9M$344.7M
OPERATING INCOME$30.3M$15.2M$33.4M
Interest income$126.0K$2.1M$2.6M
Interest expense-$3.4M-$2.6M-$347.0K
Pension excise tax-$926.0K$0$0
INCOME BEFORE INCOME TAXES$26.1M$14.7M$35.6M
PROVISION FOR INCOME TAXES$6.1M$4.8M$9.6M
NET INCOME$20.0M$9.9M$26.0M
Employee pension plan adjustments, net of taxes-$274.0K$310.0K$924.0K
COMPREHENSIVE INCOME$19.7M$10.2M$26.9M
Net income per common share (in Dollars per share)$0.65$0.32$0.86
Net income per common share (in Dollars per share)$0.64$0.32$0.85
Basic (in Shares)30.9K shares30.6K shares30.1K shares
Diluted (in Shares)31.3K shares30.9K shares30.5K shares
Employee pension plan adjustments, taxes$1.1M$100.0K$300.0K

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Corporate structure

Lincoln Group of Schools sits at the top of its group. 6 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Lincoln Group of Schools

  • Lincoln Group of Schools Parsippany, New Jersey
    • Lincoln Technical Institute, Inc (wholly-owned) Subsidiary · New Jersey, United States
    • LTI Holdings, LLC (wholly-owned through Lincoln Technical Institute, Inc.) Subsidiary · Delaware, United States
    • Nashville Acquisition LLC (wholly-owned through Lincoln Technical Institute, Inc.) Subsidiary · Delaware, United States
    • New England Acquisition, LLC (wholly-owned through Lincoln Technical Institute, Inc.) Subsidiary · Delaware, United States
    • NN Acquisition, LLC (wholly-owned through Lincoln Technical Institute, Inc.) Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Lincoln Group of Schools reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$319.7M8 Dec 31, 2025$244.8M8 Dec 31, 2024+30.6%
Accumulated depreciation$148.1M8 Dec 31, 2025$141.3M8 Dec 31, 2024+4.8%
Property and equipment, net$171.6M8 Dec 31, 2025$103.5M8 Dec 31, 2024+65.7%
Finance-lease assets$25.1M8 Dec 31, 2025$26.7M8 Dec 31, 2024−6.2%
Operating-lease assets (leased space)$154.2M8 Dec 31, 2025$136.0M8 Dec 31, 2024+13.4%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$28.5M8 Dec 31, 2025$59.3M8 Dec 31, 2024−51.9%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$10.7M8 Dec 31, 2025$10.7M8 Dec 31, 20240%

Inventory

ItemLatestA year beforeChange
Inventory, total$4.0M8 Dec 31, 2025$3.1M8 Dec 31, 2024+30.6%

Properties, in its own words

PROPERTIES

As of December 31, 2025, we lease all of our properties. We continue to reevaluate our facilities to maximize our facility utilization and efficiency and to allow us to introduce new programs and attract more students. As of December 31, 2025, all of our existing leases expire between 2025 and 2045.

The rest of Item 2

The following table provides information relating to our facilities as of December 31, 2025, including our corporate office:

Current Locations · Brand · Approximate Square Footage

Columbia, Maryland · Lincoln College of Technology · 111,000

Denver, Colorado · Lincoln College of Technology · 213,000

Grand Prairie, Texas · Lincoln College of Technology · 158,000

Indianapolis, Indiana · Lincoln College of Technology · 126,000

Marietta, Georgia · Lincoln College of Technology · 30,000

Melrose Park, Illinois · Lincoln College of Technology · 88,000

Allentown, Pennsylvania · Lincoln Technical Institute · 25,000

East Windsor, Connecticut · Lincoln Technical Institute · 289,000

Iselin, New Jersey · Lincoln Technical Institute · 32,000

Lincoln, Rhode Island · Lincoln Technical Institute · 66,000

Mahwah, New Jersey · Lincoln Technical Institute · 79,000

Moorestown, New Jersey · Lincoln Technical Institute · 55,000

New Britain, Connecticut · Lincoln Technical Institute · 36,000

Paramus, New Jersey · Lincoln Technical Institute · 30,000

Philadelphia, Pennsylvania · Lincoln Technical Institute · 30,000

Queens, New York · Lincoln Technical Institute · 50,000

Shelton, Connecticut · Lincoln Technical Institute · 57,000

South Plainfield, New Jersey · Lincoln Technical Institute · 60,000

Union, New Jersey · Lincoln Technical Institute · 56,000

East Point, Georgia · Lincoln Technical Institute · 72,000

Houston, Texas · Lincoln College of Technology · 98,000

Nashville, Tennessee · Nashville Auto Diesel College · 124,000

Levittown, Pennsylvania · Lincoln Technical Institute · 91,000

Parsippany, New Jersey · Corporate Office · 17,000

Future Locations · Brand · Approximate Square Footage

Hicksville, New York 1 · Lincoln Technical Institute · 65,000

Rowlett, Texas 2 · Lincoln College of Technology · 88,000

We believe that our facilities are suitable for their intended purposes.

On December 12, 2024, the Company entered into a lease for approximately 65,000 square feet of space to serve as the Company’s new campus in Hicksville, New York. The lease term commenced on September 1, 2025, with an initial lease term of 15 years and 9 months. The lease contains a renewal option allowing for either a 10-year renewal or two five-year renewals.

On September 12, 2025, the Company entered into a lease for approximately 88,000 square feet of space to serve as the Company's campus in Rowlett, a northern suburb of Dallas, Texas. The lease term commenced on November 1, 2025, with an initial lease term of 15 years and 5 months.

Item 2 of the 10-K filed Mar 2, 2026.16

The story

Lincoln Technical Institute was established in 1946 in Newark, New Jersey. The school's founder and first president, J. Warren Davies -- a decorated Army Captain and entrepreneur -- wanted to serve World War II veterans returning from overseas. At Lincoln, these veterans found training programs to help them learn career-specific skills, and transition into civilian careers in diesel engine repair and installation and servicing of air conditioning and heating system (HVAC) equipment.

In 1969, Ryder acquired Lincoln Technical Institute and two other technical schools with campuses in Illinois, Pennsylvania, and New Jersey. In 1975, Lincoln Technical re-incorporated and acquired the locations sold to Ryder as well as six other campuses.

As part of a campaign event in 1992, then President George H. W. Bush spoke at the Lincoln Tech campus in Union, NJ. He was joined by Secretary of Labor Lynn Martin. During the speech he expressed a commitment to job training.

In 2003, Lincoln Educational Services acquired Nashville Auto-Diesel College. The school, located in Nashville, TN on 16 acres of land, was founded in 1919 by H.O. Balls and, at the time of acquisition, had graduated more than 44,000 technicians from around the world.

In 2004, Lincoln Tech began diversifying its program offerings with the purchase of New England Technical Institute, which operated a culinary school in Connecticut.

Lincoln Educational Services Corporation made its initial public stock offering in 2005, trading on the NASDAQ under the symbol LINC.

In 2004 and 2005, Lincoln Tech would continue expanding its footprint in education by acquiring additional schools and bringing the Lincoln Tech mission to new markets. Included in the acquisitions were Southern College of Business, Computer-Ed Business Institute, and Denver Automotive and Diesel College. In December 2005, Lincoln Tech acquired Euphoria Institute of Beauty Arts and Sciences, which marked the school's entry into the salon and spa educational vertical. Twenty years later, Lincoln Tech would sell the school to IntelliTec College.

In October 2009, Lincoln Tech announced the acquisition of Briarwood College in Southington, CT. Lincoln Tech further expanded in 2009 with the addition of five more schools: Baran Institute of Technology, Connecticut Culinary Institute, Americare School of Nursing, Engine City Technical Institute, and Clements College.

Read the full text

Lawsuits and investigations

In 2013, USA Today, based on data from 2009 to 2010, called one of the company's 31 campuses a "Red Flag school", one which has "a higher loan default rate than graduation rate."

In October 2014, Massachusetts state attorney general Martha Coakley announced an investigation into Lincoln's for-profit schools in the state of Massachusetts. The following year, Lincoln Educational Services agreed to repay approximately $1 million to graduates of its criminal justice program in Somerville and Lowell, Massachusetts. The Massachusetts' Attorney General found that students were unable to find work in their fields of study, and the company included unrelated jobs in its placement data. According to the Boston Globe, "The school also allegedly told recruiters to 'establish unhappiness, create urgency,' and 'bring out the pain' to pressure prospective students to attend the school instead of military or community college. The for-profit school instructed recruiters to contact students at least seven times within the first three days to convince them to enroll."

In 2022, Lincoln Educational Services was one of 153 institutions included in student loan cancellation due to alleged fraud. The class action was brought by a group of more than 200,000 student borrowers, assisted by the Project on Predatory Student Lending, part of the Legal Services Center of Harvard Law School. A settlement was approved in August 2022, stating that the schools on the list were included "substantial misconduct by the listed schools, whether credibly alleged or in some instances proven." Lincoln Educational Services challenged the settlement. The Supreme Court rejected the challenge in April 2023.

From Wikipedia’s article on Lincoln Tech, shared under CC BY-SA 4.0.6

Leadership

Who has led Lincoln Group of Schools, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (39)

Products and brands

Locations

Lincoln Tech has campuses in twelve states:

Colorado: Denver

Connecticut: New Britain, Shelton, East Windsor

Georgia: East Point, Marietta

Read the full text

Illinois: Melrose Park

Indiana: Indianapolis

Maryland: Columbia

New Jersey: Iselin, Mahwah, Moorestown, Paramus, South Plainfield, Union

New York: Queens, Brooklyn (Admissions Office Only)

Pennsylvania: Allentown, Levittown

Rhode Island: Lincoln

Tennessee: Nashville (Nashville Auto-Diesel College)

Texas: Grand Prairie, Houston

Student services

Lincoln Tech provides several services to students and graduates as part of their education and career journey, including:

Financial Aid: Lincoln Tech's Financial Aid Department works with students to create a financial plan for their education. This can include assisting with student loans, scholarships, and a variety of other financial aid programs. Lincoln Tech students are eligible to receive Federal Student Aid.

Academic Support: Lincoln Tech's Educational Department provides additional academic support outside of the classroom including a Learning Resources Center, Student Advising, and tutoring.

Career Services: Lincoln Tech's Career Services Department assists students and graduates with resume writing, interview skills, and job search strategies. Career Days or Career Fairs are also held regularly where local companies are invited to campus to engage students and graduates.

From Wikipedia’s article on Lincoln Tech, shared under CC BY-SA 4.0.6

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • LTI Holdings, LLC (wholly-owned through Lincoln Technical Institute, Inc.) Delaware7
  • Lincoln Technical Institute, Inc (wholly-owned) New Jersey7
  • NN Acquisition, LLC (wholly-owned through Lincoln Technical Institute, Inc.) Delaware7
  • Nashville Acquisition LLC (wholly-owned through Lincoln Technical Institute, Inc.) Delaware7
  • New England Acquisition, LLC (wholly-owned through Lincoln Technical Institute, Inc.) Delaware7

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Aug 10, 20268-K Results of operations68
  2. Jul 10, 20268-K Entered a material agreement; Completed an acquisition or sale; New debt or obligation69
  3. May 13, 20268-K Entered a material agreement70
  4. May 11, 20268-K Shareholder vote; Regulation FD disclosure71
  5. May 11, 20268-K Results of operations72
  6. Apr 16, 20268-K Entered a material agreement; New debt or obligation; Other events73
  7. Mar 19, 20268-K Regulation FD disclosure74
  8. Feb 23, 20268-K Results of operations75
  9. Dec 23, 20258-K Entered a material agreement; Executive or director change76
  10. Nov 10, 20258-K Results of operations77
  11. Aug 11, 20258-K Results of operations78
  12. May 14, 20258-K Shareholder vote; Regulation FD disclosure; Other events79
  13. Dec 10, 2015New chief executive Scott M. Shaw becomes CEO17
  14. Nov 3, 2009New chief executive Shaun McAlmont becomes CEO18
  15. 1946Founded Founded1

Calendar

Coming up

  1. Nov 9, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $0.20 a share, on Nov 10, 2025.80

When it reported results

  1. Aug 10, 2026Reported quarterly or annual results68
  2. May 11, 2026Reported quarterly or annual results72
  3. Feb 23, 2026Reported quarterly or annual results75
  4. Nov 10, 2025Reported quarterly or annual results77
  5. Aug 11, 2025Reported quarterly or annual results78
  6. May 12, 2025Reported quarterly or annual results81
  7. Feb 24, 2025Reported quarterly or annual results82
  8. Nov 12, 2024Reported quarterly or annual results83

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

333 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 44 major events, 172 insider forms, 31 large holders, 66 other. The latest 20:

  1. Aug 10, 20268-K EDGAR
  2. Aug 10, 202610-Q EDGAR
  3. Jul 29, 2026SCHEDULE 13G/A EDGAR
  4. Jul 10, 20268-K EDGAR
  5. Jun 15, 2026144 EDGAR
  6. Jun 15, 20264 EDGAR
  7. Jun 15, 2026SCHEDULE 13D/A EDGAR
  8. Jun 15, 20264 EDGAR
  9. Jun 10, 2026144 EDGAR
  10. Jun 10, 20264 EDGAR
  11. Jun 9, 20264 EDGAR
  12. Jun 5, 2026144 EDGAR
  13. Jun 5, 20264 EDGAR
  14. Jun 4, 20264 EDGAR
  15. Jun 3, 2026144 EDGAR
  16. May 27, 20264 EDGAR
  17. May 18, 20264 EDGAR
  18. May 18, 20264 EDGAR
  19. May 15, 2026SCHEDULE 13G/A EDGAR
  20. May 14, 2026144 EDGAR

The 333 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

128 open-market trades by officers, directors and large owners since October 2021: 6 buys and 122 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 15, 2026LUSTER ALEXANDRA MSVP and General CounselSale18,007$44.64$803.8KForm 4
Jun 12, 2026Juniper Investment Company, LLCSale37,000$46.88$1.7MForm 4
Jun 11, 2026Juniper Investment Company, LLCSale11,812$47.87$565.4KForm 4
Jun 10, 2026Carney Kevin MDirectorSale3,000$48.00$144.0KForm 4
Jun 5, 2026LUSTER ALEXANDRA MSVP and General CounselSale1,993$50.11$99.9KForm 4
Jun 4, 2026Juniper Investment Company, LLCSale25,208$51.13$1.3MForm 4
Jun 3, 2026Pryor Felecia J.DirectorSale2,000$49.70$99.4KForm 4
Jun 3, 2026Juniper Investment Company, LLCSale81,504$50.10$4.1MForm 4
May 22, 2026BURKE JAMES J JRDirectorSale15,807$48.36$764.4KForm 4
May 18, 2026BURKE JAMES J JRDirectorSale16,000$49.54$792.6KForm 4
May 15, 2026Juniper Investment Company, LLCSale1,985$50.11$99.5KForm 4
May 14, 2026BURKE JAMES J JRDirectorSale193$51.76$10.0KForm 4
May 14, 2026Juniper Investment Company, LLCSale47,836$51.16$2.4MForm 4
May 12, 2026Meyers Brian KCFO and TreasurerSale40,070$49.98$2.0MForm 4
Mar 10, 2026Nyce Chad DEVP & Chief Operating OfficerSale8,450$36.50$308.4KForm 4
Mar 6, 2026Young Sylvia JeanDirectorSale7,959$35.81$285.0KForm 4
Mar 2, 2026Plater Michael ADirectorSale17,256$35.73$616.6KForm 4
Feb 26, 2026BURKE JAMES J JRDirectorSale3,214$34.87$112.1KForm 4
Feb 25, 2026BURKE JAMES J JRDirectorSale5,343$34.69$185.3KForm 4
Feb 25, 2026Juniper Investment Company, LLCSale150,000$35.67$5.4MForm 4

All 128 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Scott M. ShawPresident and Chief Executive Officer$650.0K$4.0M95
2025Brian K. MeyersExecutive Vice President, Chief Financial Officer and Treasurer$440.0K$2.0M95
2025Chad D. NyceExecutive Vice President, Chief Operating Officer$440.0K$2.0M95
2025Alexandra M. LusterSenior Vice President, General Counseland Corporate Secretary$308.2K$709.0K95
2025Stephen AceSenior Vice President, Chief Human Resources Officer$300.0K$695.3K95
2024Scott M. ShawPresident and Chief Executive Officer$650.0K$2.6M95
2024Brian K. MeyersExecutive Vice President, Chief Financial Officer and Treasurer$400.0K$1.2M95
2024Chad D. NyceExecutive Vice President, Chief Operating Officer$375.0K$1.2M95
2024Stephen AceSenior Vice President, Chief Human Resources Officer$297.0K$587.1K95
2024Alexandra M. LusterSenior Vice President, General Counseland Corporate Secretary$297.8K$586.8K95
2023Scott M. ShawPresident and Chief Executive Officer$500.0K$2.5M95
2023Brian K. MeyersExecutive Vice President, Chief Financial Officer and Treasurer$359.0K$1.3M95
2023Chad D. NyceExecutive Vice President, Chief Operating Officer$300.0K$877.9K95
2023Alexandra M. LusterSenior Vice President, General Counseland Corporate Secretary$287.0K$630.3K95
2023Stephen AceSenior Vice President, Chief Human Resources Officer$285.0K$628.3K95

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.2,483,081$123.9M0.0%+300,567
Juniper Investment Company, LLC1,732,966$86.5M22.9%−205,345
Needham Investment Management LLC1,325,000$66.1M2.0%+47,500
Alliancebernstein L.P.1,562,856$63.6M0.0%+1,534,396
First Eagle Investment Management, LLC1,231,060$61.4M0.1%+545,830
Vanguard Capital Management LLC1,221,492$61.0M0.0%+19,362
Next Century Growth Investors LLC1,175,462$58.7M3.1%+134,860
Driehaus Capital Management LLC951,576$47.5M0.3%+274,653
Geode Capital Management, LLC877,173$43.8M0.0%+136,404
American Century Companies Inc814,084$40.6M0.0%+5,782
Alyeska Investment Group, L.P.730,658$36.5M0.1%−47,175
Dimensional Fund Advisors LP696,256$34.7M0.0%+1,508
State Street Corp668,753$33.4M0.0%+78,683
Wasatch Advisors LP547,975$27.3M0.2%−229,376
Nicholas Investment Partners, LP531,935$26.5M1.7%+72,426
RBF Capital, LLC499,070$24.9M1.0%No change
Royce & Associates LP450,371$22.5M0.2%+91,707
Goldman Sachs Group Inc437,748$21.8M0.0%+268,724
Prudential Financial Inc428,360$21.4M0.0%+420,940
Vanguard Portfolio Management LLC413,532$20.6M0.0%+116,504
Two Sigma Investments, LP379,909$19.0M0.0%+27,552
Qube Research & Technologies Ltd365,452$18.2M0.0%+320,173
Pillsbury Lake Capital LLC356,187$17.8M4.9%−24,381
Essex Investment Management Co LLC340,366$17.0M2.2%−14,938
Jpmorgan Chase & Co308,949$15.2M0.0%+230,641

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Lincoln Group of Schools is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARLINCOLN EDUCATIONAL SERVICES CORP2
  • CIK0001286613
  • Employer ID (EIN)57-115062116
  • Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company16
  • Incorporated inNew Jersey16
  • Fiscal year endsDecember 312
  • Industry code (SIC)8200 Services-Educational Services2
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance2
  • Business address14 Sylvan Way, Suite A, Parsippany, NJ 070542
  • Phone973-736-93402
  • Shares outstanding31,721,479 as of Aug 10, 202614
  • Public float$624.9M as of Jun 30, 202516
  • AuditorDeloitte & Touche LLP, Morristown, New Jersey PCAOB ID 34; it also attests to the company’s internal control over financial reporting16
  • On EDGAR sinceMar 29, 20052
  • Filings1,259 in all: 4 (644), 8-K (178), SC 13G/A (65), 10-Q (64), 3 (51), 144 (49), CORRESP (25), UPLOAD (24)2
    All 36 form types

    10-K (21), DEF 14A (21), SC 13G (17), SC 13D/A (15), 4/A (11), S-8 (10), SC 13D (6), SCHEDULE 13G/A (6), 3/A (5), 424B3 (5), 8-K/A (5), EFFECT (5), S-3 (5), 424B2 (4), S-1/A (4), SCHEDULE 13D/A (3), ARS (2), DEFA14A (2), S-3/A (2), SCHEDULE 13G (2), 10-K/A (1), 144/A (1), 424B4 (1), 8-A12G (1), D (1), FWP (1), S-1 (1), S-8 POS (1)

  • Latest filingsAnnual report (10-K) Mar 2, 2026
    Quarterly report (10-Q) Aug 10, 2026
    Proxy statement (DEF 14A) Mar 26, 2026
    Latest 8-K (8-K) Aug 10, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, no par value per shareLINCNASDAQ

From the cover page of the 10-K filed Mar 2, 2026 (Section 12(b) of the Exchange Act).16

Risk factors and legal proceedings

The risks Lincoln Group of Schools names in Item 1A of its 10-K filed Mar 2, 2026: 37 risks under these headings, as written.16

  • RISKS RELATED TO OUR INDUSTRY
  • The for-profit postsecondary education industry in which we operate is highly regulated by the federal government and the state governments in which institutions operate as well as by accrediting agencies and our failure to comply with the resulting extensive legal requirements applicable to the industry could result in financial penalties, restrictions on our operations and loss of external financial aid funding and/or eligibility to participate in Title IV Programs which could affect our revenues and impose significant operating restrictions upon us.
  • Among the requirements that we must satisfy is demonstrating to the DOE that we meet its criteria for financial responsibility and administrative capability, and, if we are unable to demonstrate such responsibility and capability, we could lose access to Title IV Program funding which would have a significant impact on our business and results of operations.
  • As our industry is subject to significant federal and state regulations, changes in the executive branch of our federal government as a result of the outcome of elections or other events could result in further legislation, appropriations, executive orders, regulations and enforcement actions that could materially or adversely affect our business.
  • Congress, the President and the DOE may make changes to the DOE or the laws and regulations applicable to, or reduce funding for, Title IV Programs, or may reduce or disrupt the funding for Title IV Programs or cause a federal government shutdown, which could reduce our student population, revenues and/or profit margin.
  • We could be subject to liabilities, letter of credit requirements, and other sanctions under the DOE’s Borrower Defense to Repayment regulations.
  • Our failure to comply with the DOE’s gainful employment and accountability regulations could result in additional disclosure requirements and possible loss of Title IV Program eligibility.
  • The DOE periodically amends its regulations and issues new regulations in a manner which could require us to incur additional costs in connection with our administration of Title IV Programs, affect our ability to remain eligible to participate in Title IV Programs, impose restrictions on our participation in Title IV Programs, affect the rate at which students enroll in our programs, or otherwise have a significant impact on our business and results of operations.
  • We are subject to fines and other sanctions if we make incentive payments to individuals involved in certain recruiting, admissions or financial aid activities, which could increase our cost of regulatory compliance and adversely affect our results of operations.
  • If our schools do not maintain their state licensure and accreditation, they may not participate in Title IV Programs, which could adversely affect our student population and revenues.
  • Under the DOE’s 90/10 Rule, our institutions would lose their eligibility to participate in Title IV Programs if the percentage of their revenues derived from those programs exceeds 90%, which could reduce our student population and revenues.
  • Our institutions would lose their eligibility to participate in Title IV Programs if former students default on repayment of federal student loans in excess of specified levels, which could reduce our student population and revenues.
The other 26 risks
  • Our business could be adversely impacted by additional legislation, regulations, or investigations regarding private student lending because students attending our schools rely on private student loans to pay tuition and other institutional charges.
  • A substantial decrease in student financing options, or a significant increase in financing costs for our students, could have a significant impact on our student population, revenues and financial results.
  • We are subject to sanctions if we fail to correctly calculate and timely return Title IV Program funds for students who withdraw before completing their educational programs, which could increase our cost of regulatory compliance and decrease our profit margin.
  • We are subject to sanctions if we fail to comply with the DOE’s regulations regarding prohibitions against substantial misrepresentations, which could increase our cost of regulatory compliance and decrease our profit margin.
  • While none of our institutions are currently provisionally certified, the DOE could provisionally certify one or more of our institutions in the future, which would make them more vulnerable to unfavorable DOE action and place additional regulatory burdens on their operations.
  • Regulatory agencies or third parties may conduct compliance reviews, bring claims or initiate litigation against us. If the results of these reviews or claims are unfavorable to us, our results of operations and financial condition could be adversely affected.
  • Adverse publicity arising from scrutiny of us or other for-profit post-secondary schools may negatively affect us or our schools.
  • If regulators deny, delay, or condition their approval of transactions involving a change of ownership or control of us or of institutions that we own or acquire, it could have a significant impact on our business and results of operations.
  • If regulators deny, delay, or condition their approval of new locations and educational programs at our schools, it could have a significant impact on our business and results of operations.
  • Public health pandemics, epidemics or outbreaks, such as the COVID-19 pandemic, could have a material adverse effect on our business and operations.
  • RISKS RELATED TO OUR BUSINESS
  • Our success depends in part on our ability to update and expand the content of existing programs and develop new programs in a cost-effective manner and on a timely basis.
  • Competition could decrease our market share and cause us to lower our tuition rates.
  • Our financial performance depends in part on our effectiveness at developing awareness and acceptance of our programs among high school graduates and working adults looking to return to school.
  • An increase in interest rates could adversely affect our ability to attract and retain students.
  • We cannot predict our future capital needs, and if we are unable to secure additional financing when needed, our operations and revenues would be adversely affected.
  • We may not be able to retain our key personnel or hire and retain the personnel we need to sustain and grow our business.
  • Our total assets include goodwill. In the event that our schools do not achieve satisfactory operating results, we may be required to write-off a significant portion of the goodwill which would negatively affect our results of operations.
  • Strikes by our employees may disrupt our ability to hold classes as well as our ability to attract and retain students, which could materially adversely affect our operations. In addition, we contribute to multiemployer benefit plans that could result in liabilities to us if these plans are terminated or we withdraw from them.
  • Our business could be negatively impacted by cybersecurity and other security threats or disruptions.
  • System disruptions to our technology infrastructure could impact our ability to generate revenue and could damage the reputation of our institutions.
  • We are subject to privacy and information security laws and regulations due to our collection and use of personal information, and any violations of those laws or regulations, or any breach, theft or loss of that information, could adversely affect our reputation and operations.
  • Changes in U.S. tax laws or adverse outcomes from examination of our tax returns could have an adverse effect upon our financial results.
  • The occurrence of natural or man-made catastrophes, including those caused by climate change and other climate-related causes, could materially and adversely affect our business, financial condition, results of operations and prospects.
  • Our success depends, in part, on the effectiveness of our marketing and advertising programs in recruiting new students.
  • RISKS RELATED TO OUR CAPITAL STRUCTURE
  • Anti-takeover provisions in our Amended and Restated Certificate of Incorporation, our Bylaws and New Jersey law could discourage a change of control that our shareholders may favor, which could negatively affect our stock price.
  • The trading price of our Common Stock may continue to fluctuate substantially in the future.

Legal proceedings

LEGAL PROCEEDINGS

On June 22, 2022, the DOE and the plaintiff student loan borrowers in a class action against the DOE initiated on June 25, 2019 in the U.S. District Court for the Northern District of California (Sweet v. Cardona, No. 3:19-cv-3674 (N.D. Cal.)) announced a proposed settlement agreement to resolve claims that the DOE had failed to timely decide Borrower Defense to Repayment applications submitted to the DOE. The proposed settlement included three categories of relief for student loan borrowers. First, the DOE would agree to discharge loans and refund prior loan payments to class members with loan debt associated with an institution on the list included in the settlement (which includes our institutions). The class action plaintiffs and the DOE stated that the DOE had determined that attendance at one of the listed institutions justifies presumptive relief allegedly based on strong indicia regarding substantial misconduct by the institutions, whether credibly alleged or in some instances proven, and the purportedly high rate of class members with applications related to the listed schools. Second, the proposed settlement included new procedures for the DOE to resolve pending borrower defense claims associated with other schools not on the list. Third, for any student loan borrower who submitted a borrower defense application after June 22, 2022 and before the final approval of the settlement, the proposed settlement would require the DOE to review the applications under the DOE’s 2016 regulatory standards and issue decisions within 36 months, or else the applications would be discharged in full.

The opening of Item 3, Legal Proceedings.16

Sources

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