Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $286M | $262M | $263M | $273M | $293M | $335M | $348M | $378M | $440M | $518M |
| Revenue growth | — | -8.3% | 0.5% | 3.9% | 7.2% | 14.4% | 3.9% | 8.6% | 16.4% | 17.8% |
| Operating income | -$28.9M | -$4.72M | -$3.95M | $5.24M | $14.8M | $49.3M | $16.3M | $33.4M | $15.2M | $30.3M |
| Operating margin | -10.1% | -1.8% | -1.5% | 1.9% | 5.0% | 14.7% | 4.7% | 8.8% | 3.4% | 5.8% |
| Net income | -$28.3M | -$11.5M | -$11.5M | $2.02M | $48.6M | $34.7M | $12.6M | $26.0M | $9.89M | $20.0M |
| Net margin | -9.9% | -4.4% | -4.4% | 0.7% | 16.6% | 10.4% | 3.6% | 6.9% | 2.2% | 3.9% |
| EPS (diluted) | -$1.21 | -$0.48 | -$0.48 | $0.08 | $1.49 | $1.04 | $0.36 | $0.85 | $0.32 | $0.64 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$6.11M | -$11.3M | -$1.69M | $988K | $23.5M | $27.4M | $882K | $25.6M | $29.3M | $59.3M |
| Capital expenditures | $3.60M | $4.75M | $4.70M | $5.38M | $5.58M | $7.53M | $8.99M | $40.7M | $56.9M | $86.6M |
| Free cash flow | -$9.70M | -$16.1M | -$6.39M | -$4.40M | $17.9M | $19.9M | -$8.10M | -$15.1M | -$27.6M | -$27.3M |
| Share buybacks | — | — | — | — | — | $0.00 | $9.45M | $891K | $0.00 | — |
| Dividends paid | $0.00 | — | — | — | — | — | — | — | — | — |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $21.1M | $14.6M | $17.6M | $23.6M | $38.0M | $83.3M | $46.1M | $76.0M | $59.3M | $28.5M |
| Total assets | $163M | $155M | $146M | $195M | $245M | $295M | $292M | $345M | $437M | $493M |
| Total liabilities | $108M | $109M | $106M | $140M | $142M | $154M | $147M | $178M | $258M | $293M |
| Long-term debt | $30.2M | $52.6M | $33.8M | $32.0M | $15.2M | $0.00 | — | — | — | — |
| Shareholders' equity | $54.9M | $45.8M | $39.9M | $43.1M | $91.1M | $129M | $145M | $167M | $178M | $200M |
| Retained earnings | -$26.0M | -$37.5M | -$44.1M | -$42.1M | $6.20M | $39.7M | $51.2M | $69.3M | $79.2M | $99.2M |
| Shares (wtd avg diluted) | 23.5M | 23.9M | 23.9M | 24.6M | 24.7M | 25.1M | 25.9M | 30.5B | 30.9B | 31.3B |
Every figure is extracted from LINCOLN EDUCATIONAL SERVICES CORP’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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