Cash flow generation remains inconsistent, highlighted by a negative free cash flow margin of -7.0% in 2026Q1 and capital expenditures that reached 22.7% of revenue in 2025Q2.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'01 |
|---|
| Cash from Operations | 72.25M | 59.19M | 29.31M | 25.56M | 882K | 27.45M | 23.48M | 988K | -1.69M | -11.32M | -6.11M | 14.34M | 12.02M | 3.25M | 15.99M | 36.84M | 114.46M | 73.17M | 54.18M | 15.73M | 15.26M | 38.97M | 26.67M | 9.72M | -4.64M |
| Operating CF Margin % | - | 11.42% | 6.66% | 6.76% | 0.25% | 8.18% | 8.01% | 0.36% | -0.64% | -4.32% | -3.1% | 7.42% | 3.7% | 0.94% | 3.97% | 7.19% | 17.9% | 13.24% | 14.37% | 4.8% | 4.75% | 13.02% | 10.21% | 4.89% | -4.39% |
| Operating CF Growth % | 427.69% | 101.97% | 14.66% | 2797.73% | -96.79% | 16.87% | 2277.02% | 158.32% | 85.04% | -85.38% | -142.6% | 19.26% | 270.36% | -79.69% | -56.6% | -67.82% | 56.44% | 35.06% | 244.3% | 3.13% | -60.84% | 46.08% | 174.34% | 309.32% | - |
| Net Income | 22.41M | 20M | 9.89M | 26M | 12.63M | 34.72M | 48.56M | 2.02M | -6.54M | -11.48M | -28.3M | -3.35M | -56.13M | -51.29M | -37.19M | 17.54M | 69.73M | 49.24M | 20.2M | 8.34M | 15.55M | 18.71M | 12.98M | -674K | -4.64M |
| Depreciation & Amortization | 23.87M | 19.16M | 11.33M | 6.6M | 6.36M | 7.14M | 7.4M | 8.12M | 8.42M | 8.7M | 11.07M | 14.51M | 19.34M | 23.7M | 26.85M | 28.46M | 26.22M | 24.24M | 17.92M | 15.93M | 15.06M | 13.28M | 11.12M | 7.83M | 5.47M |
| Stock-Based Compensation | 2.75M | 5.49M | 4.63M | 5.89M | 3.11M | 2.89M | 1.69M | 679K | 522K | 1.22M | 1.44M | 1.13M | 2.62M | 3M | 4.34M | 3.54M | 2.67M | 2.38M | 2.2M | 1.85M | 1.42M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 2.08M | 2.62M | -2.24M | 1.63M | 1.29M | 12.01M | -35.87M | 153K | 18.24M | -424K | 36.06M | 15.52M | -4.53M | 26.49M | -14.23M | 3.04M | 2.43M | -2.68M | -298K | -2.76M | -3.65M | 340K | -329K | -531K | 0 |
| Other Non-Cash Items | 63.47M | 59.06M | 60.17M | 14.88M | 35.38M | 3.58M | 26.65M | 19.9M | -589K | 13.51M | -6.25M | -3.15M | 58.48M | 20.77M | 64.77M | 41.7M | 45.78M | 37.52M | 22M | 21.38M | 16.21M | 15.02M | 11.45M | 5.07M | -829K |
| Working Capital Changes | -42.31M | -47.14M | -54.48M | -29.44M | -57.9M | -32.89M | -24.95M | -29.87M | -21.75M | -22.85M | -20.12M | -10.32M | -7.76M | -19.42M | -28.56M | -57.45M | -32.36M | -37.52M | -7.84M | -29.01M | -29.33M | -8.38M | -8.55M | -1.97M | 0 |
| Change in Receivables | -58.31M | -53.65M | -65.98M | -45.76M | -48.64M | -26.5M | -37.38M | -25.99M | -23.84M | -15.73M | -15.7M | -13.22M | -14.47M | -15.05M | -19.2M | -15.32M | -36.73M | -51.07M | -22.77M | -21.46M | -21.87M | 0 | 0 | 0 | 0 |
| Change in Inventory | -94K | -933K | -184K | -330K | 103K | -327K | -786K | -157K | 206K | 30K | 201K | 9K | 372K | 408K | 421K | 504K | -226K | 188K | -824K | -102K | -587K | -65K | -577K | -132K | 0 |
| Change in Payables | -220K | -9.29M | 11.58M | 5.04M | -2.03M | -3.68M | 856K | 444K | 3.75M | -3.19M | 742K | 1M | -2.73M | 1.46M | -2.18M | -5.51M | 2.34M | 358K | 818K | -284K | -1.44M | 0 | 0 | 0 | 0 |
| Cash from Investing | -81.19M | -86.2M | -46.97M | 7.37M | -21.35M | 37.85M | -5.48M | -4.81M | -2.35M | -22.89M | -2.18M | -1.77M | -7.41M | -5.79M | -10.19M | -37.39M | -42.11M | -51.59M | -31.2M | -23.83M | -52.16M | -50.4M | -38.31M | -2.15M | -7.32M |
| Capital Expenditures | -81.38M | -86.63M | -56.87M | -40.7M | -8.99M | -7.53M | -5.58M | 0 | -4.7M | -4.75M | -3.6M | -2.22M | -7.47M | -6.54M | -8.84M | -38.12M | -42.35M | -24.02M | -20.17M | -24.77M | -19.34M | -22.62M | -23.81M | -3.6M | -7.32M |
| CapEx % of Revenue | 14.94% | 16.72% | 12.92% | 10.76% | 2.58% | 2.25% | 1.9% | 1.97% | 1.78% | 1.82% | 1.83% | 1.15% | 2.3% | 1.89% | 2.2% | 7.44% | 6.62% | 4.35% | 5.35% | 7.56% | 6.02% | 7.56% | 9.11% | 1.81% | 6.92% |
| Acquisitions | 500K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.35M | 15.46M | 451K | 451K | 0 | 0 | -1.47M | 0 | 0 | -27.55M | -10.52M | 0 | -32.87M | -27.78M | -14.5M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -315K | 434K | 9.89M | 33.31M | 2.39M | 45.38M | 97K | -4.81M | 2.35M | -18.13M | 1.41M | 451K | 67K | 750K | 124K | 730K | 241K | -23K | -519K | 936K | 53K | 0 | 0 | 1.44M | 7.32M |
| Cash from Financing | -3.03M | -3.75M | -3.33M | -2.94M | -12.55M | -20.01M | -18.62M | -3.48M | -4.57M | 27.7M | -9.07M | 13.55M | -5.2M | -46.28M | 29.39M | -38.92M | -52.43M | 9.27M | -11.24M | 5.14M | -6.89M | 20.24M | 4.12M | -3.89M | 0 |
| Debt Issued (Net) | 4.07M | 43K | 495K | 0 | 0 | -17.83M | -17M | -14.47M | -4.19M | -4.66M | -8.24M | 9.18M | -24.93M | 16.59M | 37.02M | -20.44M | -384K | 18.08M | -5.2M | 4.87M | -8.12M | -36.06M | 3.77M | 19.4M | 0 |
| Equity Issued (Net) | 0 | 0 | 0 | -891K | -9.45M | 0 | 0 | 12.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -46.94M | -11.26M | -6.58M | 197K | 729K | 59.82M | 97K | 25K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | -1.11M | -1.22M | -1.38M | 0 | 0 | 0 | 0 | 0 | -4.32M | -6.71M | -6.44M | -18.49M | -5.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -891K | -9.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -50.09M | -26.19M | -6.58M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -7.1M | -3.79M | -3.83M | -2.05M | -1.99M | -962K | -242K | -1.71M | -372K | 12.11M | -823K | 4.37M | 24.05M | -56.16M | -1.19M | 7K | 440K | 2.44M | 549K | 73K | 499K | -3.51M | 251K | -25K | 0 |
| Net Change in Cash | -11.96M | -30.75M | -21M | 29.98M | -33.02M | 45.28M | -618K | -7.3M | -8.61M | -6.5M | -17.36M | 26.12M | -587K | -48.82M | 35.18M | -39.47M | 19.92M | 30.84M | 11.73M | -2.96M | -43.8M | 8.81M | -7.52M | 3.68M | -11.97M |
| Free Cash Flow | -9.12M | -27.44M | -27.56M | -15.14M | -8.1M | 19.92M | 17.91M | -4.4M | -6.39M | -16.08M | -9.7M | 12.12M | 4.55M | -3.29M | 7.15M | -1.28M | 72.11M | 49.15M | 34.01M | -9.03M | -4.08M | 16.34M | 2.86M | 6.13M | -11.97M |
| FCF Margin % | -1.67% | -5.3% | -6.26% | -4% | -2.33% | 5.94% | 6.11% | -1.61% | -2.43% | -6.14% | -4.93% | 6.27% | 1.4% | -0.95% | 1.77% | -0.25% | 11.28% | 8.9% | 9.02% | -2.76% | -1.27% | 5.46% | 1.09% | 3.08% | -11.32% |
| FCF Growth % | 76.73% | 0.42% | -82.02% | -86.83% | -140.69% | 11.23% | 507.21% | 31.2% | 60.25% | -65.68% | -180.06% | 166.35% | 238.21% | -146.06% | 657.92% | -101.78% | 46.72% | 44.52% | 476.59% | -121.19% | -124.98% | 471.3% | -53.29% | 151.18% | - |
| FCF per Share | -0.29 | -0.88 | -0.89 | -0.50 | -0.31 | 0.79 | 0.72 | -0.18 | -0.26 | -0.67 | -0.41 | 0.52 | 0.20 | -0.15 | 0.32 | -0.06 | 2.88 | 1.81 | 1.31 | -0.35 | -0.16 | 0.67 | 0.12 | 0.27 | -0.56 |
| FCF Conversion (FCF/Net Income) | -0.41x | 2.96x | 2.96x | 0.98x | 0.07x | 0.79x | 0.48x | 0.49x | 0.26x | 0.99x | 0.22x | -4.28x | -0.21x | -0.06x | -0.43x | 2.10x | 1.64x | 1.49x | 2.68x | 1.89x | 0.98x | 2.08x | 2.06x | 1.18x | 1.00x |
| Interest Paid | 743K | 0 | 2.35M | 110K | 171K | 1.53M | 1.11M | 2.15M | 2.03M | 2.79M | 5.26M | 7.16M | 4.6M | 4.21M | 4.18M | 4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 4.61M | 0 | 8.84M | 7.2M | 1.47M | 737K | 179K | 118K | 191K | 139K | 150K | 89K | 145K | 410K | 226K | 23.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory Title IV Compliance
As reported in recent financial statements, LINC's operating cash flow frequently decouples from net income, with the OCF/NI ratio exhibiting extreme fluctuations, such as the 69.79x multiple observed in 2024Q1, which suggests that accounting earnings are a poor proxy for the company's actual cash-generating capacity.
The significant variance between net income and operating cash flow indicates that non-cash items and working capital swings heavily influence reported profitability. Investors should monitor this divergence closely, as it suggests that the company's core earnings may be less reliable than headline figures imply.
Based on quarterly cash flow data, LINC's free cash flow trajectory is inconsistent, characterized by deep negative margins such as the -24.1% recorded in 2025Q1, which highlights the difficulty of sustaining positive cash generation amidst high capital requirements and fluctuating operational performance.
The inability to consistently generate positive free cash flow suggests that the business model requires substantial ongoing investment to maintain its physical campus footprint. This pattern warrants further investigation into whether the company can achieve self-sustaining cash flow without recurring external support or capital injections.
According to historical cash flow filings, LINC's capital expenditure as a percentage of revenue has reached as high as 22.7% in 2025Q2, reflecting the heavy burden of maintaining specialized vocational facilities and equipment necessary to support its core educational offerings.
This high level of capital intensity appears to be a structural feature of the business, as the company must continuously upgrade its technical training bays to remain competitive. Such spending levels may limit the company's ability to pivot toward more capital-light digital learning models in the near term.
As indicated by recent cash flow statements, LINC experiences significant working capital volatility, including a $732,000 outflow in 2023Q4 and a $27.3 million outflow in 2025Q1, which suggests that timing differences in student tuition collections and operational payments create substantial liquidity noise.
These erratic working capital movements may indicate challenges in managing the cash conversion cycle, particularly regarding the timing of federal student aid disbursements. Analysts should monitor whether these swings are seasonal or indicative of deeper inefficiencies in the company's accounts receivable management.
Quick answers to the most common questions about buying LINC stock.
Lincoln Educational Services Corporation (LINC) generated $59.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Lincoln Educational Services Corporation (LINC) reported negative free cash flow of $27.4M in 2025, indicating capital requirements exceeded cash from operations.
Lincoln Educational Services Corporation (LINC) spent $86.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.