Lincoln Educational began 2025 with results above Wall Street’s expectations, as management pointed to robust student enrollment growth and improved operating efficiency as key drivers. CEO Scott Shaw credited the Lincoln 10.0 hybrid teaching model and targeted marketing initiatives for supporting a 20% increase in student starts at core campuses, alongside lower marketing costs. Management also highlighted the opening of the East Point, Georgia campus and the relocation of its Nashville facility as concrete steps in its campus expansion program, while reiterating a focus on high-demand skilled trades. CFO Brian Meyers noted additional cost leverage from education and facility expenses, and emphasized ongoing improvements in bad debt collections and student retention.

Is now the time to buy LINC? Find out in our full research report (it’s free).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions Lincoln Educational’s Q1 Earnings Call

• Alex Paris (Barrington Research) asked about marketing efficiency improvements; CEO Scott Shaw attributed cost reductions to both internal initiatives and heightened general demand, noting the trend may not persist at the first quarter’s pace.
• Eric Martinuzzi (Lake Street Capital Markets) sought clarification on program approvals and healthcare enrollments; Shaw explained the status of regulatory approvals and anticipated healthcare program growth resuming by year-end as teach-outs conclude.
• Steven Frankel (Rosenblatt Securities) questioned the timing shift in class starts; CFO Brian Meyers detailed how a large cohort moving from June to July would affect quarterly starts but not overall revenue trends.
• Raj Sharma (Texas Capital Bank) probed the sustainability of start growth and the drivers behind demand; Shaw pointed to a long-term societal shift toward skilled trades and away from traditional college pathways, rather than short-term economic factors.
• Luke Horton (Northland Capital Markets) inquired about new campus announcements and the expected contribution from recent relocations; Shaw clarified that upcoming announcements relate to net new campuses and that relocated facilities like Nashville are expected to have a greater impact in 2026.

Catalysts in Upcoming Quarters

Looking ahead, the StockStory team will watch (1) the pace and profitability of new campus openings—especially Levittown and Houston, (2) the ability to replicate and scale high-demand trades programs across the network, and (3) further progress in marketing efficiency and student retention. Regulatory approval timelines and shifts in skilled labor demand will also be key areas of focus for assessing Lincoln Educational’s execution.

Lincoln Educational currently trades at $22.94, up from $20.91 just before the earnings. Is the company at an inflection point that warrants a buy or sell? See for yourself in our full research report (it’s free).

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