Lincoln Educational Services Corporation announced the construction of its 24th campus, an 88,000‑square‑foot facility in Rowlett, Texas, slated to open in the first quarter of 2027. The new campus will offer automotive, welding, electrical, and HVAC training programs, complementing the company’s existing Grand Prairie location and positioning it to serve the growing demand for skilled workers in the Dallas‑Fort Worth metroplex.
The Rowlett project is part of a broader expansion strategy that includes recent openings in East Point, Georgia, and Houston, Texas, as well as campus relocations in Philadelphia and Nashville. A new campus in Hicksville, New York, is expected to open in 2026, and the company has set a long‑term goal of adding up to 20 new campuses. The Rowlett facility is aimed at a market that is projected to need 240,000 new skilled workers by 2032, underscoring the company’s focus on high‑growth regions.
Lincoln’s financial performance supports its expansion plans. Revenue rose 16.4% to $440.1 million in full‑year 2024, and Q2 2025 revenue of $116.5 million reflected a 13.2% year‑over‑year increase. Adjusted EBITDA grew from $10.5 million in Q2 2025 to $19.9 million in Q3 2024, a 38.6% jump, and the company has raised its full‑year 2025 guidance to $490 million–$500 million in revenue and $60 million–$65 million in adjusted EBITDA. The guidance lift signals management’s confidence in continued demand and operational leverage.
The company’s earnings beat is driven by disciplined cost management and a favorable mix of high‑margin programs. EPS of $0.05 surpassed consensus of $0.03, a $0.02 or 66% beat, largely because the company maintained pricing power in core trade programs while controlling overhead costs. Revenue growth was supported by strong enrollment in automotive and HVAC tracks, offsetting modest headwinds in legacy programs. EBITDA margin expansion to 9.0% from 2.7% in Q2 2022 reflects both scale and the efficiency gains from the Lincoln 10.0 hybrid teaching platform, which has reduced instructional costs and improved student outcomes.
Regulatory approvals remain a pending condition for the Rowlett campus opening. The company has indicated that it is working with local authorities to secure the necessary permits, and the timeline is expected to align with the first‑quarter 2027 opening schedule. While specific enrollment projections for the new campus have not been disclosed, the company’s overall strategy is to capture a share of the projected 240,000‑worker demand in Texas, suggesting a target enrollment that would support its revenue and EBITDA guidance.
The competitive landscape in the Dallas‑Fort Worth area includes several trade‑school operators, but Lincoln’s focus on program replication, the Lincoln 10.0 platform, and its strong financial position give it a competitive edge. The company’s no‑debt balance sheet and significant liquidity provide the flexibility to execute rapid expansion, while its track record of opening new campuses in diverse markets demonstrates operational scalability. Together, these factors reinforce the company’s ability to maintain growth momentum and deliver shareholder value.
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