0001140361-26-031995 | 10-Q | XBRL Viewer | Lincoln Educational Services Corp

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COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Jun. 30, 2026 USD ($)
COMMITMENTS AND CONTINGENCIES [Abstract]
Outstanding net loan commitment	$ 62.1

REVENUE RECOGNITION

6 Months Ended

Jun. 30, 2026

REVENUE RECOGNITION [Abstract]

REVENUE RECOGNITION

Substantially all of our revenues are considered to be revenues from contracts with students. We determine standalone selling price based on the price at which the distinct services or goods are sold separately. The related accounts receivable balances are recorded in our balance sheets as student accounts receivable. We do not have significant revenue recognized from performance obligations that were satisfied in prior periods, and we do not have any transaction price allocated to unsatisfied performance obligations other than in our unearned tuition. We record revenue for students who withdraw from our schools only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. In addition, to reduce the amount of outstanding accounts receivable balances due from our students, the Company employs a continuous collection effort. Unearned tuition represents contract liabilities primarily related to our tuition revenue. We have elected not to provide disclosure about transaction prices allocated to unsatisfied performance obligations if the original contract durations are less than one-year, or if we have the right to consideration from a student in an amount that corresponds directly with the value provided to the student for performance obligations completed to date in accordance with ASC Topic 606, Revenue from Contracts with Customers. We have assessed the costs incurred to obtain a contract with a student and determined them to be immaterial.

Unearned tuition in the amount of $51.9 million and $44.2 million is recorded in the current liabilities section of the accompanying Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025, respectively. The change in this contract liability balance during the six months ended June 30, 2026, is the result of payments received in advance of satisfying performance obligations, offset by revenue recognized during that period. Revenue recognized for the six months ended June 30, 2026, that was included in the contract liability balance at the beginning of the year was $42.0 million.

The following table depicts the timing of revenue recognition by segment:


		Three Months Ended June 30, 2026				Six Months Ended June 30, 2026
		Campus				Campus
		Operations		Consolidated		Operations		Consolidated
Timing of Revenue Recognition
Services transferred at a point in time	$	8,667	$	8,667	$	17,611	$	17,611
Services transferred over time		133,893		133,893		268,907		268,907
Total revenues	$	142,560	$	142,560	$	286,518	$	286,518


		Three Months Ended June 30, 2025				Six Months Ended June 30, 2025
		Campus				Campus
		Operations		Consolidated		Operations		Consolidated
Timing of Revenue Recognition
Services transferred at a point in time	$	5,598	$	5,598	$	12,599	$	12,599
Services transferred over time		110,876		110,876		221,381		221,381
Total revenues	$	116,474	$	116,474	$	233,980	$	233,980

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

NET EARNINGS PER COMMON SHARE

6 Months Ended

Jun. 30, 2026

NET EARNINGS PER COMMON SHARE [Abstract]

NET EARNINGS PER COMMON SHARE

Basic and diluted earnings per share (“EPS”) are calculated in accordance with ASC 260, Earnings Per Share (“ASC 260”), which specifies the computation, presentation and disclosure requirements for EPS. Under ASC 260, basic EPS excludes all dilutive Common Stock equivalents. It is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS, as calculated using the treasury stock method, reflects the potential dilution from employee incentive plans during the period.

The weighted average number of common shares used to compute basic and diluted earnings per share for the three and six months ended June 30, 2026 and 2025 was as follows:


	Three Months Ended			Six Months Ended
	June 30,			June 30,
		2026	2025		2026	2025
Weighted average shares outstanding - basic		31,257,944	30,990,392		31,194,290	30,900,349
Dilutive effect of Restricted Stock		160,850	280,862		181,082	272,130
Weighted average shares outstanding - diluted		31,418,794	31,271,254		31,375,372	31,172,479

SEGMENT REPORTING (Details)	3 Months Ended		6 Months Ended
SEGMENT REPORTING (Details)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) Campus Segment	Jun. 30, 2025 USD ($)
SEGMENT REPORTING [Abstract]
Number of reportable operating segments \| Segment			2
OPERATING INCOME (in Dollars)	$ 3,312,000	$ 2,878,000	$ 9,719,000	$ 6,292,000
Number of campuses classified in transitional segment (in Campus) \| Campus			0
Reportable Segments [Member] \| Transitional [Member]
SEGMENT REPORTING [Abstract]
OPERATING INCOME (in Dollars)			$ 0

- Definition

The net result for the period of deducting operating expenses from operating revenues.

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2026

STOCKHOLDERS’ EQUITY [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

As of June 30, 2026, the Company had 100,000,000 shares of Common Stock authorized of which 31,722,150 shares were issued and outstanding. Holders of our Common Stock are entitled to receive dividends when and as declared by our Board of Directors and have the right to one vote per share on all matters requiring shareholder approval. The Company has not declared or paid any cash dividends on our Common Stock since the Company’s Board of Directors discontinued our quarterly cash dividend program in February 2015. The Company currently has no intention of resuming the payment of cash dividends in the foreseeable future.

Long-Term Incentive Plan

The Company currently maintains one active stock incentive plan, the Lincoln Educational Services Corporation 2020 Long-Term Incentive Plan (the “LTIP”).

On March 26, 2020, the Board of Directors adopted the LTIP to provide an incentive to certain directors, officers and employees of the Company to align their interests in the Company’s success with those of its shareholders through the grant of equity-based awards. On June 16, 2020, the shareholders of the Company approved the LTIP. The LTIP is administered by the Compensation Committee of the Board of Directors, or such other qualified committee appointed by the Board of Directors, which, among other duties, has the full power and authority to take all actions and make all determinations required or provided for under the LTIP. Pursuant to the LTIP, the Company may grant options, share appreciation rights, restricted shares, restricted share units, incentive stock options, and nonqualified stock options. Under the LTIP, employees may surrender shares to satisfy applicable income tax withholding on the vested Restricted Stock. The LTIP has a duration of 10 years. On February 23, 2023, the Board of Directors approved, subject to shareholder approval, an amendment of the LTIP to increase the aggregate number of shares available under the LTIP from 2,000,000 shares to 4,000,000 shares. The amendment was approved and adopted by the shareholders at the Annual Meeting of Shareholders held on May 5, 2023.

Time-Based and Performance-Based Restricted Stock Awards

We provide stock-based compensation to employees, officers and directors in the form of awards of restricted stock (the "Restricted Stock Awards”) under our LTIP, which are conditioned upon either continued service (the "Time-Based Restricted Stock Awards”) or both continued service and achievement of performance goals (the "Performance-Based Restricted Stock Awards” or “Performance-Based Restricted Stock Shares”). Performance-Based Restricted Stock Shares granted prior to 2025, are eligible to vest only upon achievement of at least 100% of the performance target, with no shares vesting unless the target is met. In 2025, the Company granted Performance-Based Restricted Stock Shares to employees, officers, and directors that vest based on the percentage of Adjusted EBITDA achieved for the year. Under such grants, no shares vest in the event that less than 80% of the target is achieved; vesting begins at 25% for 80% achievement and increases on a linear scale up to 200% vesting for achievement of 120% or more of the target. In 2025, the Company also granted Performance-Based Restricted Stock Shares to certain executives that vest based on the achievement of a specified percentage of target Adjusted EBITDA for fiscal year 2027. Under such grants, no shares vest in the event that less than 90% of the target is achieved; vesting begins at 25% for 90% achievement and increases on a linear scale up to 100% vesting for achievement of 100% or more of the target.

The Compensation Committee believes that a combination of Time-Based Restricted Stock Awards and Performance-Based Restricted Stock Awards, of which performance-based awards comprise 50% of the total, is well-designed to align the interests of directors, officers and employees with those of shareholders by tying compensation to the achievement of the Company’s long-term performance goals.

The Company accounts for Restricted Stock Awards in accordance with ASC 718 - Compensation-Stock Compensation, recognizing compensation expense based on the grant-date fair value of our Common Stock. Expense is recognized on a straight-line basis over the requisite service period, which is generally the vesting period, and for performance-based awards, only to the extent that it is probable the performance conditions will be achieved.

The expense related to Restricted Stock Awards for the three and six months ended June 30, 2026 was $1.6 million and $3.1 million, respectively, compared to $1.3 million and $2.5 million for the three and six months ended June 30, 2025, respectively. The unrecognized Restricted stock expense as of June 30, 2026 and December 31, 2025 was $11.2 million and $6.0 million, respectively. As of June 30, 2026, the outstanding Restricted Stock Awards under the LTIP had an aggregate intrinsic value of $30.6 million compared to $18.4 million in the prior year comparable period.

For the three and six months ended June 30, 2026, the Company completed a net share settlement of 132 shares and 184,834 shares, respectively, compared to zero shares and 197,973 restricted shares for the three and six months ended June 30, 2025. The net share settlement was performed on behalf of certain employees that participate in the LTIP upon the vesting of the restricted shares pursuant to the terms of the LTIP. The net share settlement was in connection with income taxes incurred on restricted shares that vested and were transferred to the employees during 2026, creating taxable income for the employees. At the employees’ request, the Company paid these taxes on behalf of the employees in exchange for the employees returning an equivalent value of restricted shares to the Company. These transactions resulted in a decrease of less than $0.1 million and $6.7 million for the three and six months ended June 30, 2026, compared to zero and $3.6 million for the three and six months ended June 30, 2025, respectively, to equity on the Condensed Consolidated Balance Sheets as the cash payment of the taxes effectively was a repurchase of the restricted shares granted in previous years.

The following is a summary of transactions pertaining to Restricted Stock:


	Shares			Weighted Average Grant Date Fair Value Per Share
Nonvested Restricted Stock outstanding at December 31, 2025	809,376		$	12.94
Granted	253,946			32.43
Canceled	-			-
Vested	(449,846	)		11.00
Nonvested Restricted Stock outstanding at June 30, 2026	613,476		$	22.35

Share Repurchase Program

On May 24, 2022, the Company announced that its Board of Directors had authorized a share repurchase program of up to $30.0 million of the Company’s outstanding Common Stock. The repurchase program was authorized for 12 months. Pursuant to the program, purchases may be made, from time to time, in open-market transactions at prevailing market prices, in privately negotiated transactions or by other means as determined by the Company’s management and in accordance with applicable federal securities laws. The timing of purchases and the number of shares repurchased under the program will depend on a variety of factors including price, trading volume, corporate and regulatory requirements and market conditions. The Company retains the right to limit, terminate or extend the share repurchase program at any time without prior notice.

The Board of Directors subsequently authorized the repurchase of an additional $10.0 million of the Company’s Common Stock, for an aggregate of up to $30.6 million in additional repurchases, and has extended the share repurchase program for additional 12-month periods, most recently through May 24, 2027.

During the six months ended June 30, 2026 and 2025, the Company did not repurchase any shares under the share repurchase program. As of June 30, 2026, the Company had approximately $29.7 million remaining for additional repurchases under the program. Since the inception of the program, the Company has made repurchases of approximately 1.7 million shares of the Company’s Common Stock, at an average share price of $5.95 for an aggregate expenditure of approximately $10.3 million.

- Definition

The entire disclosure for equity.

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+ Details

GOODWILL AND LONG-LIVED ASSETS (Tables)

6 Months Ended

Jun. 30, 2026

GOODWILL AND LONG-LIVED ASSETS [Abstract]

Changes in Carrying Amount of Goodwill

There were no changes in the carrying amount of goodwill during the six months ended June 30, 2026, as presented below:


		Gross		Accumulated			Net
		Goodwill		Impairment			Goodwill
		Balance		Losses			Balance
Balance as of December 31, 2025	$	117,176	$	(106,434	)	$	10,742
Adjustments		-		-			-
Balance as of June 30, 2026	$	117,176	$	(106,434	)	$	10,742

- Definition

Tabular disclosure of goodwill.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details)	6 Months Ended
	Jun. 30, 2026 Campus State
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION [Abstract]
Number of campuses	22
Number of states in which schools operate across the United States \| State	12
Number of new campuses	3
Number of campuses treated as destination schools	5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

PROPERTY, EQUIPMENT AND FACILITIES - Property, Equipment and Facilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
PROPERTY, EQUIPMENT AND FACILITIES [Abstract]
Property, equipment and facilities, Gross	$ 351,519	$ 319,670
Less accumulated depreciation and amortization	(160,833)	(148,067)
Property, equipment and facilities, Net	190,686	171,603
Land [Member]
PROPERTY, EQUIPMENT AND FACILITIES [Abstract]
Property, equipment and facilities, Gross	52	52
Buildings and Improvements [Member]
PROPERTY, EQUIPMENT AND FACILITIES [Abstract]
Property, equipment and facilities, Gross	$ 189,705	183,770
Buildings and Improvements [Member] \| Minimum [Member]
PROPERTY, EQUIPMENT AND FACILITIES [Abstract]
Useful life	1 year
Buildings and Improvements [Member] \| Maximum [Member]
PROPERTY, EQUIPMENT AND FACILITIES [Abstract]
Useful life	25 years
Equipment, Furniture and Fixtures [Member]
PROPERTY, EQUIPMENT AND FACILITIES [Abstract]
Property, equipment and facilities, Gross	$ 124,720	119,681
Equipment, Furniture and Fixtures [Member] \| Minimum [Member]
PROPERTY, EQUIPMENT AND FACILITIES [Abstract]
Useful life	1 year
Equipment, Furniture and Fixtures [Member] \| Maximum [Member]
PROPERTY, EQUIPMENT AND FACILITIES [Abstract]
Useful life	7 years
Vehicles [Member]
PROPERTY, EQUIPMENT AND FACILITIES [Abstract]
Useful life	3 years
Property, equipment and facilities, Gross	$ 2,078	1,979
Construction in Progress [Member]
PROPERTY, EQUIPMENT AND FACILITIES [Abstract]
Property, equipment and facilities, Gross	$ 34,964	$ 14,188

LEASES (Details)	6 Months Ended
LEASES (Details)	Jun. 30, 2026 Lease Squarefeet
LEASES [Abstract]
Number of new operating leases (in Lease)	1
Number of lease modifications (in Lease)	1
Approximate area of leased school space (in Squarefeet) \| Squarefeet	36,000
Operating lease term	15 years 7 months
Minimum [Member]
LEASES [Abstract]
Remaining lease term	1 year
Maximum [Member]
LEASES [Abstract]
Remaining lease term	20 years

GOODWILL AND LONG-LIVED ASSETS (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
GOODWILL AND LONG-LIVED ASSETS [Abstract]
Goodwill impairment loss	$ 0	$ 0
Impairment of long-lived assets	$ 0	$ 0

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

LEASES - Supplemental Cash Flow Information and Non-cash Activity Related to Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flow information:
Operating Cash Flows - operating leases	$ 10,630	$ 9,697
Operating Cash Flows - finance leases	1,182	1,173
Financing Cash Flows - finance leases	$ 220	$ (2,033)

LEASES - Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
LEASES [Abstract]
Amortization of leased assets	$ 400	$ 400	$ 835	$ 835
Total lease cost	7,153	6,235	14,265	12,439
Selling, General and Administrative [Member]: us-gaap:CostOfGoodsAndServicesSold
LEASES [Abstract]
Amortization of leased assets	418	418	835	835
Selling, General and Administrative [Member]: us-gaap:InterestExpense
LEASES [Abstract]
Interest on lease liabilities	590	591	1,182	1,173
Selling, General and Administrative [Member]: us-gaap:SellingGeneralAndAdministrativeExpense
LEASES [Abstract]
Operating lease cost	5,892	4,982	11,742	9,971
Variable lease cost	$ 253	$ 244	$ 506	$ 460

LEASES

6 Months Ended

Jun. 30, 2026

LEASES [Abstract]

LEASES

The Company enters into contracts to utilize office space, educational facilities, and various items of equipment under lease agreements and accounts for them in accordance with ASC 842, Leases (“ASC 842”). To determine whether a contract contains a lease, the Company assesses whether there is an identified asset and whether the Company has the right to control its use throughout the period of use. The Company classifies leases as either operating or finance leases at the lease commencement date in accordance with ASC 842. As required under ASC 842, the Company recognizes a ROU asset and a corresponding lease liability on the balance sheet, measured at the present value of lease payments over the term of the lease. An operating lease ROU asset represents the Company’s right to use the underlying asset during the lease term and the corresponding lease liability represents its obligation to make lease payments. Operating lease ROU assets and liabilities are amortized over the lease term, with lease expense recognized on a straight-line basis within operating expenses in the Condensed Consolidated Statements of Operations. Finance lease arrangements result in separate recognition of interest expense on the lease liability using the effective interest method and amortization expense of the ROU asset on a straight-line basis over the lease term, in addition to principal payments.

As the Company’s operating leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available on the commencement date in determining the present value of lease payments. We estimate the incremental borrowing rate based on a yield curve analysis, utilizing the interest rate derived from the fair value analysis of our credit facility and adjusting it for factors that appropriately reflect the profile of secured borrowing over the expected term of the lease. The operating lease ROU assets include any lease payments made prior to the rent commencement date and exclude lease incentives. Our leases have remaining lease terms of 1 year to 20 years. Lease terms may include options to extend the lease term used in determining the lease obligation when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term for operating leases.

The following table presents components of lease cost and classification on the Condensed Consolidated Statements of Operations:


		Three Months Ended					Six Months Ended
				June 30,					June 30,
in thousands	Consolidated Statement of Operations Classification			2026		2025			2026		2025
Operating lease cost	Selling, general and administrative		$	5,892	$	4,982		$	11,742	$	9,971
Finance lease cost
Amortization of leased assets	Educational services and facilities			418		418			835		835
Interest on lease liabilities	Interest expense			590		591			1,182		1,173
Variable lease cost	Selling, general and administrative			253		244			506		460
			$	7,153	$	6,235		$	14,265	$	12,439

The net change in ROU asset and operating lease liability is included in the net change in other assets in the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025.

The net change in ROU asset and finance lease liability is split between principal payments, interest expense and amortization expense. Principal payments are classified in the financing section, interest expense is included in net income and amortization expense is broken out separately in the operating section of the Consolidated Statements of Cash Flows.

Supplemental cash flow information and non-cash activity related to our leases are as follows:


		Six Months Ended June 30,
		2026		2025
Cash flow information:
Cash paid for amounts included in the measurement of lease liabilities
Operating Cash Flows - operating leases	$	10,630	$	9,697
Operating Cash Flows - finance leases	$	1,182	$	1,173
Financing Cash Flows - finance leases	$	220	$	(2,033	)

During the six months ended June 30, 2026, the Company entered into one new operating lease. There was one operating lease modification during the six months ended June 30, 2026.

On June 30, 2026, the Company entered into a lease for approximately 36,000 square feet of space in Suitland, Maryland, located in the Washington, D.C. metropolitan area, to serve as the Company's second campus in the region. The lease term is scheduled to commence in September 2026, with an initial lease term of 15 years and 7 months. The Company will not take possession of the premises until the lease commencement date.

Weighted-average remaining lease term and discount rate for our leases are as follows:


	As of
		June 30,
		2026		2025
Weighted-average remaining lease term
Operating leases		15 years		13 years
Finance leases		12 years		16 years

Weighted-average discount rate
Operating leases		6.61	%	6.58	%
Finance leases		7.67	%	7.67	%

Maturities of lease liabilities by fiscal year for our leases as of June 30, 2026 are as follows:


		Operating Leases			Finance Leases
Year ending December 31,
2026 (excluding the six months ended June 30, 2026)	$	10,888		$	1,415
2027		22,138			2,918
2028		23,213			3,023
2029		21,392			3,132
2030		18,488			3,244
2031		17,362			3,361
Thereafter		141,133			36,813
Total lease payments		254,614			53,906
Less: imputed interest		(83,413	)		(23,008	)
Present value of lease liabilities	$	171,201		$	30,898

NET EARNINGS PER COMMON SHARE - Weighted Average Number of Common Shares Used to Compute Basic and Diluted Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
NET EARNINGS PER COMMON SHARE [Abstract]
Weighted average shares outstanding - basic (in shares)	31,257,944	30,990,392	31,194,290	30,900,349
Dilutive effect of Restricted Stock (in shares)	160,850	280,862	181,082	272,130
Weighted average shares outstanding - diluted (in shares)	31,418,794	31,271,254	31,375,372	31,172,479

GOODWILL AND LONG-LIVED ASSETS - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
GOODWILL AND LONG-LIVED ASSETS [Abstract]
Gross Goodwill Balance	$ 117,176	$ 117,176
Accumulated Impairment Losses	(106,434)	(106,434)
Net Goodwill Balance	10,742	$ 10,742
Adjustments	$ 0

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

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+ Details

STOCKHOLDERS' EQUITY - Transactions Pertaining to Restricted Stock Awards (Details) - Restricted Stock Awards [Member]	6 Months Ended
	Jun. 30, 2026 $ / shares shares
STOCKHOLDERS’ EQUITY [Abstract]
Nonvested Restricted Stock outstanding, beginning balance (in Shares) \| shares	809,376
Nonvested Restricted Stock outstanding, beginning balance (in Dollars per share) \| $ / shares	$ 12.94
Granted (in Shares) \| shares	253,946
Granted (in Dollars per share) \| $ / shares	$ 32.43
Cancelled (in Shares) \| shares	0
Cancelled (in Dollars per share) \| $ / shares	$ 0
Vested (in Shares) \| shares	(449,846)
Vested (in Dollars per share) \| $ / shares	$ 11
Nonvested Restricted Stock outstanding, ending balance (in Shares) \| shares	613,476
Nonvested Restricted Stock outstanding, ending balance (in Dollars per share) \| $ / shares	$ 22.35

STUDENT RECEIVABLES (Tables)

6 Months Ended

Jun. 30, 2026

STUDENT RECEIVABLES [Abstract]

Student Receivables

The following table presents the amortized cost basis of student receivables as of June 30, 2026, by year of origination.







		June 30, 2026
Year		Student Receivables (1)			Six Months Ended Write-Off's (2)
2026	$	67,515	2026	$	-
2025		32,633	2025		27,925
2024		12,131	2024		2,666
2023		6,475	2023		729
2022		2,964	2022		267
Prior		2,272	Prior		233
Total	$	123,990	Total	$	31,820

(1)

Student receivables are presented on a gross basis from the individual students. The total receivable amount above excludes (i) federal subsidies reflected on the students’ accounts but not yet received from the government, and (ii) receivables from industry relationships, which are otherwise included under accounts receivable in our Condensed Consolidated Balance Sheets.

(2)

Write-off amounts are based on the students' school departure year.

Allowance for Credit Losses

We define student receivables as a portfolio segment under ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”). Changes in our current and non-current allowance for credit losses related to our student receivable portfolio were calculated in accordance with ASC 326 for the six months ended June 30, 2026, and 2025, respectively.



		Six Months Ended June 30,
		2026			2025
Balance, beginning of period	$	70,346		$	65,572
Provision for credit losses		29,717			25,012
Write-offs		(31,820	)		(22,730	)
Balance, at end of period	$	68,243		$	67,854

LEASES (Tables)

6 Months Ended

Jun. 30, 2026

LEASES [Abstract]

Components of Lease Cost

The following table presents components of lease cost and classification on the Condensed Consolidated Statements of Operations:


		Three Months Ended					Six Months Ended
				June 30,					June 30,
in thousands	Consolidated Statement of Operations Classification			2026		2025			2026		2025
Operating lease cost	Selling, general and administrative		$	5,892	$	4,982		$	11,742	$	9,971
Finance lease cost
Amortization of leased assets	Educational services and facilities			418		418			835		835
Interest on lease liabilities	Interest expense			590		591			1,182		1,173
Variable lease cost	Selling, general and administrative			253		244			506		460
			$	7,153	$	6,235		$	14,265	$	12,439

Supplemental Cash Flow Information and Non-cash Activity Related to Leases

Supplemental cash flow information and non-cash activity related to our leases are as follows:


		Six Months Ended June 30,
		2026		2025
Cash flow information:
Cash paid for amounts included in the measurement of lease liabilities
Operating Cash Flows - operating leases	$	10,630	$	9,697
Operating Cash Flows - finance leases	$	1,182	$	1,173
Financing Cash Flows - finance leases	$	220	$	(2,033	)

Weighted Average Remaining Lease Term and Discount Rate

Weighted-average remaining lease term and discount rate for our leases are as follows:


	As of
		June 30,
		2026		2025
Weighted-average remaining lease term
Operating leases		15 years		13 years
Finance leases		12 years		16 years

Weighted-average discount rate
Operating leases		6.61	%	6.58	%
Finance leases		7.67	%	7.67	%

Maturities of Lease Liabilities

Maturities of lease liabilities by fiscal year for our leases as of June 30, 2026 are as follows:


		Operating Leases			Finance Leases
Year ending December 31,
2026 (excluding the six months ended June 30, 2026)	$	10,888		$	1,415
2027		22,138			2,918
2028		23,213			3,023
2029		21,392			3,132
2030		18,488			3,244
2031		17,362			3,361
Thereafter		141,133			36,813
Total lease payments		254,614			53,906
Less: imputed interest		(83,413	)		(23,008	)
Present value of lease liabilities	$	171,201		$	30,898

LEASES - Maturities of Lease Liabilities (Details) $ in Thousands	Jun. 30, 2026 USD ($)
LEASES [Abstract]
2026 (excluding the six months ended June 30, 2026)	$ 10,888
2026 (excluding the six months ended June 30, 2026)	1,415
2027	22,138
2027	2,918
2028	23,213
2028	3,023
2029	21,392
2029	3,132
2030	18,488
2030	3,244
2031	17,362
2031	3,361
Thereafter	141,133
Thereafter	36,813
Total lease payments	254,614
Total lease payments	53,906
Less: imputed interest	(83,413)
Less: imputed interest	(23,008)
Present value of lease liabilities	171,201
Present value of lease liabilities	$ 30,898

STUDENT RECEIVABLES (Details) - USD ($) $ in Thousands	6 Months Ended
STUDENT RECEIVABLES (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
STUDENT RECEIVABLES [Abstract]
Write off period for student receivable balance	150 days
Accounts receivables (in Dollars)	$ 21,645	$ 21,248

FAIR VALUE	6 Months Ended
FAIR VALUE	Jun. 30, 2026
FAIR VALUE [Abstract]
FAIR VALUE	11. FAIR VALUE The accounting framework for determining fair value includes a hierarchy for ranking the quality and reliability of the information used to measure fair value, which enables the reader of the financial statements to assess the inputs used to develop those measurements. The fair value hierarchy consists of three tiers: Level 1: Defined as quoted market prices in active markets for identical assets or liabilities. Level 2: Defined as inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, model-based valuation techniques for which all significant assumptions are observable in the market or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Defined as unobservable inputs that are not corroborated by market data. The Company’s financial instruments measured at fair value on a recurring basis consists of Level 1 cash equivalents, including money market funds, which were not material as of June 30, 2026, and December 31, 2025. The carrying amount of the Company’s financial instruments, including cash equivalents, short-term investments, prepaid expenses and other current assets, accrued expenses, and other short-term liabilities, approximates fair value due to the short-term nature of these items.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

LONG-TERM DEBT (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
LONG-TERM DEBT (Details) - USD ($) $ in Millions	Feb. 16, 2024	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Apr. 13, 2026	Mar. 07, 2025
Credit Facility [Member]
LONG-TERM DEBT [Abstract]
Line of credit facility, maximum borrowing capacity	$ 20.0						$ 25.0
Term of facility				36 months
Line of credit facility, frequency of principal and interest periodic payment				quarterly or monthly
Payments for closing fee				$ 1.6
Legal fees				0.5
Unused facility fees				0.1
Interest paid		$ 0.4	$ 0.1	0.6	$ 0.2
Amended and Restated Credit Agreement [Member]
LONG-TERM DEBT [Abstract]
Line of credit facility, maximum borrowing capacity						$ 25.0
Unused facility fees				1.0
Debt outstanding		$ 26.0		$ 26.0
Letter of Credit [Member] \| Credit Facility [Member]
LONG-TERM DEBT [Abstract]
Line of credit facility, maximum borrowing capacity	10.0
Letter of Credit [Member] \| Amended and Restated Credit Agreement [Member]
LONG-TERM DEBT [Abstract]
Line of credit facility, maximum borrowing capacity						10.0
Revolving Credit Facility [Member] \| Credit Facility [Member]
LONG-TERM DEBT [Abstract]
Line of credit facility, maximum borrowing capacity	$ 40.0						$ 60.0
Revolving Credit Facility [Member] \| Amended and Restated Credit Agreement [Member]
LONG-TERM DEBT [Abstract]
Line of credit facility, maximum borrowing capacity						$ 125.0
SOFR [Member] \| Minimum [Member] \| Credit Facility [Member]
LONG-TERM DEBT [Abstract]
Term of variable rate				1 month
SOFR [Member] \| Maximum [Member] \| Credit Facility [Member]
LONG-TERM DEBT [Abstract]
Term of variable rate				3 months
Tranche Rate [Member] \| Minimum [Member] \| Credit Facility [Member]
LONG-TERM DEBT [Abstract]
Interest rate on credit facility	1.50%
Tranche Rate [Member] \| Maximum [Member] \| Credit Facility [Member]
LONG-TERM DEBT [Abstract]
Interest rate on credit facility	2.25%
Base Rate [Member] \| Minimum [Member] \| Credit Facility [Member]
LONG-TERM DEBT [Abstract]
Interest rate on credit facility	0.50%
Base Rate [Member] \| Maximum [Member] \| Credit Facility [Member]
LONG-TERM DEBT [Abstract]
Interest rate on credit facility	1.25%

STUDENT RECEIVABLES - Allowance for Credit Losses (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

STUDENT RECEIVABLES [Abstract]

Balance, beginning of period

$ 70,346

$ 65,572

Provision for credit losses

$ 16,035

$ 13,177

29,717

25,012

Write-offs

(31,820)

^[1]

(22,730)

Balance, at end of period

$ 68,243

$ 67,854

$ 68,243

$ 67,854

[1]	Write-off amounts are based on the students' school departure year.

SEGMENT REPORTING

6 Months Ended

Jun. 30, 2026

SEGMENT REPORTING [Abstract]

SEGMENT REPORTING

10.

SEGMENT REPORTING

The Company manages its business, evaluates performance and allocates resources based on two reportable business segments, Campus Operations and Transitional.

Campus Operations— The Campus Operations segment includes campuses that are continuing in operation and contribute to the Company’s core operations and performance. All of the campuses continuing in operation are classified in this segment. All of our campuses offer programs across various areas of study.

Transitional— The Transitional segment refers to campuses that are marked for closure and are currently being taught out, in addition to campuses that are held-for-sale. As of June 30, 2026, none of our campuses were classified in the Transitional segment.

The individual operating segments have been aggregated into the two main reportable segments based on the method by which our Chief Operating Decision Maker (“CODM”) 1) evaluates performance and allocates resources and 2) as a result of the Company’s judgment, that the reporting units have similar products, production processes, types of customers, methods of distribution, regulatory environment, and economic characteristics. The Company’s CODM is comprised of a team of executives deemed the “Executive Committee,” which is made up of the following individuals:

1. Scott M. Shaw – Chief Executive Officer and Director

2. Brian K. Meyers – Executive Vice President, Chief Financial Officer, and Treasurer

The CODM assesses segment financial performance by reviewing segment revenue and segment operating income, which includes certain corporate overhead allocations relating directly to the segments disclosed. Some of the allocated costs include the centralization of the Company’s financial aid process, national sales and receivables, and default costs. The CODM makes decisions to allocate resources based on the review of monthly, quarterly, and annual financial information categorized by segment. The financial information is presented to the CODM using actual-to-actual results and budget-to-actual results.

We evaluate performance based on operating results. Adjustments to reconcile segment results with consolidated results are included in the caption “Corporate,” which primarily includes unallocated corporate activity.

Summary financial information by reporting segment is as follows:


		Three Months Ended June 30,
		Consolidated						Campus Operations						Corporate
		2026			2025			2026			2025			2026			2025
REVENUE	$	142,560		$	116,474		$	142,560		$	116,474		$	-		$	-
COSTS AND EXPENSES:
Instructional		28,153			23,544			28,153			23,544			-			-
Books and tools		10,380			6,769			10,380			6,769			-			-
Facilities		13,444			11,933			13,444			11,933			-			-
Depreciation and amortization		7,655			4,545			7,655			4,545			-			-
Educational services and facilities		59,632			46,791			59,632			46,791			-			-

Sales and marketing		24,745			18,872			24,745			18,872			-			-
Student services		7,903			6,363			7,903			6,363			-			-
Provision for credit losses		16,035			13,177			16,035			13,177			-			-
Administrative		30,832			28,484			12,707			12,218			18,125			16,266
Depreciation and amortization		134			165			-			-			134			165
Selling, general and administrative		79,649			67,061			61,390			50,630			18,259			16,431
Gain on sale of assets		(33	)		(256	)		(10	)		(256	)		(23	)		-
Total costs and expenses		139,248			113,596			121,012			97,165			18,236			16,431
OPERATING INCOME (LOSS)	$	3,312		$	2,878		$	21,548		$	19,309			(18,236	)	$	(16,431	)


		Six Months Ended June 30,
		Consolidated					Campus Operations								Corporate
		2026			2025				2026			2025			2026			2025
REVENUE	$	286,518		$	233,980			$	286,518		$	233,980		$	-		$	-
COSTS AND EXPENSES:
Instructional		55,776			46,559				55,776			46,559			-			-
Books and tools		20,211			14,477				20,211			14,477			-			-
Facilities		26,883			25,018				26,883			25,018			-			-
Depreciation and amortization		15,155			8,145				15,155			8,145			-			-
Educational services and facilities		118,025			94,199				118,025			94,199			-			-

Sales and marketing		48,642			38,573				48,642			38,573			-			-
Student services		15,259			12,601				15,259			12,601			-			-
Provision for credit losses		29,717			25,012				29,717			24,975			-			37
Administrative		64,917			57,452				25,582			23,160			39,335			34,292
Depreciation and amortization		266			327				-			-			266			327
Selling, general and administrative		158,801			133,965				119,200			99,309			39,601			34,656
(Gain) loss on sale of assets		(27	)		(476	)			(4	)		(510	)		(23	)		34
Total costs and expenses		276,799			227,688				237,221			192,998			39,578			34,690
OPERATING INCOME (LOSS)	$	9,719		$	6,292			$	49,297		$	40,982			(39,578	)	$	(34,690	)

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 34
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2026	Aug. 10, 2026
Document Information Line Items
Entity Central Index Key	0001286613
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Fiscal Year Focus	2026
Document Transition Report	false
Entity File Number	000-51371
Entity Registrant Name	LINCOLN EDUCATIONAL SERVICES CORPORATION
Entity Incorporation, State or Country Code	NJ
Entity Tax Identification Number	57-1150621
Entity Address, Address Line One	14 Sylvan Way, Suite A
Entity Address, Postal Zip Code	07054
Entity Address, City or Town	Parsippany
Entity Address, State or Province	NJ
City Area Code	973
Local Phone Number	736-9340
Title of 12(b) Security	Common Stock, no par value per share
Trading Symbol	LINC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		31,721,479
Amendment Flag	false
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

SEGMENT REPORTING - Financial Information by Reporting Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
SEGMENT REPORTING [Abstract]
REVENUE	$ 142,560	$ 116,474	$ 286,518	$ 233,980
COSTS AND EXPENSES:
Instructional	28,153	23,544	55,776	46,559
Books and tools	10,380	6,769	20,211	14,477
Facilities	13,444	11,933	26,883	25,018
Depreciation and amortization	7,655	4,545	15,155	8,145
Educational services and facilities	59,632	46,791	118,025	94,199
Sales and marketing	24,745	18,872	48,642	38,573
Student services	7,903	6,363	15,259	12,601
Provision for credit losses	16,035	13,177	29,717	25,012
Administrative	30,832	28,484	64,917	57,452
Depreciation and amortization	134	165	266	327
Selling, general and administrative	79,649	67,061	158,801	133,965
(Gain) loss on sale of assets	(33)	(256)	(27)	(476)
Total costs and expenses	139,248	113,596	276,799	227,688
OPERATING INCOME	3,312	2,878	9,719	6,292
Campus Operations [Member]
SEGMENT REPORTING [Abstract]
REVENUE	142,560	116,474	286,518	233,980
Reportable Segments [Member] \| Campus Operations [Member]
SEGMENT REPORTING [Abstract]
REVENUE	142,560	116,474	286,518	233,980
COSTS AND EXPENSES:
Instructional	28,153	23,544	55,776	46,559
Books and tools	10,380	6,769	20,211	14,477
Facilities	13,444	11,933	26,883	25,018
Depreciation and amortization	7,655	4,545	15,155	8,145
Educational services and facilities	59,632	46,791	118,025	94,199
Sales and marketing	24,745	18,872	48,642	38,573
Student services	7,903	6,363	15,259	12,601
Provision for credit losses	16,035	13,177	29,717	24,975
Administrative	12,707	12,218	25,582	23,160
Depreciation and amortization	0	0	0	0
Selling, general and administrative	61,390	50,630	119,200	99,309
(Gain) loss on sale of assets	(10)	(256)	(4)	(510)
Total costs and expenses	121,012	97,165	237,221	192,998
OPERATING INCOME	21,548	19,309	49,297	40,982
Corporate [Member]
SEGMENT REPORTING [Abstract]
REVENUE	0	0	0	0
COSTS AND EXPENSES:
Instructional	0	0	0	0
Books and tools	0	0	0	0
Facilities	0	0	0	0
Depreciation and amortization	0	0	0	0
Educational services and facilities	0	0	0	0
Sales and marketing	0	0	0	0
Student services	0	0	0	0
Provision for credit losses	0	0	0	37
Administrative	18,125	16,266	39,335	34,292
Depreciation and amortization	134	165	266	327
Selling, general and administrative	18,259	16,431	39,601	34,656
(Gain) loss on sale of assets	(23)	0	(23)	34
Total costs and expenses	18,236	16,431	39,578	34,690
OPERATING INCOME	$ (18,236)	$ (16,431)	$ (39,578)	$ (34,690)

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2026
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	13. SUBSEQUENT EVENTS Melrose Park Property Acquisition On July 7, 2026, Lincoln Technical Institute, Inc., a wholly-owned subsidiary of the Company, completed the acquisition of the facility and real property in Melrose Park, Illinois, which the Company had previously leased. The purchase price was $18.8 million, funded in part by a $15.0 million mortgage loan from Provident Bank, with the remainder funded by cash on hand. The loan bears interest at a fixed rate of 5.99% per year for the first five years, resetting thereafter to a rate equal to 1.75% in excess of the five-year U.S. Treasury yield, provided that the interest rate payable will at no time be less than five percent (5.00%) per annum. The loan matures on July 1, 2036.

STUDENT RECEIVABLES - Student Receivables (Details) - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

STUDENT RECEIVABLES [Abstract]

2026

^[1]

$ 67,515

2026

^[2]

2025

^[1]

32,633

2025

^[2]

27,925

2024

^[1]

12,131

2024

^[2]

2,666

2023

^[1]

6,475

2023

^[2]

729

2022

^[1]

2,964

2022

^[2]

267

Prior

^[1]

2,272

Prior

^[2]

233

Total

^[1]

123,990

Total

$ 31,820

^[2]

$ 22,730

[1]	Student receivables are presented on a gross basis from the individual students. The total receivable amount above excludes (i) federal subsidies reflected on the students’ accounts but not yet received from the government, and (ii) receivables from industry relationships, which are otherwise included under accounts receivable in our Condensed Consolidated Balance Sheets.
[2]	Write-off amounts are based on the students' school departure year.

REVENUE RECOGNITION (Tables)

6 Months Ended

Jun. 30, 2026

REVENUE RECOGNITION [Abstract]

Depicts Timing of Revenue Recognition by Segment

The following table depicts the timing of revenue recognition by segment:


		Three Months Ended June 30, 2026				Six Months Ended June 30, 2026
		Campus				Campus
		Operations		Consolidated		Operations		Consolidated
Timing of Revenue Recognition
Services transferred at a point in time	$	8,667	$	8,667	$	17,611	$	17,611
Services transferred over time		133,893		133,893		268,907		268,907
Total revenues	$	142,560	$	142,560	$	286,518	$	286,518


		Three Months Ended June 30, 2025				Six Months Ended June 30, 2025
		Campus				Campus
		Operations		Consolidated		Operations		Consolidated
Timing of Revenue Recognition
Services transferred at a point in time	$	5,598	$	5,598	$	12,599	$	12,599
Services transferred over time		110,876		110,876		221,381		221,381
Total revenues	$	116,474	$	116,474	$	233,980	$	233,980

PROPERTY, EQUIPMENT AND FACILITIES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
PROPERTY, EQUIPMENT AND FACILITIES [Abstract]
Depreciation and amortization expense	$ 7,800	$ 4,700	$ 15,400	$ 8,500
Amortization of finance leases	$ 400	$ 400	835	$ 835
Building [Member] \| New Campus [Member]
PROPERTY, EQUIPMENT AND FACILITIES [Abstract]
Increase in property, equipment and facilities			20,900
Machinery and Equipment [Member]
PROPERTY, EQUIPMENT AND FACILITIES [Abstract]
Increase in property, equipment and facilities			3,800
Buildings and Improvements [Member]
PROPERTY, EQUIPMENT AND FACILITIES [Abstract]
Increase in property, equipment and facilities			$ 8,500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

STOCKHOLDERS' EQUITY (Details) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended		49 Months Ended
	Feb. 27, 2023 USD ($)	Jun. 30, 2026 USD ($) $ / shares shares	Jun. 30, 2025 USD ($) shares	Jun. 30, 2026 USD ($) Vote Plan $ / shares shares	Jun. 30, 2025 USD ($) shares	Jun. 30, 2026 USD ($) $ / shares shares	Dec. 31, 2025 USD ($) shares	May 05, 2023 shares	May 04, 2023 shares	May 24, 2022 USD ($)
STOCKHOLDERS’ EQUITY [Abstract]
Common stock, shares authorized (in Shares)		100,000,000		100,000,000		100,000,000	100,000,000
Common stock, shares issued (in Shares)		31,722,150		31,722,150		31,722,150	31,623,795
Common stock, shares outstanding (in Shares)		31,722,150		31,722,150		31,722,150	31,623,795
Number of stock incentive plans (in Plan) \| Plan				1
Percentage of total share based awards				50.00%
Authorized amount of share repurchase program \| $										$ 30.0
Period over which common stock can be repurchased				12 months
Additional authorized amount of share repurchase program \| $	$ 10.0
Additional amount of shares repurchased \| $	$ 30.6
Additional period over which common stock can be repurchased	12 months
Total number of shares repurchased (in Shares)				0	0	1,700,000
Remaining authorized amount of share repurchase program \| $		$ 29.7		$ 29.7		$ 29.7
Average share price (in Dollars per share) \| $ / shares		$ 5.95		$ 5.95		$ 5.95
Amount of shares repurchased \| $						$ 10.3
Employees, Officers and Directors [Member]
STOCKHOLDERS’ EQUITY [Abstract]
Performance target percentage				120.00%
Executive Officer [Member]
STOCKHOLDERS’ EQUITY [Abstract]
Performance target percentage				100.00%
LTIP [Member]
STOCKHOLDERS’ EQUITY [Abstract]
Number of shares available for issuance under incentive plan (in Shares)								4,000,000	2,000,000
LTIP [Member] \| June 16, 2020 [Member]
STOCKHOLDERS’ EQUITY [Abstract]
Stock option award issuance, plan duration				10 years
Non Employee Directors Plan [Member]
STOCKHOLDERS’ EQUITY [Abstract]
Net share settlement for restricted stock (in Shares)		132	0	184,834	197,973
Decrease in equity due to payment of tax for employee \| $			$ 0.0	$ 6.7	$ 3.6
Time-Based and Performance-Based Restricted Stock Awards [Member]
STOCKHOLDERS’ EQUITY [Abstract]
Performance target percentage				100.00%
Granted (in Shares)				0
Time-Based and Performance-Based Restricted Stock Awards [Member] \| Employees, Officers and Directors [Member]
STOCKHOLDERS’ EQUITY [Abstract]
Performance target percentage				80.00%
Granted (in Shares)				0
Time-Based and Performance-Based Restricted Stock Awards [Member] \| Employees, Officers and Directors [Member] \| Achievement of 80 % Target [Member]
STOCKHOLDERS’ EQUITY [Abstract]
Vesting percentage				25.00%
Time-Based and Performance-Based Restricted Stock Awards [Member] \| Executive Officer [Member]
STOCKHOLDERS’ EQUITY [Abstract]
Granted (in Shares)				0
Time-Based and Performance-Based Restricted Stock Awards [Member] \| Executive Officer [Member] \| Achievement of 90 % Target [Member]
STOCKHOLDERS’ EQUITY [Abstract]
Vesting percentage				25.00%
Restricted Stock Awards [Member]
STOCKHOLDERS’ EQUITY [Abstract]
Granted (in Shares)				253,946
Recognized restricted stock expense \| $		$ 1.6	1.3	$ 3.1	2.5
Unrecognized restricted stock expense \| $		11.2		11.2		11.2	$ 6.0
Restricted Stock Awards [Member] \| LTIP [Member]
STOCKHOLDERS’ EQUITY [Abstract]
Outstanding restricted shares, intrinsic value \| $		30.6	$ 18.4	$ 30.6	$ 18.4	$ 30.6
Maximun [Member] \| Non Employee Directors Plan [Member]
STOCKHOLDERS’ EQUITY [Abstract]
Decrease in equity due to payment of tax for employee \| $		$ 0.1
Maximun [Member] \| Time-Based and Performance-Based Restricted Stock Awards [Member] \| Employees, Officers and Directors [Member]
STOCKHOLDERS’ EQUITY [Abstract]
Performance target percentage				200.00%
Maximun [Member] \| Time-Based and Performance-Based Restricted Stock Awards [Member] \| Executive Officer [Member]
STOCKHOLDERS’ EQUITY [Abstract]
Performance target percentage				90.00%
Vesting percentage				100.00%
Common Stock [Member]
STOCKHOLDERS’ EQUITY [Abstract]
Common stock, shares authorized (in Shares)		100,000,000		100,000,000		100,000,000
Common stock, shares issued (in Shares)		31,722,150		31,722,150		31,722,150
Common stock, shares outstanding (in Shares)		31,722,150		31,722,150		31,722,150
Common stock voting rights per share (in Vote) \| Vote				1
Cash dividends declared or paid \| $				$ 0.0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual [Table]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION - Basis of Presentation (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($) Campus Segment	Jun. 30, 2025 USD ($)
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION [Abstract]
Number of reportable segments \| Segment	2
Number of campuses \| Campus	22
Interest and penalties expense \| $	$ 0	$ 0
Uncertain tax positions \| $	$ 0	$ 0
Transitional [Member]
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION [Abstract]
Number of campuses \| Campus	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

PROPERTY, EQUIPMENT AND FACILITIES

6 Months Ended

Jun. 30, 2026

PROPERTY, EQUIPMENT AND FACILITIES [Abstract]

PROPERTY, EQUIPMENT AND FACILITIES

As of June 30, 2026 and December 31, 2025, property, equipment and facilities consisted of the following:


	Useful life		June 30,			December 31,
	(years)		2026			2025
Land	-	$	52		$	52
Buildings and improvements	1-25		189,705			183,770
Equipment, furniture and fixtures	1-7		124,720			119,681
Vehicles	3		2,078			1,979
Construction in progress	-		34,964			14,188
			351,519			319,670
Less accumulated depreciation and amortization			(160,833	)		(148,067	)
		$	190,686		$	171,603

Property, equipment and facilities are recorded at cost, with depreciation expense included in our educational services and facilities and selling, general and administrative expenses in our Condensed Consolidated Statements of Operations.

The increase in property, equipment and facilities was driven by several factors, including a $20.9 million investment relating primarily to the build-out of the new campuses in Hicksville, New York and Rowlett, Texas; $3.8 million in new and expanded programs at various campuses; and $8.5 million in facilities upgrades, training materials, and equipment, including security and campus upgrades and refurbishments. Depreciation and amortization expense of property, equipment and facilities was $7.8 million and $4.7 million for the three months ended June 30, 2026 and 2025, respectively, and $15.4 million and $8.5 million for the six months ended June 30, 2026 and 2025, respectively, which includes amortization of finance leases of $0.4 million for the three-month periods and $0.8 million for the six-month periods, respectively.

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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-Publisher FASB
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+ Details

SUBSEQUENT EVENTS (Details) - Melrose Park Property Acquisition [Member] - Lincoln Technical Institute, Inc [Member] - USD ($) $ in Millions		6 Months Ended
	Jul. 07, 2026	Jun. 30, 2026
SUBSEQUENT EVENTS [Abstract]
Fixed interest rate loan term		5 years
Subsequent Event [Member]
SUBSEQUENT EVENTS [Abstract]
Purchase price of property (in Dollars)	$ 18.8
Mortgage loan (in Dollars)	$ 15.0
Fixed interest rate per year	5.99%
Interest rate after reset	1.75%
Variable interest rate	5.00%
Maturity date	Jul. 01, 2036

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS:
Cash and cash equivalents	$ 44,178	$ 28,519
Accounts receivable, less allowance of $41,378 and $43,975 at June 30, 2026 and December 31, 2025, respectively	45,871	36,929
Inventories	4,077	3,986
Income tax receivable	1,923	1,599
Tenant allowance receivable	5,587	8,127
Prepaid and other assets	4,613	7,872
Total current assets	106,249	87,032
PROPERTY, EQUIPMENT AND FACILITIES - At cost, net of accumulated depreciation and amortization of $160,833 and $148,067 at June 30, 2026 and December 31, 2025, respectively	190,686	171,603
OTHER ASSETS:
Noncurrent receivables, less allowance of $26,865 and $26,371 at June 30, 2026 and December 31, 2025, respectively	21,645	21,248
Deferred finance charges	1,204	302
Deferred income taxes, net	21,668	21,668
Operating lease right-of-use assets	151,565	154,223
Finance lease right-of-use assets	24,240	25,075
Goodwill	10,742	10,742
Other assets, net	1,781	1,271
Total other assets	232,845	234,529
TOTAL ASSETS	529,780	493,164
CURRENT LIABILITIES:
Unearned tuition	51,920	44,159
Accounts payable	30,677	27,023
Accrued expenses	16,695	18,430
Current portion of operating lease liabilities	11,127	10,634
Current portion of finance lease liabilities	534	463
Total current liabilities	110,953	100,709
NONCURRENT LIABILITIES:
Long-term portion of operating lease liabilities	160,074	162,113
Long-term portion of finance lease liabilities	30,364	30,654
Long-term debt	26,000	0
Total liabilities	327,391	293,476
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common stock, no par value - authorized 100,000,000 shares at June 30, 2026 and December 31, 2025, issued and outstanding 31,722,150 shares at June 30, 2026 and 31,623,795 shares at December 31, 2025	48,181	48,181
Additional paid-in capital	48,738	52,339
Retained earnings	105,470	99,168
Total stockholders’ equity	202,389	199,688
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 529,780	$ 493,164

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
REVENUE	$ 142,560	$ 116,474	$ 286,518	$ 233,980
COSTS AND EXPENSES:
Educational services and facilities	59,632	46,791	118,025	94,199
Selling, general and administrative	79,649	67,061	158,801	133,965
Gain on sale of assets	(33)	(256)	(27)	(476)
Total costs and expenses	139,248	113,596	276,799	227,688
OPERATING INCOME	3,312	2,878	9,719	6,292
OTHER:
Interest income	7	11	37	125
Interest expense	(1,058)	(813)	(1,895)	(1,514)
INCOME BEFORE INCOME TAXES	2,261	2,076	7,861	4,903
PROVISION FOR INCOME TAXES	315	522	1,559	1,404
NET INCOME	$ 1,946	$ 1,554	$ 6,302	$ 3,499
Basic
Net income per common share (in Dollars per share)	$ 0.06	$ 0.05	$ 0.2	$ 0.11
Diluted
Net income per common share (in Dollars per share)	$ 0.06	$ 0.05	$ 0.2	$ 0.11
Weighted average number of common shares outstanding:
Basic (in Shares)	31,257,944	30,990,392	31,194,290	30,900,349
Diluted (in Shares)	31,418,794	31,271,254	31,375,372	31,172,479

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2026
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	9. COMMITMENTS AND CONTINGENCIES Legal Proceedings There are no material developments relating to previously disclosed legal proceedings. See the “Legal Proceedings” section of the Company’s Form 10-K and previously filed Form 10-Qs for information regarding existing legal proceedings. Additionally, see the “Regulatory Updates” section of this Form 10-Q for additional information concerning the status of Borrower Defense to Repayment applications. In the ordinary conduct of our business, we are subject to additional periodic lawsuits, investigations, regulatory proceedings and other claims, including, but not limited to, claims involving students or graduates, routine employment matters and business disputes. We cannot predict the ultimate resolution of these lawsuits, investigations, regulatory proceedings and other claims asserted against us, but we do not believe that any of these matters will have a material adverse effect on our business, financial condition, results of operations, or cash flows. Student Financing Plans As of June 30, 2026, the Company had outstanding net financing commitments to its students to assist them in financing their education of approximately $62.1 million, net of interest.

LONG-TERM DEBT	6 Months Ended
LONG-TERM DEBT	Jun. 30, 2026
LONG-TERM DEBT [Abstract]
LONG-TERM DEBT	7. LONG-TERM DEBT Credit Facility On February 16, 2024, the Company entered into a secured credit agreement (the “Credit Agreement”) with Fifth Third Bank, National Association, pursuant to which the Company, as borrower, obtained a revolving credit facility in the aggregate principal amount of $40.0 million, including a $10.0 million letter of credit sublimit and a $20.0 million accordion feature (the “Facility”), the proceeds of which are to be used for working capital, general corporate and certain other permitted purposes. The initial term of the Facility was 36 months, maturing on February 16, 2027. On June 28, 2024, the Company entered into a first amendment (the “First Amendment”) to the Credit Agreement. Among other things, the First Amendment effected certain modifications to (i) clarify certain representations and affirmative covenants of the Company, (ii) clarify certain conditions to each advance, (iii) clarify and/or replace certain events of default and (iv) delete or revise certain definitions in order to harmonize them with the other modifications made. The First Amendment also contained customary releases, representations, warranties, and reaffirmations consistent with the original terms of the Credit Agreement. Except as set forth above, the First Amendment did not materially alter the Credit Agreement. On March 7, 2025, the Company entered into a second amendment (the “Second Amendment”) to the Credit Agreement, which increased the aggregate principal amount available under the Facility from $40.0 million to $60.0 million. The Second Amendment also expanded the accordion feature from $20.0 million to $25.0 million and extended the maturity date of the Facility from February 16, 2027 to March 7, 2028. Except as set forth above, the Second Amendment did not materially alter the Credit Agreement. On April 13, 2026, the Company entered into an amended and restated credit agreement (the “Amended and Restated Credit Agreement”) with the lenders referred to therein (the “Lenders”), including Fifth Third Bank, National Association as lender and as administrative agent, joint lead arranger, and joint bookrunner, and Flagstar Bank, N.A., Provident Bank, and Santander Bank, N.A. as lenders and as joint lead arrangers and joint bookrunners. The Amended and Restated Credit Agreement, which replaces the Credit Agreement, provides the Company, as borrower, with a revolving credit facility in the aggregate principal amount of $125 million, with a $10 million letter of credit sublimit and a $25 million accordion feature, and extends the maturity date from March 7, 2028, to April 11, 2031 (the “Amended and Restated Facility”). The proceeds of the Amended and Restated Facility may be used for working capital, general corporate and certain other permitted purposes. The Amended and Restated Facility is guaranteed by the Company’s wholly-owned subsidiaries and is secured by a first-priority lien in favor of Fifth Third Bank, National Association, for the benefit of the Lenders, on substantially all of the personal property owned by the Company and its subsidiaries pursuant to an amended and restated guaranty and security agreement, dated as of April 13, 2026. Each advance under the Amended and Restated Facility will bear interest on the outstanding principal amount thereof from the date when made at an interest rate determined, at the election of the Company, at either the tranche rate (which is the forward-looking Secured Overnight Financing Rate (SOFR) for one or three months), or the base rate (which is a variable per annum rate, as of any date of determination, equal to the prime rate), plus an applicable margin. The applicable margin is determined pursuant to a pricing grid, which for loans subject to the tranche rate varies from 1.50% to 2.25%, and for loans subject to the base rate varies from 0.50% to 1.25%. The applicable margin may change quarterly based on the total leverage ratio at such time. The total leverage ratio is determined with respect to the Company and its subsidiaries on a consolidated basis for an applicable quarterly period by dividing the aggregate principal amount of various forms of borrowed indebtedness as of the last day of a determination period by EBITDA (earnings before interest expense, taxes, depreciation and amortization) for such period. Interest is payable in arrears, either quarterly or monthly, depending on the Company’s interest rate election, with the principal due at maturity. The Amended and Restated Credit Agreement contains various customary representations, warranties and affirmative, negative and financial covenants, as well as events of default customary for facilities of this type. In connection with the original Facility and the Amended and Restated Facility, the Company has incurred a total of approximately $1.6 million in bank and legal fees consisting of approximately $0.5 million to execute the Facility, an additional $0.1 million relating to the Second Amendment and an additional $1.0 million for the Amended and Restated Facility. These fees have been capitalized and are being amortized. For the three and six months ended June 30, 2026, interest paid in connection with the original Facility and the Amended and Restated Facility was approximately $0.4 million and $0.6 million compared to $0.1 million and $0.2 million for the three and six months ended June 30, 2025. As of June 30, 2026, the Company had $26.0 million outstanding under the Amended and Restated Facility.

NET EARNINGS PER COMMON SHARE (Tables)

6 Months Ended

Jun. 30, 2026

NET EARNINGS PER COMMON SHARE [Abstract]

Weighted Average Number of Common Shares Used to Compute Basic and Diluted Earnings Per Share

The weighted average number of common shares used to compute basic and diluted earnings per share for the three and six months ended June 30, 2026 and 2025 was as follows:


	Three Months Ended			Six Months Ended
	June 30,			June 30,
		2026	2025		2026	2025
Weighted average shares outstanding - basic		31,257,944	30,990,392		31,194,290	30,900,349
Dilutive effect of Restricted Stock		160,850	280,862		181,082	272,130
Weighted average shares outstanding - diluted		31,418,794	31,271,254		31,375,372	31,172,479

LEASES - Weighted Average Remaining Lease Term and Discount Rate (Details)	Jun. 30, 2026	Jun. 30, 2025
Weighted-average remaining lease term
Operating leases	15 years	13 years
Finance leases	12 years	16 years
Weighted-average discount rate
Operating leases	6.61%	6.58%
Finance leases	7.67%	7.67%

REVENUE RECOGNITION - Depicts Timing of Revenue Recognition by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUE RECOGNITION [Abstract]
Total revenues	$ 142,560	$ 116,474	$ 286,518	$ 233,980
Campus Operations [Member]
REVENUE RECOGNITION [Abstract]
Total revenues	142,560	116,474	286,518	233,980
Services Transferred at a Point in Time [Member]
REVENUE RECOGNITION [Abstract]
Total revenues	8,667	5,598	17,611	12,599
Services Transferred at a Point in Time [Member] \| Campus Operations [Member]
REVENUE RECOGNITION [Abstract]
Total revenues	8,667	5,598	17,611	12,599
Services Transferred over Time [Member]
REVENUE RECOGNITION [Abstract]
Total revenues	133,893	110,876	268,907	221,381
Services Transferred over Time [Member] \| Campus Operations [Member]
REVENUE RECOGNITION [Abstract]
Total revenues	$ 133,893	$ 110,876	$ 268,907	$ 221,381

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

+ Details

GOODWILL AND LONG-LIVED ASSETS

6 Months Ended

Jun. 30, 2026

GOODWILL AND LONG-LIVED ASSETS [Abstract]

GOODWILL AND LONG-LIVED ASSETS

The Company reviews the carrying value of its long-lived assets and identifiable intangibles annually, or more frequently if necessary, for possible impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. If the Company determines that an asset’s carrying value is impaired, it will record a write-down of the carrying value of the asset and charge the impairment as an operating expense in the period in which the determination is made. For other long-lived assets, including ROU lease assets, the Company evaluates assets for recoverability when there is an indication of potential impairment. If the undiscounted cash flows from a group of assets being evaluated are less than the carrying value of that group of assets, the fair value of the asset group is determined and the carrying value of the asset group is written down to fair value.

When we perform the quantitative impairment test for long-lived assets, we examine estimated future cash flows using Level 3 inputs. These cash flows are evaluated by using probability-weighted techniques as well as comparisons of past performance against projections. Assets may also be evaluated by identifying independent market values.

During the six months ended June 30, 2026 and 2025, there were no impairments of goodwill or long-lived assets.

There were no changes in the carrying amount of goodwill during the six months ended June 30, 2026, as presented below:


		Gross		Accumulated			Net
		Goodwill		Impairment			Goodwill
		Balance		Losses			Balance
Balance as of December 31, 2025	$	117,176	$	(106,434	)	$	10,742
Adjustments		-		-			-
Balance as of June 30, 2026	$	117,176	$	(106,434	)	$	10,742

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	6 Months Ended
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	Jun. 30, 2026
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION [Abstract]
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Business Activities— Lincoln Educational Services Corporation and its subsidiaries (collectively, the “Company,” “we,” “our,” and “us,” as applicable) provide diversified career-oriented postsecondary education to recent high school graduates and working adults. The Company, which currently operates 22 campuses in 12 states, recently entered into leases for three new campuses: one in Hicksville, New York, with programs expected to begin by the end of 2026, one in Rowlett, Texas, a northern suburb of Dallas, with programs expected to begin in the first quarter of 2027, and one in Suitland, Maryland, located in the Washington, D.C. metropolitan area, with programs expected to begin in the fourth quarter of 2027. The Company offers programs in skilled trades, automotive, health sciences and information technology. The schools operate under the brands Lincoln Technical Institute, Lincoln College of Technology and Nashville Auto Diesel College. Most of the Company’s campuses serve major metropolitan markets and each typically offers courses in multiple areas of study. Five of the campuses are destination schools, which attract students from across the United States and, in some cases, from abroad. The Company’s other campuses primarily attract students from their local communities and surrounding areas. All of the campuses are nationally accredited and are eligible to participate in federal financial aid programs administered by the U.S. Department of Education (the “DOE”) and applicable state education agencies and accrediting commissions, which allow students to apply for and access federal student loans as well as other forms of financial aid. The Company was incorporated in New Jersey in 2003 as the successor-in-interest to various acquired schools including Lincoln Technical Institute, Inc., which opened its first campus in Newark, New Jersey in 1946. Basis of Presentation—The accompanying unaudited Condensed Consolidated Financial Statements have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) and in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements. Certain information and footnote disclosures normally included in annual financial statements have been omitted or condensed pursuant to such regulations. These financial statements, which should be read in conjunction with the December 31, 2025 audited Consolidated Financial Statements and notes thereto and related disclosures of the Company included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (“Form 10-K”), reflect all adjustments, consisting of normal, recurring adjustments necessary to present fairly the consolidated financial position, results of operations and cash flows for such periods. The results of operations for the six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the full fiscal year ending December 31, 2026. The Company’s business is organized into two reportable business segments: Campus Operations and Transitional. The Campus Operations segment includes campuses that are continuing in operation and contribute to the Company’s core operations and performance. All of the campuses with continuing operations are classified in this segment. The Transitional segment refers to campuses that are marked for closure and are currently being taught-out, in addition to campuses that are held-for sale. As of June 30, 2026, no campuses were classified in the Transitional segment. We evaluate performance based on operating results. Adjustments to reconcile segment results with consolidated results are included in the caption “Corporate,” which primarily includes unallocated corporate activity. The unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated. Use of Estimates in the Preparation of Financial Statements – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the period. On an ongoing basis, the Company evaluates the estimates and assumptions, including those used to determine the incremental borrowing rate to calculate lease liabilities and right-of-use (“ROU”) assets, the lease term used to calculate lease cost, bad debts, impairments, useful lives of fixed assets, income taxes, benefit plans, stock-based compensation, and certain accruals. Actual results could differ from those estimates. Start-up Costs—Costs related to the start of new campuses are expensed as incurred. New Accounting Pronouncements In November 2024, the Financial Accounting Standard Board (FASB) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Topic 220): Disaggregation of Income Statement Expenses, which requires additional disclosure of certain amounts included in the expense captions presented on the statements of operations, as well as disclosures about selling expenses. The ASU is effective on a prospective basis, with the option for retrospective application for periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted for annual financial statements that have not yet been issued. The Company does not expect the adoption of this ASU to have a material impact on its Condensed Consolidated Financial Statements. In September 2025, the FASB issued ASU 2025-06, Intangibles Goodwill and Other- Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU amends the internal-use software cost capitalization model by eliminating stage-based rules and introduces new capitalization criteria based on management authorization and the probability of project completion. This ASU also clarifies the treatment of software development uncertainty and incorporates guidance on website development costs. The amendments are effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. ASU 2025-06 may be applied prospectively, retrospectively or on a modified transition approach with early adoption permitted. We do not expect the adoption of this ASU to have a material impact on our Condensed Consolidated Financial Statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the guidance in Topic 270 to improve the consistency and navigability of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events occurring since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2025-11 on its interim Condensed Consolidated Financial Statements and disclosures. In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which establishes recognition, measurement, presentation, and disclosure guidance for government grants received by business entities, an area previously addressed only through disclosure requirements under Topic 832. The ASU is effective for public business entities for annual reporting periods beginning after December 15, 2028, including interim reporting periods within those annual reporting periods. The amendments may be applied on either a prospective or retrospective basis. The Company is currently evaluating the impact of adopting ASU 2025-10 on its Condensed Consolidated Financial Statements and disclosures. Income Taxes— The Company accounts for income taxes in accordance with Accounting Standards Codification (“ASC”) Topic 740, Income Taxes (“ASC 740”). ASC 740 requires an asset and a liability approach for measuring deferred taxes based on temporary differences between the financial statement and tax bases of assets and liabilities existing at each balance sheet date using enacted tax rates for years in which taxes are expected to be paid or recovered. In accordance with ASC 740, the Company assesses its deferred tax asset to determine whether all or any portion of the asset is more likely than not unrealizable. A valuation allowance is required to be established or maintained when, based on currently available information, it is more likely than not that all or a portion of a deferred tax asset will not be realized. In accordance with ASC 740, our assessment considers whether there has been sufficient income in recent years and whether sufficient income is expected in future years in order to utilize the deferred tax asset. In evaluating the realizability of deferred income tax assets, the Company considers, among other things, historical levels of income, expected future income, the expected timing of the reversals of existing temporary reporting differences, and the expected impact of tax planning strategies that may be implemented to prevent the potential loss of future income tax benefits. Significant judgment is required in determining the future tax consequences of events that have been recognized in our Condensed Consolidated Financial Statements and/or tax returns. Differences between anticipated and actual outcomes of these future tax consequences could have a material impact on the Company’s consolidated financial position or results of operations. Changes in, among other things, income tax legislation, statutory income tax rates or future income levels could materially impact the Company’s valuation of income tax assets and liabilities and could cause our income tax provision to vary significantly among financial reporting periods. We recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense. During the six months ended June 30, 2026 and 2025, we did not record any interest and penalties expense associated with uncertain tax positions, as we did not have any uncertain tax positions. On July 4, 2025, the U.S. enacted legislation that generally extends the tax provisions enacted in 2017 that were set to expire at the end of 2025 and makes other changes to federal tax law for multinational corporations. The Company continues to evaluate the impact of the new legislation, and any new impacts applicable as of June 30, 2026 have been reflected in the Condensed Consolidated Financial Statements.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 6,302	$ 3,499
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	14,587	7,637
Finance lease amortization	835	835
Amortization of deferred finance charges	88	90
Deferred income taxes	0	547
Gain on sale of assets	(27)	(476)
Fixed asset donations	(111)	(197)
Provision for credit losses	29,717	25,012
Stock-based compensation expense	3,059	2,548
(Increase) decrease in assets:
Accounts receivable	(39,056)	(30,797)
Inventories	(91)	(1,451)
Prepaid income taxes	(324)	(2,794)
Prepaid expenses and current assets	5,783	(3,611)
Other assets, net	(387)	(657)
Increase (decrease) in liabilities:
Accounts payable	(754)	(9,768)
Accrued expenses	(1,735)	3,452
Unearned tuition	7,761	(2,548)
Income taxes payable	0	(1,072)
Other liabilities	986	1,672
Total adjustments	20,331	(11,578)
Net cash provided by (used in) operating activities	26,633	(8,079)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(29,132)	(46,276)
Proceeds from (payments for) sale of property and equipment	27	504
Net cash used in investing activities	(29,105)	(45,772)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings	70,000	25,000
Payments on borrowings	(44,000)	(12,000)
Payment of deferred finance fees	(990)	(121)
Finance lease principal paid	(219)	(179)
Tenant allowance finance leases	0	2,212
Net share settlement for equity-based compensation	(6,660)	(3,633)
Net cash provided by financing activities	18,131	11,279
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	15,659	(42,572)
CASH AND CASH EQUIVALENTS —Beginning of period	28,519	59,273
CASH AND CASH EQUIVALENTS—End of period	44,178	16,701
Cash paid for:
Interest	1,726	1,391
Income taxes	544	4,721
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Liabilities accrued for or non-cash additions of fixed assets	$ 9,525	$ 14,023

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
CONDENSED CONSOLIDATED BALANCE SHEETS [Abstract]
Accounts receivable, allowance for credit losses	$ 41,378	$ 43,975
PROPERTY, EQUIPMENT AND FACILITIES - accumulated depreciation and amortization	160,833	148,067
Noncurrent receivables, allowance for credit losses	$ 26,865	$ 26,371
Common stock, par value (in Dollars per share)	$ 0	$ 0
Common stock, shares authorized (in Shares)	100,000,000	100,000,000
Common stock, shares issued (in Shares)	31,722,150	31,623,795
Common stock, shares outstanding (in Shares)	31,722,150	31,623,795

- Definition

Amount of accumulated depreciation, depletion, and amortization of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References + Details

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 210
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 1
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

+ Details

SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2026

SEGMENT REPORTING [Abstract]

Financial Information by Reporting Segment

Summary financial information by reporting segment is as follows:


		Three Months Ended June 30,
		Consolidated						Campus Operations						Corporate
		2026			2025			2026			2025			2026			2025
REVENUE	$	142,560		$	116,474		$	142,560		$	116,474		$	-		$	-
COSTS AND EXPENSES:
Instructional		28,153			23,544			28,153			23,544			-			-
Books and tools		10,380			6,769			10,380			6,769			-			-
Facilities		13,444			11,933			13,444			11,933			-			-
Depreciation and amortization		7,655			4,545			7,655			4,545			-			-
Educational services and facilities		59,632			46,791			59,632			46,791			-			-

Sales and marketing		24,745			18,872			24,745			18,872			-			-
Student services		7,903			6,363			7,903			6,363			-			-
Provision for credit losses		16,035			13,177			16,035			13,177			-			-
Administrative		30,832			28,484			12,707			12,218			18,125			16,266
Depreciation and amortization		134			165			-			-			134			165
Selling, general and administrative		79,649			67,061			61,390			50,630			18,259			16,431
Gain on sale of assets		(33	)		(256	)		(10	)		(256	)		(23	)		-
Total costs and expenses		139,248			113,596			121,012			97,165			18,236			16,431
OPERATING INCOME (LOSS)	$	3,312		$	2,878		$	21,548		$	19,309			(18,236	)	$	(16,431	)


		Six Months Ended June 30,
		Consolidated					Campus Operations								Corporate
		2026			2025				2026			2025			2026			2025
REVENUE	$	286,518		$	233,980			$	286,518		$	233,980		$	-		$	-
COSTS AND EXPENSES:
Instructional		55,776			46,559				55,776			46,559			-			-
Books and tools		20,211			14,477				20,211			14,477			-			-
Facilities		26,883			25,018				26,883			25,018			-			-
Depreciation and amortization		15,155			8,145				15,155			8,145			-			-
Educational services and facilities		118,025			94,199				118,025			94,199			-			-

Sales and marketing		48,642			38,573				48,642			38,573			-			-
Student services		15,259			12,601				15,259			12,601			-			-
Provision for credit losses		29,717			25,012				29,717			24,975			-			37
Administrative		64,917			57,452				25,582			23,160			39,335			34,292
Depreciation and amortization		266			327				-			-			266			327
Selling, general and administrative		158,801			133,965				119,200			99,309			39,601			34,656
(Gain) loss on sale of assets		(27	)		(476	)			(4	)		(510	)		(23	)		34
Total costs and expenses		276,799			227,688				237,221			192,998			39,578			34,690
OPERATING INCOME (LOSS)	$	9,719		$	6,292			$	49,297		$	40,982			(39,578	)	$	(34,690	)

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

PROPERTY, EQUIPMENT AND FACILITIES (Tables)

6 Months Ended

Jun. 30, 2026

PROPERTY, EQUIPMENT AND FACILITIES [Abstract]

Property, Equipment and Facilities

As of June 30, 2026 and December 31, 2025, property, equipment and facilities consisted of the following:


	Useful life		June 30,			December 31,
	(years)		2026			2025
Land	-	$	52		$	52
Buildings and improvements	1-25		189,705			183,770
Equipment, furniture and fixtures	1-7		124,720			119,681
Vehicles	3		2,078			1,979
Construction in progress	-		34,964			14,188
			351,519			319,670
Less accumulated depreciation and amortization			(160,833	)		(148,067	)
		$	190,686		$	171,603

STUDENT RECEIVABLES

6 Months Ended

Jun. 30, 2026

STUDENT RECEIVABLES [Abstract]

STUDENT RECEIVABLES

12.

STUDENT RECEIVABLES

Student receivables represent funds owed to us in exchange for the educational services provided to a student. Student receivables are reflected net of an allowance for credit losses at the end of the reporting period. Student receivables, net, are reflected on our Condensed Consolidated Balance Sheets as components of both current and non-current assets.

Our students pay for their costs through a variety of funding sources, including federal loan and grant programs, institutional payment plans, U.S. Department of Veterans Affairs and other military funding and grants, private and institutional scholarships and cash payments. Cash receipts from government-related sources are typically received during the current academic term. Students who have not applied for any type of financial aid generally set up a payment plan with the institution and make payments on a monthly basis in accordance with the terms of the payment plan. A student receivable balance is written off when deemed uncollectible, which is typically once a student is out of school and there has been no payment activity on the account for 150 days. If, however, the student does remit a payment during this time period, the 150-day policy for write-off starts again until either (1) the student continues making payments, or (2) the student does not make any additional payments after which the student receivable balance is written off after 150 days. In an effort to reduce the risk of writing off a student’s account, the Company employs a continuous collection effort to minimize exposure from outstanding receivables.

Students enrolled in the Company’s programs are provided with a variety of funding resources, including financial aid, grants, scholarships and private loans. After exhausting all funding options, if the student is still in need of additional financing, the Company may offer an institutional loan as a lender of last resort.

Our standard student receivable allowance is based on an estimate of lifetime expected credit losses on student receivables that considers vintages of receivables to determine a loss rate. In considering lifetime credit losses, if the expected life goes beyond the Company’s reasonable ability to forecast, the Company then reverts to historical loss experience as an indicator of collections. In determining the expected credit losses for the period, student receivables were disaggregated and pooled into two different categories to refine the calculation. Other information considered included external factors outside the Company’s control. Given that collection history during the COVID-19 pandemic was not considered to be a reliable indicator of a student’s repayment history, the Company adjusted the historical loss calculation by normalizing the financial data relating to that time period. Our estimation methodology further considered a number of quantitative and qualitative factors that, based on our collection experience, we believe have an impact on our repayment risk and ability to collect student receivables. Changes in the trends in any of these factors may impact our estimate of the allowance for credit losses. These factors include, but are not limited to: internal repayment history, student status, changes in current economic conditions, legislative or regulatory environments, internal cash collection forecasts, and the ability to complete the federal financial aid process with the student. These factors are monitored and assessed on a regular basis. Overall, our allowance estimation process for student receivables is validated by trend analysis and comparing estimated and actual performance.

Student Receivables

The Company has student receivables that are due greater than 12 months from the date of our Condensed Consolidated Balance Sheets. As of June 30, 2026, and December 31, 2025, the amount of non-current student receivables under payment plans that are longer than 12 months in duration, net of allowance for credit losses, was $21.6 million and $21.2 million, respectively.

The following table presents the amortized cost basis of student receivables as of June 30, 2026, by year of origination.







		June 30, 2026
Year		Student Receivables (1)			Six Months Ended Write-Off's (2)
2026	$	67,515	2026	$	-
2025		32,633	2025		27,925
2024		12,131	2024		2,666
2023		6,475	2023		729
2022		2,964	2022		267
Prior		2,272	Prior		233
Total	$	123,990	Total	$	31,820

(1)

(2)

Write-off amounts are based on the students' school departure year.

The Company does not utilize or maintain data pertaining to student credit information.

Allowance for Credit Losses



		Six Months Ended June 30,
		2026			2025
Balance, beginning of period	$	70,346		$	65,572
Provision for credit losses		29,717			25,012
Write-offs		(31,820	)		(22,730	)
Balance, at end of period	$	68,243		$	67,854

Fair Value Measurements

The carrying amount reported in our Condensed Consolidated Balance Sheets for the current portion of student receivables approximates fair value because of the nature of these financial instruments, as they generally have short maturity periods. It is not practicable to estimate the fair value of the non-current portion of student receivables, since observable market data is not readily available and no reasonable estimation methodology exists.

STOCKHOLDERS' EQUITY (Tables)

6 Months Ended

Jun. 30, 2026

STOCKHOLDERS’ EQUITY [Abstract]

Transactions Pertaining to Restricted Stock Awards

The following is a summary of transactions pertaining to Restricted Stock:


	Shares			Weighted Average Grant Date Fair Value Per Share
Nonvested Restricted Stock outstanding at December 31, 2025	809,376		$	12.94
Granted	253,946			32.43
Canceled	-			-
Vested	(449,846	)		11.00
Nonvested Restricted Stock outstanding at June 30, 2026	613,476		$	22.35

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]	Total
BALANCE at Dec. 31, 2024	$ 48,181	$ 50,639	$ 79,170	$ 274	$ 178,264
BALANCE (in Shares) at Dec. 31, 2024	31,462,640
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS [Abstract]
Net income	$ 0	0	1,944	0	1,944
Stock-based compensation expense
Restricted stock	$ 0	1,205	0	0	1,205
Restricted stock (in Shares)	328,140
Net share settlement for equity-based compensation	$ 0	(3,633)	0	0	(3,633)
Net share settlement for equity-based compensation (in Shares)	(197,973)
BALANCE at Mar. 31, 2025	$ 48,181	48,211	81,114	274	177,780
BALANCE (in Shares) at Mar. 31, 2025	31,592,807
BALANCE at Dec. 31, 2024	$ 48,181	50,639	79,170	274	178,264
BALANCE (in Shares) at Dec. 31, 2024	31,462,640
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS [Abstract]
Net income					3,499
BALANCE at Jun. 30, 2025	$ 48,181	49,555	82,668	274	180,678
BALANCE (in Shares) at Jun. 30, 2025	31,625,285
BALANCE at Mar. 31, 2025	$ 48,181	48,211	81,114	274	177,780
BALANCE (in Shares) at Mar. 31, 2025	31,592,807
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS [Abstract]
Net income	$ 0	0	1,554	0	1,554
Stock-based compensation expense
Restricted stock	$ 0	1,344	0	0	1,344
Restricted stock (in Shares)	32,478
Net share settlement for equity-based compensation	$ 0	0	0	0	0
Net share settlement for equity-based compensation (in Shares)	0
BALANCE at Jun. 30, 2025	$ 48,181	49,555	82,668	274	180,678
BALANCE (in Shares) at Jun. 30, 2025	31,625,285
BALANCE at Dec. 31, 2025	$ 48,181	52,339	99,168	0	199,688
BALANCE (in Shares) at Dec. 31, 2025	31,623,795
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS [Abstract]
Net income	$ 0	0	4,356	0	4,356
Stock-based compensation expense
Restricted stock	$ 0	1,444	0	0	1,444
Restricted stock (in Shares)	258,292
Net share settlement for equity-based compensation	$ 0	(6,660)	0	0	(6,660)
Net share settlement for equity-based compensation (in Shares)	(184,834)
BALANCE at Mar. 31, 2026	$ 48,181	47,123	103,524	0	198,828
BALANCE (in Shares) at Mar. 31, 2026	31,697,253
BALANCE at Dec. 31, 2025	$ 48,181	52,339	99,168	0	199,688
BALANCE (in Shares) at Dec. 31, 2025	31,623,795
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS [Abstract]
Net income					6,302
BALANCE at Jun. 30, 2026	$ 48,181	48,738	105,470	0	202,389
BALANCE (in Shares) at Jun. 30, 2026	31,722,150
BALANCE at Mar. 31, 2026	$ 48,181	47,123	103,524	0	198,828
BALANCE (in Shares) at Mar. 31, 2026	31,697,253
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS [Abstract]
Net income	$ 0	0	1,946	0	1,946
Stock-based compensation expense
Restricted stock	$ 0	1,615	0	0	1,615
Restricted stock (in Shares)	25,029
Net share settlement for equity-based compensation	$ 0	0	0	0	0
Net share settlement for equity-based compensation (in Shares)	(132)
BALANCE at Jun. 30, 2026	$ 48,181	$ 48,738	$ 105,470	$ 0	$ 202,389
BALANCE (in Shares) at Jun. 30, 2026	31,722,150

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482705/350-40-65-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Topic 235
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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	6 Months Ended
REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
REVENUE RECOGNITION [Abstract]
Unearned tuition	$ 51,920	$ 44,159
Revenue recognized included in contract liability	$ 42,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Accounting Policies, by Policy (Policies)	6 Months Ended
Accounting Policies, by Policy (Policies)	Jun. 30, 2026
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION [Abstract]
Business Activities	Business Activities— Lincoln Educational Services Corporation and its subsidiaries (collectively, the “Company,” “we,” “our,” and “us,” as applicable) provide diversified career-oriented postsecondary education to recent high school graduates and working adults. The Company, which currently operates 22 campuses in 12 states, recently entered into leases for three new campuses: one in Hicksville, New York, with programs expected to begin by the end of 2026, one in Rowlett, Texas, a northern suburb of Dallas, with programs expected to begin in the first quarter of 2027, and one in Suitland, Maryland, located in the Washington, D.C. metropolitan area, with programs expected to begin in the fourth quarter of 2027. The Company offers programs in skilled trades, automotive, health sciences and information technology. The schools operate under the brands Lincoln Technical Institute, Lincoln College of Technology and Nashville Auto Diesel College. Most of the Company’s campuses serve major metropolitan markets and each typically offers courses in multiple areas of study. Five of the campuses are destination schools, which attract students from across the United States and, in some cases, from abroad. The Company’s other campuses primarily attract students from their local communities and surrounding areas. All of the campuses are nationally accredited and are eligible to participate in federal financial aid programs administered by the U.S. Department of Education (the “DOE”) and applicable state education agencies and accrediting commissions, which allow students to apply for and access federal student loans as well as other forms of financial aid. The Company was incorporated in New Jersey in 2003 as the successor-in-interest to various acquired schools including Lincoln Technical Institute, Inc., which opened its first campus in Newark, New Jersey in 1946.
Basis of Presentation	Basis of Presentation—The accompanying unaudited Condensed Consolidated Financial Statements have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) and in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements. Certain information and footnote disclosures normally included in annual financial statements have been omitted or condensed pursuant to such regulations. These financial statements, which should be read in conjunction with the December 31, 2025 audited Consolidated Financial Statements and notes thereto and related disclosures of the Company included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (“Form 10-K”), reflect all adjustments, consisting of normal, recurring adjustments necessary to present fairly the consolidated financial position, results of operations and cash flows for such periods. The results of operations for the six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the full fiscal year ending December 31, 2026. The Company’s business is organized into two reportable business segments: Campus Operations and Transitional. The Campus Operations segment includes campuses that are continuing in operation and contribute to the Company’s core operations and performance. All of the campuses with continuing operations are classified in this segment. The Transitional segment refers to campuses that are marked for closure and are currently being taught-out, in addition to campuses that are held-for sale. As of June 30, 2026, no campuses were classified in the Transitional segment. We evaluate performance based on operating results. Adjustments to reconcile segment results with consolidated results are included in the caption “Corporate,” which primarily includes unallocated corporate activity. The unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the period. On an ongoing basis, the Company evaluates the estimates and assumptions, including those used to determine the incremental borrowing rate to calculate lease liabilities and right-of-use (“ROU”) assets, the lease term used to calculate lease cost, bad debts, impairments, useful lives of fixed assets, income taxes, benefit plans, stock-based compensation, and certain accruals. Actual results could differ from those estimates.
Start-up Costs	Start-up Costs—Costs related to the start of new campuses are expensed as incurred.
New Accounting Pronouncements	New Accounting Pronouncements In November 2024, the Financial Accounting Standard Board (FASB) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Topic 220): Disaggregation of Income Statement Expenses, which requires additional disclosure of certain amounts included in the expense captions presented on the statements of operations, as well as disclosures about selling expenses. The ASU is effective on a prospective basis, with the option for retrospective application for periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted for annual financial statements that have not yet been issued. The Company does not expect the adoption of this ASU to have a material impact on its Condensed Consolidated Financial Statements. In September 2025, the FASB issued ASU 2025-06, Intangibles Goodwill and Other- Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU amends the internal-use software cost capitalization model by eliminating stage-based rules and introduces new capitalization criteria based on management authorization and the probability of project completion. This ASU also clarifies the treatment of software development uncertainty and incorporates guidance on website development costs. The amendments are effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. ASU 2025-06 may be applied prospectively, retrospectively or on a modified transition approach with early adoption permitted. We do not expect the adoption of this ASU to have a material impact on our Condensed Consolidated Financial Statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the guidance in Topic 270 to improve the consistency and navigability of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events occurring since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2025-11 on its interim Condensed Consolidated Financial Statements and disclosures. In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which establishes recognition, measurement, presentation, and disclosure guidance for government grants received by business entities, an area previously addressed only through disclosure requirements under Topic 832. The ASU is effective for public business entities for annual reporting periods beginning after December 15, 2028, including interim reporting periods within those annual reporting periods. The amendments may be applied on either a prospective or retrospective basis. The Company is currently evaluating the impact of adopting ASU 2025-10 on its Condensed Consolidated Financial Statements and disclosures.
Income Taxes	Income Taxes— The Company accounts for income taxes in accordance with Accounting Standards Codification (“ASC”) Topic 740, Income Taxes (“ASC 740”). ASC 740 requires an asset and a liability approach for measuring deferred taxes based on temporary differences between the financial statement and tax bases of assets and liabilities existing at each balance sheet date using enacted tax rates for years in which taxes are expected to be paid or recovered. In accordance with ASC 740, the Company assesses its deferred tax asset to determine whether all or any portion of the asset is more likely than not unrealizable. A valuation allowance is required to be established or maintained when, based on currently available information, it is more likely than not that all or a portion of a deferred tax asset will not be realized. In accordance with ASC 740, our assessment considers whether there has been sufficient income in recent years and whether sufficient income is expected in future years in order to utilize the deferred tax asset. In evaluating the realizability of deferred income tax assets, the Company considers, among other things, historical levels of income, expected future income, the expected timing of the reversals of existing temporary reporting differences, and the expected impact of tax planning strategies that may be implemented to prevent the potential loss of future income tax benefits. Significant judgment is required in determining the future tax consequences of events that have been recognized in our Condensed Consolidated Financial Statements and/or tax returns. Differences between anticipated and actual outcomes of these future tax consequences could have a material impact on the Company’s consolidated financial position or results of operations. Changes in, among other things, income tax legislation, statutory income tax rates or future income levels could materially impact the Company’s valuation of income tax assets and liabilities and could cause our income tax provision to vary significantly among financial reporting periods. We recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense. During the six months ended June 30, 2026 and 2025, we did not record any interest and penalties expense associated with uncertain tax positions, as we did not have any uncertain tax positions. On July 4, 2025, the U.S. enacted legislation that generally extends the tax provisions enacted in 2017 that were set to expire at the end of 2025 and makes other changes to federal tax law for multinational corporations. The Company continues to evaluate the impact of the new legislation, and any new impacts applicable as of June 30, 2026 have been reflected in the Condensed Consolidated Financial Statements.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

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