Earnings Call Insights: Lincoln Educational Services (LINC) Q3 2026
Management View
“We regained our student start growth momentum by generating a 14.2% increase over the prior year period,” Scott Shaw said (President, CEO & Director), adding that the quarter reflected improved “conversion of leads to starts” and efforts to
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Credit to Lincoln Riley. USC’s embattled football coach stood and stared directly at what could have been the death knell for his Trojans tenure and said: Not today.
Actually, he said more than that after his unranked Trojans upset No. 2 Ohio State, 30-18 on Saturday.
“I got one other thing I want to say here,” said Riley, whose victory kept alive the Trojans’ hopes of making the College Football Playoff for the first time on his watch. “I want to make sure to articulate my thoughts.
“This program’s not built on internal joy — excuse me, is built on internal joy — not external applause. This win’s for all the staff members, the players, the leaders, admin, all the people within the walls.
“I said before this game, that I’m the right person for this job, and as long as all those people know that, that’s all I care about.
“I appreciate being a part of this university and all it does. I appreciate our kids and our staff, and I’m going to continue to fight on because that’s what being a Trojan’s all about. Fight On.”
Then he stood and punctuated his address: “Adios.”
The way USC dismantled a Buckeyes team that was considered one of the leading national championship contenders this zany college football season, Riley deserved to crow.
The way his team refused to let go of the rope — even with their head coach on the ropes, Riley deserved a victory lap.
It’s just that before sharing his statement, he didn’t seem all that interested in taking it.
He began his news conference looking, appropriately, to lend perspective to the victory — his first in his USC tenure against a top-10 team — in which the Trojans exploded on a Buckeyes team that hadn’t given up more than 24 points in a game since losing to Oregon 32-31 on Oct. 12, 2024.
“Every win’s important,” said Riley, whose overall record at USC in his fifth season is now 42-20. “When you get a chance, like tonight, to play a really good football team — one of the best programs in America over a long, long period of time — those are great opportunities.”
He gave deserved kudos to his team for staying together and responding after last week’s disappointing 24-7 loss at Wisconsin. And reiterated his usual message, win or lose: “I know what’s building within those walls. Like, I know it. All my years of experience and all that I’ve kind of seen and got to experience in this game tells me that. I believe that with every fiber in my being.”
USC coach Lincoln Riley watches his players warm up before facing Ohio State at the Coliseum on Saturday.
(Gina Ferazzi / Los Angeles Times)
Saturday’s victory won’t necessarily be good news for dissatisfied fans rooting for Riley’s ouster. But it was big for anyone partial to a good comeback story — and for those tenuous CFP prospects.
“I keep saying, look at all the craziness across the country,” Riley said. “The teams that just hang in there, keep going, get better, stay together, are going to be the ones that are there in the end.”
The Trojans could be one of those teams. They should be, in fact.
They have the talent, as we saw Saturday when previously injured freshmen Trent Mosley and Mark Bowman gashed a Buckeyes defense that hadn’t allowed a play longer than 36 yards all season with plays of 69 and 70 yards.
And they have the fortitude, as we witnessed when USC’s defense forced Ohio State to settle for a field goal after they had first and goal at the one-yard line late in the second quarter: “Grit play, a toughness deal. A mindset thing,” defensive tackle Alex VanSumeren said.
What made the Trojans’ previous losses so galling was the gauntlet ahead of them, starting with Ohio State.
Before, we wondered: If they couldn’t beat Oregon and its backup quarterback at home, how the heck were they going to beat Ohio State (and its understudy QB, Mission Viejo’s Luke Fahey)?
Earlier, we asked: If Wisconsin was going to force them into the worst offensive showing in the Riley era, what was defending national champion Indiana going to do to them?
And, of course: If they were just sneaking by struggling teams like Rutgers, Penn State and Washington, what chance was there that they could surprise still-undefeated UCLA?
But now, after Saturday’s sensational showing, we’ll spend next week’s bye and then the week ahead of their game in Bloomington against the Hoosiers — who escaped Saturday with a 23-16 overtime win over Minnesota — doing the math and wondering why can’t USC knock off another top-five team?
USC linebackers Ta’mere Robinson, left, and Jadyn Walker leap in celebration following a 30-18 win over Ohio State on Saturday.
(Gina Ferazzi / Los Angeles Times)
And if the Trojans can beat Indiana, why can’t they beat the 8-0 Bruins, who have been taking care of business against opponents who have no business beating them, like Nevada on Saturday, 27-0?
Because the Trojans haven’t folded. In fact, things went so well on this rainy Halloween evening — which ended with pirates and princesses and people in all varieties of costume celebrating on the field with the players — you might have started to wonder whether they had been bluffing.
Just like we assume Riley is bluffing whenever he talks about being able to block out “the noise.”
He might not want to worry himself with the “external applause,” but if he wants to fight on at USC, he’s going to need to continue earning it.
When NBC’s production team came to meet with Lincoln Riley, ahead of a broadcast earlier this month, the USC football coach greeted the group like old friends.
“Look,” Riley joked, “the Trojan Network is back.”
He certainly should be familiar with the group by now, given that this week’s matchup with No. 2 Ohio State marks the sixth time in nine games that USC will be featured on NBC. That’s already tied for the most any one network has aired a Big Ten team since 2024, when the conference expanded to 18 teams.
“We certainly feel like we’re the voice of the Trojans at the moment,” Noah Eagle, NBC’s lead play-by-play announcer, told The Times prior to USC’s loss to Wisconsin last week.
It’s certainly an ironic match, considering NBC’s longtime affiliation with the Trojans’ bitter rival, Notre Dame. But going all-in on the Cardinal and Gold wasn’t necessarily the network’s plan going into the season, according to Justin Byczek, NBC’s executive vice president of programming and rights management. It just worked out that way.
“It’s effectively a draft, and we’re trying to look at different weeks and prioritize,” Byczek said. “One of the first things that jumped out at us was how important that Oregon game is going to be. So that was something that we had in our back pocket going into the draft.”
When the three networks divided up the Big Ten’s TV games last spring, Byczek said NBC also zeroed in on that game, as well as USC’s matchups with Ohio State and Penn State, knowing both would fit well featured in prime time.
Just by virtue of its geography and its brand, USC makes for a natural fit in NBC’s prime time slot (7:30/4:30 p.m. ET/PT), similar to how FOX’s Big Noon Saturday regularly features Ohio State in its early window.
Those prime-time matchups featuring the Trojans, though, have lagged a bit behind other top teams from the Big Ten and SEC. USC’s matchup with Oregon drew the largest audience of its season to date, with 5 million viewers on NBC and Peacock. That’s the only time this season that a USC game has finished in the top five of the week’s most viewed games, according to Nielsen data.
That’s a conference-wide issue. The Big Ten has only had the week’s most-watched game twice this season, once on CBS (Ohio State-Iowa in Week 5) and another time on Fox (Ohio State-Indiana, Week 7). Otherwise, ABC has dominated, with upwards of 10 million tuning in most weeks to the network’s prime-time game.
So, in order to compete with ABC in prime time, NBC is betting on Lincoln Riley and the Trojans as its West Coast anchor.
“Because they’re intriguing — not only in Los Angeles, but nationally,” Eagle said. “College football fans want to see if they can get over the hump. Can Lincoln Riley get them there?”
That question will no doubt come up on the broadcast this week. And with three Big Ten games still left after that, you can bet it won’t be the last time we hear it asked on NBC.
As questions swirl this week about his future at USC and his potential fit elsewhere, Lincoln Riley didn’t mince words about where he wants to be coaching when asked Tuesday.
“I love it here,” the fifth-year coach said.
“Listen if I didn’t want to be at this place, I wouldn’t have come here in the first place. If I didn’t want to be at this place, I’ve had plenty of opportunities to leave. This is where I want to be. This is the right place for me. I’m the right person to be here. And that’s as honest and transparent as I can be with you guys.”
Whether Riley will actually have a say in that decision remains to be seen. After falling 24-7 to Wisconsin in one of the worst defeats of Riley’s tenure on Saturday, USC can’t afford another loss this season if it hopes to make the College Football Playoff for the first time.
Lincoln Riley says he’s “the right person to be [at USC].”
“Listen, if I didn’t want to be at this place, I wouldn’t have come here in the first place. If I didn’t want to be at this place, I’ve had plenty of opportunities to leave.
That was the bar all parties at USC appeared to agree on ahead of Riley’s fifth season with the program. The coach himself said in August that expectations should be “through the roof.”
“We do expect to make the playoff,” USC athletic director Jennifer Cohen said in May. “We do expect to have a championship run. We do expect to be competing for championships every single year. I think that’s what’s awesome about USC, is that that’s what we all expect of it.”
That looks unlikely now, with three of USC’s final four games coming against top-10 teams, beginning with No. 2 Ohio State on Saturday. It has led to speculation that USC is bound for a breakup with its football coach.
But when asked about Cohen on Tuesday, Riley heaped praise on the athletic director. He said they had “an incredible working relationship.”
“She’s a tremendous AD,” Riley said. “Even though she’s not the AD I came here with, and I’m not the head coach she hired, [we have a] fantastic relationship. She’s been a huge part of the progress that we’ve made and has been incredibly supportive.”
It’s unclear how long Riley will hold on to that support if USC’s season starts to slip away. A person familiar with discussions around the coach’s future told The Times after USC’s loss to Oregon that “all options are on the table” with Riley. The trajectory of the Trojans’ season has turned downward since.
That’s led to further speculation that Riley and USC could potentially agree to a mutual parting of ways after this season. And that Riley could land at a program like Baylor, which just fired its coach.
Riley still has six years remaining on his contract at USC, according to a person familiar with the deal, due to an automatic one-year extension he accrued after the Trojans earned a New Year’s Six bowl bid in 2022. Buying Riley out of his deal would mean forking over upwards of $70 million, plus more for his assistants.
If Riley were to find another landing spot, though, it would allow the Trojans to offset the otherwise astronomical cost of his departure.
USC coach Lincoln Riley talks with quarterback Jayden Maiava during the team’s win at Penn Sate on Oct. 10.
(Barry Reeger / Associated Press)
Riley said Tuesday that was nowhere near his mind.
“Like I told you guys a lot of times, there’s not a lot of people in college football history that gave up what I gave up to come here,” Riley said. “I came here because this is where I want to be. I came here because I believe in this place. And none of that has changed whatsoever.”
The question is whether USC still believes in Riley.
Inside the locker room, at least, there seems to be no doubt whether Riley should be USC’s coach.
“I know he’s the right guy,” said left tackle Elijah Paige. “I believe there’s not a better leader in the country.”
“He’s the greatest coach I’ve been around,” added freshman wideout Trent Mosley. “We’re all right there with him.”
Times of Troy writer Ryan Kartje is out sick this week, but we didn’t want USC fans to miss extended coverage of the Trojans’ win at Penn State. Times sports editor Iliana Limón Romero is filling until Kartje returns.
USC coach Lincoln Riley lingered at Beaver Stadium on Saturday night, soaking up a hard-fought moment of vindication.
Riley celebrated out-coaching Penn State’s Matt Campbell like he won a national championship, offered gleeful remarks to NBC and reporters at his postgame news conference and shook the hands of USC fans who ventured to Happy Valley to catch the Trojans’ first road win over Penn State.
“It’s one of my favorite wins as a head coach no question, for so many reasons,” Riley said after the Trojans’ 31-23 victory. “Obviously phenomenal atmosphere, as good as it gets there in college football, so give credit to Penn State, their fans, but really proud of our team, man.”
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And even Riley’s harshest critics had trouble arguing this wasn’t a meaningful win. A serious test his team passed. The kind of beast Riley and the Trojans have struggled to slay.
Yes, the Nittany Lions now sit 3-3 overall and 0-3 in Big Ten play, but White Out games are their super power. When an announced crowd of 114,419 fans commits to wearing white and roaring in unison, it’s hard for any visiting team to pull off a victory. USC had never won in State College, Pa., and Riley noted seemingly no one outside of his team believed the streak would end Saturday.
How did USC do it?
The Trojans figured out how to overachieve in every area that was considered a weakness entering the matchup.
Maiava lights up Nittany Lions
USC quarterback Jayden Maiava delivers an option pitch under pressure from Penn State’s Caleb Bacon on a play that scored a touchdown Saturday at Beaver Stadium.
With big-play threats Mosley and Tanook Hines on the field, Maiava looked like an elite Big Ten quarterback dealing the ball in locations only his two ace receivers could catch.
Maiava completed 21 of 33 passes for 301 yards, three touchdowns and no turnovers.
Mosley had nine catches for 111 yards and one touchdown. Hines had four catches for 82 yards and another score. The passing attack opened up enough space for King Miller to earn 102 yards and a touchdown in 19 carries.
Of course fans have come to expect big highlight plays from a Riley offense, but Maiava was unquestionably tentative the past few weeks and the offense wasn’t clicking. It hit top gear at Penn State.
USC’s Christian Pierce punches the ball out of the hands of Penn State’s Brett Eskildsen, forcing a fumble in the fourth quarter at Beaver Stadium on Saturday.
(Isaiah Vazquez / Getty Images)
While Riley has caught considerable heat this season, the USC defense directed by Gary Patterson wasn’t far behind.
The Trojans have shown marked improvement with Patterson shifting from the sideline to the press box the last two games.
Patterson had always worked from the sideline, but he also was always surrounded by staff members who knew his system well. Riley said the goal of the move was to speed up communication.
Desman Stephens II returned from his one-game suspension and led USC in tackles with nine. Luke Wafle and Kennedy Urlacher earned sacks. Jahkeem Stewart played after being listed as a game-time decision on the injury report and recorded a quarterback hurry.
Jontez Williams, Prophet Brown and Elijah Newby were credited with breaking up one pass apiece.
Riley can deliver in crunch time
USc coach Lincoln Riley talks with quarterback Jayden Maiava during the Trojans’ win over Penn State Saturday at Beaver Stadium.
And he was well aware few expected USC to win at Penn State, with betting odds favoring a rebuilding Nittany Lions squad by 1 1/2 points.
Riley’s clock management and use of timeouts, along with his play-calling, unquestionably got the best of Penn State’s Campbell and helped seal the USC win.
Opening the second half with an onside kick set the tone that everything was on the table for USC.
When Riley kept his offense on the field on fourth and four at the USC 13 late in the fourth quarter. Campbell said he called timeout with 4:15 remaining to be sure he put his team position to go get the ball.
Riley was delighted Campbell burned his final timeout and sent on his punt team.
After his defense forced a turnover, Riley’s offense burned time off the clock and lined up for fourth down when Penn State jumped offside.
For once, the Trojans didn’t flinch when it mattered most. USC finished with three penalties for a loss of 25 yards, a remarkable improvement for a team that has racked up a lot of ill-timed penalties during Riley’s tenure.
USC was awarded the first down and took a knee to run out the clock on a victory.
USC’s Kameryn Crawford and Luke Wafle celebrate with fans after their win over Penn State Saturday at Beaver Stadium.
(Barry Reeger / Associated Press)
The Trojans celebrated in the rain before starting a bye week.
“I was not surprised at all that we played well,” Riley said. “I felt like we really had one of the best weeks of prep that we’ve had since I’ve been here. I thought team had a great mindset coming in.
”… I’ve only been a head coach at two schools. They’ve both been blue bloods. … Blue bloods are unbelievable. The advantages far, far outweigh the disadvantages, but the disadvantages at blue bloods are the outside noise is always going to be way over the top, no matter what’s happening. And your ability to deal with that as a coach and then your team is critical if you want to have success in these jobs.
“And I thought our team blocked out everything. Our team knows how good of a team we have in that locker room and didn’t flinch.”
House of Troy ‘Chapter 4: Higher Power’ episode drops this week
Lane Kiffin was stunned when he was fired on the tarmac at Los Angeles International Airport at about 3 a.m. on Sept. 29, 2013.
He called his wife, who was equally surprised by the abrupt end to his tenure leading the Trojans.
“And I remember saying, I do not want to wake up tomorrow,” Kiffin recounts in the latest episode. “My life’s over.”
Kiffin helps provide an inside look back at the highs and lows of his USC era during Episode 4 of “House of Troy” available Tuesday morning at latimes.com/sports and everywhere you get your podcasts.
Olympic sports spotlight
The USC women’s volleyball team has been through some big changes, with coach Brad Keller missing matches Oct. 2 and Oct 4 because of an illness. USC announced on Oct. 5 Keller is taking personal leave and assistant Megan Moenoa is the Trojans’ interim head coach.
The Trojans (8-8, 2-4 Big Ten) earned a 26-24, 25-19, 25-22 road win over No. 15 Indiana (10-5, 3-3) in Bloomington on Sunday. It was Moenoa’s first win since stepping in for Keller.
Sophomore Abigail Mullen led USC with 11 kills, four blocks and nine digs. Freshman Milly McGee earned 31 assists, six digs and one kill.
Polling the people
Please note the following poll included voting before USC’s win over Penn State. The results do help illustrate the stress level Riley faced entering the game.
We asked “Will Lincoln Riley be USC’s coach in 2027?”
That concludes today’s newsletter. If you have any feedback, ideas for improvement or things you’d like to see, email Ryan at ryan.kartje@latimes.com, and follow me on X at @Ryan_Kartje. To get this newsletter in your inbox, click here.