Monday, August 10, 2026
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Overview. As we highlighted in our First Look at CoreCivic’s operating results, the Company’s second quarter 2026 financial results exceeded management expectations, driven by lower operating costs and slightly higher populations from ICE. While the quarterly operating results were a positive in and of themselves, the major news came post-quarter’s end with the announcements of sales of four detention facilities to the Federal government for total gross proceeds of $2.2 billion and a net of approximately $1.6 billion. The Company remains in discussions with ICE for the potential sale of additional facilities, as well as for new contracts at existing and/or idle facilities.
Capital. With the facilities sold, the current capital structure has significantly changed. Net proceeds, after taxes and sale costs, were approximately $1.6 billion. The Company used $608.5 million to pay down debt, including $238.5 million of the 4.75% unsecured notes that will be repaid on August 12th. After income taxes and debt repayments, the Company will have approximately $1 billion of cash on hand, total debt outstanding of $739.1 million, and $553.3 million of borrowing capacity under the revolving credit facility.
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