Defense Archives - Page 3 of 12

T3 Defense (DFNS) – Reverse Split

Posted on July 16, 2026July 16, 2026 by [email protected]

Thursday, July 16, 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.

Reverse Split. T3 is implementing a 50-for-1 reverse stock split. The reverse stock split will become effective as of 12:01 a.m., Eastern Time, on July 20, 2026, and the Company’s common stock will begin trading on the Nasdaq Global Market on a split-adjusted basis when the market opens on July 20, 2026.

Rationale. The Company is implementing the reverse stock split to raise the per-share bid price of the Company’s common stock above $1.00 per share and bring the Company back into compliance with Nasdaq Listing Rule 5550(a). The Company will have regained compliance once the Company’s shares trade at or above $1.00 for a minimum of 10 consecutive trading days, at which time Nasdaq will provide the Company with notice that it has regained compliance.

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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.

CoreCivic, Inc. (CXW) – Redeeming 4.75% Notes

Posted on July 16, 2026July 16, 2026 by [email protected]

Thursday, July 16, 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.

Redemption. CoreCivic has elected to redeem in full the 4.75% Senior Notes due 2027 that remain outstanding on August 12, 2026. This was an expected use of funds from the recently announced sale of two facilities to the Federal government. As of July 13, 2026, the principal amount of the outstanding 2027 Notes was $238,468,000. We anticipate additional debt reduction with a portion of the remaining sale proceeds.

Detail. The 2027 Notes will be redeemed at a redemption price equal to 100.000% of the principal amount of the then-outstanding 2027 Notes, plus the applicable “make-whole” premium specified in the indenture, as supplemented, governing the 2027 Senior Notes, plus accrued and unpaid interest to, but not including, the Redemption Date. We estimate the annual interest expense savings to be approximately $11.3 million.

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Release – T3 Defense Subsidiary Rimon Delivers $1.1 Million Order with Major Israeli Defense Customer for Advanced Elevated Battlefield Lighting Systems

Posted on July 13, 2026July 13, 2026 by [email protected]

Research News and Market Data on DFNS

Highlights Growing Demand for Rapid-Deployment Illumination Solutions Across Border Security, Perimeter Defense, and Surveillance in Forward Operating Environments

July 13, 2026 09:00 ET | Source: T3 Defense Inc.

NEW YORK and NETANYA, Israel, July 13, 2026 (GLOBE NEWSWIRE) — T3 Defense Inc. (Nasdaq: DFNS) (“T3 Defense” or the “Company”), a defense company that acquires and operates mission-critical defense businesses, today announced that its wholly owned subsidiary, Rimon Agencies Ltd. (“Rimon”), completed the delivery of a $1.1 million order for Yam-Or portable elevated lighting systems to a major Israeli defense customer.

The order was structured across two delivery phases and executed entirely through Rimon’s in-house engineering and manufacturing operation. Rimon delivered both phases on schedule and in full compliance with customer specifications, demonstrating its capacity to execute complex, specification-driven defense programs.

The Yam-Or systems are capable of illuminating areas spanning hundreds of meters in diameter from a single deployment point, providing broad, stable coverage that can be established rapidly under demanding field conditions. This enables Rimon to address immediate operational needs across perimeter defense, checkpoint security, border surveillance, and forward operating base operations.

“This is a direct demonstration of what Rimon is built to do,” said Menny Shalom, Chairman and CEO of T3 Defense. “Engineering a purpose-built system to the requirements of the defense establishment and managing a two-phase delivery in compliance with stringent defense logistics standards and procedures, is a meaningful achievement. Demand for deployable illumination and perimeter security infrastructure is growing across defense and security agencies worldwide, and we believe Rimon is well positioned to expand its footprint globally.”

“Completing the Yam-Or program from engineering through two-phase delivery, fully within our own operation and to the exacting standards required by the customer, is a testament to the strength of our engineering and production capabilities,” said Itamar Shimoni, CEO of Rimon. “This program proves we can scale production and support repeatable, high-volume deployments. It sends a clear signal to defense and border security organizations around the world that Rimon has the engineering capability and production capacity to be a reliable partner at scale.”

About Rimon

Rimon is a bespoke engineering and systems integration company that develops mission-ready infrastructure platforms for defense, homeland security, and emergency response operations. The company imports, distributes, and upgrades mobile power systems, elevated sensor masts, and builds integrated mission vehicles that support surveillance, communications, and command systems operating in environments where permanent infrastructure is unavailable. By engineering systems around real operational requirements, Rimon enables critical technologies to be deployed rapidly and operate reliably in demanding field conditions.

About T3 Defense Inc.

T3 Defense Inc. (NASDAQ: DFNS) is a defense company that acquires and operates mission-critical defense businesses involved in national security programs. It focuses on manufacturers with strong customer relationships and solid order backlogs, often capacity- and resource-constrained, in specialized areas such as drones and autonomous vehicles, counter-drone systems, advanced manufacturing, tactical robotics, and AI software and system integration. Through disciplined acquisitions, centralized capital and strategy, and decentralized day-to-day operations, T3 Defense aims to strengthen essential defense capabilities and build long-term value. For more information, visit www.t3dfns.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact are forward-looking statements. These statements involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including risks related to defense program funding and timing, dependence on government contracts and defense OEM relationships, manufacturing execution risks, and integration of acquired businesses. Forward-looking statements speak only as of the date of this release, and the Company undertakes no obligation to update them, except as required by law.

Contact Us:
T3 Defense Inc.
575 5^th Avenue
New York, NY 10017
[email protected]
www.t3dfns.com

Rimon
Chen Ganzer
[email protected]

Investor Relations
The Equity Group Inc.
Lena Cati
[email protected]
+1 212 836-9611

Val Ferraro
[email protected]
+1 212 836-9612

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ce1825e6-1a51-42db-b528-055fb1c6805d

T3 Defense (DFNS) – Another Acquisition

Posted on July 13, 2026July 13, 2026 by [email protected]

Monday, July 13, 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.

Another Acquisition. On Friday, T3 Defense announced the acquisition of a 60% stake in Project35, a leading Israeli developer and manufacturer of drones, aerial interceptors and counter-UAV systems for Tier-1 defense customers in Israel and around the world. The acquisition launches T3 Defense into the center of the fast-expanding drone and counter-UAV (C-UAV) armament market, adding field-proven platforms and a new class of autonomous interceptor to its portfolio.

Terms. Under the terms of the transaction, T3 acquired its stake for 21,059,871 shares of T3 Defense common stock and a 12% promissory note due one day before the anniversary date in the principal amount of $1,250,000. At a current stock price of approximately $0.11, the value of the deal is about $3.56 million. Following closing, T3 Defense expects to work with Project35’s management team to support commercialization, production scaling, and expansion into additional customer programs, in addition to investing $2.5 million directly into the company’s operations over the next 12 months.

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CoreCivic, Inc. (CXW) – Validation of Asset Worth

Posted on July 7, 2026July 7, 2026 by [email protected]

Tuesday, July 07, 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.

Asset Sale. CoreCivic sold two detention facilities— the 2,560-bed California City Detention Facility in California City, California, and the 1,994-bed Otay Mesa Detention Facility in San Diego-to the U.S. Government for gross proceeds of $1.5 billion or approximately $1.1 billion in net proceeds. Significantly, CoreCivic expects to continue to manage both facilities under existing management contracts with ICE.

Value Validation. Cal City sold for $286,172 per bed and Otay Mesa for $370,712 per bed. Even acknowledging a “California premium,” the facilities sold significantly above previous sales of detention facilities on a per-bed basis, confirming our long-standing thesis that the Company’s assets are worth well in excess of what the market is giving the Company credit for.

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The GEO Group (GEO) – A Beat and a Raise

Posted on May 7, 2026May 7, 2026 by [email protected]

Thursday, May 07, 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. The GEO Group reported better than expected 1Q26 results. The outperformance reflects significant revenue growth from the contracts entered into throughout 2025. Operating expenses were favorably impacted by lower-than-expected labor costs compared to previous expectations. Management continues to expect 2026 to be very active as well on a contract basis and therefore believes the Company has upside potential across the diversified business segments.

1Q26 Results. Revenue increased 17% to $705.2 million, exceeding our $680 million estimate. First quarter 2026 adjusted EBITDA was $131.4 million, compared to $99.8 million for 1Q25, reflecting a 32% increase and above our $108.8 million estimate. GEO reported net income attributable to GEO operations of $38.3 million, or $0.29/sh, compared to net income attributable to GEO Operations of $19.6 million, or $0.14/sh, for 1Q25. We were at $29.2 million and $0.21/sh.

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CoreCivic, Inc. (CXW) – First Look 1Q26

Posted on May 7, 2026May 7, 2026 by [email protected]

Thursday, May 07, 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. CoreCivic reported strong first quarter financial results, driven by the activation of four previously idled facilities since the first quarter of 2025. Notably, revenue from ICE grew 96.2% over the first quarter of 2025, reflecting the activation of the previously idle facilities and the acquisition of the Farmville Detention Center. Revenue from state customers increased 3.6% compared with the year-ago quarter, highlighted by per diem increases under a number of state contracts and population growth within the states of Georgia, Montana, and Colorado.

1Q26 Results. Revenue in 1Q26 totaled $614.7 million, up from $488.6 million in 1Q25. Reported net income was $37.9 million, or $0.38/sh, up from $25.1 million, or $0.23/sh, in 1Q25. Adjusted EPS increased to $0.40 from $0.23. Adjusted EBITDA in 1Q26 totaled $110.1 million, compared to $81 million last year.

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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

CoreCivic, Inc. (CXW) – Additional Flexibility

Posted on April 16, 2026April 16, 2026 by [email protected]

Thursday, April 16, 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.

Incremental Term Loan. CoreCivic obtained an incremental term loan in the amount of $100 million from existing lenders under its credit facility. The Company expects to use the $100 million to pay down a portion of the amounts outstanding under its revolver and for working capital and general corporate purposes. With the DHS funding issues, we suspect the federal government has been slow in payment, likely resulting in elevated A/R for CoreCivic.

Updated Debt Details. Following the transaction, CoreCivic’s Amended Credit Facility is in the aggregate principal amount of $800 million, consisting of a $125 million initial term loan, the incremental term loan, and a $575 million revolving credit facility, which has a $25 million sublimit for swingline loans and a $100 million sublimit for the issuance of standby letters of credit.

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Will This Be TACO All Over?

Posted on April 7, 2026April 7, 2026 by [email protected]

Markets have seen this movie before. President Trump draws a line, the rhetoric peaks, and then — nothing. Or at least, not the nothing anyone expected. But with an 8 p.m. Tuesday deadline for Iran to reopen the Strait of Hormuz or face the destruction of every bridge and power plant in the country, investors are asking the same uncomfortable question: is this another TACO moment — Trump Always Chickens Out — or is this time fundamentally different?

For those unfamiliar, TACO became market shorthand during the tariff wars, describing the pattern where Trump’s most extreme threats would eventually soften into a negotiated pause. Buy the dip, ignore the headline, collect the bounce. It worked repeatedly. But the Iran conflict is not a tariff dispute, and the Strait of Hormuz is not a trade negotiation table.

The stakes are materially different this time. The closure of the Strait has triggered sharp rises in global energy prices, with hikes as high as 20% to 30% at the pumps across the United States and Europe. U.S. benchmark West Texas Intermediate climbed to $115.48 per barrel on Monday, with Brent crude close behind at nearly $112. That is not rhetorical damage — that is real economic pain being absorbed by businesses and consumers right now.

Trump has issued similar ultimatums on several occasions in recent weeks, delaying the deadline each time. That track record feeds the TACO narrative. But there is a critical distinction: U.S. forces have already conducted new strikes on military targets on Iran’s Kharg Island — the country’s primary oil export hub — signaling this administration is not simply posturing.

For small and microcap investors, the practical implications are already being felt across the supply chain. Supplier delivery times hit a four-year high in March according to the ISM manufacturing survey. Companies like EuroDry (NASDAQ: EDRY) and Euroseas (NASDAQ: ESEA), which move bulk commodities through ocean routes increasingly disrupted by the conflict, are navigating a market where route uncertainty and elevated fuel costs are compressing margins and complicating charter rate forecasting. Both companies entered 2026 with momentum — but a prolonged Hormuz closure rewrites the calculus entirely.

On the rail side, FreightCar America (NASDAQ: RAIL) built its 2026 growth case on a stable industrial demand environment. If energy price spikes force manufacturers to pause capital equipment orders — which February data already hints at for March and beyond — railcar demand tied to that manufacturing activity faces real downside risk in the back half of the year.

Iran has responded with defiance, calling Trump’s threats baseless and warning that any retaliation will be far more forceful and on a much wider scale. Talks are ongoing through intermediaries including Pakistan, Egypt, and Turkey, and a negotiated off-ramp is still possible.

The TACO trade assumes that off-ramp always materializes. It may. But the window for dismissing this as noise is closed. Whether Trump blinks or follows through tonight, the Strait of Hormuz crisis is already doing damage — and for small-cap companies tied to global shipping and industrial demand, every hour of uncertainty has a price.

Release – Kratos Awarded $61.1 Million Navy Contract Modification for Full-Rate Production of 70 BQM-177A Subsonic Aerial Targets and Equipment

Posted on February 25, 2026February 25, 2026 by [email protected]

February 25, 2026

SAN DIEGO, Feb. 25, 2026 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), a leader in defense, national security and global markets, announced today that it has been awarded a $61,068,139 modification to a previously awarded firm-fixed-price contract (N0001923C0021) by the U.S. Navy. This contract modification exercises options to procure full-rate production Lot Seven for 70 of the BQM-177A Subsonic Aerial Targets, along with 70 Rocket-Assisted Takeoff (RATO) attachment kits and associated technical and administrative data. The systems will support weapons system test and evaluation and fleet training requirements for the U.S. Navy.

“Achieving full-rate production of the BQM-177A reflects the Navy’s continued confidence in Kratos’ ability to deliver reliable, high-performance aerial target systems at scale,” said Steve Fendley, President of Kratos Unmanned Systems Division. “This award underscores our commitment to providing affordable, mission-relevant unmanned systems that directly support Navy training, test, and evaluation requirements while maintaining production readiness for future demand. As with all previous awards or modifications, the exercise of this final option is at the maximum negotiated production quantity of seventy aircraft resulting in a total contract value of $238,798,157. In anticipation of further full rate production contracts, Kratos is continuing to invest in capital production improvements that will further improve either our capacity or efficiency.”

The BQM-177A is a subsonic, surface-launched aerial target designed to support realistic threat representation for advanced weapons testing and fleet training operations.

Work under the contract is expected to be performed in the following locations (with the expected share of the work): Sacramento, California (50%); Dallas, Texas (20%); Fort Walton Beach, Florida (5%); Blacksburg, Virginia (4%); Santa Ana, California (2%); Newton, Kansas (2%); Concord, California (2%); Milwaukie, Oregon (2%); Chatsworth, California (2%); and various other locations within the continental United States (11%). The contract is expected to be completed in August 2028.

About Kratos Defense & Security Solutions
Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) is a technology, products, system and software company addressing the defense, national security, and commercial markets. Kratos makes true internally funded research, development, capital and other investments, to rapidly develop, produce and field solutions that address our customers’ mission critical needs and requirements. At Kratos, affordability is a technology, and we seek to utilize proven, leading edge approaches and technology, not unproven bleeding edge approaches or technology, with Kratos’ approach designed to reduce cost, schedule and risk, enabling us to be first to market with cost effective solutions. We believe that Kratos is known as an innovative disruptive change agent in the industry, a company that is an expert in designing products and systems up front for successful rapid, large quantity, low-cost future manufacturing which is a value add competitive differentiator for our large traditional prime system integrator partners and also to our government and commercial customers. Kratos intends to pursue program and contract opportunities as the prime or lead contractor when we believe that our probability of win (PWin) is high and any investment required by Kratos is within our capital resource comfort level. We intend to partner and team with a large, traditional system integrator when our assessment of PWin is greater or required investment is beyond Kratos’ comfort level. Kratos’ primary business areas include virtualized ground systems for satellites and space vehicles including software for command & control (C2) and telemetry, tracking and control (TT&C), jet powered unmanned aerial drone systems, advanced vehicles and rocket systems, propulsion systems for drones, missiles, loitering munitions, supersonic systems, space craft and launch systems, C5ISR and microwave electronic products for missile, radar, missile defense, space, satellite, counter UAS, directed energy, communication and other systems, and virtual & augmented reality training systems for the warfighter. For more information, visit www.KratosDefense.com.

Notice Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 28, 2025, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.

Press Contact:
Claire Cantrell
[email protected]

Investor Information:
877-934-4687
[email protected]

Strait of Hormuz Partially Closed as Iran Holds Nuclear Talks with U.S.

Posted on February 17, 2026February 17, 2026 by [email protected]

Iran on Tuesday announced a partial and temporary closure of the Strait of Hormuz, one of the world’s most strategically important oil chokepoints, as the country conducts military drills in the waterway. The move comes as Tehran and the United States hold renewed nuclear negotiations in Geneva, raising tensions across global energy markets.

According to Iranian state media, the closure is tied to a Revolutionary Guard exercise described as a “Smart Control” drill aimed at strengthening operational readiness and reinforcing deterrence capabilities. Officials characterized the move as precautionary and temporary, designed to ensure shipping safety during live-fire activities in designated areas of the strait.

The Strait of Hormuz is a narrow but critical passage linking oil producers in the Middle East with key markets in Asia, Europe, and beyond. Roughly 13 million barrels per day of crude oil passed through the waterway in 2025, accounting for approximately 31% of global seaborne crude flows, according to market intelligence firm Kpler. Any disruption — even a short-term one — carries significant implications for global energy security and oil price stability.

Markets reacted swiftly to the news, though the response was measured. Oil prices initially climbed on fears of supply interruptions but later pared gains as reports indicated that shipping delays would likely be minimal and temporary. Brent crude futures fell 1.8% to $67.48 per barrel, while U.S. West Texas Intermediate slipped 0.4% to $62.65.

Shipping industry representatives suggested the impact would likely be limited. The live-fire exercise overlaps with part of the inbound traffic lane of the strait’s Traffic Separation Scheme, prompting vessels to avoid the area for several hours. Given heightened geopolitical tensions in the region, commercial shipping operators are expected to comply fully with Iranian guidance to minimize risk.

The timing of the maneuver is particularly significant. It marks the first partial shutdown of the strait since January, when U.S. President Donald Trump threatened potential military action against Tehran. The renewed nuclear discussions in Geneva are aimed at resolving long-standing disputes over Iran’s nuclear program. Iranian officials indicated that both sides reached an understanding on certain guiding principles during the talks, though substantial work remains before any formal agreement is achieved.

Energy markets remain sensitive to developments in the region. The combination of diplomatic negotiations and visible military positioning has heightened uncertainty, even as oil supply continues to flow. While Tuesday’s closure appears temporary and controlled, it serves as a reminder of how quickly geopolitical risks can ripple through commodity markets.

For investors and policymakers, the episode reinforces a broader truth: chokepoints like the Strait of Hormuz represent both physical and psychological pressure points in the global energy system. Even limited disruptions can trigger volatility, particularly when layered on top of fragile diplomatic dynamics.

As negotiations continue, traders will closely monitor shipping flows, military activity, and official statements from both Tehran and Washington. In a world where energy markets remain tightly interconnected, stability in the Strait of Hormuz is not just a regional concern — it is a global one.

The GEO Group (GEO) – Solid 4Q25 Results

Posted on February 17, 2026February 17, 2026 by [email protected]

Tuesday, February 17, 2026

The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 103 facilities totaling approximately 83,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.

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. The GEO Group reported solid fourth quarter operating results. The census across the Company’s active ICE facilities have continued to steadily increase from the third quarter at approximately 22,000 to presently approximately 24,000, which is the highest level of ICE populations in the Company’s history. Mix change in the ISAP program could lead to higher revenue, even with relatively stable populations.

4Q25 Results. Revenue of $707.7 million was above our $665 million estimate and is up 16.5% year-over-year. Adjusted EBITDA for the fourth quarter of 2025 was approximately $126 million, up from approximately $108 million reported for the prior year’s fourth quarter. We were at $120 million. Adjusted EPS came in at $0.25 compared to $0.13 in 4Q24.

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CoreCivic, Inc. (CXW) – A Strong End to the Year

Posted on February 17, 2026February 17, 2026 by [email protected]

Tuesday, February 17, 2026

CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.

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. CoreCivic reported a strong 4Q25, with management revenue from U.S. Immigration & Customs Enforcement (ICE), CXW’s largest government partner, more than doubling from the fourth quarter of 2024. Revenue from state customers increased 5.0% y-o-y. CoreCivic’s balance sheet remains strong, ending the quarter with leverage, measured as net debt to adjusted EBITDA, at 2.8x for the trailing twelve months.

4Q25 Results. Revenue was $603.9 million, up from $479.3 million in 4Q24 and our $595.8 million estimate, driven by higher populations. Adjusted EBITDA totaled $92.5 million, compared to $74.2 million last year and our $80.9 million projection. Adjusted EPS was $0.27 versus $0.16 last year.

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