Tag: Government Solutions

February 12, 2026

BOCA RATON, Fla.–(BUSINESS WIRE)–Feb. 12, 2026– The GEO Group, Inc. (NYSE: GEO) (“GEO”, “we” or the “Company”), a leading provider of contracted support services for secure facilities, processing centers, and reentry centers, as well as enhanced in-custody rehabilitation, post-release support, and electronic monitoring programs, reported its financial results for the fourth quarter and full year 2025 and issued its initial financial guidance for 2026.

Fourth Quarter 2025 Highlights

Total revenues of $707.7 million
Net Income of $31.8 million
Net Income Attributable to GEO Operations of $0.23 per diluted share
Adjusted Net Income of $0.25 per diluted share
Adjusted EBITDA of $126.0 million
Repurchased approximately 2.97 million shares for $49.0 million

For the fourth quarter 2025, we reported net income attributable to GEO operations of $31.8 million, or $0.23 per diluted share, compared to net income attributable to GEO operations of $15.5 million, or $0.11 per diluted share, for the fourth quarter 2024.

Fourth quarter 2025 results reflect $4.0 million, pre-tax, in combined start-up expenses, close-out expenses, employee restructuring expenses, and non-cash contingent liability and litigation and settlement costs. Excluding these items, we reported adjusted net income for the fourth quarter 2025 of $34.8 million, or $0.25 per diluted share, compared to $18.2 million, or $0.13 per diluted share, for the fourth quarter 2024. We reported total revenues for the fourth quarter 2025 of $707.7 million compared to $607.7 million for the fourth quarter 2024. We reported fourth quarter 2025 Adjusted EBITDA of $126.0 million, compared to $108.0 million for the fourth quarter 2024.

George C. Zoley, GEO’s Chairman, Chief Executive Officer and Founder, said, “We are pleased with our strong fourth quarter financial results, which were underpinned by strong operational performance across our diversified business segments. In 2025, we made significant progress towards meeting our financial and strategic objectives. We entered into new or expanded contracts, which are expected to generate up to approximately $520 million in annualized revenues, making it the most successful year for new business wins in our Company’s history.”

“In 2026, we expect to be able to capture additional growth opportunities with 6,000 available high-security idle beds and the ability to scale up our services in our electronic monitoring and secure transportation segments. We also believe that we made significant progress towards strengthening our capital structure and enhancing shareholder value through capital returns during 2025,” Zoley added.

Full Year 2025 Highlights

Total revenues of $2.6 billion
Net Income of $254.3 million
Net Income Attributable to GEO Operations of $1.82 per diluted share
Adjusted Net Income of $0.86 per diluted share
Adjusted EBITDA of $464.4 million
Repurchased approximately 4.94 million shares for $90.6 million

For the full year 2025, we reported net income attributable to GEO operations of $254.4 million, or $1.82 per diluted share, compared to net income attributable to GEO operations of $32.0 million, or $0.22 per diluted share, for the full year 2024. Results for the full year 2025 reflect a gain on asset divestitures of $232.4 million, pre-tax, $8.4 million, pre-tax, in costs associated with the extinguishment of debt, $6.3 million, pre-tax, in combined start-up expenses, close-out expenses, employee restructuring expenses, and transaction fees, and $38.2 million, pre-tax, in non-cash contingent liability and litigation and settlement costs, primarily in connection with a legal case in the State of Washington, Nwauzor v. GEO, (the “Nwauzor Case”) involving claims of detainees in the custody of U.S. Immigration and Customs Enforcement (“ICE”). The U.S. Court of Appeals for the Ninth Circuit recently ruled that detainees who participate in a voluntary work program while in ICE detention are entitled to state minimum wage payments. The ruling has been stayed pending GEO’s appeal to the U.S. Supreme Court. While we have appealed the case to the U.S. Supreme Court, due to Generally Accepted Accounting Principles, we recorded this non-cash contingent litigation reserve during 2025.

Excluding these items, we reported adjusted net income for the full year 2025 of $120.1 million, or $0.86 per diluted share, compared to $101.0 million, or $0.75 per diluted share, for the full year 2024. We reported total revenues for the full year 2025 of $2.63 billion compared to $2.42 billion for the full year 2024. We reported Adjusted EBITDA for the full year 2025 of $464.4 million, compared to $463.5 million for the full year 2024.

2025 Operational Highlights

In 2025, we entered into new contracts to house ICE detainees at four facilities totaling approximately 6,000 beds, increasing our ICE capacity from approximately 20,000 beds to approximately 26,000 beds. These facilities include three company-owned facilities we announced in the first half of 2025: the 1,000-bed Delaney Hall Facility in Newark, New Jersey; the 1,800-bed North Lake Facility in Baldwin, Michigan; and the 1,868-bed D. Ray James Facility in Folkston, Georgia. More recently, in early October 2025, we announced a joint-venture agreement to provide management services at the 1,310-bed North Florida Detention Facility in Baker County, Florida. We believe this contract arrangement demonstrates GEO’s ability to provide management services through alternative solutions like the State of Florida’s partnership with the federal government. Additionally, during the third quarter of 2025, we reactivated our 1,940-bed Adelanto ICE Processing Center in California, which was previously underutilized due to a COVID-related court case.

In 2025, we also expanded the delivery of our secure transportation services on behalf of ICE and the U.S. Marshals Service. We entered into new or amended contracts to expand secure ground transportation services at four existing ICE facilities and at our three newly activated ICE facilities, and the support services that we provide under our ICE air transportation subcontract continued to steadily increase throughout 2025. We also announced a new five-year contract with the U.S. Marshals for the provision of secure transportation services covering 26 federal judicial districts and spanning 14 states.

During the third quarter of 2025, we announced three managed-only contract awards from the Florida Department of Corrections for the assumption of management and support services at the 985-bed Bay Correctional and Rehabilitation Facility and the 1,884-bed Graceville Correctional and Rehabilitation Facility and for the continuation of management and support services at the 985-bed Moore Haven Correctional and Rehabilitation Facility. The three contracts are expected to have an initial term of three years, effective July 1, 2026, with unlimited two-year renewal option periods.

During the third quarter of 2025, we also completed the sale of our company-owned, 2,388-bed Lawton Correctional Facility (the “Lawton Facility”) to the State of Oklahoma for $312 million and simultaneously transitioned the operations to the Oklahoma Department of Corrections. We also completed the sale of the 139-bed Hector Garza Reentry Center in Texas for $10 million. We used a portion of the net proceeds from the sale of the Lawton Facility to complete the previously announced purchase of the 770-bed Western Region Detention Facility in San Diego, California (the “San Diego Facility”) for approximately $60 million. We have a long-standing contract with the U.S. Marshals Service for the exclusive use of the San Diego Facility.

On September 30, 2025, our wholly-owned subsidiary, BI Incorporated was awarded a new two-year contract, inclusive of option periods, by ICE for the continued provision of electronic monitoring, case management, and supervision services under the Intensive Supervision Appearance Program (“ISAP”). We believe this important contract award is a testament to the high-quality electronic monitoring and case management services BI has consistently delivered under the ISAP contract through a nationwide network of approximately 100 offices and close to 1,000 employees. BI has provided technology solutions, holistic case management, supervision, monitoring, and compliance services under the ISAP contract for over 21 years and has achieved high levels of compliance using a wide range of technologies and case management services over that time.

In December 2025, we were awarded a new two-year contract by ICE for the provision of Skip Tracing services. Skip Tracing services entail enhanced location research primarily with identifiable information and commercial data verification to verify current address information and investigate alternative address information for individuals on the non-detained docket. This two-year contract award follows an initial Skip Tracing pilot contract that we successfully implemented during the fourth quarter of 2025.

Financial Guidance

Today, we issued our initial financial guidance for 2026. We expect full year 2026 GAAP Net Income to be in a range of $0.99 to $1.07 per diluted share on annual revenues of $2.9 billion to $3.1 billion and based on an effective tax rate of approximately 28 percent, inclusive of known discrete items.

We expect full year 2026 Adjusted EBITDA to be in a range of $490 million to $510 million. We expect total Capital Expenditures for the full year 2026 to be between $120 million and $155 million.

Our 2026 guidance includes an assumption for some modest organic growth in the second half of the year as well as the corresponding impact of start-up expenses.

For the first quarter 2026, we expect GAAP Net Income to be in a range of $0.17 to $0.19 per diluted share, on quarterly revenues of $680 million to $690 million. We expect first quarter 2026 Adjusted EBITDA to be between $107 million and $112 million. Compared to fourth quarter 2025 results, our first quarter 2026 guidance reflects higher payroll tax expenses, which are front-loaded in the beginning of each year; two fewer days during the period; and no revenue or earnings assumption for the Skip Tracing services contract as we transition from the pilot contract that was implemented in the fourth quarter to the new two-year contract.

Balance Sheet

At year-end 2025, we had approximately $70 million in cash on hand and approximately $1.65 billion in total debt. During the fourth quarter of 2025, we experienced a temporary increase in accounts receivable in part as a result of the federal government shutdown in October and November of 2025, which resulted in a temporary increase in our outstanding debt borrowings. In recent weeks, we have been able to significantly improve our accounts receivable position further improving our liquidity, resulting in an improvement in our current net debt balance to approximately $1.5 billion currently. Additionally, on January 22, 2026, we announced the closing of an amendment to our Amended Credit Agreement to increase our Revolving Credit Facility commitments from $450 million to $550 million.

Share Repurchase Program

During the fourth quarter of 2025, we repurchased approximately 2.97 million shares of GEO common stock at an aggregate cost of approximately $49.0 million. As of year-end 2025, we had repurchased approximately 4.94 million shares of GEO common stock at an aggregate cost of approximately $90.6 million under our $500 million share repurchase authorization, leaving approximately $409.4 million of repurchase authorization available under the share repurchase program.

Repurchases of GEO’s outstanding common stock will be made in accordance with applicable securities laws and may be made at our senior management’s discretion from time to time in the open market, by block purchase, through privately negotiated transactions, pursuant to a trading plan, or otherwise in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The authorization for the share repurchase program may be extended, increased, decreased, suspended or terminated by our Board of Directors in its discretion at any time. Repurchases of the Company’s common stock (and the timing thereof) will depend upon market conditions, regulatory requirements, the Company’s existing obligations, including its Credit Agreement, other corporate liquidity requirements and priorities and other factors as may be considered in the Company’s sole discretion. The authorization for the share repurchase program does not obligate GEO to purchase any particular amount of the Company’s common stock.

Conference Call Information

We have scheduled a conference call and webcast for today at 1:00 PM (Eastern Time) to discuss our fourth quarter and full year 2025 financial results as well as our outlook. The call-in number for the U.S. is 1-877-250-1553 and the international call-in number is 1-412-542-4145. In addition, a live audio webcast of the conference call may be accessed on the Webcasts section under the News, Events and Reports tab of GEO’s investor relations webpage at investors.geogroup.com. A replay of the webcast will be available on the website for one year. A telephonic replay of the conference call will be available through February 19, 2026, at 1-855-669-9658 (U.S.) and 1-412-317-0088 (International). The participant passcode for the telephonic replay is 8459257.

About The GEO Group

Reconciliation Tables and Supplemental Information

GEO has made available Supplemental Information which contains reconciliation tables of Net Income Attributable to GEO Operations to Adjusted Net Income, and Net Income to EBITDA and Adjusted EBITDA, along with supplemental financial and operational information on GEO’s business and other important operating metrics. The reconciliation tables are also presented herein. Please see the section below titled “Note to Reconciliation Tables and Supplemental Disclosure – Important Information on GEO’s Non-GAAP Financial Measures” for information on how GEO defines these supplemental Non-GAAP financial measures and reconciles them to the most directly comparable GAAP measures. GEO’s Reconciliation Tables can be found herein and in GEO’s Supplemental Information available on GEO’s investor webpage at investors.geogroup.com.

Note to Reconciliation Tables and Supplemental Disclosure –
Important Information on GEO’s Non-GAAP Financial Measures

Adjusted Net Income, EBITDA, and Adjusted EBITDA are non-GAAP financial measures that are presented as supplemental disclosures. GEO has presented herein certain forward-looking statements about GEO’s future financial performance that include non-GAAP financial measures, including Net Debt, Net Leverage, and Adjusted EBITDA. The determination of the amounts that are included or excluded from these non-GAAP financial measures is a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income amounts recognized in a given period. While we have provided a high level reconciliation for the guidance ranges for full year 2026, we are unable to present a more detailed quantitative reconciliation of the forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures because management cannot reliably predict all of the necessary components of such GAAP measures. The quantitative reconciliation of the forward-looking non-GAAP financial measures will be provided for completed annual and quarterly periods, as applicable, calculated in a consistent manner with the quantitative reconciliation of non-GAAP financial measures previously reported for completed annual and quarterly periods.

Net Debt is defined as gross principal debt less cash from restricted subsidiaries. Net Leverage is defined as Net Debt divided by Adjusted EBITDA.

EBITDA is defined as net income adjusted by adding provisions for income tax, interest expense, net of interest income, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for (gain)/loss on asset divestiture/impairment, pre-tax, net loss attributable to non-controlling interests, stock-based compensation expenses, pre-tax, non-cash contingent liability and litigation and settlement costs, pre-tax, start-up expenses, pre-tax, ATM equity program expenses, pre-tax, transaction fees, pre-tax, employee restructuring expenses, pre-tax, close-out expenses, pre-tax, other non-cash revenue and expenses, pre-tax, and certain other adjustments as defined from time to time. Given the nature of our business as a real estate owner and operator, we believe that EBITDA and Adjusted EBITDA are helpful to investors as measures of our operational performance because they provide an indication of our ability to incur and service debt, to satisfy general operating expenses, to make capital expenditures, and to fund other cash needs or reinvest cash into our business.

We believe that by removing the impact of our asset base (primarily depreciation and amortization) and excluding certain non-cash charges, amounts spent on interest and taxes, and certain other charges that are highly variable from year to year, EBITDA and Adjusted EBITDA provide our investors with performance measures that reflect the impact to operations from trends in occupancy rates, per diem rates and operating costs, providing a perspective not immediately apparent from net income. The adjustments we make to derive the non-GAAP measures of EBITDA and Adjusted EBITDA exclude items which may cause short-term fluctuations in income from continuing operations and which we do not consider to be the fundamental attributes or primary drivers of our business plan and they do not affect our overall long-term operating performance. EBITDA and Adjusted EBITDA provide disclosure on the same basis as that used by our management and provide consistency in our financial reporting, facilitate internal and external comparisons of our historical operating performance and our business units and provide continuity to investors for comparability purposes.

Adjusted Net Income is defined as net income attributable to GEO operations adjusted for certain items which by their nature are not comparable from period to period or that tend to obscure GEO’s actual operating performance, including for the periods presented (gain)/loss on asset divestitures/impairment, pre-tax, loss on the extinguishment of debt, pre-tax, non-cash contingent liability and litigation and settlement costs, pre-tax, start-up expenses, pre-tax, ATM equity program expenses, pre-tax, transaction fees, pre-tax, employee restructuring expenses, pre-tax, close-out expenses, pre-tax, discreet tax benefit, and tax effect of adjustments to net income attributable to GEO operations.

Safe-Harbor Statement

This press release contains forward-looking statements regarding future events and future performance of GEO that involve risks and uncertainties that could materially and adversely affect actual results, including statements regarding GEO’s financial guidance for the full year and first quarter of 2026, the $500 million share repurchase program authorized by GEO’s Board of Directors, the anticipated timing and annualized revenues related to the activation of certain facilities and new and amended contracts, GEO’s ability to capture additional growth opportunities, and the Company’s efforts to strengthen its capital structure and enhance shareholder value through capital returns. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” or “continue” or the negative of such words and similar expressions. Risks and uncertainties that could cause actual results to vary from current expectations and forward-looking statements contained in this press release include, but are not limited to: (1) GEO’s ability to meet its financial guidance for the full year and first quarter of 2026 given the various risks to which its business is exposed; (2) GEO’s ability to execute on the $500 million share repurchase program authorized by GEO’s Board of Directors on the timeline it expects or at all; (3) GEO’s ability to deleverage and repay, refinance or otherwise address its debt maturities in an amount and on terms commercially acceptable to GEO, and on the timeline it expects or at all; (4) GEO’s ability to identify and successfully complete any potential sales of company-owned assets and businesses or potential acquisitions of assets or businesses on commercially advantageous terms on a timely basis, or at all; (5) changes in federal and state government policy, orders, directives, legislation and regulations that affect public-private partnerships with respect to secure, correctional and detention facilities, processing centers and reentry centers; (6) changes in federal immigration policy; (7) public and political opposition to the use of public-private partnerships with respect to secure correctional and detention facilities, processing centers and reentry centers; (8) the impact of any future global pandemic on GEO and GEO’s ability to mitigate the risks associated with such pandemic; (9) GEO’s ability to sustain or improve company-wide occupancy rates at its facilities; (10) fluctuations in GEO’s operating results, including as a result of contract activations, contract terminations, contract renegotiations, changes in occupancy levels and increases in GEO’s operating costs; (11) general economic and market conditions, including changes to governmental budgets and its impact on new contract terms, contract renewals, renegotiations, per diem rates, fixed payment provisions, and occupancy levels; (12) GEO’s ability to address inflationary pressures related to labor related expenses and other operating costs; (13) GEO’s ability to timely open facilities as planned, profitably manage such facilities and successfully integrate such facilities into GEO’s operations without substantial costs; (14) GEO’s ability to win management contracts for which it has submitted proposals and to retain existing management contracts; (15) risks associated with GEO’s ability to control operating costs associated with contract start-ups; (16) GEO’s ability to successfully pursue growth opportunities and continue to create shareholder value; (17) GEO’s ability to obtain financing or access the capital markets in the future on acceptable terms or at all; (18) any adverse impact on GEO’s financial results caused by any past or future federal government shutdown; (19) risks associated with the U.S. Supreme Court agreeing to hear GEO’s appeal in the Nwauzor Case and GEO’s ability to prevail on the merits; and (20) other factors contained in GEO’s Securities and Exchange Commission periodic filings, including its Form 10-K, 10-Q and 8-K reports, many of which are difficult to predict and outside of GEO’s control.

View full release here.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260211984329/en/

Pablo E. Paez (866) 301 4436
Executive Vice President, Corporate Relations

Source: The GEO Group, Inc.

Release – CoreCivic Reports Fourth Quarter and Full Year 2025 Financial Results

Posted on February 11, 2026February 11, 2026 by aweinsoff@channelchek.com

February 11, 2026

Facility Activations and Higher Occupancy Drive Strong Financial Performance
Establishes 2026 Full Year Guidance

BRENTWOOD, Tenn., Feb. 11, 2026 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (CoreCivic or the Company) announced today its fourth quarter and full year 2025 financial results.

Patrick Swindle, CoreCivic’s President and Chief Executive Officer, commented, “We closed 2025 with strong financial performance, which wouldn’t have been possible without the tremendous efforts of our professional staff and the trust of our government partners. We anticipate 2026 will be a continued period of increased demand from our federal, state, and local government partners. CoreCivic is well-positioned to meet this growing demand given our readily available capacity, experienced management team, and our strong balance sheet.”

“CoreCivic has strategically deployed capital investments over the past year, enabling us to win new contract awards at four of the nine facilities that were idle at the beginning of the year, while positioning our remaining five idle facilities for potential re-activation. As indicated in our financial guidance, we expect 2026 to be another year of strong growth as several of our previously idle facilities continue to receive additional populations during 2026, and as demand for our solutions persists.”

Swindle continued, “CoreCivic’s balance sheet remains strong, and we are pleased with the continued execution of our capital strategy, ending the quarter with leverage, measured as net debt to Adjusted EBITDA, at 2.8x for the trailing twelve months. With the strength of earnings and growth outlook in 2026, and balance sheet flexibility enhanced through our recently expanded revolving credit facility, we expect to remain active with our share repurchase program, as our stock price is trading below historical multiples.”

Fourth Quarter 2025 Financial Results Compared With Fourth Quarter 2024

Net income in the fourth quarter of 2025 was $26.5 million, or $0.26 per diluted share, compared with net income in the fourth quarter of 2024 of $19.3 million, or $0.17 per diluted share (Diluted EPS). When adjusted for special items, Adjusted Net Income for the fourth quarter of 2025 was $28.1 million, or $0.27 per diluted share (Adjusted Diluted EPS), compared with Adjusted Net Income in the fourth quarter of 2024 of $18.2 million, or $0.16 per diluted share. Special items for each period are presented in detail in the calculation of Adjusted Net Income and Adjusted Diluted EPS in the Supplemental Financial Information following the financial statements presented herein.

The increase in Diluted EPS and Adjusted Diluted EPS compared with the prior year quarter resulted from the resumption of operations at the 2,400-bed Dilley Immigration Processing Center (Dilley Facility) in the first quarter of 2025, higher federal and state populations, and the acquisition of the Farmville Detention Center on July 1, 2025. Funding for the Dilley Facility was previously terminated effective August 9, 2024, and the facility remained idle until its reactivation effective March 5, 2025. Occupancy levels in our Safety and Community segments combined increased to 78.1% in the fourth quarter of 2025 compared with 75.5% in the fourth quarter of 2024.

Per share results were also favorably impacted by a decrease in shares of our common stock outstanding as a result of our share repurchase program. These favorable results were partially offset by $3.6 million of facility net operating losses in the fourth quarter of 2025 at our 2,560-bed California City Immigration Processing Center (California City Facility) and our 2,160-bed Diamondback Correctional Facility, two previously idle facilities currently being activated pursuant to new management contracts. We currently expect the California City Facility and the Diamondback Correctional Facility to reach stabilized occupancy in the first and second quarters of 2026, respectively. Results for the fourth quarter of 2025 also reflected strategic investments in staffing to support elevated demand for bed capacity, as well as a mission transition at our 2,552-bed Trousdale Turner Correctional Center that aligns the facility’s reentry-focused services with changing population demographics. That transition resulted in temporarily lower population levels and higher expenses but is expected to strengthen long-term operational performance.

Management revenue from U.S. Immigration & Customs Enforcement (ICE), our largest government partner, more than doubled from the fourth quarter of 2024, reflecting the resumption of operations at the Dilley Facility, the activations of our California City Facility and our 600-bed West Tennessee Detention Facility, and the acquisition of the Farmville Detention Center. During the fourth quarter of 2025, revenue from ICE was $244.7 million compared to $120.3 million during the fourth quarter of 2024. Revenue from state customers increased 5.0% compared with the year-ago quarter, with broad-based improvement, highlighted by growth within the states of Georgia, Montana and Colorado.

Facility operating margins in the Safety segment were negatively impacted during 2025 by start-up expenses incurred during the activation of our previously idled California City, West Tennessee, and Diamondback facilities, none of which has yet reached stabilized occupancy. While the facility operating margin in our Safety and Community segments decreased to 22.2% in the fourth quarter of 2025 from 23.6% in the prior year quarter, we expect margin improvement in 2026 as these facilities reach stabilized occupancy.

Earnings before interest, taxes, depreciation and amortization (EBITDA) was $90.3 million in the fourth quarter of 2025, compared with $75.7 million in the fourth quarter of 2024. Adjusted EBITDA, which excludes special items, was $92.5 million in the fourth quarter of 2025, compared with $74.2 million in the fourth quarter of 2024. The increase in Adjusted EBITDA was primarily driven by the resumption of operations at the Dilley Facility, the acquisition of the Farmville Detention Facility, and a general increase in occupancy throughout our portfolio.

Funds From Operations (FFO) for the fourth quarter of 2025 was $53.5 million, compared with $43.3 million in the fourth quarter of 2024. Normalized FFO, which excludes special items, increased to $54.0 million, or $0.52 per diluted share, in the fourth quarter of 2025, compared with $43.3 million, or $0.39 per diluted share, in the fourth quarter of 2024. Normalized FFO per share was positively impacted by the same factors that affected Adjusted EBITDA, as well as a 6.6% reduction in weighted average shares outstanding compared with the prior year quarter, partially offset by increases in interest and general and administrative expenses.

Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO, and, where appropriate, their corresponding per share amounts, are measures calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles (GAAP). Please refer to the Supplemental Financial Information and the note following the financial statements herein for further discussion and reconciliations of these measures to net income, the most directly comparable GAAP measure.

Capital Strategy

Share Repurchases. Our Board of Directors (BOD) previously approved a share repurchase program authorizing the Company to repurchase up to $225.0 million of our common stock in 2022, which has subsequently been increased to up to an aggregate amount of $700.0 million of our common stock through a series of increases by our BOD, including two increases during 2025. During 2025, we repurchased 11.2 million shares of common stock under the share repurchase program at an aggregate purchase price of $218.4 million, including 5.3 million shares during the fourth quarter of 2025 at an aggregate purchase price of $97.3 million. Since the share repurchase program was authorized in May 2022, through December 31, 2025, we have repurchased a total of 25.7 million shares at an aggregate price of $399.5 million, or $15.52 per share, excluding fees, commissions and other costs related to the repurchases.

As of December 31, 2025, we had $300.5 million remaining under the share repurchase program. Additional repurchases of common stock will be made in accordance with applicable securities laws and may be made at management’s discretion within parameters set by the BOD from time to time in the open market, through privately negotiated transactions, or otherwise, subject to restricted payment limitations in our debt agreements. The share repurchase program has no time limit and does not obligate us to purchase any particular amount of our common stock. The authorization for the share repurchase program may be terminated, suspended, increased or decreased by our BOD in its discretion at any time.

Expanded Revolving Credit Facility. On December 1, 2025, we amended our Bank Credit Facility to increase the size of the accordion feature that provides for uncommitted incremental extensions of credit from the greater of $200.0 million or 50% of Consolidated EBITDA for the period of four fiscal quarters most recently ended to the greater of $300.0 million or 50% of Consolidated EBITDA for the period of four quarters most recently ended, and to exercise the accordion feature by expanding the capacity under our revolving credit facility from $275.0 million to $575.0 million. Expanding the size of our revolving credit facility provides us with enhanced balance sheet flexibility while remaining positioned for strategic investments and long-term value creation, such as through our share repurchase program.

Business Developments

West Tennessee Detention Facility. On August 14, 2025, we announced that we had been awarded a new contract under an Intergovernmental Services Agreement (IGSA) between the City of Mason, Tennessee and ICE to resume operations at our 600-bed West Tennessee Detention Facility. We began receiving detainees at the facility in September 2025, and as of December 31, 2025, we cared for 449 residents. Activation is currently expected to be completed by the end of the first quarter 2026. Total annual revenue once the facility is fully activated is expected to be $30 million.

California City Immigration Processing Center. On September 29, 2025, we transitioned from a short-term Letter Contract and, effective September 1, 2025, entered into a longer-term definitized contract with ICE for a two-year period at our 2,560-bed California City Facility. We began receiving detainees at the facility in August 2025, and as of December 31, 2025, we cared for 1,436 residents. Activation is expected to be completed in the first quarter of 2026. Total annual revenue once the facility is fully activated is expected to be approximately $130 million.

Midwest Regional Reception Center. On September 29, 2025, we transitioned from a short-term Letter Contract and, effective September 7, 2025, entered into a longer-term definitized contract with ICE for a two-year period at our 1,033-bed Midwest Regional Reception Center in Leavenworth, Kansas. The intake process continues to be delayed by the City of Leavenworth alleging that a Special Use Permit (SUP) is required to operate the facility. A lawsuit we filed in state court alleging that an SUP is not applicable under existing statute remains under appeal. However, after unsuccessfully pursuing a lawsuit in federal court alleging violations of certain federal rights, in December 2025 we filed an application for the SUP. We can provide no assurance that the SUP will be approved or that the legal appeal in state court will be successful, and therefore, cannot predict if or when we will be able to accept detainee populations at this facility. Total annual revenue if the facility is fully activated is expected to be approximately $60 million.

Diamondback Correctional Facility. On October 1, 2025, we announced a new contract award under an IGSA between the Oklahoma Department of Corrections and ICE to resume operations at our 2,160-bed Diamondback Correctional Facility. The new contract commenced on September 30, 2025, expires in September 2029, and may be extended through bilateral modification. We began receiving detainees in December 2025, with stabilized occupancy estimated to be reached in the second quarter of 2026. Total annual revenue once the facility reaches stabilized occupancy is expected to be approximately $100 million.

2026 Financial Guidance

Based on current business conditions, we are providing the following financial guidance for the full year 2026:

	Full Year 2026
Net income	$147.5 million to $157.5 million
Diluted EPS	$1.49 to $1.59
FFO per diluted share	$2.54 to $2.64
EBITDA	$437.0 million to $445.0 million

Consistent with our past practice, our guidance does not include the impact of any new contract awards not previously announced, or the activation of any of our remaining five idle correctional and detention facilities. Additionally, our guidance does not include activation of the Midwest Regional Reception Center, which could be activated promptly if delays related to a SUP are resolved satisfactorily. Our guidance does not include any acquisitions or dispositions, nor does it contemplate any significant changes in how the federal government, including ICE, elects to use our detention capacity or otherwise procures alternative detention capacity.

The activation of an idle facility generally requires three to six months to hire, train, and prepare the facility to accept residential populations, which, depending on contract structure, can result in additional expenses before we are able to realize additional revenue. To the extent any new contract requires the activation of an idle facility, our guidance will likely be negatively impacted by these start-up expenses until the revenue we generate offsets these expenses.

During 2026, we expect to invest $30.0 million to $35.0 million in maintenance capital expenditures on real estate assets, $30.0 million to $35.0 million for maintenance capital expenditures on other assets and information technology, and $15.0 million for other capital investments. We also expect to invest $35.0 million to $40.0 million for capital expenditures associated with previously idled facilities we are activating and for additional potential facility activations, in order to prepare these facilities to quickly accept residential populations if opportunities arise, which includes approximately $23.5 million of such expenditures included in our 2025 guidance but not spent by year-end.

Supplemental Financial Information and Investor Presentations

We have made available on our website supplemental financial information and other data for the fourth quarter of 2025. Interested parties may access this information through our website at http://ir.corecivic.com/ under “Financial Information” of the Investors section. We do not undertake any obligation and disclaim any duties to update any of the information disclosed in this report.

Management may meet with investors from time to time during the first quarter of 2026. Written materials used in the investor presentations will also be available on our website beginning on or about February 24, 2026. Interested parties may access this information through our website at http://ir.corecivic.com/ under “Events & Presentations” of the Investors section.

Conference Call, Webcast and Replay Information

We will host a webcast conference call at 10:00 a.m. central time (11:00 a.m. eastern time) on Thursday, February 12, 2026, which will be accessible through the Company’s website at www.corecivic.com under the “Events & Presentations” section of the “Investors” page.

To participate via telephone and join the call live, please register in advance here https://register-conf.media-server.com/register/BId7159f6814fc440f9348e9f8e6ec91f1. Upon registration, telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique passcode.

About CoreCivic

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 one of the largest operators of such facilities in the United States. We have been a flexible and dependable partner for government for more than 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.

Forward-Looking Statements

This press release contains statements as to our beliefs and expectations of the outcome of future events that are “forward-looking” statements as defined within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include, but are not limited to, the risks and uncertainties associated with: (i) changes in government policy, legislation and regulations that affect utilization of the private sector for corrections, detention, and residential reentry services, in general, or our business, in particular, including, but not limited to, the continued utilization of our correctional and detention facilities by the federal government as a consequence of presidential executive orders, changes in how the federal government, including ICE, elects to use our detention capacity or otherwise procures alternative detention capacity, and the impact of any changes to immigration reform and sentencing laws (we do not, under longstanding policy, lobby for or against policies or legislation that would determine the basis for, or duration of, an individual’s incarceration or detention); (ii) our ability to obtain and maintain correctional, detention, and residential reentry facility management contracts because of reasons including, but not limited to, sufficient governmental appropriations, contract compliance, negative publicity and effects of inmate disturbances; (iii) changes in the privatization of the corrections and detention industry, the acceptance of our services, the timing of the opening of new facilities and the commencement of new management contracts (including the extent and pace at which new contracts are utilized), as well as our ability to utilize available beds; (iv) our ability to successfully activate idle facilities in a timely manner in order to meet the growth in demand for our facilities and services from the federal government that has occurred as a result of changes in policies and actions of the current presidential administration, and to realize projected returns resulting therefrom; (v) general economic and market conditions, including, but not limited to, the impact governmental budgets can have on our contract renewals and renegotiations, per diem rates, and occupancy; (vi) fluctuations in our operating results because of, among other things, changes in occupancy levels; competition; contract renegotiations or terminations; inflation and other increases in costs of operations, including a rise in labor costs; fluctuations in interest rates and risks of operations; (vii) government budget uncertainty, the impact of debt ceilings and the potential for government shutdowns and changing budget priorities; (viii) our ability to successfully identify and consummate future development and acquisition opportunities, integrate their operations, and realize projected returns resulting therefrom; and (ix) the availability of debt and equity financing on terms that are favorable to us, or at all. Other factors that could cause operating and financial results to differ are described in the filings we make from time to time with the Securities and Exchange Commission.

We take no responsibility for updating the information contained in this press release following the date hereof to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events or for any changes or modifications made to this press release or the information contained herein by any third-parties, including, but not limited to, any wire or internet services, except as may be required by law.

View full release here.

The GEO Group (GEO) – Expansion of Credit Facility

Posted on January 26, 2026January 26, 2026 by slightbourne@noblecapitalmarkets.com

Monday, January 26, 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.

Credit Facility. The GEO Group amended its Credit Agreement, increasing GEO’s revolving credit facility to $550 million from a prior $450 million. The increase was effective as of January 20th. The increase provides the Company with additional financial flexibility, in our view, to further invest in growth opportunities and/or increase the share repurchase activity.

Share Repurchases. Recall, back in November, GEO announced an expansion of its share repurchase authorization to $500 million and extended the expiration date to December 31, 2029. As of November 6, 2025, the Company had approximately $458 million of repurchase authorization available under the share repurchase program. At the current price, the $100 million, if all used to repurchase shares, would further reduce the share count by approximately 5.38 million shares.

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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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.

Release – The GEO Group Announces Date for Fourth Quarter 2025 Earnings Release and Conference Call

Posted on January 20, 2026January 20, 2026 by aweinsoff@channelchek.com

January 20, 2026

Earnings Release Scheduled for Thursday, February 12, 2026 Before the Market Opens
Conference Call Scheduled for Thursday, February 12, 2025 at 1:00 PM (Eastern Time)

BOCA RATON, Fla.–(BUSINESS WIRE)–Jan. 20, 2026– The GEO Group, Inc. (NYSE:GEO) (“GEO”) will release its fourth quarter 2025 financial results on Thursday, February 12, 2026 before the market opens. GEO has scheduled a conference call and simultaneous webcast for 1:00 PM (Eastern Time) on Thursday, February 12, 2026.

Hosting the call for GEO will be George Zoley, Executive Chairman of the Board, J. David Donahue, Chief Executive Officer, and Mark Suchinski, Chief Financial Officer.

To participate in the teleconference, please contact one of the following numbers 5 minutes prior to the scheduled start time:

1-877-250-1553 (U.S.)
1-412-542-4145 (International)

In addition, a live audio webcast of the conference call may be accessed on the Webcasts section of GEO’s investor relations home page at investors.geogroup.com. A webcast replay will remain available on the website for one year.

A telephonic replay will also be available through February 19, 2026. The replay numbers are 1-855-669-9658 (U.S.) and 1-412-317-0088 (International). The passcode for the telephonic replay is 8459257. If you have any questions, please contact GEO at 1-866-301-4436.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260116836325/en/

Contact: Pablo E. Paez 1-866-301-4436
Executive Vice President, Corporate Relations

Source: The GEO Group, Inc.

CoreCivic, Inc. (CXW) – Some Model Refinements

Posted on January 16, 2026January 16, 2026 by slightbourne@noblecapitalmarkets.com

Friday, January 16, 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.

Model Refinements. Pre fourth quarter earnings, we went over our model and made some modest adjustments, as well as incorporated 2026 quarterly estimates. With the strong new contract awards in 2025, increased detention populations, and potential for additional awards in 2026, we believe CoreCivic is well positioned to post strong 2026 full year results.

Populations Continue to Rise. Overall, the ICE detainee population continues to increase, hitting just under 69,000 at year-end. This is up from approximately 39,000 at the end of 2024. We expect to see ICE detainee populations continue to increase over the course of 2026 as ICE brings on additional enforcement personnel. Increased populations bode well for CoreCivic.

Get the Full Report

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

Release – CoreCivic Announces 2025 Fourth Quarter Earnings Release and Conference Call DatesEmpty heading

Posted on January 6, 2026January 6, 2026 by aweinsoff@channelchek.com

January 6, 2026

BRENTWOOD, Tenn., Jan. 06, 2026 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (“CoreCivic”) announced today that it will release its 2025 fourth quarter financial results after the market closes on Wednesday, February 11, 2026. A live broadcast of CoreCivic’s conference call will begin at 10:00 a.m. central time (11:00 a.m. eastern time) on Thursday, February 12, 2026.

To participate via telephone and join the call live, please register in advance. Upon registration at https://register-conf.media-server.com/register/BId7159f6814fc440f9348e9f8e6ec91f1, telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique passcode.

Participants may access the audio-only webcast of the conference call from the Company’s website at www.corecivic.com under the “Events & Presentations” section of the “Investors” page. A replay of the webcast will be available for seven days.

About CoreCivic

Contact:	Investors: Jeb Bachmann – Managing Director, Investor Relations – (615) 263-3024
	Media: Steve Owen – Vice President, Communications – (615) 263-3107

Release – The GEO Group Reports Third Quarter 2025 Results and Increases Share Repurchase Authorization to $500 Million

Posted on November 6, 2025November 6, 2025 by aweinsoff@channelchek.com

November 6, 2025

BOCA RATON, Fla.–(BUSINESS WIRE)–Nov. 6, 2025– The GEO Group, Inc. (NYSE: GEO) (“GEO” or the “Company”), a leading provider of contracted support services for secure facilities, processing centers, and reentry centers, as well as enhanced in-custody rehabilitation, post-release support, and electronic monitoring programs, reported its financial results for the third quarter 2025, updated its financial guidance for the fourth quarter and full year 2025, and announced that its Board of Directors has increased the Company’s share repurchase authorization to $500 million.

Third Quarter 2025 Highlights

Total revenues of $682.3 million
Net Income of $173.9 million
Net Income Attributable to GEO of $1.24 per diluted share
Adjusted Net Income of $0.25 per diluted share
Adjusted EBITDA of $120.1 million
Repurchased 1.97 million shares for $41.6 million

For the third quarter 2025, we reported net income attributable to GEO of $173.9 million, or $1.24 per diluted share, compared to net income attributable to GEO of $26.3 million, or $0.19 per diluted share, for the third quarter 2024.

Third quarter 2025 results reflect a gain on asset divestitures of $232.4 million, pre-tax, $7.9 million, pre-tax, in costs associated with the extinguishment of debt, $1.2 million, pre-tax, in combined start-up expenses, close-out expenses, employee restructuring expenses and transaction fees, and $37.7 million, pre-tax, in non-cash contingent liability and litigation and settlement costs, primarily in connection with a legal case in the State of Washington, Nwauzor v. GEO, (the “Nwauzor Case”) involving claims of detainees in the custody of U.S. Immigration and Customs Enforcement (“ICE”). The U.S. Court of Appeals for the Ninth Circuit recently ruled that detainees who participate in a voluntary work program while in ICE detention are entitled to state minimum wage payments. The ruling has been stayed pending GEO’s appeal to the U.S. Supreme Court. While we are appealing the case to the U.S. Supreme Court, due to Generally Accepted Accounting Principles, we recorded this non-cash contingent litigation reserve during the third quarter of 2025.

Excluding these items, we reported adjusted net income for the third quarter 2025 of $35.0 million, or $0.25 per diluted share, compared to $29.1 million, or $0.21 per diluted share, for the third quarter 2024. We reported total revenues for the third quarter 2025 of $682.3 million compared to $603.1 million for the third quarter 2024. We reported third quarter 2025 Adjusted EBITDA of $120.1 million, compared to $118.6 million for the third quarter 2024.

George C. Zoley, Executive Chairman of GEO, said, “During the first three quarters of 2025, we believe we have made significant progress towards meeting our growth and strategic objectives. Since the beginning of the year, we have entered into new or expanded contracts that represent over $460 million in new incremental annualized revenues that are already under contract and are expected to normalize in 2026. This represents the largest amount of new business we have won in a single year in our Company’s history.

Going forward, we expect to be able to capture additional growth opportunities with 6,000 available high security idle beds and the ability to scale up our services in our electronic monitoring and secure transportation segments. In addition to the steps we have taken to capture quality growth opportunities, we believe we have made significant progress towards strengthening our capital structure by reducing our outstanding debt, deleveraging our balance sheet, and enhancing shareholder value through capital returns.”

First Nine Months 2025 Highlights

Total revenues of $1.92 billion
Net Income of $222.5 million
Net Income Attributable to GEO of $1.58 per diluted share
Adjusted Net Income of $0.61 per diluted share
Adjusted EBITDA of $338.5 million

For the first nine months of 2025, we reported net income attributable to GEO of $222.6 million, or $1.58 per diluted share, compared to net income attributable to GEO of $16.5 million, or $0.11 per diluted share, for the first nine months of 2024. Results for the first nine months of 2025 reflect a gain on asset divestitures of $232.4 million, pre-tax, $8.4 million, pre-tax, in costs associated with the extinguishment of debt, $2.3 million, pre-tax, in combined start-up expenses, close-out expenses, employee restructuring expenses and transaction fees, and $38.2 million, pre-tax, in non-cash contingent liability and litigation and settlement costs, primarily in connection with the abovementioned Nwauzor Case. Excluding these items, we reported adjusted net income for the first nine months of 2025 of $85.3 million, or $0.61 per diluted share, compared to $82.8 million, or $0.63 per diluted share, for the first nine months of 2024. We reported total revenues for the first nine months of 2025 of $1.92 billion compared to $1.82 billion for the first nine months of 2024. We reported Adjusted EBITDA for the first nine months of 2025 of $338.5 million, compared to $355.5 million for the first nine months of 2024.

Recent Developments

Since the beginning of 2025, we have entered into new contracts to house ICE detainees at four facilities totaling approximately 6,000 beds. These facilities include three company-owned facilities we announced in the first half of 2025: the 1,000-bed Delaney Hall Facility in Newark, New Jersey; the 1,800-bed North Lake Facility in Baldwin, Michigan; and the 1,868-bed D. Ray James Facility in Folkston, Georgia. More recently, in early October 2025, we announced a joint-venture agreement to provide management services at the 1,310-bed North Florida Detention Facility in Baker County, Florida. We believe this contract arrangement demonstrates GEO’s ability to provide management services through alternative solutions like the State of Florida’s partnership with the federal government. Additionally, during the third quarter of 2025, we reactivated our 1,940-bed Adelanto ICE Processing Center in California, which was previously underutilized due to a COVID-related court case. On a combined basis, these five facilities are expected to generate more than $300 million in incremental annualized revenues at full occupancy, when they normalize in 2026.

With respect to our secure transportation services, we have also significantly expanded our footprint for ICE and the U.S. Marshals Service over the course of 2025. In the first half of 2025, we announced a new five-year contract with the U.S. Marshals for the provision of secure transportation services covering 26 federal judicial districts and spanning 14 states. Throughout 2025, we have executed new or amended contracts to expand secure ground transportation services at four existing company-owned ICE facilities and at our three recently activated company-owned ICE facilities. Additionally, the services we provide under our ICE air support subcontract have steadily increased throughout 2025. On a combined basis, these new and expanded transportation contracts are expected to generate approximately $60 million in incremental annualized revenues.

During the third quarter of 2025, we also announced three managed-only contract awards from the Florida Department of Corrections for the assumption of management and support services at the 985-bed Bay Correctional and Rehabilitation Facility and the 1,884-bed Graceville Correctional and Rehabilitation Facility and for the continuation of management and support services at the 985-bed Moore Haven Correctional and Rehabilitation Facility. The three contracts are expected to have an initial term of three years, effective July 1, 2026, with unlimited two-year renewal option periods. On a combined basis, the three contracts are expected to generate approximately $130 million in annualized revenues, including approximately $100 million in new incremental annualized revenues for GEO.

Financial Guidance

Today, we updated our financial guidance for the fourth quarter and full year 2025.

Our updated guidance for the fourth quarter 2025 incorporates our new ISAP contract. The new two-year ISAP contract includes new reduced pricing but anticipates a favorable shift in electronic monitoring technology mix, as well as higher intensity of case management services and potential higher volumes, all of which should improve the economics of the new contract. Based on these variables, the federal government assigned an estimated value to the two-year ISAP contract of over $1 billion. Because the exact scope and timing of governmental actions are difficult to estimate and outside of our control, we have not included any assumptions with respect to favorable technology and services mix shift or volume growth in the ISAP contract in our updated 2025 financial guidance. Additionally, we are in the process of implementing several cost mitigation measures for the new ISAP contract by the end of 2025, which we expect to result in cost savings of approximately $2 million to $3 million per quarter beginning in 2026.

As a result, we expect fourth quarter 2025 GAAP Net Income to be in a range of $0.23 to $0.27 per diluted share on quarterly revenues of $651 million to $676 million. We expect fourth quarter 2025 Adjusted EBITDA to be between $117 million and $127 million.

Taking into account our updated fourth quarter 2025 guidance, we expect full year 2025 GAAP Net Income to be in a range of $1.81 to $1.85 per diluted share and full year 2025 Adjusted Net Income to be in a range of $0.84 to $0.87 per diluted share on annual revenues of approximately $2.6 billion and based on an effective tax rate of approximately 25 percent, inclusive of known discrete items. We expect full year 2025 Adjusted EBITDA to be in a range of $455 million to $465 million.

We expect total Capital Expenditures for the full year 2025 to be between $200 million and $205 million, which includes our previously announced $100 million investment to enhance our ICE facilities and services and the approximately $60 million for the previously announced purchase of the San Diego Facility.

Balance Sheet

During the first nine months of 2025, we have reduced our net debt by approximately $275 million. At the end of the third quarter of 2025, our net debt totaled approximately $1.4 billion, our net leverage was approximately 3.2 times Adjusted EBITDA, and we had approximately $184 million in cash on hand and approximately $143 million in available capacity under our revolving credit facility. We believe we have ample liquidity to support our working capital needs during the current federal government shutdown.

Share Repurchase Program

During the third quarter of 2025, we repurchased approximately 1.97 million shares of GEO common stock at an aggregate cost of approximately $41.6 million. On November 4, 2025, our Board of Directors increased our share repurchase authorization to $500 million and extended the expiration date to December 31, 2029. As of November 6, 2025, we have approximately $458.4 million of repurchase authorization available under the share repurchase program.

Conference Call Information

We have scheduled a conference call and webcast for today at 11:00 AM (Eastern Time) to discuss our third quarter 2025 financial results as well as our outlook. The call-in number for the U.S. is 1-877-250-1553 and the international call-in number is 1-412-542-4145. In addition, a live audio webcast of the conference call may be accessed on the Webcasts section under the News, Events and Reports tab of GEO’s investor relations webpage at investors.geogroup.com. A replay of the webcast will be available on the website for one year. A telephonic replay of the conference call will be available through November 13, 2025, at 1-877-344-7529 (U.S.) and 1-412-317-0088 (International). The participant passcode for the telephonic replay is 5021712.

About The GEO Group

Reconciliation Tables and Supplemental Information

GEO has made available Supplemental Information which contains reconciliation tables of Net Income Attributable to GEO to Adjusted Net Income, and Net Income to EBITDA and Adjusted EBITDA, along with supplemental financial and operational information on GEO’s business and other important operating metrics.

The reconciliation tables are also presented herein. Please see the section below titled “Note to Reconciliation Tables and Supplemental Disclosure – Important Information on GEO’s Non-GAAP Financial Measures” for information on how GEO defines these supplemental Non-GAAP financial measures and reconciles them to the most directly comparable GAAP measures. GEO’s Reconciliation Tables can be found herein and in GEO’s Supplemental Information available on GEO’s investor webpage at investors.geogroup.com.

Note to Reconciliation Tables and Supplemental Disclosure –
Important Information on GEO’s Non-GAAP Financial Measures

The determination of the amounts that are included or excluded from these non-GAAP financial measures is a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income amounts recognized in a given period.

While we have provided a high level reconciliation for the guidance ranges for full year 2025, we are unable to present a more detailed quantitative reconciliation of the forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures because management cannot reliably predict all of the necessary components of such GAAP measures.

The quantitative reconciliation of the forward-looking non-GAAP financial measures will be provided for completed annual and quarterly periods, as applicable, calculated in a consistent manner with the quantitative reconciliation of non-GAAP financial measures previously reported for completed annual and quarterly periods.

Net Debt is defined as gross principal debt less cash from restricted subsidiaries. Net Leverage is defined as Net Debt divided by Adjusted EBITDA.

Given the nature of our business as a real estate owner and operator, we believe that EBITDA and Adjusted EBITDA are helpful to investors as measures of our operational performance because they provide an indication of our ability to incur and service debt, to satisfy general operating expenses, to make capital expenditures, and to fund other cash needs or reinvest cash into our business.

The adjustments we make to derive the non-GAAP measures of EBITDA and Adjusted EBITDA exclude items which may cause short-term fluctuations in income from continuing operations and which we do not consider to be the fundamental attributes or primary drivers of our business plan and they do not affect our overall long-term operating performance.

EBITDA and Adjusted EBITDA provide disclosure on the same basis as that used by our management and provide consistency in our financial reporting, facilitate internal and external comparisons of our historical operating performance and our business units and provide continuity to investors for comparability purposes.

Adjusted Net Income is defined as net income attributable to GEO adjusted for certain items which by their nature are not comparable from period to period or that tend to obscure GEO’s actual operating performance, including for the periods presented (gain)/loss on asset divestitures/impairment, pre-tax, loss on the extinguishment of debt, pre-tax, non-cash contingent liability and litigation and settlement costs, pre-tax, start-up expenses, pre-tax, ATM equity program expenses, pre-tax, transaction fees, pre-tax, employee restructuring expenses, pre-tax, close-out expenses, pre-tax, discreet tax benefits, and tax effect of adjustments to net income attributable to GEO.

Safe-Harbor Statement

This press release contains forward-looking statements regarding future events and future performance of GEO that involve risks and uncertainties that could materially and adversely affect actual results, including statements regarding GEO’s financial guidance for the fourth quarter and the full year of 2025, the $500 million share repurchase program authorized by GEO’s Board of Directors, the anticipated timing and annualized revenues related to the reactivation of certain facilities and new and amended contracts, GEO’s ability to capture additional growth opportunities, and the Company’s efforts to strengthen its capital structure by reducing outstanding debt, deleveraging its balance sheet, and enhancing shareholder value through capital returns. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” or “continue” or the negative of such words and similar expressions. Risks and uncertainties that could cause actual results to vary from current expectations and forward-looking statements contained in this press release include, but are not limited to: (1) GEO’s ability to meet its financial guidance for fourth quarter and full year 2025 given the various risks to which its business is exposed; (2) GEO’s ability to execute on the $500 million share repurchase program authorized by GEO’s Board of Directors on the timeline it expects or at all; (3) GEO’s ability to deleverage and repay, refinance or otherwise address its debt maturities in an amount and on terms commercially acceptable to GEO, and on the timeline it expects or at all; (4) GEO’s ability to identify and successfully complete any potential sales of company-owned assets and businesses or potential acquisitions of assets or businesses on commercially advantageous terms on a timely basis, or at all; (5) changes in federal and state government policy, orders, directives, legislation and regulations that affect public-private partnerships with respect to secure, correctional and detention facilities, processing centers and reentry centers; (6) changes in federal immigration policy; (7) public and political opposition to the use of public-private partnerships with respect to secure correctional and detention facilities, processing centers and reentry centers; (8) any continuing impact of the COVID-19 global pandemic on GEO and GEO’s ability to mitigate the risks associated with COVID-19; (9) GEO’s ability to sustain or improve company-wide occupancy rates at its facilities; (10) fluctuations in GEO’s operating results, including as a result of contract activations, contract terminations, contract renegotiations, changes in occupancy levels and increases in GEO’s operating costs; (11) general economic and market conditions, including changes to governmental budgets and its impact on new contract terms, contract renewals, renegotiations, per diem rates, fixed payment provisions, and occupancy levels; (12) GEO’s ability to address inflationary pressures related to labor related expenses and other operating costs; (13) GEO’s ability to timely open facilities as planned, profitably manage such facilities and successfully integrate such facilities into GEO’s operations without substantial costs; (14) GEO’s ability to win management contracts for which it has submitted proposals and to retain existing management contracts; (15) risks associated with GEO’s ability to control operating costs associated with contract start-ups; (16) GEO’s ability to successfully pursue growth opportunities and continue to create shareholder value; (17) GEO’s ability to obtain financing or access the capital markets in the future on acceptable terms or at all; (18) any adverse impact on GEO’s financial results caused by the federal government shutdown; (19) risks associated with the U.S. Supreme Court agreeing to hear GEO’s appeal in the Nwauzor Case and GEO’s ability to prevail on the merits; and (20) other factors contained in GEO’s Securities and Exchange Commission periodic filings, including its Form 10-K, 10-Q and 8-K reports, many of which are difficult to predict and outside of GEO’s control.

View full release here.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251105368893/en/

Pablo E. Paez (866) 301 4436
Executive Vice President, Corporate Relations

Source: The GEO Group, Inc.

Release – CoreCivic Announces 2025 Third Quarter Earnings Release and Conference Call Dates

Posted on October 2, 2025October 2, 2025 by aweinsoff@channelchek.com

October 2, 2025

BRENTWOOD, Tenn., Oct. 02, 2025 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (“CoreCivic”) announced today that it will release its 2025 third quarter financial results after the market closes on Wednesday, November 5, 2025. A live broadcast of CoreCivic’s conference call will begin at 1:30 p.m. central time (2:30 p.m. eastern time) on Thursday, November 6, 2025.

To participate via telephone and join the call live, please register in advance. Upon registration at https://register-conf.media-server.com/register/BIa303aaae094f4f2fa02657400a84f3c6, telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique passcode.

About CoreCivic
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 one of the largest operators of such facilities in the United States. We have been a flexible and dependable partner for government for more than 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.

Contact:

Investors: Jeb Bachmann – Managing Director, Investor Relations – (615) 263-3024
Media: Steve Owen – Vice President, Communications – (615) 263-3107

Release – CoreCivic Announces New Contract Awards At California City Immigration Processing Center and Midwest Regional Reception Center

Posted on September 29, 2025September 29, 2025 by aweinsoff@channelchek.com

September 29, 2025

Contract Wins Total Nearly 3,600 beds

BRENTWOOD, Tenn., Sept. 29, 2025 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (“CoreCivic”) announced today that it has been awarded two new contracts with U.S. Immigration and Customs Enforcement (“ICE”) to utilize 3,593 beds at two facilities we own in core enforcement areas of the United States. Once fully activated, we expect to generate total annual revenue at the two facilities combined of nearly $200 million.

California City Immigration Processing Center – 2,560 beds
- New contract with ICE to utilize our 2,560-bed California City Immigration Processing Center. We have been preparing to accept detainees at this facility since April 1, 2025, when we entered into a six-month Letter Contract with ICE to resume operations at the facility while we worked to negotiate and execute a longer-term contract.
- We began receiving detainees at the facility on August 27, 2025 under terms of the Letter Contract. Transitioning from a Letter Contract to the definitive contract effective September 1, 2025 will result in variability in revenue and cash flow as we continue to successfully hire staff and receive additional detainees during the activation period. We currently expect the activation to be complete in the first quarter of 2026, achieving a normalized run-rate in the second quarter of 2026. Total annual revenue once the activation is complete is expected to be approximately $130 million. The new contract expires in August 2027.
Midwest Regional Reception Center – 1,033 beds
- New contract with ICE at our 1,033-bed Midwest Regional Reception Center in Leavenworth, Kansas. We entered into a six-month Letter Contract with ICE on March 7, 2025 to begin activation efforts at the facility while we worked to negotiate and execute a longer-term contract. Although we have been successful in hiring staff and have prepared the facility to accept detainees during this term, the intake process has been delayed by legal challenges.
- The new contract commenced on September 7, 2025, and is for a term of 24 months. The agreement provides for a fixed monthly payment plus an incremental per diem payment based on detainee populations, both of which commence once the temporary injunction currently prohibiting the intake of detainees is no longer enforceable. Total annual revenue once the facility is fully activated is expected to be approximately $60 million. However, we cannot predict if or when the legal challenges will be successfully resolved.

Damon T. Hininger, CoreCivic’s Chief Executive Officer, commented, “We are pleased to announce the finalization of contracts for these two facilities, both of which were idle at the beginning of the year. The geographic locations of each of these facilities will enhance our ability to support our government partner in its effort to enforce immigration laws in areas of need across the United States. Looking forward, we anticipate additional contracting activity that will help satisfy ICE’s growing needs.”

Patrick D. Swindle, CoreCivic’s President and Chief Operating Officer, added, “Once fully activated, these two facilities are expected to generate combined annual revenue of nearly $200 million. While the intake process has been delayed at the Midwest Regional Reception Center, we will offer newly hired employees opportunities to be redeployed at our other activations until the legal challenges are resolved. Our team continues to work hard on activating our idle facilities, which helps lay the foundation for continued earnings growth into 2026 and beyond.”

About CoreCivic

Cautionary Note Regarding Forward-Looking Statements

This press release includes statements as to our beliefs and expectations of the outcome of future events that are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements may include such words as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. Such forward-looking statements may be affected by risks and uncertainties in CoreCivic’s business and market conditions. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. Important factors that could cause actual results to differ are described in the filings made from time to time by CoreCivic with the Securities and Exchange Commission (“SEC”) and include the risk factors described in CoreCivic’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 21, 2025. Except as required by applicable law, CoreCivic undertakes no obligation to update forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.

Contact:

Investors: Jeb Bachmann – Managing Director, Investor Relations – (615) 263-3024

Media: Steve Owen – Vice President, Communications – (615) 263-3107

The GEO Group (GEO) – A Renewal and Two New Contracts

Posted on September 17, 2025September 17, 2025 by slightbourne@noblecapitalmarkets.com

Wednesday, September 17, 2025

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.

Contracts. The Florida Department of Corrections has issued Notices of Intent to Award three managed-only contracts to GEO for the assumption of management and support services at the 985-bed Bay Correctional and Rehabilitation Facility and the 1,884-bed Graceville Correctional and Rehabilitation Facility and for the continuation of management and support services at the 985-bed Moore Haven Correctional and Rehabilitation Facility.

Details. The three contracts are expected to have an initial term of three years, effective July 1, 2026, with unlimited two-year renewal option periods. On a combined basis, the three contracts are expected to generate approximately $130 million in annualized revenues, including approximately $100 million in new incremental annualized revenues for GEO. While the new contracts will not begin until next year, the new awards reflect GEO’s ability to provide the services demanded by its government partners, in our view.

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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).

Release – The GEO Group Announces Contracts for Three Correctional and Rehabilitation Facilities in Florida

Posted on September 16, 2025September 16, 2025 by aweinsoff@channelchek.com

September 16, 2025