BRENTWOOD, Tenn., Aug. 14, 2025 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (“CoreCivic”) announced today that it has been awarded a new contract under an intergovernmental services agreement (IGSA) between the City of Mason, Tennessee, and U.S. Immigration and Customs Enforcement (ICE) to resume operations at the Company’s 600-bed West Tennessee Detention Facility, a facility that has been idle since September 2021.
The IGSA expires in August 2030 and may be further extended through bilateral modification. The agreement provides for a fixed monthly payment plus an incremental per diem payment based on detainee populations. Total annual revenue once the facility is fully activated is expected to be approximately $30 million to $35 million, with margins consistent with the CoreCivic Safety segment. We expect this award to have a minimal impact on earnings in the third quarter of 2025, and accretive to earnings beginning in the fourth quarter of 2025, with full ramp currently expected to be complete by the end of the first quarter of 2026.
Damon T. Hininger, CoreCivic’s Chief Executive Officer, commented, “We are grateful for the trust our government partner has placed in us in reactivating the West Tennessee Detention Facility. Including the West Tennessee Detention Facility, we have reactivated four previously idle facilities aggregating approximately 6,600 beds, and made available to ICE over 1,000 additional detention beds through four contract modifications announced earlier this year, providing the agency with over 7,600 beds to help the agency meet its growing needs.”
Patrick D. Swindle, CoreCivic’s President and Chief Operating Offer added, “We are also grateful for the cooperation the City of Mason has provided in quickly working to expedite the reactivation of the facility. When fully activated, we expect to add well over 200 jobs to the local community, and we look forward to working with the City under this new relationship.”
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.
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.
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.
Availability. Increased use of CoreCivic’s remaining beds will help drive operating results going forward. If all of the idle 13,419 beds were activated, this would imply around $500 million in annual revenue, and around $200 million to $225 million in incremental EBITDA.
Activations. During the quarter, CoreCivic made substantial progress in reactivating three previously idled facilities, and the Company’s activation teams are preparing for additional contracting activity. Management noted that CoreCivic is in advanced negotiations to activate a fourth idle facility and has just begun negotiations for a fifth facility.
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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 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.
Increasing Demand. Increasing demand for the solutions provided, particularly from ICE, contributed to a strong second quarter, as nationwide detention populations under ICE custody reached an all-time high. ICE revenue rose 17.2% y-o-y, but we also note revenue from state partners increased 5.2% y-o-y and U.S. Marshals revenue increased 2.7% y-o-y.
2Q25 Results. Revenue was $538.2 million in 2Q25, up from $490.1 million last year. We were at $500.6 million. Safety and Community average occupancy increased to 76.8% from 74.3%, even with an overhang from the recently activated California City facility. Adjusted EBITDA was $103.3 million, up 23.2% y-o-y. NFFO per share was $0.59, up 40.5%. CoreCivic reported adjusted EPS of $0.36, up 80%.
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.
Raises 2025 Full Year Guidance Increasing Demand Drives Strong Financial Performance
BRENTWOOD, Tenn., Aug. 06, 2025 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (CoreCivic or the Company) announced today its second quarter 2025 financial results.
Financial Highlights – Second Quarter 2025
Total revenue of $538.2 million, up 9.8% from the prior year quarter
Net income of $38.5 million, up 103.4% from the prior year quarter
Diluted earnings per share of $0.35, up 105.9% from the prior year quarter
Adjusted diluted earnings per share of $0.36, up 80.0% from the prior year quarter
Normalized FFO per diluted share of $0.59, up 40.5% from the prior year quarter
Adjusted EBITDA of $103.3 million, up 23.2% from the prior year quarter
Repurchased 2.0 million shares of our common stock at an aggregate cost of $43.2 million
Damon T. Hininger, CoreCivic’s Chief Executive Officer, commented, “Increasing demand for the solutions we provide, particularly from U.S. Immigration and Customs Enforcement (ICE), contributed to a strong second quarter, as nationwide detention populations under ICE custody reached an all-time high. We expect the substantial increase in government funding approved during July to result in further increases in the utilization of our existing capacity. Based on the strength of our second quarter financial results and outlook for our business during the second half of 2025, we are increasing our 2025 financial guidance.”
Hininger continued, “We continued to deploy capital in ways that we believe add shareholder value. During the second quarter, we repurchased 2.0 million shares of our common stock at an aggregate cost of $43.2 million. At the beginning of the third quarter, we completed the acquisition of the Farmville Detention Center in Virginia for $67 million at an attractive return.”
Patrick Swindle, CoreCivic’s President and Chief Operating Officer, remarked, “We made substantial progress in re-activating three previously idled facilities during the second quarter, and our activation teams are preparing for additional contracting activity. ICE has been deliberate in increasing detention utilization under existing contracts while also executing new contracts at previously idled facilities. We expect to begin receiving detainees at our California City Immigration Processing Center in the near term, we are in advanced negotiations to activate a fourth idle facility, and we continue discussions to activate additional idle facilities. During the third quarter we also began integrating operations at the Farmville Detention Center, where we provide transportation, care, and civil detention services to adult male noncitizens under ICE custody. Along with the acquisition of the facility, we welcomed approximately 200 employees to our team.”
Second Quarter 2025 Financial Results Compared With Second Quarter 2024
Net income in the second quarter of 2025 was $38.5 million, or $0.35 per diluted share, compared with net income in the second quarter of 2024 of $19.0 million, or $0.17 per diluted share (Diluted EPS). Adjusted for special items, Adjusted Net Income for the second quarter of 2025 was $39.7 million, or $0.36 per diluted share (Adjusted Diluted EPS), compared with Adjusted Net Income of $21.8 million, or $0.20 per diluted share, in the prior year quarter. Special items in the second quarter of 2025 included charges of $1.5 million associated with the acquisition of the Farmville Detention Center, included in general and administrative expenses in our consolidated statement of operations. Special items in the prior year quarter included $4.1 million of expenses associated with debt repayments and refinancing transactions. Special items 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 higher federal and state populations as well as higher average per diem rates across much of our portfolio, combined with the recognition of employee retention credits (ERCs) available under the Coronavirus Aid, Relief and Economic Security Act amounting to $0.08 per share. These increases were net of the financial impact of the termination of our contract with ICE at the Dilley Immigration Processing Center effective August 9, 2024. However, we began re-activating the Dilley facility during March 2025. The agreement governing the reactivation provides for a fixed monthly payment from ICE in accordance with a graduated schedule to correlate with the activation of each neighborhood within the facility. The Dilley facility accounted for a $0.07 per share reduction compared with the second quarter of 2024.
We cared for an average daily residential population of 54,026 during the second quarter of 2025 in our Safety and Community segments compared with 51,541 during the second quarter of 2024. Average occupancy during the second quarter of 2025 was 76.8% in our Safety and Community segments, compared with 74.3% during the second quarter of 2024, even after reflecting the activation and transfer of our 2,560-bed California City Immigration Processing Center from the Properties segment to the Safety segment effective April 1, 2025, when we entered into a Letter Contract with ICE to reactive operations at the facility. The California City facility was previously in our Properties segment because it was leased to the California Department of Corrections and Rehabilitation until the lease expired March 31, 2024. We expect to begin receiving detainees from ICE at the California City facility in the near term under terms of the Letter Contract.
During the second quarter of 2025, revenue from ICE, our largest government partner, was $176.9 million compared to $151.0 million during the second quarter of 2024, an increase of 17.2%, including the termination of our ICE contract at the Dilley facility effective August 9, 2024, partially offset by its reactivation effective April 1, 2025. The termination and reactivation accounted for a net reduction in revenue of $12.8 million. Revenue from state customers increased 5.2% compared with the prior year quarter, with increases across many of our government customers. New contracts with the state of Montana executed in August 2024 and January 2025 accounted for the largest increase in revenue from state customers. Further, revenue from the U.S. Marshals Service, our second largest government customer, increased 2.7% from the prior year quarter.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for the second quarter of 2025 was $101.8 million, compared with $79.8 million in the second quarter of 2024. Adjusted EBITDA, which excludes special items, was $103.3 million in the second quarter of 2025, compared with $83.9 million in the second quarter of 2024. The increases in EBITDA and Adjusted EBITDA from the prior year quarter were primarily attributable to higher residential populations in our portfolio, net of reductions for the contract termination at the Dilley facility and the expiration of the lease with the CDCR at the California City facility. The increases in EBITDA and Adjusted EBITDA also included $8.3 million of ERCs recognized during the second quarter of 2025, and $3.2 million of interest collected on the ERCs.
Funds From Operations (FFO) for the second quarter of 2025 was $63.5 million, or $0.58 per share, compared with $43.8 million, or $0.39 per share, in the second quarter of 2024. Normalized FFO, which excludes special items, was $64.6 million, or $0.59 per diluted share, in the second quarter of 2025, compared with $46.6 million, or $0.42 per share, in the second quarter of 2024. Normalized FFO was impacted by the same factors that affected Adjusted EBITDA, further improved by a reduction in gross interest expense that is not reflected in Adjusted EBITDA. The reduction in gross interest expense resulted from a decrease in our average outstanding debt balance combined with a decrease in the interest rates associated with our variable rate debt. Per share amounts were also favorably impacted by a 2.1% reduction in weighted average shares outstanding compared with the prior year quarter resulting from repurchases we made under our share repurchase program.
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 $350.0 million of our common stock. On May 15, 2025, the BOD authorized an increase to the share repurchase program by which we may purchase up to an additional $150.0 million in shares of our outstanding common stock, increasing the total aggregate authorization to up to $500.0 million. During the six months ended June 30, 2025, we repurchased 3.9 million shares of common stock under the share repurchase program at an aggregate cost of $81.0 million, or $20.52 per share, excluding costs associated with the share repurchase program, including 2.0 million shares at an aggregate cost of $43.2 million during the second quarter of 2025. Since the share repurchase program was authorized in May 2022, through June 30, 2025, we have repurchased a total of 18.5 million shares of our common stock at an aggregate cost of $262.1 million, or $14.19 per share, excluding fees, commissions and other costs related to the repurchases.
As of June 30, 2025, we had $237.9 million of repurchase authorization available 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. 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.
Acquisition of Farmville Detention Center. On July 1, 2025, we completed the acquisition of the Farmville Detention Center, a 736-bed facility constructed in 2010 and located in Farmville, Virginia. The transaction was consummated through the acquisition of 100% of the membership interests in entities that own and operate the facility, as well as the acquisition of certain assets utilized in the operation of the business. Farmville Detention Center provides transportation, care, and civil detention services to adult male noncitizens through an Intergovernmental Service Agreement (IGSA) between Prince Edward County, Virginia and ICE, which expires in March 2029. The total purchase price, amounting to $67.0 million, was funded with cash on hand and borrowing capacity under our revolving bank credit facility. We expect annual incremental revenue of approximately $40.0 million resulting from this acquisition.
Business Development Updates
Activation of the Dilley Immigration Processing Center. On March 5, 2025, we announced that we had agreed under an amendment to an IGSA to resume operations and care for up to 2,400 individuals at the 2,400-bed Dilley Immigration Processing Center in Dilley, Texas. We began receiving residents at this facility during the second quarter of 2025. By the end of the second quarter of 2025, three of the five neighborhoods at the facility were operational. We currently expect all five neighborhoods at the facility to be fully operational on schedule by the end of the third quarter of 2025, when we expect to generate the full fixed monthly payment for the facility.
Intake Process Expected to Begin at the California City Immigration Processing Center. Effective April 1, 2025, we entered into a Letter Contract with ICE to begin activation efforts at our 2,560-bed California City Immigration Processing Center. The Letter Contract authorizes initial funding up to $10.0 million with maximum funding up to $31.2 million for a six-month period to help cover our start-up expenses while we work to negotiate and execute a long-term contract. We expect to begin receiving detainees from ICE at the California City facility in the near term under terms of the Letter Contract.
Midwest Regional Reception Center. Effective March 7, 2025, we entered into a Letter Contract with ICE to begin activation efforts at our 1,033-bed Midwest Regional Reception Center. The Letter Contract authorizes initial funding up to $5.0 million with maximum funding up to $22.6 million for a six-month period to help cover our start-up expenses while we work to negotiate and execute a long-term contract. The intake process has been delayed by a lawsuit filed by the City of Leavenworth alleging that a Special Use Permit (SUP) is required to operate the facility. A state court granted a temporary restraining order barring us from housing detainees at the facility without first obtaining an SUP. We have filed an appeal in the state court on the basis that the SUP is not applicable under existing statute. We believe ICE remains intent on using this facility.
2025 Financial Guidance
Based on current business conditions, we are providing the following updated financial guidance for the full year 2025:
Revised Guidance Full Year 2025
Prior Guidance Full Year 2025
Net income
$116.4 million to $124.4 million
$91.3 million to $101.3 million
Adjusted Net Income
$115.5 million to $123.5 million
$91.3 million to $101.3 million
Diluted EPS
$1.08 to $1.15
$0.83 to $0.92
Adjusted Diluted EPS
$1.07 to $1.14
$0.83 to $0.92
FFO per diluted share
$1.98 to $2.06
$1.72 to $1.82
Normalized FFO per diluted share
$1.99 to $2.07
$1.72 to $1.82
EBITDA
$366.3 million to $372.3 million
$331.0 million to $339.0 million
Adjusted EBITDA
$365.0 million to $371.0 million
$331.0 million to $339.0 million
Compared with our prior 2025 annual guidance provided on May 7, 2025, our revised 2025 guidance reflects the favorable results for the second quarter, updated occupancy projections consistent with current trends, the acquisition of the Farmville Detention Center, as well as our assumptions for the reactivation of the California City Immigration Processing Center based on the expectation of receiving detainee populations during the third quarter of 2025.
Consistent with our past practice, our guidance does not include the impact of any new contract awards not previously announced. However, we may continue to execute new contracts during the balance of 2025, and may revise guidance throughout the year if and when new contracts are signed. Although we can provide no assurance, based on significant funding levels for detention capacity that will be available under the One Big Beautiful Bill Act, modified immigration policies of the current administration, as well as newly enacted legislation pertaining to illegal immigrants requiring the utilization of detention for certain criminal violations, we expect new contracts to require the activation of more of our idle facilities. The activation of an idle facility generally requires four to six months to hire, train, and prepare the facility to accept residential populations, which, depending on contract structure, could 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 before we begin to recognize revenue, our guidance could be negatively impacted by start-up expenses until the revenue we generate offsets these expenses. Due to activation timing, full year benefits from idle facility activations are likely to be more impactful to 2026 results.
During 2025, we expect to invest $29.0 million to $31.0 million in maintenance capital expenditures on real estate assets, $31.0 million to $34.0 million for maintenance capital expenditures on other assets and information technology, and $9.0 million to $10.0 million for other capital investments. Although our guidance does not include any new contract awards beyond those previously announced, we also expect to incur approximately $70.0 million to $75.0 million of 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, as well as to provide transportation services.
Supplemental Financial Information and Investor Presentations
We have made available on our website supplemental financial information and other data for the second quarter of 2025. Interested parties may access this information 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 information disclosed in this report.
Management may meet with investors from time to time during the third quarter of 2025. Written materials used in the investor presentations will also be available on our website beginning on or about August 29, 2025. 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, August 7, 2025, 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/BI826b7187965c436ca353a3af4a956fed. 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, 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 activate idle facilities in a timely manner in order to meet the expected growth in demand for our facilities and services from the federal government that may occur 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 the debt ceiling and the potential for government shutdowns and changing budget priorities; (viii) our ability to successfully identify and consummate future development and acquisition opportunities 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.
BOCA RATON, Fla.–(BUSINESS WIRE)–Jul. 28, 2025– The GEO Group, Inc. (NYSE: GEO) (“GEO” or the “Company”) announced today that on July 25, 2025, the Company completed the sale of the GEO-owned Lawton Correctional Facility (the “Lawton Facility”) located in Lawton, Oklahoma to the State of Oklahoma for $312 million and simultaneously transitioned the Lawton Facility operations to the Oklahoma Department of Corrections.
As previously disclosed, GEO expects to use the net proceeds from the sale of the Lawton Facility to acquire the 770-bed Western Region Detention Facility located in San Diego, California in a like kind real estate property exchange expected to close on July 31, 2025, and to pay off additional senior secured debt, including the remaining balance of the Term Loan B outstanding under the Company’s recently amended Credit Agreement. These transactions are expected to reduce GEO’s total net debt to approximately $1.47 billion and position GEO to consider potential future capital returns.
George C. Zoley, Executive Chairman of GEO, said, “We believe that the successful sale of our Lawton Facility is representative of the intrinsic value of our Company-owned facilities, which now total approximately 50,000 beds. We believe this important transaction is a significant deleveraging event that further strengthens our balance sheet and represents an important step to position our Company to consider potential future capital returns. Our management team and Board of Directors remain focused on the disciplined allocation of capital to enhance long-term value for our shareholders.”
About The GEO Group
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 97 facilities totaling approximately 74,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 19,000 employees.
Use of forward-looking statements
This news release may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the cautionary statements and risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission including its Form 10-K, 10-Q and 8-K reports. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. Readers are strongly encouraged to read the full cautionary statements and risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission, including those referenced above. GEO disclaims any obligation to update or revise any forward-looking statements, except as required by law.
BOCA RATON, Fla.–(BUSINESS WIRE)–Jul. 14, 2025– The GEO Group, Inc. (NYSE: GEO) (“GEO” or the “Company”) announced today the closing of an amendment to the Company’s Credit Agreement dated as of April 18, 2024 (the “Amendment”). The Amendment increases GEO’s Revolving Credit Facility (the “Revolver”) commitments from $310 million to $450 million and extends the Revolver’s maturity to July 14, 2030. The Amendment further provides that interest will accrue on outstanding revolving credit loans at a rate determined with reference to the Company’s total leverage ratio. As of today, revolving credit loans accruing interest at a SOFR based rate would accrue interest at the term SOFR reference rate for the applicable interest period plus 2.75% per annum, which is lower by 0.50% from the applicate rate prior to the Amendment. The Amendment also increases GEO’s capacity to make restricted payments over the next five years.
Prior to the closing of the Amendment, GEO repaid $132 million of the Term Loan B outstanding under the Credit Agreement. Further, as previously disclosed, GEO expects to use net proceeds from the sale of the GEO-owned Lawton Correctional Facility in Oklahoma, which is expected to close on July 25, 2025, to pay off additional senior secured debt, including the remaining balance of the Term Loan B outstanding under the Credit Agreement. These two transactions are expected to reduce GEO’s total net debt to approximately $1.47 billion and position GEO to consider potential future capital returns.
George C. Zoley, Executive Chairman of GEO, said, “We are pleased with this recent amendment to upsize and extend our Revolving Credit Facility, which is an important step to position our Company to consider potential future capital returns and support our future financial needs. This transaction also shows the growing support we are receiving from our existing and new banking partners. Our management team and Board of Directors remain focused on the disciplined allocation of capital to enhance long-term value for our shareholders.”
About The GEO Group
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 98 facilities totaling approximately 77,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 19,000 employees.
Use of forward-looking statements
This news release may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the cautionary statements and risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission including its Form 10-K, 10-Q and 8-K reports. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. Readers are strongly encouraged to read the full cautionary statements and risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission, including those referenced above. GEO disclaims any obligation to update or revise any forward-looking statements, except as required by law.
BRENTWOOD, Tenn., July 10, 2025 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (the Company) announced today that it will release its 2025 second quarter financial results after the market closes on Wednesday, August 6, 2025. 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, August 7, 2025.
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.
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 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: David Garfinkle – Chief Financial Officer – (615) 263-3008
Media: Steve Owen – Vice President, Communications – (615) 263-3107
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the bottom of the report for important disclosures
Big Beautiful Bill. The Senate version of the “One Big Beautiful Bill Act” aligns with or even improves upon the House version when it comes to spending on immigration. While it remains to be seen the exact version that will come out of the reconciliation process and be sent to President Trump for his signature, the proposed versions should prove to be beneficial to both CoreCivic and The GEO Group.
Detention Budget. Both the Senate and House proposals call for $45 billion of funding for detention capacity or an additional $10.6 billion annually through fiscal 2029. This would represent an over 300% increase over the current detention budget. This level of funding could support detention bed capacity in excess of 115,000 beds, up from a current 41,500.
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ANALYST CREDENTIALS, PROFESSIONAL DESIGNATIONS, AND EXPERIENCE
Senior Equity Analyst focusing on Basic Materials & Mining. 20 years of experience in equity research. BA in Business Administration from Westminster College. MBA with a Finance concentration from the University of Missouri. MA in International Affairs from Washington University in St. Louis. Named WSJ ‘Best on the Street’ Analyst and Forbes/StarMine’s “Best Brokerage Analyst.” FINRA licenses 7, 24, 63, 87
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RESEARCH ANALYST CERTIFICATION
Independence Of View All views expressed in this report accurately reflect my personal views about the subject securities or issuers.
Receipt of Compensation No part of my compensation was, is, or will be directly or indirectly related to any specific recommendations or views expressed in the public appearance and/or research report.
Ownership and Material Conflicts of Interest Neither I nor anybody in my household has a financial interest in the securities of the subject company or any other company mentioned in this report.
BOCA RATON, Fla.–(BUSINESS WIRE)–Jun. 16, 2025– The GEO Group, Inc. (NYSE: GEO) (“GEO” or the “Company”) announced today that its wholly-owned subsidiary, GEO Transport, Inc. has entered into a new five-year contract, inclusive of option periods, with the U.S. Marshals Service for the provision of secure transportation and contract detention officer services across three service regions covering 26 federal judicial districts and spanning 14 states.
The new contract is expected to generate up to approximately $147 million over the five-year period, or up to approximately $29 million in annualized revenues per full-year of operations, with margins consistent with GEO’s Managed-Only services contracts which average approximately 15 percent.
George C. Zoley, Executive Chairman of GEO, said, “We believe that this important new contract is a testament to the high-quality services GEO delivers on behalf of the U.S. Marshals Service, and it underscores the strength of our diversified services platform which provides our company multiple avenues to pursue quality growth opportunities. We are proud of our long-standing partnership with the U.S. Marshals Service, and we stand ready to continue to help the federal government meet its law enforcement priorities.”
About The GEO Group
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 98 facilities totaling approximately 77,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.
Use of forward-looking statements
This news release may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the cautionary statements and risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission including its Form 10-K, 10-Q and 8-K reports. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. Readers are strongly encouraged to read the full cautionary statements and risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission, including those referenced above. GEO disclaims any obligation to update or revise any forward-looking statements, except as required by law.
BRENTWOOD, Tenn., June 10, 2025 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (“CoreCivic”) announced today that it has entered into a definitive agreement to acquire the Farmville Detention Center, a 736-bed facility constructed in 2010 and located in Farmville, Virginia. The transaction is expected to be consummated through the acquisition of 100% of the membership interests in entities that own the facility. Farmville Detention Center provides transportation, care, and civil detention services to adult male noncitizens through an Intergovernmental Service Agreement between Prince Edward County, Virginia and U.S. Immigration & Customs Enforcement (“ICE”), which expires in March 2029.
The total purchase price, amounting to $67.0 million, is expected to be funded with cash on hand and borrowing capacity under CoreCivic’s revolving bank credit facility. The acquisition, which is subject to the satisfaction of customary closing conditions, is expected to close effective July 1, 2025, and result in total annual incremental revenue of approximately $40.0 million.
Damon T. Hininger, CoreCivic’s Chief Executive Officer, commented, “We are pleased to expand our immigration solutions with this critical location, which ICE has used for many years — a need we expect to continue for the foreseeable future.” Patrick D. Swindle, CoreCivic’s President and Chief Operating Officer, added “We look forward to assuming the operation at this location, and welcoming more than 200 new employees to the CoreCivic team.”
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.
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: David Garfinkle – Chief Financial Officer – (615) 263-3008
Media: Steve Owen – Vice President, Communications – (615) 263-3107
BOCA RATON, Fla.–(BUSINESS WIRE)–Jun. 10, 2025– The GEO Group, Inc. (NYSE: GEO) (“GEO” or the “Company”) announced today that the U.S. District Court, Central District of California (the “Court”) has approved a settlement in the case of Roman v. Wolf, which allows for immediate full intake at the GEO-owned, 1,940-bed Adelanto ICE Processing Center in California (the “Adelanto Center”).
The Court had previously issued several injunction orders, including an intake prohibition order issued more than four years ago, limiting the use of the Adelanto Center based on then-prevailing COVID-19 conditions.
At full occupancy, the Adelanto Center contract would be expected to generate up to approximately $31 million in additional incremental annualized revenues for GEO, with margins consistent with GEO’s company-owned Secure Services facilities.
ICE and GEO entered into a 15-year contract on December 19, 2019, for the provision of secure residential housing and support services at the Adelanto Center, consisting of a five-year base period followed by two five-year option periods. The current contract option period is effective through December 19, 2029.
George C. Zoley, Executive Chairman of GEO, said, “We believe the Adelanto Center plays an important role in helping ICE and the U.S. Department of Homeland Security fulfill their mission and operational priorities. We are proud of our approximately 350 employees at the Adelanto Center, whose dedication and professionalism have allowed GEO to establish a long-standing record of providing high-quality support services on behalf of ICE in the state of California.”
About The GEO Group
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 98 facilities totaling approximately 77,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.
Use of forward-looking statements
This news release may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the cautionary statements and risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission including its Form 10-K, 10-Q and 8-K reports. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. Readers are strongly encouraged to read the full cautionary statements and risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission, including those referenced above. GEO disclaims any obligation to update or revise any forward-looking statements, except as required by law.
BOCA RATON, Fla.–(BUSINESS WIRE)–Jun. 9, 2025– The GEO Group, Inc. (NYSE: GEO) (“GEO” or the “Company”) announced today that U.S. Immigration and Customs Enforcement (“ICE”) has executed a contract modification, effective June 6, 2025, to activate a federal immigration processing center at the GEO-owned, 1,868-bed D. Ray James Facility (the “Facility”) in Folkston, Georgia under the existing intergovernmental service agreement (“IGSA”) involving the GEO-owned, 1,118-bed Folkston ICE Processing Center.
Under the modified IGSA, GEO expects to generate approximately $66 million in incremental annualized revenues in the first full year of operations, with margins consistent with GEO’s company-owned Secure Services facilities. GEO’s support services will include the exclusive use of this federal facility by ICE, along with security, maintenance, and food services, as well as access to recreational amenities, medical care, and legal counsel.
George C. Zoley, Executive Chairman of GEO, said, “We expect that our company-owned D. Ray James Facility in Georgia will play an important role in helping meet the need for increased federal immigration processing center bedspace. We are proud of our 40-year public-private partnership with ICE, and we stand ready to continue to help the federal government meet its expanded immigration enforcement priorities.”
About The GEO Group
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 98 facilities totaling approximately 77,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.
Use of forward-looking statements
This news release may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the cautionary statements and risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission including its Form 10-K, 10-Q and 8-K reports. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. Readers are strongly encouraged to read the full cautionary statements and risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission, including those referenced above. GEO disclaims any obligation to update or revise any forward-looking statements, except as required by law.
Earnings Release Scheduled for Wednesday, May 7, 2025 Before the Market Opens
Conference Call Scheduled for Wednesday, May 7, 2025 at 11:00 AM (Eastern Time)
BOCA RATON, Fla.–(BUSINESS WIRE)–Apr. 23, 2025– The GEO Group, Inc. (NYSE:GEO) (“GEO”) will release its first quarter 2025 financial results on Wednesday, May 7, 2025 before the market opens. GEO has scheduled a conference call and simultaneous webcast for 11:00 AM (Eastern Time) on Wednesday, May 7, 2025.
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:
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 May 14, 2025. The replay numbers are 1-877-344-7529 (U.S.) and 1-412-317-0088 (International). The passcode for the telephonic replay is 7721870. If you have any questions, please contact GEO at 1-866-301-4436.
