Tag: Government Solutions

The GEO Group (GEO) – To Redeem Debt, Extend Credit Facility

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Wednesday, October 07, 2026

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Debt Redemption. The GEO Group is redeeming all of its $650 million 8.625% Senior Secured Notes due in 2029. The redemption will be funded from net proceeds of the facility sale announced Monday. We view this as a significant positive for the Company, reducing outstanding debt, eliminating interest payments, and setting the Company up to be more aggressive in its share repurchase program.

Details. The redemption price for the 2029 Senior Secured Notes will be equal to $1,043.13 per $1,000.00 original principal amount, or approximately $678 million, plus any accrued and unpaid interest. GEO is receiving a net $705 million from the facility sale and had another $55 million of cash on the balance sheet as of June 30th. The redemption of the 2029 Senior Secured Notes will occur on October 15, 2026. GEO will save some $56 million in annual interest expense.


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CoreCivic, Inc. (CXW) – A CEO Transition

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Monday, September 28, 2026

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Transition. On Friday, CoreCivic announced that Patrick Swindle was stepping down as President and Chief Executive Officer due to health reasons. Mr. Swindle also resigned from CoreCivic’s Board. The Board named Lucibeth N. Mayberry as President and Chief Executive Officer of the Company. Ms. Mayberry also joined the Board. We believe CoreCivic’s deep bench of executives should make this a seamless transition.

Ms. Mayberry’s Background. Ms. Mayberry has served as the Executive Vice President and Chief Strategy Officer since May 2025. From October 2022 to May 2025, Ms. Mayberry served as the Executive Vice President and Chief Innovation Officer. Prior to assuming that role, Ms. Mayberry served as Executive Vice President, Real Estate from May 2015 until October 2022. She has previously served in various roles at CoreCivic since May 2003, including as Vice President, Deputy Chief Development Officer; Vice President, Research, Contract and Proposals; and Managing Director, State Partnership Relations.


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

CoreCivic, Inc. (CXW) – $500 Million Accelerated Share Repurchase

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Tuesday, August 11, 2026

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

ASR. CoreCivic has decided how to use a portion of the proceeds from the facilities sale, and it’s a $500 million Accelerated Share Repurchase program. The Company already used over $600 million of net proceeds to reduce debt, and increased share repurchases were a logical use of additional funds, in our opinion. Upon completion of the ASR Agreement, the Company anticipates that approximately $255.8 million of share repurchase authorization will remain available.

Details. The Company made a payment of $500 million to a financial institution on August 10, 2026, and expects to receive an initial delivery of approximately 12.4 million shares of CXW common stock (about 12.5% of the outstanding) from the financial institution, pursuant to the ASR Agreement. Based on Friday’s closing price, the initial 12.4 million shares would have used approximately $400 million of the $500 million.


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

CoreCivic, Inc. (CXW) – 2Q26 Results Exceed Expectations; Raising Price Target

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Monday, August 10, 2026

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Overview. As we highlighted in our First Look at CoreCivic’s operating results, the Company’s second quarter 2026 financial results exceeded management expectations, driven by lower operating costs and slightly higher populations from ICE. While the quarterly operating results were a positive in and of themselves, the major news came post-quarter’s end with the announcements of sales of four detention facilities to the Federal government for total gross proceeds of $2.2 billion and a net of approximately $1.6 billion. The Company remains in discussions with ICE for the potential sale of additional facilities, as well as for new contracts at existing and/or idle facilities.

Capital. With the facilities sold, the current capital structure has significantly changed. Net proceeds, after taxes and sale costs, were approximately $1.6 billion. The Company used $608.5 million to pay down debt, including $238.5 million of the 4.75% unsecured notes that will be repaid on August 12th. After income taxes and debt repayments, the Company will have approximately $1 billion of cash on hand, total debt outstanding of $739.1 million, and $553.3 million of borrowing capacity under the revolving credit facility.


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*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. 

The GEO Group (GEO) – Strong 2Q; Raising Price Target

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Monday, August 10, 2026

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Overview. GEO delivered better-than-expected performance in the second quarter of 2026, reflecting significant revenue growth from the contracts that the Company entered into throughout 2025. With recently signed new contracts and still significant idle capacity, we believe there remains substantial opportunity for additional increases in operating results.

2Q26 Results. Second quarter 2026 revenue was $732.1 million, up 15% y-o-y, and exceeding our $720 million projection. Adjusted EBITDA was up 20% to $142 million, or a 19.4% margin, and above our $129.3 million estimate. GEO reported 2Q26 net income attributable to GEO Operations of $47.5 million, or $0.36/sh, and  $29.1 million, or $0.21/sh, in 2Q25. Adjusted EPS was  $0.37/sh, compared to  $0.22/sh in 2Q25. We were at $0.28/sh for both.


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*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. 

Kratos Defense & Security (KTOS) – That Didn’t Take Long

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Friday, August 07, 2026

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

From Opportunity to Reality. Less than 48 hours after speaking of these potential opportunities (among a bunch of other opportunities), Kratos has been awarded a U.S. Army contract related to the Javelin Missile System, and Kratos partner Boeing announced it has been awarded a funding contract to begin supplying long-range JDAMs that incorporate Kratos turbojet engines.

JDAM. The Air Force awarded Boeing a $75 million production contract to begin supplying long-range JDAMs. The long-range variant adds a Kratos TDI-J85 turbojet providing 200 pounds of thrust to enable jets to attack from a much safer distance. The 2027 National Defense Authorization Act includes about $277 million for 1,150 upgraded JDAM guidance tail kits with M-Code GPS for the legacy munitions. Industry experts note the new version will cost far less than more exquisite stand-off munitions, so they should be considered as an affordable mass capability, playing right into Kratos’ key strengths, in our opinion.


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

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

CoreCivic, Inc. (CXW) – First Look 2Q26 Results

Posted on by [email protected]


Thursday, August 06, 2026

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Overview. CoreCivic’s 2Q26 financial results exceeded management expectations, driven by lower operating costs and slightly higher populations from U.S. Immigration and Customs Enforcement. Recent contracts at 4 facilities added $80.1 million to revenue and $20.1 million to operating income in the quarter. These facilities continue to be in various stages of activation. 

2Q26 Results. Revenue increased 27.3% y-o-y to $684.9 million and was above our $618 million projection. Adjusted EBITDA was $109.4 million, compared to $103.3 million in 2Q25 and our $108.9 million estimate. Adjusted net income was $37.7 million, or $0.38 per diluted share, in 2Q26, compared with $39.7 million and $0.36, respectively, last year. We would note 2Q25 EPS benefited from $11.6 million, or $0.08 per share, of Employee Retention Credits, along with interest thereon, available under the CARES Act. Excluding the CARES Act benefit, 2Q26 adjusted EPS would have reflected more pronounced y-o-y growth.


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

CoreCivic, Inc. (CXW) – Opening Another Previously Idle Facility

Posted on by [email protected]


Wednesday, August 05, 2026

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

New Award. CoreCivic has been awarded a new contract with U.S. Immigration and Customs Enforcement (“ICE”) to utilize the Company’s 1,600-bed Prairie Correctional Facility located in Appleton, Minnesota, a facility that has been idle since 2010. Awards seem to be picking up once again, especially for previously idle facilities, suggesting to us that ICE is moving back to the tried-and-true detention operating model, with less focus on alternative detention models.

Impact. The new contract commences on August 11, 2026, for a term of five years. The agreement provides for a fixed monthly payment plus an incremental per diem payment based on detainee populations. Taking into account start-up activities and the phased commencement of intake operations, we currently expect an immaterial impact to earnings for the remainder of 2026. Once the facility is fully activated, management expects this facility to generate total annual revenue of approximately $75 million. The facility should begin receiving detainees in the fourth quarter of 2026, with the full ramp estimated to be complete in the second quarter of 2027.


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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. 

The GEO Group (GEO) – Another New Contract

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Thursday, July 30, 2026

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

New Contract. Hot on the heels of the Big Horn facility announcement,  The GEO Group, Inc. has entered into a five-year support services contract with U.S. Immigration and Customs Enforcement (“ICE”) for the activation of a federal immigration processing center at the GEO-owned, 1,320-bed Rivers Facility in Winton, North Carolina. Yesterday’s announcement continues new award momentum, which we believe will continue into the second half of 2026.

Details. The support services contract is expected to generate approximately $80 million in annual revenues in the first full year of operations. GEO’s support services are expected to include the exclusive use of the Facility by ICE, along with security, maintenance, and food services, as well as access to recreational amenities, medical care, and legal counsel.


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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. 

The GEO Group (GEO) – New Contract with ICE; Raising Price Target

Posted on by [email protected]


Thursday, July 16, 2026

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

New Contract. The GEO Group has entered into a five-year support services contract with U.S. Immigration and Customs Enforcement (“ICE”) for the activation of a federal immigration processing center at the 1,188-bed Big Horn Facility. GEO has entered into a lease agreement with the Facility owner. We view the new award positively and expect to see more such announcements going forward as ICE continues to seek out partners to assist the Agency in fulfilling its mission.

Details. The support services contract is expected to generate approximately $85 million in annual revenues in the first full year of operations, excluding transportation revenue. GEO’s support services are expected to include the exclusive use of the facility by ICE, along with security, maintenance, and food services, as well as access to recreational amenities, medical care, and legal counsel.


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

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

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

Posted on by [email protected]


Thursday, July 16, 2026

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

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

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


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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. 

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

Posted on by [email protected]


Thursday, May 07, 2026

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

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

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


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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 – CoreCivic Announces 2026 First Quarter Earnings Release and Conference Call Dates

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Research News and Market Data on CXW

April 1, 2026

PDF Version

BRENTWOOD, Tenn., April 01, 2026 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (“CoreCivic”) announced today that it will release its 2026 first quarter financial results after the market closes on Wednesday, May 6, 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, May 7, 2026.

To participate via telephone and join the call live, please register in advance. Upon registration at https://register-conf.media-server.com/register/BI100ac825f20b4333aeddd3f8e1c0fdff, 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: Jeb Bachmann – Managing Director, Investor Relations – (615) 263-3024
Media: Steve Owen – Vice President, Communications – (615) 263-3107