CoreCivic (CXW) Company Report

CoreCivic reported Q3 2025 adjusted EPS of $0.24 and normalized FFO per share of $0.48, surpassing internal forecasts, with adjusted EBITDA reaching $88.8 million.
The company revised its full-year 2025 financial guidance downwards, with adjusted diluted EPS now projected at $1.00-$1.06 and adjusted EBITDA at $355-$359 million, primarily due to $10-$11 million in startup costs for new contracts.
Four new contract awards are expected to generate approximately $320 million in annual revenue once stabilized, contributing to an anticipated annual run rate revenue of approximately $2.5 billion and EBITDA over $450 million by the first half of 2026.
CoreCivic repurchased 1.9 million shares for $40 million in Q3 2025 and intends to double the pace of share repurchases in Q4, with $198 million remaining under the $500 million authorization.
Patrick Swindle is set to become the new CEO, succeeding Damon Hininger, effective January 1, 2026.

Nov 6, 2025, 7:30 PM

Transcript

CoreCivic Reports Strong Third Quarter 2025 Results and Updates Full-Year Guidance

CXW

Earnings

Guidance Update

Share Buyback

CoreCivic reported strong third quarter 2025 financial results, with total revenue up 18.1% to $580.4 million and net income increasing 24.7% to $26.3 million compared to the prior year quarter.
Diluted earnings per share for Q3 2025 increased 26.3% to $0.24, and Adjusted diluted earnings per share rose 20.0% to $0.24.
The company repurchased 1.9 million shares of common stock at an aggregate cost of $40.0 million during the third quarter of 2025, and expects to increase the pace of repurchases in future quarters.
CoreCivic updated its full-year 2025 financial guidance downwards due to increased start-up expenses for activating four facilities, including the California City and Diamondback facilities, which are expected to negatively impact Q4 but drive stronger 2026 results. These new contracts, along with the acquisition of the Farmville Detention Center for $71.4 million, are expected to generate significant annual revenue once facilities achieve stabilized occupancy.

Nov 5, 2025, 9:15 PM

Press Release

CoreCivic Reports Strong Q3 2025 Results and Updates 2025 Guidance

CXW

Earnings

Guidance Update

Share Buyback

CoreCivic, Inc. reported total revenue of $580.4 million for Q3 2025, an 18.1% increase from the prior year quarter, and diluted earnings per share of $0.24, up 26.3%.
The company repurchased 1.9 million shares of common stock at an aggregate cost of $40.0 million during Q3 2025, with $197.9 million of repurchase authorization remaining as of September 30, 2025.
CoreCivic secured new contracts for four idle facilities during Q3 2025, including West Tennessee, California City, Midwest Regional Reception Center, and Diamondback Correctional Facility, which are projected to generate approximately $320 million in annual revenue once fully activated.
The full-year 2025 financial guidance was updated, reflecting a $10.0 million to $11.0 million reduction in facility net operating income due to start-up expenses for these activations, though these contracts are expected to drive stronger results in 2026.

Nov 5, 2025, 9:13 PM

8-K

CoreCivic Provides 2024 Financials, 2025 Guidance, and Strategic Updates

CXW

Guidance Update

Share Buyback

New Projects/Investments

CoreCivic reported $2 billion in revenue and $331 million in adjusted EBITDA for 2024, and provided 2025 adjusted EBITDA guidance of $368 million, an 11% increase from 2024.
The company is reactivating five previously idle facilities, adding 8,800 beds and an anticipated $500 million in revenue, which is expected to drive strong growth in 2026.
CoreCivic has reduced its debt by $1.3 billion since June 2020, achieving a leverage ratio of 2.3 times at the end of Q2 2025, and has $347 million in liquidity.
The company has a $500 million share repurchase authorization, having bought back $81 million in the first half of 2025, with $237.9 million remaining as of June 30, 2025.
Patrick Swindle will succeed Damon Hininger as CEO on January 1, 2026, following his promotion to President on January 1, 2025.

Oct 9, 2025, 3:00 PM

Transcript

CoreCivic Highlights 2024 Financials and ICE Detention Growth Opportunities

CXW

New Projects/Investments

Share Buyback

M&A

CoreCivic (CXW) reported 2024 revenues of approximately $2 billion and adjusted EBITDA of $330.8 million, with total assets of about $2.9 billion. The company operates 70 correctional, detention, and reentry facilities in the U.S., with 51% of its revenue derived from federal government agencies, including the U.S. Immigration and Customs Enforcement (ICE) and the U.S. Marshals Service.
A significant growth opportunity is presented by the "One Big Beautiful Bill Act" (July 2025), which appropriated funds to increase ICE detention capacity from approximately 50,000 to 100,000 beds. CoreCivic has 13,419 beds in idle facilities and 3,239 unused beds in operational facilities that could be activated to meet this demand, with the potential to generate an additional $200 million to $225 million in EBITDA.
The company has demonstrated strong financial discipline, repaying approximately $1.3 billion of debt since August 2020 through June 30, 2025, and maintaining a leverage ratio of 2.3 times net debt to adjusted EBITDA as of Q2 2025.
CoreCivic maintains a 97% contract renewal rate over the past five years and reported $347 million in liquidity as of June 30, 2025. This financial flexibility supports M&A activities, such as the $67 million acquisition of the Farmville Detention Center on July 1, and share repurchases, with $237.9 million remaining under its authorization as of June 30, 2025.

Sep 30, 2025, 6:00 PM

Transcript

CoreCivic Secures New ICE Contracts for Two Facilities

CXW

New Projects/Investments

Guidance Update

CoreCivic has been awarded two new contracts by U.S. Immigration and Customs Enforcement (ICE) for a total of 3,593 beds across two facilities, with an expected combined annual revenue of nearly $200 million once fully activated.
The California City Immigration Processing Center (2,560 beds) is expected to generate approximately $130 million in annual revenue, with full activation anticipated by Q1 2026 and a normalized run-rate by Q2 2026. Its contract is effective September 1, 2025, and expires in August 2027.
The Midwest Regional Reception Center (1,033 beds) is expected to generate approximately $60 million in annual revenue, with its 24-month contract commencing on September 7, 2025. However, the intake process is currently delayed by legal challenges, making the timing of full activation uncertain.

Sep 29, 2025, 12:00 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for CoreCivic.

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