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Mar 31
Corecivic Q1 2025 Earnings Report
Reported first quarter 2025 financial results with increased occupancy and new contracts propelling strong financial performance and raising full year guidance.
Key Takeaways
CoreCivic reported strong first quarter 2025 financial results, exceeding internal expectations due to increased occupancy and new contracts, particularly with ICE. The company is reactivating three previously idle facilities and increasing its annual financial guidance.
Total revenue for Q1 2025 was $488.6 million.
Net income for Q1 2025 was $25.1 million, or $0.23 per diluted share.
First quarter occupancy reached 77.0% of available capacity, an increase from 75.2% in the first quarter of last year.
The company repurchased 1.9 million shares of common stock at an aggregate cost of $37.9 million during the first quarter.
Corecivic
Corecivic
Corecivic Revenue by Segment
Revenue by Segment
Safety Revenue
CapyFin.comCommunity Revenue
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CapyFin.com Forward Guidance
CoreCivic is increasing its full year 2025 financial guidance based on Q1 results and anticipated facility activations. Guidance does not include potential new contracts.
Positive Outlook
- Increased full year 2025 net income guidance range to $91.3 million - $101.3 million.
- Increased full year 2025 diluted EPS guidance range to $0.83 - $0.92.
- Increased full year 2025 FFO per diluted share guidance range to $1.72 - $1.82.
- Increased full year 2025 EBITDA guidance range to $331.0 million - $339.0 million.
- Expect additional contracting activity as 2025 progresses.
- Expect new contracts to require activation of idle facilities due to modified immigration policies and new legislation.
Challenges Ahead
- Guidance does not include the impact of any new contract awards not previously announced.
- Activation of an idle facility generally requires four to six months, potentially resulting in additional expenses before revenue recognition.
- Full year benefits from idle facility activations are likely to be more impactful to 2026 results.
- Guidance could be negatively impacted by start-up expenses if new contracts require idle facility activation before revenue generation.