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Jun 30, 2025
Corecivic Q2 2025 Earnings Report
CoreCivic reported strong financial results for the second quarter of 2025, driven by increased demand from government partners, particularly U.S. Immigration and Customs Enforcement (ICE).
Key Takeaways
CoreCivic delivered a robust second quarter in 2025, with significant increases across key financial metrics including total revenue, net income, and diluted EPS. The strong performance was primarily attributed to higher federal and state populations, increased average per diem rates, and the recognition of employee retention credits. The company also made strategic capital deployments through share repurchases and the acquisition of the Farmville Detention Center, while actively reactivating previously idled facilities to meet growing demand.
Total revenue increased by 9.8% to $538.2 million, reflecting strong demand for services.
Net income surged by 103.4% to $38.5 million, and diluted EPS rose by 105.9% to $0.35.
Adjusted EBITDA grew by 23.2% to $103.3 million, indicating improved operational efficiency.
The company repurchased 2.0 million shares for $43.2 million and acquired the Farmville Detention Center for $67 million, expanding its operational capacity.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
CoreCivic has raised its full-year 2025 financial guidance, reflecting strong second-quarter results, updated occupancy projections, the acquisition of the Farmville Detention Center, and the expected activation of the California City Immigration Processing Center. The company anticipates further increases in utilization of existing capacity due to substantial government funding and expects new contracts to require the activation of more idle facilities, with full benefits likely impacting 2026 results.
Positive Outlook
- Increased 2025 full-year guidance for Net Income, Adjusted Net Income, Diluted EPS, Adjusted Diluted EPS, FFO per diluted share, Normalized FFO per diluted share, EBITDA, and Adjusted EBITDA.
- Expectation of receiving detainee populations at the California City Immigration Processing Center during Q3 2025.
- Significant government funding levels under the One Big Beautiful Bill Act are expected to drive demand for detention capacity.
- Modified immigration policies and newly enacted legislation are anticipated to increase the utilization of detention for certain criminal violations.
- Anticipated annual incremental revenue of approximately $40.0 million from the acquisition of the Farmville Detention Center.
Challenges Ahead
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