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Sep 30, 2025
Corecivic Q3 2025 Earnings Report
CoreCivic's third quarter 2025 financial results were reported, showing significant revenue and net income growth driven by increased demand from U.S. Immigration and Customs Enforcement (ICE) and successful facility activations.
Key Takeaways
CoreCivic reported a strong third quarter in 2025, with total revenue increasing by 18.1% to $580.4 million and net income rising by 24.7% to $26.3 million. Diluted EPS grew by 26.3% to $0.24, and Adjusted EBITDA increased by 6.6% to $88.8 million. The growth was primarily fueled by higher federal and state populations, particularly from ICE, and the successful activation of several idle facilities.
Total revenue for Q3 2025 reached $580.4 million, an 18.1% increase compared to the prior year quarter.
Net income for the quarter was $26.3 million, marking a 24.7% increase from the third quarter of 2024.
Diluted earnings per share rose by 26.3% to $0.24, while Adjusted diluted earnings per share increased by 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 quarter, demonstrating a commitment to shareholder value.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
CoreCivic has revised its full-year 2025 financial guidance, reflecting strong third-quarter results and updated occupancy projections. However, the guidance also incorporates increased start-up expenses related to the activation of four previously idle facilities, which are expected to negatively impact fourth-quarter financial results but drive stronger performance in 2026.
Positive Outlook
- Revised guidance reflects favorable third-quarter results, indicating strong operational performance.
- Updated occupancy projections are consistent with current positive trends, suggesting continued demand for services.
- New contract awards at four facilities (West Tennessee, California City, Midwest Regional Reception Center, Diamondback) are expected to generate approximately $320 million in annual revenue once stabilized.
- The company expects detainee populations to continue to grow as ICE implements its interior enforcement plan, contributing to a strong 2025 and beyond.
- Increased capital expenditures for facility activations indicate preparation for future growth and demand.
Challenges Ahead
- Revised 2025 guidance reflects a reduction in facility net operating income of $10.0 million to $11.0 million due to start-up expenses for activating four facilities.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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