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CoreCivic (CXW) investor relations material
CoreCivic Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved significant operational and financial growth in Q4 2025, with revenue reaching $604.0 million, up 26% year-over-year, and net income of $26.5 million, driven by new contract activations and increased demand from federal partners, especially ICE, with record-high detainee populations.
Full year 2025 revenue was $2.2 billion, up 13% year-over-year, with net income of $116.5 million, diluted EPS of $1.08, and adjusted EBITDA of $365.6 million, up 11% from 2024.
Growth was driven by the resumption of operations at the Dilley Facility, acquisition of the Farmville Detention Center, and increased federal and state populations.
Full activation of key facilities and new contracts contributed to higher occupancy and average daily population, with the company managing 56,380 individuals in Q4 2025, up from 50,202 a year ago.
Fourth quarter results exceeded internal projections for Adjusted EPS, Normalized FFO per share, and Adjusted EBITDA.
Financial highlights
Q4 2025 GAAP EPS was $0.26; Adjusted EPS was $0.27, up 69% year-over-year.
Normalized FFO per share was $0.52, up 33% year-over-year.
Adjusted EBITDA reached $92.5 million, a 25% increase from Q4 2024.
Adjusted EPS and EBITDA exceeded analyst estimates by $0.09 and $9 million, respectively.
Facility operating margins in Safety and Community segments decreased to 22.2% in Q4 2025 from 23.6% in Q4 2024 due to start-up expenses at newly activated facilities.
Outlook and guidance
2026 guidance: Diluted EPS of $1.49–$1.59, FFO per share of $2.54–$2.64, and EBITDA of $437–$445 million.
2026 net income guidance: $147.5 million to $157.5 million.
Guidance excludes potential upside from the Midwest Regional facility, unannounced contracts, and major changes in federal government usage.
Annual revenue run rate expected to reach $2.5 billion and EBITDA run rate $450 million by mid-2026, excluding Midwest Regional.
Capital expenditures for 2026 expected to total $110–$125 million, including $60–$70 million for maintenance and $35–$40 million for facility activations.
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