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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
CoreCivic
CoreCivic (CXW) investor relations material
CoreCivic Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
Q3 revenue rose 28.2% YoY to $744.1 million; adjusted EPS reached $0.49, up 104%, and adjusted EBITDA was $117.8 million, up 32.6%.
Four facility sales generated $2.206 billion gross proceeds, $1.6 billion net proceeds and a $1.771 billion gain; proceeds funded debt repayment and a $500 million ASR.
FY 2026 adjusted EPS guidance increased to $1.74-$1.80 and adjusted EBITDA guidance to $442.5-$445.5 million.
Financial highlights
Net income was $1,344.1 million, or $14.49 per diluted share, versus $26.3 million, or $0.24, in Q3 2025; facility-sale gains and other special items drove the increase.
Adjusted EPS was $0.49 versus $0.24; adjusted net income was $45.7 million. Normalized FFO was $69.9 million, or $0.75 per share, versus $52.1 million, or $0.48.
Q3 operating expenses rose to $586.9 million from $449.6 million, reflecting higher staffing, activation costs and the CSP acquisition.
Q3 net interest expense declined to $7.0 million from $16.6 million, benefiting from lower average debt and higher cash balances after facility sales.
Federal revenue increased 22.2% YoY; federal partners represented 53% of total revenue. ICE revenue rose $75.2 million, while U.S. Marshals revenue declined $5.2 million.
Outlook and guidance
FY 2026 guidance includes diluted EPS of $15.42-$15.48, adjusted diluted EPS of $1.74-$1.80, normalized FFO per share of $2.78-$2.85 and adjusted EBITDA of $442.5-$445.5 million.
2026 AFFO is projected at $260.3-$272.3 million; maintenance capex is $65-$75 million and activation capex is $35-$40 million.
Average compensated population and Residential revenue are expected to increase in Q4, driven by recently activated ICE contracts; Appleton intake is expected in Q4 2026, with activation complete in Q2 2027.
Appleton is expected to generate ~$75 million in annual revenue at full activation, with margins pressured until stabilized occupancy; its 2026 earnings impact is expected to be immaterial.
Preliminary 2027 adjusted EBITDA planning range was $436-$450 million, including an estimated ~$10 million Prairie contribution; formal guidance is expected in February.
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Latest events from CoreCivic
- Occupancy reached 74% as three new contracts bolstered 2024 momentum.CXW
Q4 2023 - Q2 2026 revenue up 27%, $2.2B facility sales boost liquidity and capital flexibility.CXWQ2 2026
- Idle facility activation and new ICE contracts drive growth as occupancy and margins rebound.CXWNoble Capital Markets Emerging Growth Virtual Equity Conference
- Directors elected, auditor ratified, and human rights initiatives and reporting reaffirmed.CXWAGM 2026
- Q1 2026 revenue and net income surged, with guidance and capital allocation raised on strong growth.CXWQ1 2026
- Board recommends approval of all director, compensation, and auditor proposals for 2026.CXWProxy filing
- Shareholders will vote virtually on directors, auditor, and executive pay, with strong governance and ESG focus.CXWProxy filing
- Q3 2024 saw higher revenue, net income, and raised guidance, but ICE contract loss poses a risk.CXWQ3 2024
- Q2 revenue up 6%, net income $19M, but South Texas contract loss will impact future margins.CXWQ2 2024
Next CoreCivic earnings date
Q4 202610 Feb, 2027
CoreCivic
Next CoreCivic earnings date
Q4 202610 Feb, 2027
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Frequently asked questions
CoreCivic Inc provides corrections and detention management services, operating private prisons, residential reentry centers, and community corrections facilities. The company also develops and leases properties for government agencies through its real estate solutions segment. CoreCivic serves federal, state, and local agencies across the United States. The company is headquartered in Brentwood, Tennessee, and its shares are listed on the NYSE.