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CoreCivic (CXW) investor relations material
CoreCivic Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 revenue reached $580.4 million, up 18.1% year-over-year, driven by increased ICE populations, new and reactivated facility contracts, and higher per diem rates.
Net income for Q3 2025 was $26.3 million ($0.24 per diluted share), up 24.7% year-over-year, with adjusted EPS also at $0.24, up 20%.
Four to five previously idle facilities were reactivated under new ICE contracts, expected to generate $320–$500 million in annual revenue at stabilized occupancy.
Acquisition of the Farmville Detention Center for $71–$71.4 million in July 2025, expected to add $40 million in annual revenue.
CEO transition announced: Patrick Swindle to succeed Damon Hininger as CEO in January 2026.
Financial highlights
Q3 2025 GAAP and adjusted EPS: $0.24 (up 20% YoY); normalized FFO per share: $0.48 (up 11.6% YoY).
Adjusted EBITDA: $88.8 million, up 6.6% YoY; operating margin: 22.7%; Safety segment margin: 22.5%.
Q3 2025 net income: $26.3 million; nine months: $90.0 million (+81.5% YoY).
Revenue from ICE increased 54.6% to $215.9 million; federal revenue up 28% YoY.
Average daily population: 55,236 in Q3 2025, up from 50,757 YoY; average compensated occupancy: 76.7%.
Outlook and guidance
2025 adjusted EPS guidance: $1.00–$1.06 (down from $1.07–$1.14); normalized FFO per share: $1.94–$2.00.
Adjusted EBITDA guidance: $355–$359 million (down from $365–$371 million), reflecting startup costs at new facilities.
Full-year 2025 net income guidance: $107.0–$113.0 million, revised down from $116.4–$124.4 million.
Run rate revenue expected to reach $2.5 billion and EBITDA over $450 million by mid-2026.
Stabilized occupancy at newly reactivated facilities anticipated in Q1–Q2 2026.
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