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The GEO Group (GEO) investor relations material
The GEO Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 revenue reached $682.3 million, up 13% year-over-year, with net income rising to $173.9 million from $26.3 million in Q3 2024, driven by record new or expanded contracts and major asset sales.
Achieved over $460 million in incremental annualized revenues from new or expanded contracts in 2025, the largest in company history.
Major asset sales included the Lawton Correctional Facility ($312 million) and Hector Garza Center ($9.6–$10 million), resulting in a $232 million gain and proceeds used to pay off debt and purchase the San Diego facility.
Share repurchase authorization increased to $500 million, with 1.97–2 million shares repurchased for $41.6–$42 million in Q3 2025.
A $37.6–$38 million non-cash contingent litigation reserve was recorded for the Washington state detainee wage case.
Financial highlights
Q3 2025 net income: $173.9–$174 million ($1.24/diluted share) on $682.3 million revenue, up from $26.3 million ($0.19/diluted share) on $603 million revenue in Q3 2024.
Adjusted Q3 2025 net income: $35 million ($0.25/diluted share), up from $29 million ($0.21/diluted share) in Q3 2024.
Adjusted Q3 2025 EBITDA: $120.1 million, nearly flat year-over-year; nine months Adjusted EBITDA: $338.5 million.
Q3 2025 operating expenses rose 15–15.2% year-over-year due to new contracts, higher occupancy, labor, and medical costs.
Q3 2025 effective tax rate: 24.6–25%, impacted by a $56.4 million discrete tax expense from the Lawton sale.
Outlook and guidance
Q4 2025 GAAP net income expected at $0.23–$0.27/diluted share on $651–$676 million revenue; adjusted EBITDA $117–$127 million.
Full-year 2025 GAAP net income guidance: $1.81–$1.85/diluted share; adjusted net income: $0.84–$0.87/diluted share; adjusted EBITDA: $455–$465 million; revenue expected at $2.6 billion; capital expenditures $200–$205 million.
Management expects 2025 annual effective tax rate of 29–31%, exclusive of discrete items.
Path to $3 billion in annual revenues in 2026 as new contracts normalize.
Idle facilities (8, 6,646 beds) could generate up to $245 million incremental annualized revenue if activated.
Nwauzor Case: Basis for the $37.7M reserve?
ISAP contract: Why exclude favorable assumptions?
New contracts: Breakdown of $460M revenue?
ISAP 5: How will margin compression be offset?
Idle beds: Strategy given ICE slowdown?
Mental health services: Long-term growth plan?
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Q4 202526 Feb, 2026
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Frequently asked questions
The GEO Group, Inc. is a company specializing in privatized corrections, detention and mental health treatment, community reentry and electronic monitoring services to government agencies around the world. Our diverse service lines include the management and operation of secure facilities through GEO Corrections & Detentions and GEO Care, the provision of leading edge behavioral treatment programs through GEO Continuum of Care service line, as well as providing numerous electronic monitoring services under our partnership with Monitor Group. The company was founded in 1984 and is based in Boca Raton, Florida.
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