The GEO Group (GEO) investor relations material

Executive summary

• Achieved record new or expanded contracts in 2025, representing up to $520 million in incremental annualized revenues, the largest in company history.

• FY 2025 revenue reached $2.63 billion, up from $2.42 billion in FY 2024, with Q4 2025 revenue at $707.7 million, a 16% increase year-over-year.

• Net income attributable to operations for FY 2025 was $254.4 million, up sharply from $32.0 million in FY 2024; Q4 2025 net income was $31.8 million.

• Major asset divestitures and acquisitions, including the $312 million sale of Lawton Correctional Facility and $60 million purchase of Western Region Detention Facility, impacted results.

• Expanded ICE detainee capacity by 6,000 beds and reactivated the Adelanto ICE Processing Center.

Financial highlights

• Q4 2025 net income: $32 million ($0.23/diluted share) on $708 million revenue, up from $15.5 million ($0.11/share) on $608 million revenue in Q4 2024.

• Q4 2025 adjusted net income: $35 million ($0.25/share), up from $18 million ($0.13/share) in Q4 2024.

• Full year 2025 adjusted net income: $120 million ($0.86/share), up from $101 million ($0.75/share) in 2024.

• Full year 2025 adjusted EBITDA: $464 million, in line with $463 million in 2024.

• Repurchased 4.94 million shares in 2025 for $90.6 million.

Outlook and guidance

• 2026 GAAP net income expected at $0.99–$1.07/share on $2.9–$3.1 billion revenue; adjusted EBITDA $490–$510 million.

• Q1 2026 net income guidance: $0.17–$0.19/share on $680–$690 million revenue; adjusted EBITDA $107–$112 million.

• Guidance reflects margin compression from start-up expenses and gradual contract activations, with normalization expected in the second half of 2026.

• Capital expenditures for 2026 projected at $120–$155 million.