CoreCivic Q4 Revenue Soars 26% to $604M, EPS Beats Estimates
CoreCivic reported Q4 CY2025 revenue of $604 million, up 26% year-over-year, and GAAP EPS of $0.26, 33% above estimates, driven by higher occupancy and ICE contract expansions. The company set 2026 guidance at $1.54 GAAP EPS and $441 million EBITDA midpoint, as operating margin climbed to 22.2%.
1. Q4 CY2025 Earnings Highlights
In Q4 CY2025 CoreCivic delivered revenue of $604 million, a 26% increase year-over-year, and GAAP EPS of $0.26, 33.3% above consensus estimates. Adjusted EBITDA reached $92.45 million and operating margin expanded to 22.2%, driven by occupancy gains and ICE contract expansions.
2. Full Year 2025 Performance
For the full year 2025, CoreCivic generated $2.2 billion in revenue, up 13%, net income of $116.5 million, up 69%, and diluted EPS of $1.08, up 74%. Adjusted EBITDA totaled $365.6 million and normalized FFO per diluted share rose 21% to $2.05.
3. 2026 Financial Guidance
The company issued 2026 guidance with GAAP EPS projected at $1.54 midpoint, 5.2% above analyst forecasts, and EBITDA guidance at $441 million midpoint, surpassing consensus. Leverage stands at 2.8x net debt to adjusted EBITDA, and management plans to continue its share repurchase program.
4. Facility Reactivations and ICE Growth
CoreCivic reactivated the 2,400-bed Dilley Immigration Processing Center and acquired the Farmville Detention Center, while idled California City and Diamondback facilities are being activated. Revenue from ICE more than doubled to $244.7 million, and Safety segment occupancy rose to 78.1%.