CoreCivic Reports Fourth Quarter and Full Year 2025 Financial Results

Core Insights - CoreCivic reported strong financial performance for Q4 and full year 2025, driven by facility activations and higher occupancy rates [1][2] - The company anticipates continued growth in 2026 due to increased demand from government partners and the activation of previously idle facilities [1][2] Financial Performance - Total revenue for Q4 2025 was $604.0 million, a 26% increase year-over-year, while full year revenue reached $2.2 billion, up 13% [2] - Net income for Q4 2025 was $26.5 million, a 38% increase from Q4 2024, with diluted EPS rising 53% to $0.26 [2][3] - Adjusted EBITDA for Q4 2025 was $92.5 million, up 25% year-over-year, and full year adjusted EBITDA was $365.6 million, an 11% increase [2][9] Operational Highlights - The Dilley Immigration Processing Center resumed operations in Q1 2025, contributing to increased occupancy levels, which rose to 78.1% in Q4 2025 from 75.5% in Q4 2024 [4][5] - Revenue from U.S. Immigration & Customs Enforcement (ICE) more than doubled year-over-year, reaching $244.7 million in Q4 2025 [7] - The company activated four previously idle facilities, positioning them for new contract awards and increased capacity [1][2] Capital Strategy - CoreCivic's share repurchase program has been expanded to $700 million, with $218.4 million spent on repurchasing 11.2 million shares in 2025 [12][13] - The company amended its revolving credit facility to increase capacity from $275 million to $575 million, enhancing balance sheet flexibility [14] 2026 Financial Guidance - For 2026, CoreCivic expects net income between $147.5 million and $157.5 million, with diluted EPS projected at $1.49 to $1.59 [19][20] - The guidance does not include potential new contract awards or activations of remaining idle facilities, which could impact financial performance [20][21]