Core Points - CoreCivic reported Q3 CY2025 revenue of $580.4 million, an 18.1% year-on-year increase, exceeding analyst estimates of $541.2 million by 7.3% [1][6] - Non-GAAP profit per share was $0.24, which was 7.7% below the consensus estimate of $0.26 [1][6] - The market reacted negatively to the earnings report, leading to a sharp decline in share price [3] Revenue and Profitability - Revenue growth was attributed to new federal contracts, particularly with Immigration and Customs Enforcement (ICE), and the reactivation of previously idle facilities [3][5] - Start-up costs for newly activated centers and legal delays impacted profitability, contributing to the shortfall in non-GAAP earnings [3][5] - Adjusted EBITDA was reported at $88.83 million, missing analyst expectations of $90.96 million, with a margin of 15.3% [6] Future Guidance - Management lowered full-year Adjusted EPS guidance to $1.03 at the midpoint, reflecting a 6.8% decrease [6] - EBITDA guidance for the full year is set at $357 million at the midpoint, below analyst estimates of $371.5 million [6] - Management anticipates significant earnings growth once stabilized occupancy is achieved in 2026, despite near-term margin pressure from start-up losses [4]