Core Insights - CoreCivic aims for stabilized occupancy across several facilities by mid-2026, with expected annual revenue of approximately $2.5 billion and EBITDA of about $450 million, nearly $100 million higher year over year [1][6][4] Contract Awards and Revenue - Recent contract awards include the 600-bed West Tennessee Detention Facility, the 2,560-bed California City Immigration Processing Center, and the 2,160-bed Diamondback Correctional Facility, projected to generate about $260 million in annual revenue once operations normalize [2][6] - Federal revenue rose 49% year-over-year, with ICE revenue increasing by 103% to $124.4 million, while revenue from the U.S. Marshals Service declined [5][8] Occupancy and Demand - The average daily population across all managed facilities was 56,380 individuals in Q4 2025, up from 50,202 in the previous year, reflecting higher demand and new contracting activity [10] - ICE detention levels reached around 69,900 individuals nationwide in January 2026, marking an increase of nearly 10,000 from Q3 2025 [6] Financial Performance - Q4 2025 GAAP EPS was $0.26, with adjusted EPS rising to $0.27 from $0.16 a year earlier, and normalized FFO per share increased to $0.52 from $0.39 [11] - Operating margin in Safety and Community facilities was 22.2%, down from 23.6% a year earlier, but management expects margin improvement as activated facilities reach stabilized occupancy [13] Capital Structure and Share Repurchases - CoreCivic finished 2025 with total liquidity of $409.3 million and repurchased 11.2 million shares for $218.4 million during the year, representing 10.2% of shares outstanding at the beginning of the year [5][15] - For 2026, guidance includes diluted EPS of $1.49 to $1.59, FFO per share of $2.54 to $2.64, and EBITDA of $437 million to $445 million, excluding new contract awards not previously announced [16] Future Outlook - Management expects maintenance capital expenditures of $60 million to $70 million and $15 million for other capital expenditures in 2026, with an anticipated effective tax rate of 25% to 30% [16][17] - The company plans to prioritize cash flow and share repurchases while maintaining flexibility for growth opportunities [18]