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- **Record Q4 EBITDA**: $92.5M (+25% YoY); **$218M YTD Buybacks**
- **2026 Guidance**: 18-20% EBITDA Growth; 20-25% FFO Growth
- **13,000-bed Surge Capacity**; **58% ICE Market Share**
- **AI Pilots Launched** in 2025
- **Midwest Facility Permitting Delay**; **2026 Midwest Activation Risk**

**【CEO Summary Section】**
- CoreCivic achieved 15% year-over-year revenue growth in Q4 2025, driven by ICE and state partner demand, with 78.1% average occupancy across facilities.
- Reactivated 2,560-bed California City and 2,160-bed Diamondback Correctional Facilities, adding $260M annualized revenue potential.
- Maintains 7,000 idle beds (5 facilities) with capacity to surge 13,000 beds through existing contracts.
- AI pilot programs launched for back-office efficiency, security monitoring, and detainee education.

**【CFO Financial Commentary】**
- Q4 GAAP EPS: $0.26; Non-GAAP EPS: $0.51 (vs. $0.39 prior year)
- Adjusted EBITDA: $92.5M (+25% YoY)
- Share buybacks: $97.3M in Q4, $218.4M YTD
- 2026 Guidance: $1.49-$1.59 EPS, $437-$445M EBITDA
- 2026 CapEx: $60-70M for new activations

**【Q&A Highlights】**
- Midwest Regional Facility delay due to permit approval; 58% of ICE populations in CoreCivic care
- 2026 EBITDA growth 18-20%; 2026 revenue growth 10-12%
- 2026 FFO per share growth 20-25%
- 2026 share buybacks: $200M+ planned
- 2026 leverage: 2.8x target

CoreCivic, Inc.(CXW)-20260212-2025 Q4 Earnings call transcript

- **New Contracts Drive Growth**: 4 new awards add $320 million annual revenue, with 2026 EBITDA projected at $450 million (+$100M YoY).
- **Aggressive Share Buybacks**: Q4 buybacks to double prior quarters, with potential leverage target exceedance due to $450M EBITDA forecast vs. $300M market assumption.
- **Operational Challenges**: Midwest facility activation delayed by lawsuit, but resolution expected in Q4. Start-up costs reduce Q4 EBITDA guidance by $10-11 million.
- **Government Shutdown Resilience**: Full payment with interest expected for services during shutdown, no impact on operations or activations.
- **State Demand Growth**: State populations up 600 YoY, with 7,000 idle beds available for future contracts.


**【CEO Summary Section】**
- Announced 4 new contract awards totaling $320 million in annual revenue, including the Midwest Regional Reception Center, California City Immigration Processing Center, West Tennessee Detention Facility, and Diamondback Correctional Facility.
- Projected 2026 annual run rate EBITDA of $450 million, up $100 million from 2025, driven by stabilized occupancy of newly activated facilities.
- Highlighted government shutdown impact on cash collections but expressed confidence in resolving legal disputes (e.g., Midwest facility lawsuit) to achieve activation goals.
- Accelerated share repurchase plan to capitalize on undervalued stock, with Q4 buybacks expected to double previous quarters.

**【CFO Financial Commentary】**
- Q3 2025 GAAP EPS: $0.24; Non-GAAP EPS: $0.24 (up 20% YoY). Adjusted EBITDA: $88.8 million (up 6.6% YoY).
- Start-up costs at new facilities reduced Q4 guidance: EBITDA $355-359 million (vs. prior $365-371 million), EPS $1.00-1.06 (vs. prior $1.07-1.14).
- 2025 share repurchases: $121 million (5.9 million shares). Remaining authorization: $198 million.
- 2026 capital expenditures: $97.5-99.5 million for facility activations, plus $60-65 million for maintenance CapEx.

**【Q&A Key Highlights】**
- **ICE Detention Growth**: ICE populations at CoreCivic facilities up 37% YoY to ~14,000, driven by 10,000 new ICE agents. Midwest facility intake delayed by lawsuit, but resolution expected in Q4.
- **Share Repurchases**: Management committed to aggressive buybacks, potentially exceeding leverage target of 2.25-2.75x, citing $450 million 2026 EBITDA forecast vs. $300 million market assumption.
- **CapEx for Activations**: $97.5-99.5 million for 2025, with $20 million carryover to 2026 for unannounced contracts. Dilley facility fully operational, generating $70 million+ annual revenue.
- **Government Shutdown Impact**: Expected full payment with interest for services during shutdown, but timing uncertain. No impact on facility activations or operations.
- **State Partnerships**: Increased demand from states like Montana and Georgia, with 7,000 idle beds available for future contracts. State populations up 600 YoY.
- **Labor Market**: Favorable hiring environment with wage moderation, enabling efficient staff ramp-up at new facilities.


CoreCivic, Inc. (CXW) Q3 2025 Earnings Call Transcript

- **Revenue Surge**: 9.8% YoY growth to $1.1 billion, driven by 17% ICE revenue increase and 3% U.S. Marshals growth.
- **EBITDA Boost**: Adjusted EBITDA up 23.2% to $103.3 million, exceeding estimates by $21 million.
- **Idle Facility Activation**: 30,000 beds available for ICE, with 13,419 in idle facilities. Dilley (2,400 beds) and California City (2,560 beds) nearing full operation.
- **Funding Windfall**: $75 billion from One Big Beautiful Bill Act to drive demand for 100,000+ beds, positioning CoreCivic for long-term growth.
- **Share Buybacks**: $81 million repurchased YTD, with $237.9 million remaining under $500 million authorization.

**【CEO Summary Section】**
- **Revenue Growth**: Total revenue increased 9.8% YoY to $1.1 billion, driven by 17% growth in ICE revenue and 3% in U.S. Marshals Service revenue. Adjusted EBITDA rose 23.2% to $103.3 million, exceeding analyst estimates by $21 million.
- **Idle Facility Reactivation**: Resumed operations at the 2,400-bed Dilley facility in Q2, with full activation expected by Q3. Activated 4 neighborhoods and hired 550 staff (target 640). California City (2,560 beds) and Midwest Regional (1,033 beds) facilities are in advanced stages of activation, pending legal resolution.
- **Acquisition**: Completed acquisition of the 736-bed Farmville Detention Center for $67 million, adding $20 million in annualized revenue.
- **Funding Impact**: Passage of the One Big Beautiful Bill Act ($75 billion for ICE) is expected to drive demand for 100,000+ beds, with CoreCivic offering 30,000 beds through idle facilities and surge capacity.

**【CFO Financial Commentary】**
- **Financial Performance**: GAAP EPS of $0.35, adjusted EPS of $0.36 (80% YoY increase), and normalized FFO of $0.59 (40.5% YoY increase). Employee retention credits added $8.3 million to EBITDA.
- **Share Repurchases**: Repurchased 3.9 million shares ($81 million) YTD, with $237.9 million remaining under the $500 million authorization.
- **Updated Guidance**: Raised 2025 guidance to $1.07-$1.14 EPS, $1.99-$2.07 FFO, and $365-$371 million EBITDA, reflecting higher occupancy and new contracts.
- **Liquidity**: $346.9 million in total liquidity (cash + revolver), supporting capital allocation strategy.

**【Q&A Key Highlights】**
- **Capacity Utilization**: 76.8% occupancy (79.7% excluding California City), with 54,026 average daily population (3.7% YoY increase). Idle facilities (13,419 beds) offer significant upside.
- **Funding Implications**: $45 billion allocated for detention capacity under the One Big Beautiful Bill Act, enabling ICE to contract for 200,000+ beds. CoreCivic's private sector solutions are preferred for cost-effectiveness and compliance with national detention standards.
- **Strategic Moves**: $60-$65 million in maintenance CapEx and $9-$10 million in other CapEx planned for 2025. Activating idle facilities could add $500 million in annual revenue and $200 million in EBITDA.
- **Risks**: Midwest Regional Reception Center activation delayed by lawsuit; resolution uncertain. Start-up costs for idle facilities may negatively impact near-term margins.

CoreCivic, Inc. (CXW) Q2 2025 Earnings Call Transcript

- **Revenue Beat**: Q1 2025 revenue $488.6M (+6.7% ex-Dilley), EBITDA $81M (+21.2% ex-Dilley).\n- **Dilley Reactivation**: 2,400-bed facility to generate $180M annually, activated in 31 days.\n- **ICE Expansion**: 784 new beds under contract, 13,400 idle beds available.\n- **State Growth**: Montana contract expanded, adding 240 inmates.\n- **Updated Guidance**: 2025 EPS $0.83-$0.92, FFO $1.72-$1.82, EBITDA $331-$339M.\n- **CapEx Surge**: $65-$70M for facility activations, $25M added to expand idle capacity.\n- **Transportation Growth**: 120 new vehicles to support ICE needs.\n- **Community Segment**: BOP may prioritize private beds for reentry programs.\n- **ISAP Monitoring**: 20,000-30,000 individuals monitored under state contracts, potential for ICE bid.\n- **Long-Term Outlook**: 100,000+ ICE beds needed for 1M annual deportations, 2026 peak EBITDA possible.

**【CEO Opening Remarks】**
- Q1 2025 revenue reached $488.6 million, exceeding expectations, driven by ICE and state partners. EBITDA was $81 million, up 21.2% excluding the Dilley facility.\n- Facility utilization improved to 77%, up from 75.2% in Q1 2024.\n- New ICE contracts: 784 beds added across 4 facilities, and 258 beds at Tallahatchie County Correctional Facility.\n- Reactivation of the 2,400-bed Dilley facility, expected to generate $180 million annually.\n- Letter contracts signed for Midwest Regional Reception Center (1,033 beds) and California City facility (2,560 beds).\n- 13,400 idle beds available across 9 facilities, with potential for 30,000+ beds if ICE funding passes.\n- Montana state contract expanded, adding 240 inmates to Tutwiler facility.\n- Transportation fleet expanded by 120 vehicles to support ICE needs.\n
**【CFO Financial Update】**
- Q1 net income: $0.23 per share, FFO: $0.45 per share, both beating estimates by $0.10.\n- EBITDA: $81 million, $10 million above estimates.\n- Dilley reactivation costs offset by $33.6 million in lost management revenue.\n- California City lease expiration reduced revenue by $8.4 million.\n- Operating margin: 23.6%, stable year-over-year.\n- Share buybacks: 1.9 million shares ($37.9 million) in Q1, total $219 million since 2022.\n- 2025 guidance updated: EPS $0.83-$0.92, FFO $1.72-$1.82, EBITDA $331-$339 million.\n- Capital expenditures: $60-$65 million for maintenance, $65-$70 million for facility activations.\n- Leverage target: 2.25x-2.75x, with $75 million cash and $331 million liquidity.\n
**【Q&A Highlights】**\n- **Letter Contracts**: Midwest and Cal City letter contracts to be replaced with long-term agreements. ICE may sign more letter contracts pre-reconciliation.\n- **CapEx Expansion**: Added $25 million to activate more idle facilities, total activation CapEx now $65-$70 million.\n- **Transportation Revenue**: Potential for incremental revenue from ICE transportation needs, details pending contract finalization.\n- **Community Segment**: BOP may prioritize private sector beds for reentry programs, aligning with First Step Act goals.\n- **ISAP Contract**: CoreCivic prepared to bid for ISAP monitoring services, with 20,000-30,000 individuals currently monitored under state contracts.\n- **Long-Term Growth**: 100,000+ ICE beds needed for 1 million annual deportations, potential for 2026 peak EBITDA run rate.\n- **Dividend Potential**: Share buybacks prioritized, but dividend possible if contracts materialize and stock price supports it.

CoreCivic, Inc. (CXW) Q1 2025 Earnings Call Transcript

- **Record Growth Potential**: 28,000 new ICE beds proposed, with $200M-$275M EBITDA upside.\n- **Policy Tailwinds**: Laken Riley Act could require 60,000-110,000 beds, favoring private sector efficiency.\n- **Operational Strength**: 75.5% occupancy, $8.3M labor cost savings, Montana contract expansion to 240 inmates.\n- **Financial Resilience**: 2025 EPS guidance $0.48-$0.61, 2.3x leverage, $364M liquidity.\n- **Rapid Activation**: $40M-$45M capex for idle facilities, 4-6 months to deploy first 15,000 beds.\n- **BOP Expansion**: First Step Act implementation could drive halfway house and home confinement growth.\n

**【CEO Opening Remarks】**
- CoreCivic is positioned for significant growth due to new U.S. administration policies, including increased ICE detention needs and mandatory interior enforcement.\n- Proposed 28,000 new beds for ICE, including 15,000 from idle facilities, with potential EBITDA uplift of $200M-$275M.\n- Laken Riley Act could require 60,000-110,000 new beds, emphasizing private sector cost efficiency and compliance.\n- Reinstated direct contracting with U.S. Marshals Service (USMS) opens opportunities for 10,000+ additional beds.\n- BOP may leverage private sector for First Step Act implementation, with CoreCivic's 2,672-bed Tallahatchie facility nearing full capacity.\n\n**【COO Operational Update】**\n- Q4 2024 revenue: $479.3M (-2% YoY, +8% ex-South Texas closure).\n- Adjusted EBITDA: $74.2M (-15.8% YoY due to contract terminations).\n- Federal revenue decline (-12% YoY) offset by state/local growth (+6.4%).\n- Occupancy: 75.5% (highest since Q1 2020).\n- Cost control: $8.3M reduction in labor incentives, aligning with pre-pandemic levels.\n- Montana contract expansion: 240 inmates at Tallahatchie, with potential 120 more at Saguaro.\n\n**【CFO Financial Review】**\n- GAAP EPS: $0.17 (vs. $0.24 YoY), adjusted EPS: $0.16 (+$0.06 beat).\n- 2025 guidance: EPS $0.48-$0.61, FFO $1.37-$1.50.\n- Capital spending: $60M-$65M for maintenance, $40M-$45M for idle facility prep.\n- Leverage: 2.3x (target 2.25-2.75x), $364M liquidity.\n- Share buybacks: $68.5M in 2024, $181M total since 2022.\n\n**【Q&A Highlights】**\n- ICE demand: 100,000-200,000 beds, with $175B Senate funding proposal.\n- South Texas reopening: $4M-$6M per bed startup costs, 4-6 months activation.\n- State partnerships: Wyoming, Montana contracts driving 1.3% revenue growth.\n- Cost management: 2/3 expenses in labor, federal wage reimbursement mitigates inflation.\n- Activation strategy: prioritizing 5-6 high-priority facilities for rapid deployment.\n- BOP expansion: potential halfway house and home confinement growth under First Step Act.\n

CoreCivic, Inc. (CXW) Q4 2024 Earnings Call Transcript

CoreCivic (CXW)-7 Nov 24-2024 Q3 Earnings call transcript

CoreCivic (CXW)-8 Aug 24-2024 Q2 Earnings call transcript

CoreCivic (CXW)-9 May 24-2024 Q1 Earnings call transcript

CoreCivic (CXW)-8 Feb 24-2023 Q4 Earnings call transcript

- **Revenue growth accelerates**: Q3 revenue up 4% YoY, driven by 84% ICE population increase and state contracts.
- **FFO beats expectations**: Normalized FFO $0.35/share (+21% YoY), with updated 2023 guidance to $1.40-$1.46/share.
- **Debt reduction progress**: Net debt/EBITDA 2.8x, with $137.7M debt paid YTD and new $400M credit facility.
- **ICE population risk**: $25M annual EBITDA at risk from California lease expiration with no resolution.
- **Alternative detention opportunity**: Potential 5.7M non-detained individuals under monitoring, but funding and timing uncertain.

**【CEO Summary Section】**
- Q3 2023 revenue: $483.7M (+4% YoY), driven by ICE population growth (+23% in facilities) and state contracts (e.g., Arizona, Oklahoma). Excluding expired contracts, revenue grew 7%.
- Normalized FFO: $40.5M ($0.35/share), up 21% YoY, due to higher populations and lower interest costs.
- ICE detention populations nationwide increased 66% since Title 42 ended, with CoreCivic's ICE populations rising 84% (4,729 residents).
- Community segment occupancy: 62.8% (vs. 57.5% YoY), with net operating income up 50%.
- 2023 FFO guidance updated to $1.40-$1.46/share (prev. $1.37-$1.45), reflecting higher federal and state populations.
- Risk: $25M annual EBITDA from California City Correctional Center lease expiring March 2024, with no resolution yet.

**【CFO Financial Commentary】**
- GAAP net income: $0.12/share vs. $0.58 YoY (due to prior year asset sales). Adjusted EPS: $0.14 vs. $0.08 YoY.
- Debt reduction: $137.7M YTD, net debt/EBITDA 2.8x (target 2.25-2.75x). New $400M credit facility extended to 2028.
- Share buybacks: $100M since May 2022 (9.2M shares), with $125M remaining under authorization.
- 2023 guidance: AFFO $153M-$160.8M ($1.34-$1.40/share), G&A +3-4%, capex $66M-$69M.

**【Q&A Key Highlights】**
- ICE populations: 11,800 as of late October (vs. 8,200 in July), with Q4 guidance assuming modest increases.
- Alternative detention RFI: Potential for 5.7M non-detained individuals under monitoring, but funding and timing uncertain.
- State contracts: Discussions with multiple states (e.g., Montana, Idaho) for 200-400 bed contracts, with Hinds County (MS) intake complete.
- Labor costs: Normalizing as hiring improves, but La Palma AZ facility still requires temporary staff.
- California lease: No update, but exploring options with other jurisdictions.


Actual												0.3	0.33	0.28	0.4	0.24	0.25	0.28	0.27	0.14	0.13	0.58	0.21	0.11	0.13	0.12	0.23	0.08	0.17	0.19	0.17	0.23	0.35	0.24	0.26
Forecast												0.26	0.18	0.22	0.24	0.24	0.2	0.19	0.24	0.1967	0.1533	0.615	0.1233	0.13	0.1167	0.13	0.18	0.15	0.128	0.088	0.1	0.124	0.2	0.272	0.184	0.2767
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+15.38%	+83.33%	+27.27%	+66.67%	0.00%	+25.00%	+47.37%	+12.50%	-28.83%	-15.20%	-5.69%	+70.32%	-15.38%	+11.40%	-7.69%	+27.78%	-46.67%	+32.81%	+115.91%	+70.00%	+85.48%	+75.00%	-11.76%	+41.30%	0.00%

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