CoreCivic, Inc.

corecivic.com

What Do They Do?

Operates correctional and detention facilities and residential reentry centers, and provides real estate solutions to federal, state, and local government agencies.

How Do They Make Money?

For correctional and detention services, government agencies pay daily rates based on people housed or guaranteed, or fixed monthly rates; reentry services use similar rates, while property tenants pay rent over lease terms.

revenue

Segment	Share	How money arrives
Safety Recurring	94% FY2022: 91%	Recurring
Community Recurring	5.6% FY2022: 5.6%	Recurring
Properties Recurring	0.9% FY2022: 3.1%	Recurring

Who Are Their Customers?

Customers are federal, state, and local government agencies, including ICE and USMS. They contract directly with CoreCivic for correctional, detention, and reentry services and property leases.

Customers above 10% of revenue, FY2025

of revenue from two customers (35%, 18%)

FY2023: 51% from two customers

Do Revenues Turn Into Profits?

Yes. It kept 5 cents of every revenue dollar as net income in FY2025 and turned 2 cents into free cash flow.

Net income, FY2025

5% of revenue

▲ +69% vs FY2024 ($68.9M, 4%)

Free cash flow, FY2025

2% of revenue

▼ −73% vs FY2024 ($198.7M, 10%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +27%; vs $538.2M in Q2 FY2025
Net income: ▼ −4%; vs $38.5M in Q2 FY2025

Aug 10, 2026 CoreCivic revises full-year financial guidance Updated guidance lowered net income, adjusted net income, and adjusted EBITDA ranges while raising diluted EPS and FFO-per-share ranges.
Aug 5, 2026 CoreCivic sells two detention facilities to the federal government Sold the Midwest Regional Reception Center and Prairie Correctional Facility; CoreCivic expects to continue managing both under ICE contracts.
Jul 6, 2026 CoreCivic sells two California detention facilities Sold the California City and Otay Mesa facilities to the federal government and expects to continue managing them under ICE contracts.

Growing. Revenue grew 19% in 4 years, from $1.9B in FY2021 to $2.2B in FY2025, about 4% a year.

Digital learning offering The older report described MaxxContent, an online course system used in facility education labs; the latest report describes Go Further Discovery, a self-directed digital learning system with partner and internally developed courses.

Revenue over time

Safety Community Properties

$2.5B$1.3B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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