CoreCivic Reports Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
CoreCivic (NYSE: CXW) reported strong Q4 and full-year 2025 results driven by facility activations and higher occupancy. Q4 revenue was $604.0M (up 26% YoY) and full-year revenue was $2.2B (up 13% YoY). Net income was $26.5M in Q4 and $116.5M for 2025.
The company provided 2026 guidance with net income of $147.5M–$157.5M and EBITDA of $437M–$445M, and reiterated capital plans including share repurchases and expanded revolving credit capacity.
Positive
- Total revenue of $604.0M in Q4 2025, up 26% YoY
- Full-year 2025 net income of $116.5M, up 69% YoY
- 2026 guidance of EBITDA $437M–$445M indicating expected continued growth
Negative
- Facility operating margin in Safety and Community down to 22.2% in Q4 2025 from 23.6%
- Start-up losses of $3.6M at California City and Diamondback during Q4 2025
- Activation and start-up capex of $35M–$40M for idled facilities could pressure near-term cash flow
News Market Reaction – CXW
On the day this news was published, CXW declined 3.46%, reflecting a moderate negative market reaction. Argus tracked a trough of -18.1% from its starting point during tracking. Our momentum scanner triggered 41 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $69M from the company's valuation, bringing the market cap to $1.93B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
CXW was down 1.06% pre-release while key peers showed mixed, mostly modest moves (e.g., GEO -0.06%, ADT +1.48%). No evidence of a broad sector move tied to this event.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 05 | Quarterly earnings | Positive | +1.1% | Strong Q3 2025 growth with higher ICE revenue and share repurchases. |
| Aug 06 | Quarterly earnings | Positive | +2.0% | Q2 2025 revenue and EPS surged on record ICE detention demand. |
| May 07 | Quarterly earnings | Positive | -2.6% | Strong Q1 2025 results and raised guidance amid facility reactivations. |
| Feb 10 | Quarterly earnings | Positive | -4.3% | Q4 2024 beat with higher occupancy and 2025 outlook update. |
| Nov 06 | Quarterly earnings | Positive | +25.6% | Q3 2024 revenue growth, margin improvement, and higher occupancy. |
Earnings releases have generally been received positively but with occasional negative reactions despite strong fundamentals.
Recent earnings reports for CoreCivic show consistent revenue and earnings growth, often driven by higher occupancy and ICE-related demand. Prior quarters in 2025 featured rising EBITDA, increased facility activations, and ongoing share repurchases. Market reactions have been mixed: some earnings beats led to gains, while others saw pullbacks. Today’s Q4/FY 2025 release continues the pattern of growth and guidance updates, extending themes of higher ICE revenue, facility reactivations, and capital returns via buybacks.
Historical Comparison
Across the last five earnings announcements, CXW’s average move was about 4.39%, indicating that markets have historically reacted meaningfully to quarterly and annual financial updates.
Earnings releases from late 2024 through 2025 show rising revenue, net income, and ICE-driven occupancy, alongside growing EBITDA and active share repurchases.
Market Pulse Summary
This announcement highlights strong Q4 and full-year 2025 performance, with revenue, net income, EPS, and FFO per share all increasing year over year. Guidance for 2026 points to further growth in net income, EPS, and EBITDA, supported by facility reactivations and higher occupancy. Historically, earnings updates have prompted meaningful stock moves, but investors should monitor contract developments with ICE, start-up costs at newly activated sites, and ongoing share repurchase activity.
Key Terms
diluted eps financial
adjusted diluted eps financial
normalized ffo financial
ebitda financial
adjusted ebitda financial
funds from operations (ffo) financial
restricted stock units financial
intergovernmental services agreement (igsa) regulatory
AI-generated analysis. Not financial advice.
Facility Activations and Higher Occupancy Drive Strong Financial Performance
Establishes 2026 Full Year Guidance
BRENTWOOD, Tenn., Feb. 11, 2026 (GLOBE NEWSWIRE) -- CoreCivic, Inc. (NYSE: CXW) (CoreCivic or the Company) announced today its fourth quarter and full year 2025 financial results.
| Financial Highlights | |||||||||
| Q4 2025 | YoY Change | Full Year 2025 | YoY Change | ||||||
| Total Revenue | Up | Up | |||||||
| Net Income | Up | Up | |||||||
| Diluted EPS | Up | Up | |||||||
| Adjusted Diluted EPS | Up | Up | |||||||
| Normalized FFO per Diluted Share | Up | Up | |||||||
| Adjusted EBITDA | Up | Up | |||||||
Patrick Swindle, CoreCivic's President and Chief Executive Officer, commented, "We closed 2025 with strong financial performance, which wouldn't have been possible without the tremendous efforts of our professional staff and the trust of our government partners. We anticipate 2026 will be a continued period of increased demand from our federal, state, and local government partners. CoreCivic is well-positioned to meet this growing demand given our readily available capacity, experienced management team, and our strong balance sheet."
"CoreCivic has strategically deployed capital investments over the past year, enabling us to win new contract awards at four of the nine facilities that were idle at the beginning of the year, while positioning our remaining five idle facilities for potential re-activation. As indicated in our financial guidance, we expect 2026 to be another year of strong growth as several of our previously idle facilities continue to receive additional populations during 2026, and as demand for our solutions persists."
Swindle continued, "CoreCivic's balance sheet remains strong, and we are pleased with the continued execution of our capital strategy, ending the quarter with leverage, measured as net debt to Adjusted EBITDA, at 2.8x for the trailing twelve months. With the strength of earnings and growth outlook in 2026, and balance sheet flexibility enhanced through our recently expanded revolving credit facility, we expect to remain active with our share repurchase program, as our stock price is trading below historical multiples."
Fourth Quarter 2025 Financial Results Compared With Fourth Quarter 2024
Net income in the fourth quarter of 2025 was
The increase in Diluted EPS and Adjusted Diluted EPS compared with the prior year quarter resulted from the resumption of operations at the 2,400-bed Dilley Immigration Processing Center (Dilley Facility) in the first quarter of 2025, higher federal and state populations, and the acquisition of the Farmville Detention Center on July 1, 2025. Funding for the Dilley Facility was previously terminated effective August 9, 2024, and the facility remained idle until its reactivation effective March 5, 2025. Occupancy levels in our Safety and Community segments combined increased to
Per share results were also favorably impacted by a decrease in shares of our common stock outstanding as a result of our share repurchase program. These favorable results were partially offset by
Management revenue from U.S. Immigration & Customs Enforcement (ICE), our largest government partner, more than doubled from the fourth quarter of 2024, reflecting the resumption of operations at the Dilley Facility, the activations of our California City Facility and our 600-bed West Tennessee Detention Facility, and the acquisition of the Farmville Detention Center. During the fourth quarter of 2025, revenue from ICE was
Facility operating margins in the Safety segment were negatively impacted during 2025 by start-up expenses incurred during the activation of our previously idled California City, West Tennessee, and Diamondback facilities, none of which has yet reached stabilized occupancy. While the facility operating margin in our Safety and Community segments decreased to
Earnings before interest, taxes, depreciation and amortization (EBITDA) was
Funds From Operations (FFO) for the fourth quarter of 2025 was
Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO, and, where appropriate, their corresponding per share amounts, are measures calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles (GAAP). Please refer to the Supplemental Financial Information and the note following the financial statements herein for further discussion and reconciliations of these measures to net income, the most directly comparable GAAP measure.
Capital Strategy
Share Repurchases. Our Board of Directors (BOD) previously approved a share repurchase program authorizing the Company to repurchase up to
As of December 31, 2025, we had
Expanded Revolving Credit Facility. On December 1, 2025, we amended our Bank Credit Facility to increase the size of the accordion feature that provides for uncommitted incremental extensions of credit from the greater of
Business Developments
West Tennessee Detention Facility. On August 14, 2025, we announced that we had been awarded a new contract under an Intergovernmental Services Agreement (IGSA) between the City of Mason, Tennessee and ICE to resume operations at our 600-bed West Tennessee Detention Facility. We began receiving detainees at the facility in September 2025, and as of December 31, 2025, we cared for 449 residents. Activation is currently expected to be completed by the end of the first quarter 2026. Total annual revenue once the facility is fully activated is expected to be
California City Immigration Processing Center. On September 29, 2025, we transitioned from a short-term Letter Contract and, effective September 1, 2025, entered into a longer-term definitized contract with ICE for a two-year period at our 2,560-bed California City Facility. We began receiving detainees at the facility in August 2025, and as of December 31, 2025, we cared for 1,436 residents. Activation is expected to be completed in the first quarter of 2026. Total annual revenue once the facility is fully activated is expected to be approximately
Midwest Regional Reception Center. On September 29, 2025, we transitioned from a short-term Letter Contract and, effective September 7, 2025, entered into a longer-term definitized contract with ICE for a two-year period at our 1,033-bed Midwest Regional Reception Center in Leavenworth, Kansas. The intake process continues to be delayed by the City of Leavenworth alleging that a Special Use Permit (SUP) is required to operate the facility. A lawsuit we filed in state court alleging that an SUP is not applicable under existing statute remains under appeal. However, after unsuccessfully pursuing a lawsuit in federal court alleging violations of certain federal rights, in December 2025 we filed an application for the SUP. We can provide no assurance that the SUP will be approved or that the legal appeal in state court will be successful, and therefore, cannot predict if or when we will be able to accept detainee populations at this facility. Total annual revenue if the facility is fully activated is expected to be approximately
Diamondback Correctional Facility. On October 1, 2025, we announced a new contract award under an IGSA between the Oklahoma Department of Corrections and ICE to resume operations at our 2,160-bed Diamondback Correctional Facility. The new contract commenced on September 30, 2025, expires in September 2029, and may be extended through bilateral modification. We began receiving detainees in December 2025, with stabilized occupancy estimated to be reached in the second quarter of 2026. Total annual revenue once the facility reaches stabilized occupancy is expected to be approximately
2026 Financial Guidance
Based on current business conditions, we are providing the following financial guidance for the full year 2026:
| Full Year 2026 | |
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Consistent with our past practice, our guidance does not include the impact of any new contract awards not previously announced, or the activation of any of our remaining five idle correctional and detention facilities. Additionally, our guidance does not include activation of the Midwest Regional Reception Center, which could be activated promptly if delays related to a SUP are resolved satisfactorily. Our guidance does not include any acquisitions or dispositions, nor does it contemplate any significant changes in how the federal government, including ICE, elects to use our detention capacity or otherwise procures alternative detention capacity.
The activation of an idle facility generally requires three to six months to hire, train, and prepare the facility to accept residential populations, which, depending on contract structure, can result in additional expenses before we are able to realize additional revenue. To the extent any new contract requires the activation of an idle facility, our guidance will likely be negatively impacted by these start-up expenses until the revenue we generate offsets these expenses.
During 2026, we expect to invest
Supplemental Financial Information and Investor Presentations
We have made available on our website supplemental financial information and other data for the fourth quarter of 2025. Interested parties may access this information through our website at http://ir.corecivic.com/ under “Financial Information” of the Investors section. We do not undertake any obligation and disclaim any duties to update any of the information disclosed in this report.
Management may meet with investors from time to time during the first quarter of 2026. Written materials used in the investor presentations will also be available on our website beginning on or about February 24, 2026. Interested parties may access this information through our website at http://ir.corecivic.com/ under “Events & Presentations” of the Investors section.
Conference Call, Webcast and Replay Information
We will host a webcast conference call at 10:00 a.m. central time (11:00 a.m. eastern time) on Thursday, February 12, 2026, which will be accessible through the Company's website at www.corecivic.com under the “Events & Presentations” section of the "Investors" page.
To participate via telephone and join the call live, please register in advance here https://register-conf.media-server.com/register/BId7159f6814fc440f9348e9f8e6ec91f1. Upon registration, telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique passcode.
About CoreCivic
CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and one of the largest operators of such facilities in the United States. We have been a flexible and dependable partner for government for more than 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.
Forward-Looking Statements
This press release contains statements as to our beliefs and expectations of the outcome of future events that are "forward-looking" statements as defined within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include, but are not limited to, the risks and uncertainties associated with: (i) changes in government policy, legislation and regulations that affect utilization of the private sector for corrections, detention, and residential reentry services, in general, or our business, in particular, including, but not limited to, the continued utilization of our correctional and detention facilities by the federal government as a consequence of presidential executive orders, changes in how the federal government, including ICE, elects to use our detention capacity or otherwise procures alternative detention capacity, and the impact of any changes to immigration reform and sentencing laws (we do not, under longstanding policy, lobby for or against policies or legislation that would determine the basis for, or duration of, an individual’s incarceration or detention); (ii) our ability to obtain and maintain correctional, detention, and residential reentry facility management contracts because of reasons including, but not limited to, sufficient governmental appropriations, contract compliance, negative publicity and effects of inmate disturbances; (iii) changes in the privatization of the corrections and detention industry, the acceptance of our services, the timing of the opening of new facilities and the commencement of new management contracts (including the extent and pace at which new contracts are utilized), as well as our ability to utilize available beds; (iv) our ability to successfully activate idle facilities in a timely manner in order to meet the growth in demand for our facilities and services from the federal government that has occurred as a result of changes in policies and actions of the current presidential administration, and to realize projected returns resulting therefrom; (v) general economic and market conditions, including, but not limited to, the impact governmental budgets can have on our contract renewals and renegotiations, per diem rates, and occupancy; (vi) fluctuations in our operating results because of, among other things, changes in occupancy levels; competition; contract renegotiations or terminations; inflation and other increases in costs of operations, including a rise in labor costs; fluctuations in interest rates and risks of operations; (vii) government budget uncertainty, the impact of debt ceilings and the potential for government shutdowns and changing budget priorities; (viii) our ability to successfully identify and consummate future development and acquisition opportunities, integrate their operations, and realize projected returns resulting therefrom; and (ix) the availability of debt and equity financing on terms that are favorable to us, or at all. Other factors that could cause operating and financial results to differ are described in the filings we make from time to time with the Securities and Exchange Commission.
We take no responsibility for updating the information contained in this press release following the date hereof to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events or for any changes or modifications made to this press release or the information contained herein by any third-parties, including, but not limited to, any wire or internet services, except as may be required by law.
| CORECIVIC, INC. AND SUBSIDIARIES | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| (UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) | ||||||||
| ASSETS | December 31, 2025 | December 31, 2024 | ||||||
| Cash and cash equivalents | $ | 97,929 | $ | 107,487 | ||||
| Restricted cash | 14,517 | 14,623 | ||||||
| Accounts receivable, net of credit loss reserve of | 446,224 | 288,738 | ||||||
| Prepaid expenses and other current assets | 49,904 | 38,970 | ||||||
| Assets held for sale | 2,513 | — | ||||||
| Total current assets | 611,087 | 449,818 | ||||||
| Real estate and related assets: | ||||||||
| Property and equipment, net of accumulated depreciation of | 2,132,206 | 2,060,024 | ||||||
| Other real estate assets | 182,479 | 193,105 | ||||||
| Goodwill | 8,551 | 4,844 | ||||||
| Other assets | 322,420 | 224,100 | ||||||
| Total assets | $ | 3,256,743 | $ | 2,931,891 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Accounts payable and accrued expenses | $ | 353,173 | $ | 273,724 | ||||
| Current portion of long-term debt | 15,701 | 12,073 | ||||||
| Total current liabilities | 368,874 | 285,797 | ||||||
| Long-term debt, net | 1,205,037 | 973,073 | ||||||
| Deferred revenue | 8,719 | 12,399 | ||||||
| Non-current deferred tax liabilities | 98,364 | 89,207 | ||||||
| Other liabilities | 170,500 | 78,064 | ||||||
| Total liabilities | 1,851,494 | 1,438,540 | ||||||
| Commitments and contingencies | ||||||||
| Preferred stock – | — | — | ||||||
| Common stock – | 1,001 | 1,099 | ||||||
| Additional paid-in capital | 1,527,724 | 1,732,231 | ||||||
| Accumulated deficit | (123,476 | ) | (239,979 | ) | ||||
| Total stockholders' equity | 1,405,249 | 1,493,351 | ||||||
| Total liabilities and stockholders' equity | $ | 3,256,743 | $ | 2,931,891 | ||||
| CORECIVIC, INC. AND SUBSIDIARIES | |||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
| (UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) | |||||||||||||||
| For the Three Months Ended December 31, | For the Twelve Months Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| REVENUE: | |||||||||||||||
| Safety | $ | 566,892 | $ | 444,461 | $ | 2,069,494 | $ | 1,816,850 | |||||||
| Community | 32,349 | 30,251 | 122,842 | 118,656 | |||||||||||
| Properties | 4,674 | 4,545 | 18,715 | 26,085 | |||||||||||
| Other | 38 | 36 | 131 | 55 | |||||||||||
| 603,953 | 479,293 | 2,211,182 | 1,961,646 | ||||||||||||
| EXPENSES: | |||||||||||||||
| Operating: | |||||||||||||||
| Safety | 443,440 | 340,878 | 1,586,707 | 1,382,520 | |||||||||||
| Community | 24,406 | 24,041 | 96,127 | 96,932 | |||||||||||
| Properties | 2,029 | 3,763 | 9,621 | 13,823 | |||||||||||
| Other | 18 | 19 | 73 | 82 | |||||||||||
| Total operating expenses | 469,893 | 368,701 | 1,692,528 | 1,493,357 | |||||||||||
| General and administrative | 44,394 | 40,544 | 169,580 | 152,081 | |||||||||||
| Depreciation and amortization | 33,891 | 31,896 | 128,905 | 128,011 | |||||||||||
| Asset impairments | — | — | 1,482 | 3,108 | |||||||||||
| 548,178 | 441,141 | 1,992,495 | 1,776,557 | ||||||||||||
| OTHER INCOME (EXPENSE): | |||||||||||||||
| Interest expense, net | (17,831 | ) | (15,694 | ) | (62,229 | ) | (67,415 | ) | |||||||
| Expenses associated with debt repayments and refinancing transactions | — | — | — | (31,316 | ) | ||||||||||
| Gain (loss) on sale of real estate assets, net | (1,454 | ) | 1,513 | 1,007 | 3,262 | ||||||||||
| Other income (expense) | (223 | ) | 1,190 | (289 | ) | 2,343 | |||||||||
| INCOME BEFORE INCOME TAXES | 36,267 | 25,161 | 157,176 | 91,963 | |||||||||||
| Income tax expense | (9,729 | ) | (5,886 | ) | (40,673 | ) | (23,095 | ) | |||||||
| NET INCOME | $ | 26,538 | $ | 19,275 | $ | 116,503 | $ | 68,868 | |||||||
| BASIC EARNINGS PER SHARE | $ | 0.26 | $ | 0.17 | $ | 1.09 | $ | 0.62 | |||||||
| DILUTED EARNINGS PER SHARE | $ | 0.26 | $ | 0.17 | $ | 1.08 | $ | 0.62 | |||||||
| CORECIVIC, INC. AND SUBSIDIARIES | |||||||||||||||
| SUPPLEMENTAL FINANCIAL INFORMATION | |||||||||||||||
| (UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) | |||||||||||||||
| CALCULATION OF ADJUSTED NET INCOME AND ADJUSTED DILUTED EPS | |||||||||||||||
| For the Three Months Ended December 31, | For the Twelve Months Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net income | $ | 26,538 | $ | 19,275 | $ | 116,503 | $ | 68,868 | |||||||
| Special items: | |||||||||||||||
| Expenses associated with debt repayments and refinancing transactions | — | — | — | 31,316 | |||||||||||
| Expenses associated with mergers and acquisitions | 697 | — | 3,016 | — | |||||||||||
| Loss (gain) on sale of real estate assets, net | 1,454 | (1,513 | ) | (1,007 | ) | (3,262 | ) | ||||||||
| Asset impairments | — | — | 1,482 | 3,108 | |||||||||||
| Income tax expense (benefit) for special items | (592 | ) | 441 | (964 | ) | (9,781 | ) | ||||||||
| Adjusted net income | $ | 28,097 | $ | 18,203 | $ | 119,030 | $ | 90,249 | |||||||
| Weighted average common shares outstanding - basic | |||||||||||||||
| Effect of dilutive securities: | 103,212 | 110,240 | 107,028 | 110,939 | |||||||||||
| Restricted stock-based awards | 779 | 1,143 | 740 | 902 | |||||||||||
| Weighted average shares and assumed conversions - diluted | 103,991 | 111,383 | 107,768 | 111,841 | |||||||||||
| Adjusted Diluted EPS | $ | 0.27 | $ | 0.16 | $ | 1.10 | $ | 0.81 | |||||||
| CORECIVIC, INC. AND SUBSIDIARIES | |||||||||||||||
| SUPPLEMENTAL FINANCIAL INFORMATION | |||||||||||||||
| (UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) | |||||||||||||||
| CALCULATION OF FUNDS FROM OPERATIONS AND NORMALIZED FUNDS FROM OPERATIONS | |||||||||||||||
| For the Three Months Ended December 31, | For the Twelve Months Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net income | $ | 26,538 | $ | 19,275 | $ | 116,503 | $ | 68,868 | |||||||
| Depreciation and amortization of real estate assets | 25,939 | 25,072 | 101,373 | 99,865 | |||||||||||
| Impairment of real estate assets | — | — | 1,482 | 2,418 | |||||||||||
| Loss (gain) on sale of real estate assets, net | 1,454 | (1,513 | ) | (1,007 | ) | (3,262 | ) | ||||||||
| Income tax expense (benefit) for special items | (400 | ) | 441 | (127 | ) | 242 | |||||||||
| Funds From Operations | $ | 53,531 | $ | 43,275 | $ | 218,224 | $ | 168,131 | |||||||
| Expenses associated with debt repayments and refinancing transactions | — | — | — | 31,316 | |||||||||||
| Expenses associated with mergers and acquisitions | 697 | — | 3,016 | — | |||||||||||
| Other asset impairments | — | — | — | 690 | |||||||||||
| Income tax benefit for special items | (192 | ) | — | (837 | ) | (10,023 | ) | ||||||||
| Normalized Funds From Operations | $ | 54,036 | $ | 43,275 | $ | 220,403 | $ | 190,114 | |||||||
| Funds from Operations Per Diluted Share | $ | 0.51 | $ | 0.39 | $ | 2.02 | $ | 1.50 | |||||||
| Normalized Funds From Operations Per Diluted Share | $ | 0.52 | $ | 0.39 | $ | 2.05 | $ | 1.70 | |||||||
| CORECIVIC, INC. AND SUBSIDIARIES | |||||||||||||||
| SUPPLEMENTAL FINANCIAL INFORMATION | |||||||||||||||
| (UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) | |||||||||||||||
| CALCULATION OF EBITDA AND ADJUSTED EBITDA | |||||||||||||||
| For the Three Months Ended December 31, | For the Twelve Months Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net income | $ | 26,538 | $ | 19,275 | $ | 116,503 | $ | 68,868 | |||||||
| Interest expense | 20,145 | 18,616 | 76,036 | 79,681 | |||||||||||
| Depreciation and amortization | 33,891 | 31,896 | 128,905 | 128,011 | |||||||||||
| Income tax expense | 9,729 | 5,886 | 40,673 | 23,095 | |||||||||||
| EBITDA | $ | 90,303 | $ | 75,673 | $ | 362,117 | $ | 299,655 | |||||||
| Expenses associated with debt repayments and refinancing transactions | — | — | — | 31,316 | |||||||||||
| Expenses associated with mergers and acquisitions | 697 | — | 3,016 | — | |||||||||||
| Loss (gain) on sale of real estate assets, net | 1,454 | (1,513 | ) | (1,007 | ) | (3,262 | ) | ||||||||
| Asset impairments | — | — | 1,482 | 3,108 | |||||||||||
| Adjusted EBITDA | $ | 92,454 | $ | 74,160 | $ | 365,608 | $ | 330,817 | |||||||
| CORECIVIC, INC. AND SUBSIDIARIES | |||||||
| SUPPLEMENTAL FINANCIAL INFORMATION | |||||||
| (UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) | |||||||
| GUIDANCE -- CALCULATION OF FUNDS FROM OPERATIONS AND EBITDA | |||||||
| Guidance Range | |||||||
| For the Year Ending | |||||||
| December 31, 2026 | |||||||
| Low End of | High End of | ||||||
| Guidance | Guidance | ||||||
| Net income | $ | 147,500 | $ | 157,500 | |||
| Depreciation and amortization of real estate assets | 104,250 | 103,500 | |||||
| Funds From Operations | $ | 251,750 | $ | 261,000 | |||
| Diluted EPS | $ | 1.49 | $ | 1.59 | |||
| FFO per diluted share | $ | 2.54 | $ | 2.64 | |||
| Net income | $ | 147,500 | $ | 157,500 | |||
| Interest expense | 85,500 | 84,500 | |||||
| Depreciation and amortization | 146,000 | 146,000 | |||||
| Income tax expense | 58,000 | 57,000 | |||||
| EBITDA | $ | 437,000 | $ | 445,000 | |||
NOTE TO SUPPLEMENTAL FINANCIAL INFORMATION
Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO, and, where appropriate, their corresponding per share metrics are non-GAAP financial measures. The Company believes that these measures are important operating measures that supplement discussion and analysis of the Company's results of operations and are used to review and assess operating performance of the Company and its properties and their management teams. The Company believes that it is useful to provide investors, security analysts, and other interested parties disclosures of its results of operations on the same basis that is used by management.
FFO, in particular, is a widely accepted non-GAAP supplemental measure of performance of real estate companies, grounded in the standards for FFO established by the National Association of Real Estate Investment Trusts (NAREIT). NAREIT defines FFO as net income computed in accordance with GAAP, excluding gains (or losses) from sales of property and extraordinary items, plus depreciation and amortization of real estate and impairment of depreciable real estate and after adjustments for unconsolidated partnerships and joint ventures calculated to reflect funds from operations on the same basis. As a company with extensive real estate holdings, we believe FFO and FFO per share are important supplemental measures of our operating performance and believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs and other real estate operating companies, many of which present FFO and FFO per share when reporting results. EBITDA, Adjusted EBITDA, and FFO are useful as supplemental measures of performance of the Company's properties because such measures do not take into account depreciation and amortization, or with respect to EBITDA, the impact of the Company's tax provisions and financing strategies. Because the historical cost accounting convention used for real estate assets requires depreciation (except on land), this accounting presentation assumes that the value of real estate assets diminishes at a level rate over time. Because of the unique structure, design and use of the Company's properties, management believes that assessing performance of the Company's properties without the impact of depreciation or amortization is useful. The Company may make adjustments to FFO from time to time for certain other income and expenses that it considers non-recurring, infrequent or unusual, even though such items may require cash settlement, because such items do not reflect a necessary or ordinary component of the ongoing operations of the Company. Normalized FFO excludes the effects of such items. The Company calculates Adjusted Net Income by adding to GAAP Net Income expenses associated with the Company’s debt repayments and refinancing transactions, and certain impairments and other charges that the Company believes are unusual or non-recurring to provide an alternative measure of comparing operating performance for the periods presented.
Other companies may calculate Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO differently than the Company does, or adjust for other items, and therefore comparability may be limited. Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO and, where appropriate, their corresponding per share measures are not measures of performance under GAAP, and should not be considered as an alternative to cash flows from operating activities, a measure of liquidity or an alternative to net income as indicators of the Company's operating performance or any other measure of performance derived in accordance with GAAP. This data should be read in conjunction with the Company's consolidated financial statements and related notes included in its filings with the Securities and Exchange Commission.
| Contact: | Investors: Jeb Bachmann - Managing Director, Investor Relations - (615) 263-3024 Financial Media: David Gutierrez, Dresner Corporate Services - (312) 780-7204 |
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