Telesat reports results for the three and six months ended June 30, 2026
Rhea-AI Summary
Telesat (Nasdaq/TSX: TSAT) reported Q2 2026 revenue of $79 million, down 25% year over year, and adjusted EBITDA of $22 million, down 62%. Net loss was $559 million, mainly from non-cash losses on Lightspeed financing warrants and foreign-exchange impacts on U.S. dollar debt.
For the first half of 2026, revenue was $167 million (‑25%) and adjusted EBITDA $57 million (‑55%), with a $710 million net loss. Telesat signed a $2.7 billion, 15‑year ESCP‑P contract with the Government of Canada, expanding the Lightspeed constellation from 156 to 225 satellites. As of June 30, 2026, GEO backlog was ~$900 million and LEO backlog ~$1.1 billion, rising to a pro forma $5.6 billion including the new ESCP‑P contract. Telesat maintained 2026 GEO guidance and raised Lightspeed 2026 spend guidance to $1.3–$1.5 billion.
Positive
- $2.7 billion 15‑year ESCP‑P contract with Government of Canada, including options
- LEO backlog pro forma rises to $5.6 billion with ESCP‑P contract
- GEO backlog totals approximately $900 million as of June 30, 2026
- Eligibility for up to US$189 million in FCC Upper C‑Band incentive payments
- Maintained 2026 GEO revenue guidance of $300–$320 million
- Maintained 2026 GEO adjusted EBITDA guidance of $210–$230 million (ex‑refinancing costs)
Negative
- Q2 2026 revenue down 25% to $79 million year over year
- Q2 adjusted EBITDA down 62% to $22 million versus 2025
- Q2 net loss of $559 million versus prior‑year $76 million gain
- H1 2026 revenue down 25% to $167 million; adjusted EBITDA down 55%
- H1 2026 net loss of $710 million versus $24 million gain in 2025
- GEO segment revenue down 26% in Q2 to $78 million on contract non‑renewals
- GEO adjusted EBITDA margin falls to 73% from 77% (excluding refinancing costs)
- 2026 Lightspeed spending guidance increased by $300 million to $1.3–$1.5 billion
- Total current and long‑term indebtedness of about $3.8 billion at June 30, 2026
- GEO satellite utilization at 60%, down about 2 percentage points sequentially
News Explained
ESCP-P funding is scheduled over 2026–2028, while Telesat has added a secured US$120 million loan and FCC payments remain conditional.
The signed ESCP-P contract is expected to generate
Separately, Telesat borrowed
Although the release says Telesat is scheduled to receive
The specific items to track are receipt of the ESCP-P milestone payments during
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Aug 04 | Military contract | Positive | +36.3% | Canada military satcom contract expanded constellation and network capacity. |
| Aug 04 | Satellite contract | Positive | +36.3% | MDA Space received additional satellite work tied to Lightspeed expansion. |
| Jul 31 | Earnings scheduling | Neutral | -0.5% | Company scheduled its second-quarter results conference call. |
| Jul 27 | Spectrum transition | Positive | -2.0% | FCC order established Upper C-Band repurposing and incentive-payment framework. |
| Jul 09 | Board change | Neutral | -5.8% | Ralph Kittle joined the board, succeeding Michael Targoff. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Positive contract announcements aligned with gains, while neutral or procedural announcements more often diverged from price direction.
Key Terms
ifrs accounting standards financial
adjusted ebitda financial
ka-band technical
sofr financial
fair value of financial instruments financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
OTTAWA, Canada, Aug. 13, 2026 (GLOBE NEWSWIRE) -- Telesat (Nasdaq and TSX: TSAT), one of the world’s largest and most innovative satellite operators, today announced its financial results for the three- and six-month periods ended June 30, 2026. All amounts are in Canadian dollars and reported under IFRS® Accounting Standards unless otherwise noted.
“It’s been an eventful past few months for Telesat and I’m very pleased with the rapid progress the company is making and the strong traction we’re seeing with customers for Telesat Lightspeed,” commented Dan Goldberg, Telesat’s President and CEO. “In our LEO business, the most significant highlight was the announcement last week that we signed a
“In our GEO business, our efforts to drive resilient cash flow from our existing GEO satellite fleet resulted in contract signings that led to a sequential expansion of our GEO backlog. We continue to be focused on maintaining strict cost discipline to mitigate revenue pressures. We were pleased to see the release of the U.S. Federal Communications Commission’s Upper C-Band Report and Order last month, under the terms of which we are scheduled to receive US
“Finally, we continue to work to optimize the company’s capital structure and toward refinancing the Telesat GEO debt that starts to mature later this year. We recently borrowed US
For the quarter ended June 30, 2026, Telesat reported consolidated revenue of
In our GEO segment, revenue for the quarter was
In our LEO segment, we invested
For the six-month period ending June 30, 2026, Telesat reported consolidated revenue of
GEO segment revenue in the six months ending June 30, 2026, was
Telesat invested
As of June 30, 2026, backlog2 for our GEO segment totaled approximately
Business Highlights
- In August, Telesat signed a
$2.7 billion agreement, including option periods, with Canada's Defence Investment Agency to deliver Telesat Lightspeed Military Ka-band services to the Canadian Armed Forces for the Enhanced Satellite Communications Project – Polar (ESCP-P) program. The contract is for a period of 15 years, including option years, with service under the contract beginning once Telesat Lightspeed enters commercial service. The contract includes milestone-based payments totaling$2.0 billion which are expected to be received between Q3 2026 and Q4 2028. The milestone payments will principally be used to fund the expansion of the Telesat Lightspeed constellation from 156 to 225 satellites. - In July, the U.S. Federal Communications Commission issued its Upper C-Band Report and Order, which established the framework for repurposing 160 MHz of Upper C-Band satellite spectrum in the U.S. for terrestrial wireless use. As set forth in the FCC’s Order, Telesat is eligible to receive US
$189 million in incentive payments, contingent upon meeting the specified transition deadlines. The order also has a mechanism for the reimbursement of reasonable and necessary transition costs. - In August, Telesat entered into a secured term loan agreement with an unaffiliated third-party lender, on arm’s length terms, under which Telesat borrowed US
$120 million for general corporate purposes. The funds were borrowed by a subsidiary of Telesat GEO Inc. The borrower is a non-guarantor under the documents governing Telesat GEO’s existing term loan and senior notes. The loan matures in four years, subject to acceleration and a prepayment premium upon certain customary events, and accrues interest based on SOFR plus an applicable margin. Additional information about the loan agreement can be found in Telesat’s quarterly report of Form 6-K filed on or about the date hereof.
2026 Financial Outlook
(assumes an average foreign exchange rate of US
Telesat is maintaining its GEO segment guidance provided in March:
- GEO revenue to be between
$300 million and$320 million ; - GEO adjusted EBITDA1 to be between
$210 million and$230 million , excluding non-recurring Telesat GEO debt refinancing costs; and
Telesat is raising its Telesat Lightspeed spending forecast to reflect the expanded constellation of 225 satellites:
- Total spending on the Telesat Lightspeed program, including both expensed and capitalized costs, to be between
$1.3 billion and$1.5 billion , an increase of$300 million from the prior range of$1.0 billion to$1.2 billion .
Telesat’s quarterly report on Form 6-K for the quarter and six months ended June 30, 2026, has been filed with the United States Securities and Exchange Commission (SEC) and the Canadian securities regulatory authorities, and may be accessed on the SEC’s website at www.sec.gov and on the System for Electronic Document Analysis and Retrieval+ (SEDAR+) website at www.sedarplus.ca.
Conference Call
Telesat has scheduled a conference call on Thursday, August 13th, 2026, at 10:30 a.m. EDT to discuss its financial results for the three- and six-month periods ended June 30, 2026. The call will be hosted by Daniel S. Goldberg, President and Chief Executive Officer, and Donald Tremblay, Chief Financial Officer, of Telesat.
Dial-in Instructions:
The toll-free dial-in number for the teleconference is +1-800-715-9871. Callers outside of North America should dial +1-646-307-1963. The access code is 2873917 followed by the number sign (#). Please allow at least 15 minutes prior to the scheduled start time to connect to the teleconference. In the event of technical issues, please dial *0 and advise the conference call operator of the company name (Telesat) and the name of the moderator (James Ratcliffe).
Webcast:
The conference call can also be accessed, as a listen in only, at https://edge.media-server.com/mmc/p/bx45s7mp. A replay of the webcast will be archived on Telesat’s website under the tab “Investors”.
Dial-in Audio Replay:
A replay of the teleconference will be available one hour after the end of the call on August 13, 2026, until 11:59 p.m. EDT on August 27, 2026. To access the replay, please call +1-800-770-2030. Callers from outside North America should dial +1-609-800-9909. The access code is 2873917 followed by the number sign (#).
About Telesat
Telesat Corporation (Nasdaq and TSX: TSAT) (“Telesat”) is a global satellite operator and leader in advanced satellite communications, redefining broadband connectivity through its Telesat Lightspeed Low Earth Orbit (LEO) network.
Designed from inception for interoperability with enterprise and government applications, Telesat Lightspeed delivers secure, resilient, high-performance broadband connectivity with fibre-like speeds. Its advanced, software-defined architecture operates in both commercial and military Ka-band spectrum, enabling mission-critical communications with enhanced security and protection against evolving threats. Purpose-built to meet the most demanding requirements, Telesat Lightspeed provides telecom, enterprise, aviation, maritime and defence customers with unprecedented flexibility and control to dynamically manage their own services and deliver differentiated, end-to-end connectivity solutions worldwide.
With nearly 60 years of innovation, engineering excellence and a collaborative approach to customer success, Telesat is uniquely positioned to deliver secure, scalable and future-ready connectivity solutions that help customers solve their most complex communications challenges and achieve mission success. For updates on Telesat, follow us on LinkedIn, X, or visit www.telesat.com.
Investor Relations Contact:
James Ratcliffe
+1 613 748 8424
ir@telesat.com
Forward-Looking Statements Safe Harbor
This news release contains statements that are not based on historical fact, including financial outlook for 2026, estimated timing of the commencement of global commercial service on Telesat Lightspeed, commencement of service under specific contracts, the impact of certain contracts on Telesat’s scale and capacity, the timing of milestone payments under certain contracts, the growth opportunities of Telesat Lightspeed, and potential eligible payments under the Upper C-Band Report and Order, are “forward-looking statements’’ and “future-orientated financial performance” within the meaning of the Private Securities Litigation Reform Act of 1995 and Canadian securities laws. When used herein, statements which are not historical in nature, or which contain the words “will,” “expect,”, “scheduled”, “continue,” or similar expressions, are forward-looking statements. Actual results may differ materially from the expectations expressed or implied in the forward-looking statements and future-orientated financial information as a result of known and unknown risks and uncertainties. Future-orientated financial information contained in this news release about prospective financial performance, financial position, or cash flows are expected to give the reader a better understanding of the potential future performance of Telesat. Readers are cautioned that any such future-orientated financial information and financial outlook contained herein should not be used for purposes other than those disclosed herein. All statements made in this news release are made only as of the date set forth at the beginning of this release. Telesat undertakes no obligation to update the information made in this news release in the event facts or circumstances subsequently change after the date of this release.
These forward-looking statements and future-orientated financial information are not guarantees of future performance, are based on Telesat’s current expectations, and are subject to a number of risks, uncertainties, assumptions, and other factors, some of which are beyond Telesat control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Known risks and uncertainties include but are not limited to: risks associated with financial factors, including swings in the global financial markets, access to capital to construct our LEO satellite constellation, the ability to refinance Telesat GEO Inc.’s debt, the outcome of litigation related to Telesat GEO Inc.’s debt and the
| Telesat Corporation Unaudited Interim Condensed Consolidated Statements of Income (Loss) For the periods ended June 30 | |||||||||||||||||
| Three months | Six months | ||||||||||||||||
| (in thousands of Canadian dollars, except per share amounts) | 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenue | $ | 79,493 | $ | 106,106 | $ | 166,553 | $ | 222,855 | |||||||||
| Operating expenses | (61,728 | ) | (50,556 | ) | (117,064 | ) | (103,598 | ) | |||||||||
| Depreciation | (22,064 | ) | (25,914 | ) | (44,194 | ) | (51,823 | ) | |||||||||
| Amortization | (8,729 | ) | (11,639 | ) | (17,340 | ) | (22,538 | ) | |||||||||
| Other operating gains (losses), net | 293 | (131 | ) | (82,054 | ) | 3,819 | |||||||||||
| Operating income | (12,735 | ) | 17,866 | (94,099 | ) | 48,715 | |||||||||||
| Interest expense | (50,446 | ) | (53,631 | ) | (100,404 | ) | (110,295 | ) | |||||||||
| Gain on repurchase of debt | — | 6,896 | — | 6,896 | |||||||||||||
| Interest and other income | 1,864 | 6,834 | 6,013 | 13,042 | |||||||||||||
| Gain (loss) on change in fair value of financial instruments | (471,925 | ) | (13,248 | ) | (487,746 | ) | (46,660 | ) | |||||||||
| Gain (loss) on foreign exchange | (19,900 | ) | 114,610 | (37,206 | ) | 117,090 | |||||||||||
| Income (loss) before income taxes | (553,142 | ) | 79,327 | (713,442 | ) | 28,788 | |||||||||||
| Tax (expense) recovery | (5,408 | ) | (3,798 | ) | 3,943 | (4,716 | ) | ||||||||||
| Net income (loss) | $ | (558,550 | ) | $ | 75,529 | $ | (709,499 | ) | $ | 24,072 | |||||||
| Net income (loss) attributable to: | |||||||||||||||||
| Telesat Corporation shareholders | $ | (165,782 | ) | $ | 20,996 | $ | (211,277 | ) | $ | 5,458 | |||||||
| Non-controlling interest | (392,768 | ) | 54,533 | (498,222 | ) | 18,614 | |||||||||||
| $ | (558,550 | ) | $ | 75,529 | $ | (709,499 | ) | $ | 24,072 | ||||||||
| Net income (loss) per common share attributable to Telesat Corporation shareholders | |||||||||||||||||
| Basic | $ | (10.89 | ) | $ | 1.43 | $ | (14.16 | ) | $ | 0.38 | |||||||
| Diluted | $ | (10.89 | ) | $ | 1.38 | $ | (14.16 | ) | $ | 0.36 | |||||||
| Total Weighted Average Common Shares Outstanding | |||||||||||||||||
| Basic | 15,219,358 | 14,684,485 | 14,915,651 | 14,503,290 | |||||||||||||
| Diluted | 15,219,358 | 16,562,440 | 14,915,651 | 16,238,156 | |||||||||||||
| Telesat Corporation Unaudited Interim Condensed Consolidated Balance Sheets | |||||||
| (in thousands of Canadian dollars) | June 30, 2026 | December 31, 2025 | |||||
| Assets | |||||||
| Cash and cash equivalents | $ | 383,241 | $ | 509,798 | |||
| Trade and other receivables | 54,529 | 58,422 | |||||
| Other current financial assets | 556 | 430 | |||||
| Current income tax recoverable | 19,425 | 5,952 | |||||
| Prepaid expenses and other current assets | 256,313 | 257,456 | |||||
| Total current assets | 714,064 | 832,058 | |||||
| Satellites, property and other equipment | 3,067,722 | 2,716,708 | |||||
| Deferred tax assets | 5,365 | 4,231 | |||||
| Other long-term financial assets | 18,513 | 18,283 | |||||
| Long-term income tax recoverable | 2,815 | 6,993 | |||||
| Other long-term assets | 324,562 | 368,657 | |||||
| Intangible assets | 428,877 | 442,278 | |||||
| Goodwill | 2,198,887 | 2,214,575 | |||||
| Total assets | $ | 6,760,805 | $ | 6,603,783 | |||
| Liabilities | |||||||
| Trade and other payables | $ | 50,176 | $ | 57,447 | |||
| Other current financial liabilities | 1,344,570 | 857,637 | |||||
| Income taxes payable | 117 | 2,772 | |||||
| Other current liabilities | 54,656 | 58,431 | |||||
| Current indebtedness | 2,742,738 | 2,341,145 | |||||
| Total current liabilities | 4,192,257 | 3,317,432 | |||||
| Long-term indebtedness | 1,051,429 | 1,152,462 | |||||
| Deferred tax liabilities | 68,643 | 91,991 | |||||
| Other long-term financial liabilities | 9,533 | 10,091 | |||||
| Other long-term liabilities | 254,120 | 262,211 | |||||
| Total liabilities | 5,575,982 | 4,834,187 | |||||
| Shareholders’ Equity | |||||||
| Share capital | 87,186 | 69,997 | |||||
| Accumulated earnings | 118,935 | 330,814 | |||||
| Reserves | 170,483 | 130,009 | |||||
| Total Telesat Corporation shareholders’ equity | 376,604 | 530,820 | |||||
| Non-controlling interest | 808,219 | 1,238,776 | |||||
| Total shareholders’ equity | 1,184,823 | 1,769,596 | |||||
| Total liabilities and shareholders’ equity | $ | 6,760,805 | $ | 6,603,783 | |||
| Telesat Corporation Unaudited Interim CondensedConsolidated Statements of Cash Flows | |||||||||
| For the six months ended June 30 | |||||||||
| (in thousands of Canadian dollars) | 2026 | 2025 | |||||||
| Cash flows (used in) generated from operating activities | |||||||||
| Net income (loss) | $ | (709,499 | ) | $ | 24,072 | ||||
| Adjustments to reconcile net income (loss) to cash flows from operating activities | |||||||||
| Depreciation | 44,194 | 51,823 | |||||||
| Amortization | 17,340 | 22,538 | |||||||
| Tax expense (recovery) | (3,943 | ) | 4,716 | ||||||
| Interest expense | 100,404 | 110,295 | |||||||
| Interest income | (8,330 | ) | (13,295 | ) | |||||
| (Gain) loss on foreign exchange | 37,206 | (117,090 | ) | ||||||
| (Gain) loss on change in fair value of financial instruments | 487,746 | 46,660 | |||||||
| Share-based compensation | 6,939 | 5,592 | |||||||
| (Gain) loss on disposal of assets | (5 | ) | (3,819 | ) | |||||
| Gain on repurchase of debt | — | (6,896 | ) | ||||||
| Impairment | 84,469 | — | |||||||
| Deferred revenue amortization | (22,840 | ) | (29,183 | ) | |||||
| Pension expense | 2,251 | 2,728 | |||||||
| Other | 3,880 | 2,387 | |||||||
| Income taxes paid, net of income taxes received | (15,339 | ) | (9,961 | ) | |||||
| Interest paid, net of interest received | (87,118 | ) | (91,158 | ) | |||||
| Operating assets and liabilities | (9,223 | ) | 108,847 | ||||||
| Net cash (used in) generated from operating activities | (71,868 | ) | 108,256 | ||||||
| Cash flows (used in) generated from investing activities | |||||||||
| Cash payments related to satellite programs | (178,181 | ) | (347,267 | ) | |||||
| Cash payments related to property and other equipment | (98,704 | ) | (69,945 | ) | |||||
| Net proceeds from disposal of assets | — | 4,500 | |||||||
| Investments and other | (1,719 | ) | — | ||||||
| Net cash (used in) generated from investing activities | (278,604 | ) | (412,712 | ) | |||||
| Cash flows (used in) generated from financing activities | |||||||||
| Proceeds from indebtedness | 230,286 | 340,000 | |||||||
| Repurchase of indebtedness | — | (4,501 | ) | ||||||
| Payments of principal on lease liabilities | (1,394 | ) | (1,552 | ) | |||||
| Satellite performance incentive payments | (1,808 | ) | (1,204 | ) | |||||
| Proceeds from exercise of stock options | 599 | — | |||||||
| Tax withholdings on settlement of restricted and performance share units | (14,733 | ) | (8,325 | ) | |||||
| Net cash (used in) generated from financing activities | 212,950 | 324,418 | |||||||
| Effect of changes in exchange rates on cash and cash equivalents | 10,965 | (24,640 | ) | ||||||
| Changes in cash and cash equivalents | (126,557 | ) | (4,678 | ) | |||||
| Cash and cash equivalents, beginning of period | 509,798 | 552,064 | |||||||
| Cash and cash equivalents, end of period | $ | 383,241 | $ | 547,386 | |||||
| Telesat’s Adjusted EBITDA Margin(1): The following table provides a quantitative reconciliation of net income to Adjusted EBITDA and Adjusted EBITDA margin, each of which are non-IFRS Accounting Standards measures. | ||||||||||||||||
| Three Months Ended June 30, | Six Months EndedJune 30, | |||||||||||||||
| (in thousands of Canadian dollars) (unaudited) | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net income (loss) | $ | (558,550 | ) | $ | 75,529 | $ | (709,499 | ) | $ | 24,072 | ||||||
| Tax expense (recovery) | 5,408 | 3,798 | (3,943 | ) | 4,716 | |||||||||||
| (Gain) loss on foreign exchange | 19,900 | (114,610 | ) | 37,206 | (117,090 | ) | ||||||||||
| (Gain) loss on change in fair value of financial instruments | 471,925 | 13,248 | 487,746 | 46,660 | ||||||||||||
| Interest and other income | (1,864 | ) | (6,834 | ) | (6,013 | ) | (13,042 | ) | ||||||||
| Interest expense | 50,446 | 53,631 | 100,404 | 110,295 | ||||||||||||
| Gain on repurchase of debt | — | (6,896 | ) | — | (6,896 | ) | ||||||||||
| Depreciation | 22,064 | 25,914 | 44,194 | 51,823 | ||||||||||||
| Amortization | 8,729 | 11,639 | 17,340 | 22,538 | ||||||||||||
| Other operating (gains) losses, net | (293 | ) | 131 | 82,054 | (3,819 | ) | ||||||||||
| Non-recurring compensation expenses(3) | 518 | 763 | 806 | 1,222 | ||||||||||||
| Non-cash expense related to share-based compensation | 3,810 | 2,351 | 6,939 | 5,592 | ||||||||||||
| Adjusted EBITDA | $ | 22,093 | $ | 58,664 | $ | 57,234 | $ | 126,071 | ||||||||
| Revenue | $ | 79,493 | $ | 106,106 | $ | 166,553 | $ | 222,855 | ||||||||
| Adjusted EBITDA Margin | 27.8 | % | 55.3 | % | 34.4 | % | 56.6 | % | ||||||||
End Notes
1 Non-IFRS Accounting Standards Measures – Adjusted EBITDA and Adjusted EBITDA margin are non-IFRS Accounting Standards measures. EBITDA is defined as “Earnings Before Interest, Taxes, Depreciation and Amortization.” Adjusted EBITDA is used to measure Telesat’s financial performance. Adjusted EBITDA is defined as operating income (less certain operating expenses such as share-based compensation expenses and unusual and non-recurring items, including restructuring related expenses) before interest expense, taxes, depreciation and amortization. Adjusted EBITDA margin is used to measure Telesat’s operating performance. Adjusted EBITDA margin is defined as the ratio of Adjusted EBITDA to revenue.
Adjusted EBITDA and Adjusted EBITDA margin are not standardized financial measures under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers. Adjusted EBITDA allows investors and Telesat to compare Telesat’s operating results with that of competitors exclusive of depreciation and amortization, interest and investment income, interest expense, taxes and certain other expenses. Financial results of competitors in the satellite services industry have significant variations that can result from timing of capital expenditures, the amount of intangible assets recorded, the differences in assets’ lives, the timing and amount of investments, the effects of other income (expense), and unusual and non-recurring items. The use of Adjusted EBITDA assists investors and Telesat to compare operating results exclusive of these items. Competitors in the satellite services industry have significantly different capital structures. Telesat believes that the use of Adjusted EBITDA improves comparability of performance by excluding interest expense.
Telesat believes that the use of Adjusted EBITDA and the Adjusted EBITDA margin along with IFRS Accounting Standards measures enhances the understanding of our operating results and is useful to investors and us in comparing performance with competitors, estimating enterprise value and making investment decisions. Adjusted EBITDA and Adjusted EBITDA margin as used here may not be the same as similarly titled measures reported by competitors. Adjusted EBITDA and Adjusted EBITDA margin should be used in conjunction with IFRS Accounting Standards measures and are not presented as a substitute for cash flows from operations as a measure of our liquidity or as a substitute for net income (loss) as an indicator of our operating performance.
2 Telesat’s backlog represents future cash inflows from capacity allocation or service delivery contracts. As of June 30, 2026, GEO backlog was
3 Includes severance payments and special compensation and benefits for executives and employees.
