CoreCivic (CXW) FY2025 results: revenue $2.2 billion, up 12.7% on the year
CoreCivic, Inc. (CXW) reported revenue of $2.2 billion for fiscal 2025, the year ended 31 December 2025, up 12.7% on the year before. Net income was $117 million, up 69.2%, and diluted earnings per share $1.08. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.
Revenue
$2.2 billion
+12.7% on the year
FY2018FY2025
Operating margin
9.9%
9.4% a year earlier
FY2018FY2025
Net income
$117 million
+69.2% on the year
FY2018FY2025
Diluted EPS
$1.08
+74.2% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 8 new.
Q4 net income and EPS rose: Fourth-quarter revenue was $604.0 million, up 26%. Net income was $26.5 million, and diluted EPS was $0.26 against $0.17 a year earlier.
Dilley reactivation and population growth drove results: The increase in EPS came from the Dilley reactivation in March 2025, higher federal and state populations, and the Farmville acquisition on July 1, 2025.
ICE revenue more than doubled: Revenue from ICE, the largest government partner, was $244.7 million in the fourth quarter against $120.3 million a year earlier, reflecting Dilley, California City, West Tennessee and Farmville.
Start-up losses at two new facilities: The company reported $3.6 million of facility net operating losses in the fourth quarter at California City and Diamondback, neither yet at stabilized occupancy.
Facility margin declined; 2026 improvement expected: The Safety and Community facility operating margin was 22.2% in the fourth quarter, against 23.6% a year earlier. Management expects margin improvement in 2026 as the newer facilities reach stabilized occupancy.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
195
269
232
-27.7%
Capital expenditure
142
70.4
67.7
+101.4%
Free cash flow
52.8
199
164
-73.4%
Free cash flow margin
2.4%
10.1%
8.7%
Cash from investing
-206
-53.8
-58.9
Cash from financing
1.8
-222
-206
Depreciation and amortisation
129
128
127
+0.7%
Share-based compensation
27.7
25.7
20.8
+7.8%
Buybacks
229
77.2
43.0
+196.7%
Dividends paid
0.0
0.1
0.1
-66.9%
Diluted shares, weighted
107m
111m
115m
-3.5%
Shares outstanding at period end
100m
110m
113m
-8.9%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,405
1,493
1,478
-5.9%
Debt
1,230
997
1,107
+23.4%
Operating lease liabilities
100
17.7
70.9
+464.4%
Other liabilities
521
423
450
+23.1%
Total liabilities and equity
3,257
2,932
3,105
+11.1%
Fixed assets
2,132
2,060
2,115
+3.5%
Goodwill
8.6
4.8
4.8
+76.5%
Intangible assets
8.3
6.7
7.2
+22.9%
Cash and equivalents
97.9
107
122
-8.9%
Receivables
446
289
312
+54.5%
Other assets
564
464
545
+21.4%
Total assets
3,257
2,932
3,105
+11.1%
10-K for the year ended 31 December 2025, filed 20 February 2026: the filing.