GEO Group (GEO) FY2025 results: revenue $2.6 billion, up 8.6% on the year
GEO Group Inc. (GEO) reported revenue of $2.6 billion for fiscal 2025, the year ended 31 December 2025, up 8.6% on the year before. Net income was $254 million, up 695.8%, and diluted earnings per share $1.82. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.
Revenue
$2.6 billion
+8.6% on the year
FY2018FY2025
Operating margin
9.8%
12.8% a year earlier
FY2018FY2025
Net income
$254 million
+695.8% on the year
FY2018FY2025
Diluted EPS
$1.82
+727.3% 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: 17 new.
Q4 revenue and EPS rose: Fourth quarter revenue was $707.7 million, against $607.7 million a year earlier. GAAP diluted EPS was $0.23, against $0.11; adjusted diluted EPS was $0.25, against $0.13.
Full-year revenue and net income: Full-year revenue was $2.63 billion, against $2.42 billion. Net income attributable to GEO operations was $254.4 million, or $1.82 per diluted share, including a $232.4 million pre-tax gain on asset divestitures.
Full-year adjusted EPS and EBITDA rose: Full-year adjusted net income was $120.1 million, or $0.86 per diluted share, against $0.75. Full-year Adjusted EBITDA was $464.4 million, against $463.5 million.
ICE capacity rose to 26,000: The company entered contracts in 2025 to house ICE detainees at four facilities with about 6,000 beds, lifting ICE capacity from about 20,000 beds.
Receivables rose on federal shutdown: Accounts receivable were $593.5 million at year-end, up from $376.0 million a year earlier. The company linked the increase partly to the October and November federal government shutdown.
$ 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
72.6
242
278
-70.0%
Capital expenditure
198
78.7
73.0
+151.0%
Free cash flow
-125
164
205
Free cash flow margin
-4.7%
6.7%
8.5%
Cash from investing
106
-102
-53.4
Cash from financing
-186
-169
-208
Depreciation and amortisation
132
126
126
+4.6%
Share-based compensation
23.6
18.1
15.1
+30.3%
Buybacks
91.0
n/a
n/a
Dividend per share
n/a
n/a
$0.00
Diluted shares, weighted
140m
134m
124m
+4.2%
Shares outstanding at period end
136m
140m
126m
-2.8%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,506
1,335
1,292
+12.8%
Non-controlling interest
-1.7
-1.5
-1.5
Debt
1,671
1,745
1,838
-4.2%
Operating lease liabilities
57.6
73.6
82.1
-21.8%
Finance lease liabilities
0.0
0.2
0.5
Other liabilities
611
480
486
+27.4%
Total liabilities and equity
3,844
3,632
3,696
+5.8%
Fixed assets
1,884
1,900
1,944
-0.8%
Goodwill
756
756
755
+0.0%
Intangible assets
117
127
136
-7.3%
Cash and equivalents
69.0
76.9
94.0
-10.3%
Receivables
593
376
390
+57.8%
Inventory
41.0
35.9
25.1
+14.2%
Other assets
383
361
352
+6.0%
Total assets
3,844
3,632
3,696
+5.8%
10-K for the year ended 31 December 2025, filed 25 February 2026: the filing.