GEO Group (GEO) Q3 FY2026 earnings: revenue $761 million, up 11.5% on the year

GEO Group Inc. (GEO) reported revenue of $761 million for Q3 FY2026, the quarter ended 30 September 2026, up 11.5% on the same quarter a year earlier. Net income was $49 million, down 71.7% on the year, and diluted earnings per share $0.37. The figures are the company's own, from the 10-Q it filed with the SEC on 6 November 2026.

Revenue

$761 million

+11.5% on the year · +4.0% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

13.5%

6.0% a year earlier

Q4 FY2024Q3 FY2026

Net income

$49 million

-71.7% on the year · +3.6% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$0.37

-70.2% on the year · +2.8% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 9 raised, 1 lowered.

Revenue up 12% in quarter: Third quarter revenue was $761.1 million, up 12% from $682.3 million a year earlier. Management described the quarter as the highest in company history for revenue and adjusted EBITDA.
Net income fell on prior-year gain: Net income attributable to GEO Operations was $49.2 million, or $0.37 per diluted share, against $173.9 million a year earlier, which included a gain on asset divestitures. Adjusted net income rose 48% to $51.8 million.
Big Spring Complex agreement signed: The City of Big Spring signed a 10-year agreement with ICE for the 2,329-bed Big Spring Complex. GEO is expected to earn about $200 million a year from it in the first full year of operations.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	761	732	682	+4.0%	+11.5%
Operating income	102	102	40.7	+0.7%	+151.6%
Operating margin	13.5%	13.9%	6.0%
Interest expense	38.1	38.6	38.2	-1.1%	-0.2%
Pre-tax income	66.3	65.7	230	+0.9%	-71.1%
Income tax	17.9	18.9	56.4	-5.1%	-68.2%
Effective tax rate	27.0%	28.7%	24.6%
Net income	49.2	47.5	174	+3.6%	-71.7%
Net margin	6.5%	6.5%	25.5%
Diluted EPS	$0.37	$0.36	$1.24	+2.8%	-70.2%

$ million except per share.

Free 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	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	209	80.0	79.6	+161.2%	+162.6%
Capital expenditure	32.4	20.6	93.7	+57.2%	-65.4%
Free cash flow	177	59.4	-14.1	+197.3%
Free cash flow margin	23.2%	8.1%	-2.1%
Cash from investing	-35.5	-28.2	226
Cash from financing	-11.0	-82.9	-195
Depreciation and amortisation	34.2	34.2	33.0	-0.0%	+3.5%
Share-based compensation	5.0	4.9	7.6	+1.6%	-34.4%
Buybacks	0.0	36.6	41.6
Diluted shares, weighted	132m	132m	140m	-0.0%	-5.7%
Shares outstanding at period end	132m	132m	139m	+0.1%	-4.9%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	1,572	1,516	1,522	+3.7%	+3.3%
Non-controlling interest	-1.8	-1.8	-1.6
Debt	1,529	1,542	1,553	-0.8%	-1.5%
Operating lease liabilities	104	49.9	58.6	+108.1%	+77.3%
Finance lease liabilities	n/a	n/a	0.0
Other liabilities	781	635	678	+22.9%	+15.2%
Total liabilities and equity	3,985	3,742	3,809	+6.5%	+4.6%
Fixed assets	1,714	1,857	1,885	-7.7%	-9.1%
Goodwill	756	756	756	+0.0%	+0.0%
Intangible assets	112	114	120	-1.6%	-6.5%
Cash and equivalents	216	55.0	184	+292.7%	+17.4%
Receivables	544	532	453	+2.4%	+20.2%
Other assets	642	429	412	+49.8%	+55.9%
Total assets	3,985	3,742	3,809	+6.5%	+4.6%

Questions

What was GEO Group's revenue in Q3 FY2026?

GEO Group (GEO) reported revenue of $761 million for Q3 FY2026, the quarter ended 30 September 2026, up 11.5% on the same quarter a year earlier.

How much did GEO Group earn in Q3 FY2026?

Net income for Q3 FY2026 was $49 million, down 71.7% on the year, and diluted earnings per share $0.37.

When did GEO Group report Q3 FY2026 results?

GEO Group filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 6 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	558	551	588	617	621	608	594	603	608	606	607	603	608	605	636	682	708	705	732	761
Operating income	76.0	81.5	95.1	98.1	108	92.7	92.4	83.6	83.8	79.6	80.1	82.4	67.9	61.0	72.0	40.7	83.8	89.3	102	102
Operating margin	14%	15%	16%	16%	17%	15%	16%	14%	14%	13%	13%	14%	11%	10%	11%	6%	12%	13%	14%	13%
Interest expense	33.0	31.6	33.2	46.5	53.2	54.3	55.0	55.8	53.2	51.3	50.6	45.5	43.2	42.4	41.9	38.2	37.9	38.3	38.6	38.1
Pre-tax income	50.0	54.9	71.1	48.5	55.3	39.4	39.2	30.3	29.1	30.7	-53.8	37.1	24.5	20.5	37.5	230	47.9	52.7	65.7	66.3
Tax rate	203%	33%	27%	23%	27%	31%	28%	22%	18%	26%	n/a	31%	41%	9%	28%	25%	35%	29%	29%	27%
Net income	-49.8	38.2	53.7	38.3	41.5	28.0	29.6	24.5	25.2	22.7	-32.5	26.3	15.5	19.6	29.1	174	31.8	38.3	47.5	49.2
Net margin	-9%	7%	9%	6%	7%	5%	5%	4%	4%	4%	-5%	4%	3%	3%	5%	25%	4%	5%	6%	6%
Diluted EPS	-$0.36	$0.26	$0.37	$0.26	$0.28	$0.19	$0.20	$0.16	$0.21	$0.14	-$0.25	$0.19	$0.11	$0.14	$0.21	$1.24	$0.23	$0.29	$0.36	$0.37
Operating cash flow	-6.8	122	50.0	140	-15.1	94.7	18.2	120	52.2	83.3	28.7	109	18.5	71.2	39.2	79.6	-117	156	80.0	209
Capital expenditure	12.0	13.8	22.3	36.2	17.8	13.8	17.8	22.0	19.4	14.8	24.4	18.7	20.8	30.8	36.8	93.7	36.2	21.7	20.6	32.4
Free cash flow	-18.9	108	27.7	103	-32.9	81.0	0.4	97.8	32.8	68.5	4.3	90.5	-2.3	40.5	2.4	-14.1	-154	135	59.4	177
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.0	0.0	41.6	49.4	50.1	36.6	0.0
Dividends paid	-0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Shares outstanding	122m	124m	124m	124m	124m	126m	126m	126m	126m	126m	140m	140m	140m	141m	141m	139m	136m	134m	132m	132m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 6 November 2026: the filing.