Short answer
CoreCivic, Inc. (CXW) filed its fiscal 2025 10-K annual report with the SEC on Feb 20, 2026. It reported revenue of $2.2B (+12.7% year over year) and net income of $117M.
- Top risk flagged: Regulatory risk from potential changes in the DOJ's Federal Bureau of Prisons contract policies affecting 40 correctional facilities with 68,000 beds
FY2025 key financial metrics · XBRL
- Revenue
- $2.2B
- +12.7% YoY
- Net income
- $117M
- +69.2% YoY
- EPS (diluted)
- $1.08
- +74.2% YoY
- ROE
- 8.3%
- +3.7 pp YoY
- Operating cash flow
- $195M
- −27.7% YoY
Source: XBRL data from the CoreCivic, Inc. (CXW) FY2025 10-K on SEC EDGAR. USD.
CoreCivic, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Operates and manages correctional, detention, and residential reentry facilities for federal, state, and local governments
- New emphasis: Expansion of ICE contracts triggered by 2025 immigration enforcement laws and $75B funding under the One Big Beautiful Bill Act
- Strategic shift: Reactivation of five previously idle facilities adding ~7,000 beds; growth in federal detention segment, especially ICE detainees +58.2% YoY
- Quantitative highlight: Net income $116.5M (vs. $68.9M prior year); operated facility count stable at 69 with 2 facility sales and 2 acquisitions
- Noteworthy fact: Resumption of operations at Dilley Immigration Processing Center after 7 months idle; legal challenges delaying intake at Midwest Regional Reception Center
Management Discussion & Analysis
- Revenue $2.21B, up 12.7% YoY from $1.96B in 2024
- Net income $113.6M vs $63.5M in 2024, operating expenses $1.69B vs $1.49B
- Best segment: Properties with $40M incremental revenue from Farmville acquisition
- Share repurchases $218.4M in 2025, total $399.5M cost, capex $75M for facility activations
- 2026 capex guidance $35-$40M, cash $97.9M, revolving credit $311.4M available, no debt maturity until 2027
Risk Factors
- Regulatory risk from potential changes in the DOJ's Federal Bureau of Prisons contract policies affecting 40 correctional facilities with 68,000 beds
- Macroeconomic impact from U.S. government budget adjustments influencing funding for 20 residential reentry centers with 4,000 beds
- Operational dependency on long-term leases for 40 owned or controlled correctional facilities, increasing exposure to real estate market fluctuations
- Competitive pressure from alternative community corrections providers affecting CoreCivic’s largest market share in correctional facility ownership
- Financial risk tied to concentration in government contracts, representing nearly 100% of revenue across five owned properties with 8,000 bed capacity
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