Monday, November 10, 2025
CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Overview. With four new contracts during the quarter, CoreCivic made substantial progress in contracting to use a significant portion of its idle facility capacity in the quarter. The four new contracts effective in the third quarter are expected to generate approximately $320 million of annual revenue once the facilities achieve stabilized occupancy. Notably, CoreCivic’s detention populations and revenues have been unaffected by the government shutdown.
3Q25 Results. Revenue of $580.4 million rose 18.1% y-o-y, driven by increased populations. We were at $550 million. CoreCivic recorded adjusted EBITDA of $88.8 million, up 6.6% y-o-y, but slightly below our $91.8 million estimate. Adjusted EPS was $0.24, up 26.3% y-o-y and in-line with our $0.27 estimate. Normalized FFO was $0.48, up 11.6% y-o-y and in-line with our $0.48 estimate.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
