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What changed in CoreCivic, Inc.'s 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of CoreCivic, Inc.'s 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+704 added−710 removedSource: 10-K (2026-02-20) vs 10-K (2025-02-21)

Top changes in CoreCivic, Inc.'s 2025 10-K

704 paragraphs added · 710 removed · 447 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

173 edited+88 added−88 removed100 unchanged
Biggest changeDon Hutto Residential Center ICE 512 Medium Detention Jul-25 (5) 1 year Taylor, Texas Webb County Detention Center ICE 480 Medium Detention Feb-29 Indefinite Laredo, Texas Safety - Managed Only: Citrus County Detention Facility Citrus County, FL 760 Multi Detention Sep-30 (2) 5 year Lecanto, Florida Lake City Correctional Facility State of Florida 893 Medium Correctional Jun-26 Indefinite Lake City, Florida Hardeman County Correctional Facility State of Tennessee 2,016 Medium Correctional Jun-29 — Whiteville, Tennessee South Central Correctional Center State of Tennessee 1,676 Medium Correctional Jun-25 — Clifton, Tennessee Total design capacity for CoreCivic Safety Facilities 62,329 23 Facility Name Primary Customer Design Capacity (A) Security Level Facility Type (B) Term Remaining Renewal Options (C) CoreCivic Community Facilities: CAI Boston Avenue State of California 120 — Community Jun-33 — San Diego, California Corrections CAI Ocean View BOP 483 — Community Aug-25 (1) 1 year San Diego, California Corrections Adams Transitional Center Adams County 102 — Community Jun-25 Indefinite Denver, Colorado Corrections Arapahoe Community Treatment Center Arapahoe County 135 — Community Corrections Jun-25 — Englewood, Colorado Centennial Community Transition Center Arapahoe County 107 — Community Corrections Jun-25 — Englewood, Colorado Columbine Facility Idled 2020 60 — Community — — Denver, Colorado Corrections Commerce Transitional Center Adams County 136 — Community Jun-25 Indefinite Commerce City, Colorado Corrections Longmont Community Treatment Center Boulder County 69 — Community Corrections Jun-25 — Longmont, Colorado South Raleigh Reentry Center BOP 60 — Community Sep-25 (2) 1 year Raleigh, North Carolina Corrections Oklahoma Reentry Opportunity Center BOP 494 — Community Jan-26 — Oklahoma City, Oklahoma Corrections Turley Residential Center BOP 289 — Community Jan-26 — Tulsa, Oklahoma Corrections Austin Residential Reentry Center BOP 116 — Community Feb-26 (4) 1 year Del Valle, Texas Corrections Austin Transitional Center State of Texas 460 — Community Aug-25 (3) 1 year Del Valle, Texas Corrections Corpus Christi Transitional Center State of Texas 160 — Community Aug-25 (1) 2 year Corpus Christi, Texas Corrections Dallas Transitional Center State of Texas 300 — Community Aug-25 (3) 1 year Hutchins, Texas Corrections El Paso Multi-Use Facility State of Texas 360 — Community Aug-25 (3) 1 year El Paso, Texas Corrections 24 Facility Name Primary Customer Design Capacity (A) Security Level Facility Type (B) Term Remaining Renewal Options (C) El Paso Transitional Center State of Texas 224 — Community Aug-25 (3) 1 year El Paso, Texas Corrections Fort Worth Transitional Center State of Texas 248 — Community Aug-25 (3) 1 year Fort Worth, Texas Corrections Ghent Residential Reentry Center BOP 36 — Community Aug-25 (2) 1 year Norfolk, Virginia Corrections James River Residential Reentry Center BOP 84 — Community Corrections Aug-25 (2) 1 year Newport News, Virginia Cheyenne Transitional Center State of Wyoming 116 — Community Jun-26 (2) 2 year Cheyenne, Wyoming Corrections Total design capacity for CoreCivic Community Facilities 4,159 25 (A) Design capacity measures the number of beds, and accordingly, the number of offenders each facility is designed to accommodate.
Biggest changeDon Hutto Residential Center ICE 512 Medium Detention Jul-26 (3) 1 year Taylor, Texas Webb County Detention Center ICE 480 Medium Detention Feb-29 Indefinite Laredo, Texas Farmville Detention Center ICE 736 Multi Detention Mar-29 Indefinite Farmville, Virginia Safety - Managed Only: Citrus County Detention Facility Citrus County, FL 760 Multi Detention Sep-30 (2) 5 year Lecanto, Florida Lake City Correctional Facility State of Florida 893 Medium Correctional Jun-26 Indefinite Lake City, Florida Hardeman County Correctional Facility State of Tennessee 2,016 Medium Correctional Jun-29 — Whiteville, Tennessee South Central Correctional Center State of Tennessee 1,676 Medium Correctional Jun-28 (1) 2 year Clifton, Tennessee Total design capacity for CoreCivic Safety Facilities 67,785 23 Facility Name Primary Customer Design Capacity (A) Security Level Facility Type (B) Term Remaining Renewal Options (C) CoreCivic Community Facilities: CAI Boston Avenue State of California 120 — Community Jun-33 — San Diego, California Corrections CAI Ocean View BOP 483 — Community Aug-26 — San Diego, California Corrections Adams Transitional Center Adams County 102 — Community Jun-26 Indefinite Denver, Colorado Corrections Arapahoe Community Treatment Center Arapahoe County 135 — Community Corrections Jun-26 — Englewood, Colorado Centennial Community Transition Center Arapahoe County 107 — Community Corrections Jun-26 — Englewood, Colorado Commerce Transitional Center Adams County 136 — Community Jun-26 Indefinite Commerce City, Colorado Corrections Longmont Community Treatment Center* Boulder County 69 — Community Corrections Jan-26 — Longmont, Colorado South Raleigh Reentry Center BOP 60 — Community Sep-26 (1) 1 year Raleigh, North Carolina Corrections Oklahoma Reentry Opportunity Center BOP 494 — Community Jul-26 — Oklahoma City, Oklahoma Corrections Turley Residential Center BOP 289 — Community Jul-26 — Tulsa, Oklahoma Corrections Austin Residential Reentry Center BOP 116 — Community Feb-27 (3) 1 year Del Valle, Texas Corrections Austin Transitional Center State of Texas 460 — Community Aug-26 (2) 1 year Del Valle, Texas Corrections Corpus Christi Transitional Center State of Texas 160 — Community Mar-26 — Corpus Christi, Texas Corrections 24 Facility Name Primary Customer Design Capacity (A) Security Level Facility Type (B) Term Remaining Renewal Options (C) Dallas Transitional Center State of Texas 300 — Community Aug-26 (2) 1 year Hutchins, Texas Corrections El Paso Multi-Use Facility State of Texas 360 — Community Aug-26 (2) 1 year El Paso, Texas Corrections El Paso Transitional Center State of Texas 224 — Community Aug-26 (2) 1 year El Paso, Texas Corrections Fort Worth Transitional Center State of Texas 248 — Community Aug-26 (2) 1 year Fort Worth, Texas Corrections Ghent Residential Reentry Center BOP 36 — Community Aug-26 (1) 1 year Norfolk, Virginia Corrections James River Residential Reentry Center BOP 84 — Community Corrections Aug-26 (1) 1 year Newport News, Virginia Cheyenne Transitional Center State of Wyoming 116 — Community Jun-26 (2) 2 year Cheyenne, Wyoming Corrections Total design capacity for CoreCivic Community Facilities 4,099 * Held for sale. 25 (A) Design capacity measures the number of beds, and accordingly, the number of offenders each facility is designed to accommodate.
We believe that we can further develop our business by, among other things: • Maintaining and expanding our existing customer relationships and filling existing capacity within our facilities, while maintaining an adequate inventory of available capacity that we believe provides us with flexibility and a competitive advantage when bidding for new management contracts; • Enhancing the terms of our existing contracts and expanding the services we provide under those contracts; • Pursuing additional opportunities to lease our facilities to government and other third-party operators in need of correctional, detention, and residential reentry capacity; • Pursuing mission-critical real estate solutions for government agencies focused on corrections and detention real estate assets; • Pursuing other asset acquisitions and business combinations through transactions with non-government third parties; • Maintaining and expanding our focus on community corrections and reentry programming that align with the needs of our government partners; 17 • Exploring potential opportunities to expand the scope of non-residential correctional alternative solutions we provide to government agencies; and • Establishing relationships with new customers that have either previously not outsourced their correctional facility management needs or have utilized other private enterprises.
We believe that we can further develop our business by, among other things: • Maintaining and expanding our existing customer relationships and filling existing capacity within our facilities, while maintaining an adequate inventory of available capacity that we believe provides us with flexibility and a competitive advantage when bidding for new management contracts; • Enhancing the terms of our existing contracts and expanding the services we provide under those contracts; 17 • Pursuing additional opportunities to lease our facilities to government and other third-party operators in need of correctional, detention, and residential reentry capacity; • Pursuing mission-critical real estate solutions for government agencies focused on corrections and detention real estate assets; • Pursuing other asset acquisitions and business combinations through transactions with non-government third parties; • Maintaining and expanding our focus on community corrections and reentry programming that align with the needs of our government partners; • Exploring potential opportunities to expand the scope of non-residential correctional alternative solutions we provide to government agencies; and • Establishing relationships with new customers that have either previously not outsourced their correctional facility management needs or have utilized other private enterprises.
We endeavor to improve operating performance and efficiency through the following key operating initiatives: (1) standardizing supply and service purchasing practices and usage; (2) implementing a standard approach to staffing and business practices; (3) improving offender management, resource consumption, and reporting procedures through the utilization of numerous technological initiatives; (4) reconfiguring facility bed space to optimize capacity utilization; and (5) improving outcomes for incarcerated individuals in our care through investments in a variety of programs intended to reduce recidivism.
We endeavor to improve operating performance and efficiency through the following key operating initiatives: (1) standardizing supply and service purchasing practices and usage; (2) implementing a standard approach to staffing and business practices; (3) improving offender management, resource consumption, and reporting procedures through the utilization of numerous technological initiatives; (4) reconfiguring facility bed space to optimize capacity utilization; and (5) improving outcomes for individuals in our care through investments in a variety of programs intended to reduce recidivism.
Our facilities operate under these established standards, policies, and procedures, and also are subject to annual audits by our Quality Assurance Division, or QAD, which operates under, and reports directly to, our Office of General Counsel and acts independently from our Operations Division.
Our facilities operate under these established standards, policies, and procedures, and are subject to annual audits by our Quality Assurance Division, or QAD, which operates under, and reports directly to, our Office of General Counsel and acts independently from our Operations Division.
Specifically, we pledged our support for Pell Grant Restoration, Voting Rights Restoration and Licensure Reform Policies. We maintain a partnership with Prison Fellowship, a leading advocate for criminal justice reform serving formerly incarcerated individuals and their family members.
Specifically, we previously pledged our support for Pell Grant Restoration, Voting Rights Restoration and Licensure Reform Policies. We maintain a partnership with Prison Fellowship, a leading advocate for criminal justice reform serving formerly incarcerated individuals and their family members.
(B) The Kentucky Department of Corrections, or KYDOC, has an option to purchase the facility at any time during the term of the lease with us at a price equal to the fair market value of the property. 27 Competitive Strengths Through our three segments, CoreCivic Safety, CoreCivic Community, and CoreCivic Properties, we offer multiple solutions to unique challenges, allowing government organizations to address their various needs while customizing the solution based on their unique circumstances.
(B) The Kentucky Department of Corrections has an option to purchase the facility at any time during the term of the lease with us at a price equal to the fair market value of the property. 27 Competitive Strengths Through our three segments, CoreCivic Safety, CoreCivic Community, and CoreCivic Properties, we offer multiple solutions to unique challenges, allowing government organizations to address their various needs while customizing the solution based on their unique circumstances.
The SEC maintains a website that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at the following address: www.sec.gov. 7 Our ongoing operations are organized into three principal business segments: • CoreCivic Safety segment, consisting of 42 correctional and detention facilities that are owned or controlled via a long-term lease and managed by CoreCivic, as well as those correctional and detention facilities owned by third parties but managed by CoreCivic.
The SEC maintains a website that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at the following address: www.sec.gov. 7 Our ongoing operations are organized into three principal business segments: • CoreCivic Safety segment, consisting of 44 correctional and detention facilities that are owned or controlled via a long-term lease and managed by CoreCivic, as well as those correctional and detention facilities owned by third parties but managed by CoreCivic.
We also offer utility management services using environmentally-friendly, state-of-the-art technology and believe our robust preventive maintenance program included in our service offering significantly reduces the risk of real estate neglect. Proven Senior Management Team. Our senior management team has applied their prior experience and diverse industry expertise to improve our operations, related financial results, and capital structure.
We also offer utility management services using environmentally-friendly, state-of-the-art technology and believe our robust preventive maintenance program included in our service offering significantly reduces the risk of real estate neglect. Proven Senior Management Team. Our senior management team has applied their prior experience and extensive industry expertise to improve our operations, related financial results, and capital structure.
(B) We manage numerous facilities that have more than a single function (i.e., housing both long-term sentenced adult prisoners and pre-trial detainees). The primary functional categories into which facility types are identified were determined by the relative size of offender populations in a particular facility on December 31, 2024.
(B) We manage numerous facilities that have more than a single function (i.e., housing both long-term sentenced adult prisoners and pre-trial detainees). The primary functional categories into which facility types are identified were determined by the relative size of offender populations in a particular facility on December 31, 2025.
We also provide or make available to offenders certain health care (including medical, dental, and mental health services), food services, and work and recreational programs. We are a Maryland corporation formed in 1983. Our principal executive offices are located at 5501 Virginia Way, Brentwood, Tennessee, 37027, and our telephone number at that location is (615) 263-3000.
We also provide or make available to individuals in our care certain health care (including medical, dental, and mental health services), food services, and work and recreational programs. We are a Maryland corporation formed in 1983. Our principal executive offices are located at 5501 Virginia Way, Brentwood, Tennessee, 37027, and our telephone number at that location is (615) 263-3000.
Our flexible business model enables our customers to utilize our real estate assets to suit their needs, which can result in facilities moving among our Safety, Community, and Properties segments. 14 Business from our federal customers, including primarily ICE, the USMS, and the BOP, constituted 51%, 52%, and 54% of our total revenue during 2024, 2023, and 2022, respectively.
Our flexible business model enables our customers to utilize our real estate assets to suit their needs, which can result in facilities moving among our Safety, Community, and Properties segments. 14 Business from our federal customers, including primarily ICE, the USMS, and the BOP, constituted 54%, 51%, and 52% of our total revenue during 2025, 2024, and 2023, respectively.
We have committed to a multi-year partnership in Prison Fellowship's First Chance Network, or FCN. Serving over 250,000 children annually, the FCN addresses persistent gaps in opportunity for children who have incarcerated parents and seeks to create a trajectory toward healthy life outcomes and prevent youth justice involvement.
We have committed to a multi-year partnership in Prison Fellowship's First Chance Network, or FCN. Serving over 270,000 children annually, the FCN addresses persistent gaps in opportunity for children who have incarcerated parents and seeks to create a trajectory toward healthy life outcomes and prevent youth justice involvement.
Students learn skills from basic industry awareness to Occupational Safety and Health Administration, or OSHA, requirements in this five-week, on-site program. They also learn how to properly use hand and power tools, and how to safely handle construction materials. Upon completion, students receive an industry-recognized certificate.
Participants learn skills from basic industry awareness to Occupational Safety and Health Administration, or OSHA, requirements in this five-week, on-site program. They also learn how to properly use hand and power tools, and how to safely handle construction materials. Upon completion, participants receive an industry-recognized certificate.
We have also been in discussions with several state and county government agencies that have experienced challenges in staffing their public-sector facilities and are 16 seeking solutions from the private sector. Further, several of our existing government partners, as well as prospective government partners, have been experiencing growth in offender populations and overcrowded conditions.
We have been in discussions with several state and county government agencies that have experienced challenges in staffing their public-sector facilities and are seeking solutions from the private sector. Further, several of our existing government partners, as well as prospective government partners, have been experiencing growth in offender populations and overcrowded conditions.
This anticipated increase in demand could result in higher utilization of our available capacity under existing contracts, as well as through new contracts utilizing our idle correctional and detention facilities or our other existing capacity. However, we can provide no assurance that the federal government will increase the utilization of our available capacity.
This anticipated increase in demand could result in higher utilization of our available capacity under existing contracts, as well as through new contracts utilizing our idle correctional and detention facilities or our other existing capacity. However, we can provide no assurance that the federal government will continue to increase the utilization of our available capacity.
(G) The facility is subject to a purchase option held by the Tallahatchie County Correctional Authority that grants Tallahatchie County Correctional Authority the right to purchase the facility at any time during the contract at a price generally equal to the cost of the premises less an allowance for amortization that originally occurred over a 20-year period.
(F) The facility is subject to a purchase option held by the Tallahatchie County Correctional Authority that grants Tallahatchie County Correctional Authority the right to purchase the facility at any time during the contract at a price generally equal to the cost of the premises less an allowance for amortization that originally occurred over a 20-year period.
In addition, a majority of our contracts have terms between one and five years, and we have experienced customer retention of approximately 96% at facilities we owned or controlled via a long-term lease during the previous five years, which contributes to our relatively predictable and stable revenue base.
In addition, a majority of our contracts have terms between one and five years, and we have experienced customer retention of approximately 97% at facilities we owned or controlled via a long-term lease during the previous five years, which contributes to our relatively predictable and stable revenue base.
CoreCivic Safety also includes the operating results of our subsidiary that provides transportation services to governmental agencies, TransCor America, LLC, or TransCor. • CoreCivic Community segment, consisting of 21 residential reentry centers that are owned or controlled via a long-term lease and managed by CoreCivic.
CoreCivic Safety also includes the operating results of our subsidiary that provides transportation services to governmental agencies, TransCor America, LLC, or TransCor. • CoreCivic Community segment, consisting of 20 residential reentry centers that are owned or controlled via a long-term lease and managed by CoreCivic.
In our CoreCivic Safety segment, we own, or control via a long-term lease, 11.5 million square feet of real estate used to provide innovative, comprehensive, flexible, turn-key correctional and detention services to federal, state and local government agencies.
In our CoreCivic Safety segment, we own, or control via a long-term lease, 12.5 million square feet of real estate used to provide innovative, comprehensive, flexible, turn-key correctional and detention services to federal, state and local government agencies.
(I) The state of Ohio has the irrevocable right to repurchase the facility before we may resell the facility to a third party, or if we become insolvent or are unable to meet our obligations under the management contract with the state of Ohio, at a price generally equal to the fair market value.
(H) The state of Ohio has the irrevocable right to repurchase the facility before we may resell the facility to a third party, or if we become insolvent or are unable to meet our obligations under the management contract with the state of Ohio, at a price generally equal to the fair market value.
In addition, the majority of our federal and state government partners employ on-site contract monitors who monitor performance and contract compliance at our facilities on a full- or part-time basis. In 2024, 97% of the CoreCivic Safety facilities we manage had an assigned contract monitor.
In addition, the majority of our federal and state government partners employ on-site contract monitors who monitor performance and contract compliance at our facilities on a full- or part-time basis. In 2025, 97% of the CoreCivic Safety facilities we manage had an assigned contract monitor.
Governments are continuing to assess their need for correctional space, and several are continuing to consider alternative correctional capacity for their aged or inefficient infrastructure, or are seeking cost savings by utilizing the private sector, which could result in increased future demand for the solutions we provide.
Governments are continuing to assess their need for correctional space, and several are considering alternative correctional capacity for their aged or inefficient infrastructure, or are seeking cost savings by utilizing the private sector, which could result in increased future demand for the solutions we provide.
(F) These facilities are subject to purchase options held by the GDOC, which grants the GDOC the right to purchase the facility for the lesser of the facility's depreciated book value, as defined, or fair market value at any time during the term of the contract between the GDOC and us.
(E) These facilities are subject to purchase options held by the GDOC, which grants the GDOC the right to purchase the facility for the lesser of the facility's depreciated book value, as defined, or fair market value at any time during the term of the contract between the GDOC and us.
Governments are continuing to assess their need for correctional space, and several are continuing to consider alternative correctional capacity for their aged or inefficient infrastructure, or are seeking cost savings by utilizing the private sector, which could result in increased future demand for the solutions we provide.
Governments are continuing to assess their need for correctional space, and several are considering alternative correctional capacity for their aged or inefficient infrastructure, or are seeking cost savings by utilizing the private sector, which could result in increased future demand for the solutions we provide.
Employee Safety We are committed to bettering the public good by making our facilities and communities safe for our team members, those under our care, and the public. In 2024, our "Team Safety" program continued initiatives to provide a safe environment and safe working conditions as reflected in our policies and procedures.
Employee Safety We are committed to bettering the public good by making our facilities and communities safe for our team members, those under our care, and the public. In 2025, our "Team Safety" program continued initiatives to provide a safe environment and safe working conditions as reflected in our policies and procedures.
The amortization period was extended through 2050 in connection with an expansion completed during the fourth quarter of 2007. (H) The state of Montana has an option to purchase the facility generally at any time during the term of the contract with us at fair market value.
The amortization period was extended through 2050 in connection with an expansion completed during the fourth quarter of 2007. (G) The state of Montana has an option to purchase the facility generally at any time during the term of the contract with us at fair market value.
Department of Justice, in 2016, inmates who completed addiction treatment in prison have significantly lower recidivism levels regardless of the treatment model used. Additional program offerings include our Victim Impact Programs, available at a number of our Safety and Community facilities, which seek to educate offenders about the negative effects their criminal conduct can have on others.
Department of Justice, in 2016, inmates who completed addiction treatment in prison have significantly lower recidivism levels regardless of the treatment model used. Additional program offerings include our Victim Impact Programs, available at a number of our Safety and Community facilities, which seek to educate individuals in our care about the negative effects their criminal conduct can have on others.
Under our senior management team's leadership, we have successfully executed strategies to diversify our business and offer a broader range of solutions to government partners, created new business opportunities with customers that have not previously utilized the private corrections sector, completed several business combination transactions and corporate structure changes adapting to dynamic environments, and successfully completed numerous financing transactions.
Under our senior management team's leadership, we have successfully executed strategies to diversify our business and offer a broader range of solutions to government partners, created new business opportunities with customers that have not previously utilized the private corrections sector, completed several business combination transactions and corporate structure changes adapting to dynamic environments, and successfully completed numerous financing transactions. 33 Corporate Responsibility Reporting.
Serving over 250,000 children annually, the FCN addresses persistent gaps in opportunity for children who have incarcerated parents and seeks to create a trajectory toward healthy life outcomes and prevent youth justice involvement.
Serving over 270,000 children annually, the FCN addresses persistent gaps in opportunity for children who have incarcerated parents and seeks to create a trajectory toward healthy life outcomes and prevent youth justice involvement.
With occupancy of 86% in 2024 in our Safety and Community segments excluding our idle facilities, we also have the capacity to grow earnings and cash flows within existing operating facilities and without the need to deploy significant capital.
With occupancy of 86% in 2025 in our Safety and Community segments excluding our idle facilities, we also have the capacity to grow earnings and cash flows within existing operating facilities and without the need to deploy significant capital.
In addition to providing fundamental residential services, our correctional, detention, and residential reentry facilities offer a variety of rehabilitation and educational programs, including basic education, faith-based services, life skills and employment training, and substance abuse treatment. These services are intended to help reduce recidivism and to prepare offenders for their successful reentry into society upon their release.
In addition to providing fundamental residential services, our correctional, detention, and residential reentry facilities offer a variety of rehabilitation and educational programs, including basic education, faith-based services, life skills and employment training, and substance abuse treatment. These services are intended to help reduce recidivism and to prepare individuals in our care for their successful reentry into society upon their release.
Also in 2020, we began a partnership with, and continue to invest in, Prison Fellowship, a leading advocate for criminal justice reform serving current and formerly incarcerated individuals and their family members. Through a network of programming and advocacy efforts, the organization seeks to effect positive change at every level of the criminal justice system.
We also have a partnership with, and continue to invest in, Prison Fellowship, a leading advocate for criminal justice reform serving current and formerly incarcerated individuals and their family members. Through a network of programming and advocacy efforts, the organization seeks to effect positive change at every level of the criminal justice system.
Hum an Capital In order to fulfill our mission of providing high quality, compassionate treatment to all those in our care, we strive to attract, develop, and retain a workforce of individuals who are driven by a deep sense of service, high standards of professionalism, and a responsibility to help government partners better the public good.
Human Capital In order to fulfill our mission of providing high quality, compassionate treatment to all those in our care, we strive to attract, develop, and retain a workforce of individuals who are driven by a deep sense of service, high standards of professionalism, and a responsibility to help government partners better the public good.
We have committed to evolving our model with an increased focus on reentry services, and we are working to equip the men and women in our care with the services, support, and resources they need to be successful upon reentry. We provide a wide range of evidence-based reentry programs and activities in our facilities.
We have committed to evolving our model with an increased focus on reentry services, and we are working to equip the men and women in our care with the skills, services, support, and resources they need to be successful upon reentry into society. We provide a wide range of evidence-based reentry programs and activities in our facilities.
In the event of breaches of unsecured protected health information, covered entities must notify affected individuals, the U.S. Department of Health and Human Services, or DHHS, and, in certain situations involving large breaches, the media.
In the event of breaches of unsecured protected health information, covered entities must notify affected individuals, the U.S. Department of Health and Human Services and, in certain situations involving large breaches, the media.
The Global Internal Audit Standards guide the worldwide professional practice of internal auditing and serve as a basis for evaluating and elevating the quality of the internal audit function. The QAD employs a team of full-time auditors, who are subject matter experts from all major disciplines within institutional operations.
The Global Internal Audit Standards guide the worldwide professional practice of internal auditing and serve as a basis for evaluating and elevating the quality of the internal audit function. The QAD employs a team of full-time auditors, who are subject matter experts from all major disciplines within correctional and detention operations.
For the years ended December 31, 2024, 2023, and 2022, our total segment net operating income, which we define as a facility's revenues (including interest income associated with finance leases) less operating expenses, was divided among our three business segments as follows: For the Years Ended December 31, 2024 2023 2022 Segment: Safety 91.1 % 84.7 % 84.1 % Community 4.6 % 5.2 % 3.9 % Properties 4.3 % 10.1 % 12.0 % Our customers primarily consist of federal, state, and local government agencies.
For the years ended December 31, 2025, 2024, and 2023, our total segment net operating income, which we define as a facility's revenues (including interest income associated with finance leases) less operating expenses, was divided among our three business segments as follows: For the Years Ended December 31, 2025 2024 2023 Segment: Safety 91.7 % 91.1 % 84.7 % Community 5.1 % 4.6 % 5.2 % Properties 3.2 % 4.3 % 10.1 % Our customers primarily consist of federal, state, and local government agencies.
(J) The state of Tennessee has the option to purchase the facility in the event of our bankruptcy, or upon an operational or financial breach under the management agreement, at a price equal to the book value, as determined under such agreement. 26 CoreCivic Properties Through our CoreCivic Properties segment, we owned 6 correctional facilities held for lease to third-party operators.
(I) The state of Tennessee has the option to purchase the facility in the event of our bankruptcy, or upon an operational or financial breach under the management agreement, at a price equal to the book value, as determined under such agreement. 26 CoreCivic Properties Through our CoreCivic Properties segment, we owned five correctional facilities held for lease to third-party operators.
Accordingly, we believe that we benefit from the following competitive strengths: Largest Private Owner of Correctional and Detention Facilities. As of December 31, 2024, we owned, or controlled via a long-term lease, approximately 14.0 million square feet of real estate, all available to be used directly or indirectly by government agencies.
Accordingly, we believe that we benefit from the following competitive strengths: Largest Private Owner of Correctional and Detention Facilities. As of December 31, 2025, we owned, or controlled via a long-term lease, approximately 14.5 million square feet of real estate, all available to be used directly or indirectly by government agencies.
At our CAI Ocean View facility in California, we offer our residents the ability to receive a "Certificate of Completion in Money Smarts and Transitional Skills". The classes are taught by our Employment Specialist and Program Facilitator at the Ocean View facility and are offered to all residents on a daily basis.
At our CAI Ocean View facility in California, we offer our residents the ability to receive a "Certificate of Completion in Money Smarts and Transitional Skills". The classes are taught by our Employment Specialist and Program Facilitator at the Ocean View facility and are offered to all residents.
Notwithstanding these termination clauses, the contract renewal rate for properties we owned or controlled via long-term lease in these segments was approximately 96% over the five years ended December 31, 2024. The lease agreements in our CoreCivic Properties segment typically have terms of five to twenty years including renewal options, and generally have more restrictive termination clauses.
Notwithstanding these termination clauses, the contract renewal rate for properties we owned or controlled via long-term lease in these segments was approximately 97% over the five years ended December 31, 2025. The lease agreements in our CoreCivic Properties segment typically have terms of five to twenty years including renewal options, and generally have more restrictive termination clauses.
At most of the facilities we manage, offenders have the opportunity to enhance their basic education from literacy through earning a high school equivalency certificate endorsed by their respective state. In some cases, we also provide opportunities for postsecondary educational achievements and chances to participate in college degree programs.
At most of the facilities we manage, individuals in our care have the opportunity to enhance their basic education from literacy through earning a high school equivalency certificate endorsed by their respective state. In some cases, we also provide opportunities for postsecondary educational achievements and chances to participate in college degree programs.
In addition, on August 1, 2024, we entered into a second management contract with the state of Montana to care for an unspecified number of inmates at facilities we operate. The second contract is scheduled to expire on July 31, 2026, and may be extended by mutual agreement for a total term of up to seven years.
For example, on August 1, 2024, we entered into a management contract with the state of Montana to care for an unspecified number of inmates at facilities we operate. The contract is scheduled to expire on July 31, 2026, and may be extended by mutual agreement for a total term of up to seven years.
As part of this continued initiative, we apply government relations resources and expertise to advocate for the following policies: • "Ban-the-Box" proposals to help improve former inmates' chances at getting a job; • Reduced legal barriers to make it easier and less risky for companies to hire former incarcerated individuals; • Increased funding for reentry programs in areas such as education, addiction treatment, faith-based offerings, victim impact and post-release employment; and • Social impact bond pilot programs that tie contractor payments to positive outcomes. 12 In 2020, we announced that we will publicly advocate at the federal and state levels for a slate of new policies that will help people succeed in their communities after being released from prison.
As part of this continued initiative, we apply government relations resources and expertise to advocate for the following policies: • "Ban-the-Box" proposals to help improve former inmates' chances at getting a job; • Reduced legal barriers to make it easier and less risky for companies to hire formerly incarcerated individuals; • Increased funding for reentry programs in areas such as education, addiction treatment, faith-based offerings, victim impact and post-release employment; and • Social impact bond pilot programs that tie contractor payments to positive outcomes. 12 We have and will continue to publicly advocate at the federal and state levels for policies designed to help people succeed in their communities after being released from prison.
In 2024, 99% of all eligible employees completed annual performance reviews. We continue to use a leading cloud-based talent system to align performance, talent management, career development activities, and training. In addition, every year we facilitate talent review discussions to help assess potential and identify developmental opportunities within our leadership pipeline.
In 2025, 95% of all eligible employees completed annual performance reviews. We continue to use a leading cloud-based talent system to align performance, talent management, career development activities, and training. In addition, every year we facilitate talent review discussions to help assess potential and identify developmental opportunities within our leadership pipeline.
Through our CoreCivic Community segment, we also operated 21 residential reentry centers, which we owned or controlled via a long-term lease.
Through our CoreCivic Community segment, we also operated 20 residential reentry centers, which we owned or controlled via a long-term lease.
We are the nation's largest owner of partnership correctional, detention, and residential reentry facilities and one of the largest prison operators in the United States.
We are the nation's largest owner of partnership correctional, detention, and residential reentry facilities and one of the largest operators of such facilities in the United States.
For the offenders who are close to taking their GED/HiSET exam, we have invested in the equipment needed to use the GED/HiSET Academy software program, which is an offline software program providing over 200 hours of individualized lessons up to a 12 th grade level.
For the individuals in our care who are close to taking their GED/HiSET exam, we have invested in the equipment needed to use the GED/HiSET Academy software program, which is an offline software program providing over 200 hours of individualized lessons up to a 12 th grade level.
Equally significant, we offer cognitive behavioral programs aimed at changing anti-social attitudes and behaviors in offenders, with a focus on altering the level of criminal thinking. In 2017, we introduced a comprehensive reentry strategy we call "Go Further," a forward thinking, process approach to reentry.
Equally significant, we offer cognitive behavioral programs aimed at changing anti-social attitudes and behaviors in individuals in our care, with a focus on altering the level of criminal thinking. In 2017, we introduced a comprehensive reentry strategy we call "Go Further," a forward thinking, process approach to reentry.
Business D evelopment We believe we own, or control via a long-term lease, approximately 55% of all privately owned prison beds in the United States, manage approximately 39% of all privately managed prison beds in the United States, and are currently the second largest private owner and provider of community corrections services in the nation.
Business D evelopment We believe we own, or control via a long-term lease, approximately 57% of all privately owned prison beds in the United States, manage approximately 41% of all privately managed prison beds in the United States, and are currently the second largest private owner and provider of community corrections services in the nation.
Community corrections/residential reentry facilities offer housing and programs to offenders who are serving the last portion of their sentence or who have been assigned to the facility in lieu of a jail or prison sentence, with a key focus on employment, job readiness, and life skills.
Community corrections/residential reentry facilities offer housing and programs to individuals in our care who are serving the last portion of their sentence or who have been assigned to the facility in lieu of a jail or prison sentence, with a key focus on employment, job readiness, and life skills.
We expect to continue to pursue opportunities to provide these services to parolees, defendants, and offenders who are serving their full sentence, the last portion of their sentence, waiting to be sentenced, awaiting trial while supervised in a community environment, or as an alternative to incarceration.
We expect to continue to pursue opportunities to provide these services to parolees, defendants, and individuals in our care who are serving their full sentence, the last portion of their sentence, waiting to be sentenced, awaiting trial while supervised in a community environment, or as an alternative to incarceration.
State revenues increased as a result of per diem increases under a number of our state contracts, as certain states have recognized the need to provide additional funding to address increases in the wages of our employees.
State revenues increased from 2024 to 2025 as a result of per diem increases under a number of our state contracts, as certain states have recognized the need to provide additional funding to address increases in the wages of our employees.
Mary, Kentucky Medium Prairie Correctional Facility Idled 2010 1,600 Medium Correctional — — Appleton, Minnesota Adams County Correctional Center ICE 2,232 Medium Detention Feb-25 Indefinite Adams County, Mississippi Tallahatchie County Correctional Facility (G) USMS 2,672 Multi Correctional Jun-26 Indefinite Tutwiler, Mississippi Crossroads Correctional Center (H) State of Montana 664 Multi Correctional Jun-25 (2) 2 year Shelby, Montana Nevada Southern Detention Center USMS 1,072 Medium Detention Oct-25 (1) 5 year Pahrump, Nevada Elizabeth Detention Center ICE 300 Minimum Detention Feb-25 — Elizabeth, New Jersey Cibola County Corrections Center USMS 1,129 Medium Detention Indefinite — Milan, New Mexico Torrance County Detention Facility ICE 910 Multi Detention Mar-25 Indefinite Estancia, New Mexico Lake Erie Correctional Institution (I) State of Ohio 1,798 Medium Correctional Jun-32 Indefinite Conneaut, Ohio Northeast Ohio Correctional Center USMS 2,016 Medium Correctional May-27 Indefinite Youngstown, Ohio Cimarron Correctional Facility USMS 1,600 Multi Detention Sep-25 Indefinite Cushing, Oklahoma Diamondback Correctional Facility Idled 2010 2,160 Multi Correctional — — Watonga, Oklahoma Trousdale Turner Correctional Center State of Tennessee 2,552 Multi Correctional Jun-26 — Hartsville, Tennessee West Tennessee Detention Facility Idled 2021 600 Multi Detention — — Mason, Tennessee Whiteville Correctional Facility (J) State of Tennessee 1,536 Medium Correctional Jun-26 — Whiteville, Tennessee 22 Facility Name Primary Customer Design Capacity (A) Security Level Facility Type (B) Term Remaining Renewal Options (C) Eden Detention Center USMS 1,422 Medium Detention Indefinite — Eden, Texas Houston Processing Center ICE 1,000 Medium Detention Aug-25 (5) 1 year Houston, Texas Laredo Processing Center ICE 258 Minimum/ Detention Mar-25 Indefinite Laredo, Texas Medium T.
Mary, Kentucky Medium Prairie Correctional Facility Idled 2010 1,600 Medium Correctional — — Appleton, Minnesota Adams County Correctional Center ICE 2,232 Medium Detention May-29 Indefinite Adams County, Mississippi Tallahatchie County Correctional Facility (F) USMS 2,672 Multi Correctional Jun-26 Indefinite Tutwiler, Mississippi Crossroads Correctional Center (G) State of Montana 664 Multi Correctional Jun-25 (2) 2 year Shelby, Montana Nevada Southern Detention Center USMS 1,072 Medium Detention Oct-30 — Pahrump, Nevada Elizabeth Detention Center ICE 300 Minimum Detention Mar-26 — Elizabeth, New Jersey Cibola County Corrections Center USMS 1,129 Medium Detention Indefinite — Milan, New Mexico Torrance County Detention Facility ICE 910 Multi Detention Mar-26 Indefinite Estancia, New Mexico Lake Erie Correctional Institution (H) State of Ohio 1,798 Medium Correctional Jun-32 Indefinite Conneaut, Ohio Northeast Ohio Correctional Center USMS 2,016 Medium Correctional May-27 Indefinite Youngstown, Ohio Cimarron Correctional Facility USMS 1,600 Multi Detention Sep-27 Indefinite Cushing, Oklahoma Diamondback Correctional Facility ICE 2,160 Multi Detention Sep-29 Indefinite Watonga, Oklahoma Trousdale Turner Correctional Center State of Tennessee 2,552 Multi Correctional Jun-26 — Hartsville, Tennessee West Tennessee Detention Facility ICE 600 Multi Detention Aug-30 Indefinite Mason, Tennessee 22 Facility Name Primary Customer Design Capacity (A) Security Level Facility Type (B) Term Remaining Renewal Options (C) Whiteville Correctional Facility (I) State of Tennessee 1,536 Medium Correctional Jun-26 — Whiteville, Tennessee Dilley Immigration Processing Center ICE 2,400 — Residential Mar-30 Indefinite Dilley, Texas Eden Detention Center USMS 1,422 Medium Detention Indefinite — Eden, Texas Houston Processing Center ICE 1,000 Medium Detention Aug-26 (3) 1 year Houston, Texas Laredo Processing Center ICE 258 Minimum/ Detention Mar-26 Indefinite Laredo, Texas Medium T.
We believe the demand for the housing and programs that community corrections facilities offer will grow as offenders are released from prison and due to an increased awareness of the important role these programs play in an offender's successful transition from prison to society.
We believe the demand for the housing and programs that community corrections facilities offer will grow as individuals in our care are released from prison and due to an increased awareness of the important role these programs play in an offender's successful transition from prison to society.
Our Journey produces reentry booklets customized for each state. The booklets are written from the lived-experience perspective and use information gathered from focus groups and community networks to develop customized local information. We have partnered with Our Journey to produce these booklets for each state in which we have facilities.
The booklets are written from the lived-experience perspective and use information gathered from focus groups and community networks to develop customized local information. We are partnering with Our Journey to produce these booklets for each state in which we have facilities.
Our staff takes an active role in going into the community and creating collaborative relationships with employers to assist residents when they first arrive at our facility and provide support for a smoother transition in job seeking.
Our staff takes an active role in going into the community and creating collaborative relationships with employers to assist residents when they first arrive at one of our facilities and provide support for a smoother transition in job seeking.
The following table includes certain information regarding each facility as of December 31, 2024, including the primary customer contract, contract term and remaining renewal options, if any, related to such facility, or if the facility is available for customer contract (e.g., idled). 20 Facility Name Primary Customer Design Capacity (A) Security Level Facility Type (B) Term Remaining Renewal Options (C) CoreCivic Safety Facilities: Safety - Owned and Managed: Central Arizona Florence Correctional Complex USMS 4,128 Multi Detention Sep-28 — Florence, Arizona Eloy Detention Center ICE 1,500 Medium Detention Jun-28 Indefinite Eloy, Arizona La Palma Correctional Center State of Arizona 3,060 Multi Correctional Apr-27 (1) 5 year Eloy, Arizona Red Rock Correctional Center (D) State of Arizona 2,024 Medium Correctional Jul-26 (2) 5 year Eloy, Arizona Saguaro Correctional Facility State of Hawaii 1,896 Multi Correctional Jul-25 (1) 1 year Eloy, Arizona Leo Chesney Correctional Center (E) Idled 2015 240 — — — — Live Oak, California Otay Mesa Detention Center ICE 1,994 Minimum/ Detention Dec-29 (1) 5 year San Diego, California Medium Bent County Correctional Facility State of Colorado 1,420 Medium Correctional Jun-25 (1) 1 year Las Animas, Colorado Crowley County Correctional Facility State of Colorado 1,794 Medium Correctional Jun-25 (1) 1 year Olney Springs, Colorado Huerfano County Correctional Center Idled 2010 752 Medium Correctional — — Walsenburg, Colorado Kit Carson Correctional Center Idled 2016 1,488 Medium Correctional — — Burlington, Colorado Coffee Correctional Facility (F) State of Georgia 2,312 Medium Correctional Jun-25 (9) 1 year Nicholls, Georgia Jenkins Correctional Center (F) State of Georgia 1,124 Medium Correctional Jun-25 (10) 1 year Millen, Georgia Stewart Detention Center ICE 1,752 Medium Detention Indefinite — Lumpkin, Georgia Wheeler Correctional Facility (F) State of Georgia 2,312 Medium Correctional Jun-25 (9) 1 year Alamo, Georgia Midwest Regional Reception Center Idled 2021 1,033 Multi Detention — — Leavenworth, Kansas 21 Facility Name Primary Customer Design Capacity (A) Security Level Facility Type (B) Term Remaining Renewal Options (C) Lee Adjustment Center Commonwealth of 816 Multi Correctional Jun-25 (3) 2 year Beattyville, Kentucky Kentucky Marion Adjustment Center Idled 2013 826 Minimum/ Correctional — — St.
The following table includes certain information regarding each facility as of December 31, 2025, including the primary customer contract, contract term and remaining renewal options, if any, related to such facility, or if the facility is available for customer contract (e.g., idled). 20 Facility Name Primary Customer Design Capacity (A) Security Level Facility Type (B) Term Remaining Renewal Options (C) CoreCivic Safety Facilities: Safety - Owned and Managed: Central Arizona Florence Correctional Complex USMS 4,128 Multi Detention Sep-28 — Florence, Arizona Eloy Detention Center ICE 1,500 Medium Detention Jun-28 Indefinite Eloy, Arizona La Palma Correctional Center State of Arizona 3,060 Multi Correctional Apr-27 (1) 5 year Eloy, Arizona Red Rock Correctional Center (D) State of Arizona 2,024 Medium Correctional Jul-26 (2) 5 year Eloy, Arizona Saguaro Correctional Facility State of Hawaii 1,896 Multi Correctional Jul-26 — Eloy, Arizona California City Immigration Processing Center ICE 2,560 Medium Detention Aug-27 — California City, California Otay Mesa Detention Center ICE 1,994 Minimum/ Detention Dec-29 (1) 5 year San Diego, California Medium Bent County Correctional Facility State of Colorado 1,420 Medium Correctional Jun-26 — Las Animas, Colorado Crowley County Correctional Facility State of Colorado 1,794 Medium Correctional Jun-26 — Olney Springs, Colorado Huerfano County Correctional Center Idled 2010 752 Medium Correctional — — Walsenburg, Colorado Kit Carson Correctional Center Idled 2016 1,488 Medium Correctional — — Burlington, Colorado Coffee Correctional Facility (E) State of Georgia 2,312 Medium Correctional Jun-26 (8) 1 year Nicholls, Georgia Jenkins Correctional Center (E) State of Georgia 1,124 Medium Correctional Jun-26 (9) 1 year Millen, Georgia Stewart Detention Center ICE 1,752 Medium Detention Indefinite — Lumpkin, Georgia Wheeler Correctional Facility (E) State of Georgia 2,312 Medium Correctional Jun-26 (8) 1 year Alamo, Georgia 21 Facility Name Primary Customer Design Capacity (A) Security Level Facility Type (B) Term Remaining Renewal Options (C) Midwest Regional Reception Center ICE 1,033 Multi Detention Sep-27 — Leavenworth, Kansas Lee Adjustment Center Commonwealth of 816 Multi Correctional Jun-27 (2) 2 year Beattyville, Kentucky Kentucky Marion Adjustment Center Idled 2013 826 Minimum/ Correctional — — St.
"Go Further" encompasses all facility reentry programs, adds a proprietary cognitive/behavioral curriculum, and encourages staff and offenders to take a collaborative approach to assist in reentry preparation. In 2021, we opened a "Go Further Release" program in the Denver, Colorado area.
"Go Further" encompasses all facility reentry programs, adds a proprietary cognitive/behavioral curriculum, and encourages staff and individuals in our care to take a collaborative approach to assist in reentry preparation. In 2021, we opened a "Go Further Release" program in the Denver, Colorado area.
For additional information regarding data privacy and other risks related to our business, see Item 1A. Risk Factors—Risks Related to Our Business and Industry— The failure to comply with data privacy, security and exchange legal requirements could have a material adverse impact on our business, financial position, results of operations, cash flows and reputation .
For additional information regarding data privacy and other risks related to our business, see Item 1A. Risk Factors—Risks Related to Our Business and Industry— The failure to comply with data privacy, security and exchange legal requirements could have an adverse impact on our business, reputation, financial position and results of operations .
In our CoreCivic Community segment, we own, or control via a long-term lease, 0.5 million square feet of real estate representing, as of December 31, 2024, 21 residential reentry centers with a design capacity of 4,159 beds, making us the second largest community corrections owner and operator in the United States.
In our CoreCivic Community segment, we own, or control via a long-term lease, 0.5 million square feet of real estate representing, as of December 31, 2025, 20 residential reentry centers with a design capacity of 4,099 beds, making us the second largest community corrections owner and operator in the United States.
Some of these audits and facility inspections by our partners are conducted on an unannounced basis. In 2024, our government partners conducted approximately 210 annual, semi-annual, quarterly, and monthly compliance audits and inspections at our CoreCivic Safety facilities.
Some of these audits and facility inspections by our partners are conducted on an unannounced basis. In 2025, our government partners conducted approximately 234 annual, semi-annual, quarterly, and monthly compliance audits and inspections at our CoreCivic Safety facilities.
Available Beds within Our Existing Facilities. We currently have 13,419 beds at nine correctional and detention facilities that are vacant and immediately available to use. We are actively engaged in marketing this available capacity as solutions to meet the needs of potential customers. Historically, we have been successful in identifying opportunities to utilize our inventory of available beds.
Available Beds within Our Existing Facilities. We currently have 7,066 beds at five correctional and detention facilities that are vacant and immediately available to use. We are actively engaged in marketing this available capacity as solutions to meet the needs of potential customers. Historically, we have been successful in identifying opportunities to utilize our inventory of available beds.
Through our CoreCivic Properties segment, as of December 31, 2024, we owned 6 correctional properties totaling 2.0 million square feet. We have an extensive network of government and other third-party relationships and the capability to manage and maintain complex properties, built over our more than 40-year history.
Through our CoreCivic Properties segment, as of December 31, 2024, we owned five correctional properties totaling 1.5 million square feet. We have an extensive network of government and other third-party relationships and the capability to manage and maintain complex properties, built over our more than 40-year history.
We also offer drug and alcohol use education/DWI programs at some of our facilities. Our goal in providing substance abuse treatment is to stimulate internal motivation for change and progress through the stages of change so that lasting behavioral change can occur.
We offer both therapeutic community models and intensive outpatient programs. We also offer drug and alcohol use education/DWI programs at some of our facilities. Our goal in providing substance abuse treatment is to stimulate internal motivation for change and progress through the stages of change so that lasting behavioral change can occur.
Effective January 1, 2021, we revoked our election to be taxed as a real estate investment trust, or REIT.
Increasing Financial Flexibility. Effective January 1, 2021, we revoked our election to be taxed as a real estate investment trust, or REIT.
The following information outlines the human capital strategies and initiatives designed to address the twin challenges of turnover and retention. 33 Leadership, Learning and Continuous Improvement We facilitate annual performance and career development discussions with all employees. These discussions consist of a continuous cycle of goal alignment, individual development planning, and performance and talent reviews.
The following information outlines the human capital strategies and initiatives designed to address the twin challenges of turnover and retention. L eadership and Talent Development We facilitate annual performance and career development discussions with all employees. These discussions consist of a continuous cycle of goal alignment, individual development planning, and performance and talent reviews.
Repurchases of our outstanding common stock are made in accordance with applicable securities laws and may be made at our discretion based on parameters set by our BOD from time to time in the open market, through privately negotiated transactions, or otherwise.
Repurchases of our outstanding common stock are made in accordance with applicable securities laws and may be made at our discretion based on parameters set by our BOD from time to time in the open market, through privately negotiated transactions, or otherwise, subject to restricted payment limitations in our debt agreements.
We believe we own, or control via a long-term lease, approximately 55% of all privately owned prison beds in the United States and manage approximately 39% of all privately managed prison beds in the United States.
We believe we own, or control via a long-term lease, approximately 57% of all privately owned prison beds in the United States and manage approximately 41% of all privately managed prison beds in the United States.
We celebrate the diversity of work and life experiences our employees bring to CoreCivic and recognize that fostering an empowered, team-oriented culture is integral to our performance as an organization and our ability to serve our government partners. 34 Our Vice President of Human Resources leads our People and Culture strategy.
We celebrate the variety of work and life experiences our employees bring to CoreCivic and recognize that fostering an empowered, team-oriented culture is integral to our performance as an organization and our ability to serve our government partners. Our Vice President of Human Resources leads many of our People and Culture programs.
Property Name Primary Customer Design Capacity Square Footage Lease Expiration Remaining Renewal Options (A) California City Correctional Center Idled 2024 2,560 522,000 — — California City, California Lansing Correctional Facility State of Kansas 2,432 401,000 Jan-40 NA Lansing, Kansas Southeast Correctional Complex (B) Commonwealth of 656 127,000 Jun-30 (5) 2 year Wheelwright, Kentucky Kentucky Northwest New Mexico Correctional Center State of New Mexico 596 188,000 Oct-27 (5) 3 year Grants, New Mexico Allen Gamble Correctional Center State of Holdenville, Oklahoma Oklahoma 1,670 289,000 Jun-29 Indefinite North Fork Correctional Facility Idled 2023 2,400 466,000 — — Sayre, Oklahoma 10,314 1,993,000 (A) Remaining renewal options represents the number of renewal options, if applicable, and the term of each option renewal.
Property Name Primary Customer Design Capacity Square Footage Lease Expiration Remaining Renewal Options (A) Lansing Correctional Facility State of Kansas 2,432 401,000 Jan-40 NA Lansing, Kansas Southeast Correctional Complex (B) Commonwealth of 656 127,000 Jun-30 (5) 2 year Wheelwright, Kentucky Kentucky Northwest New Mexico Correctional Center State of New Mexico 596 188,000 Oct-27 (5) 3 year Grants, New Mexico Allen Gamble Correctional Center State of Holdenville, Oklahoma Oklahoma 1,670 289,000 Jun-31 Indefinite North Fork Correctional Facility Idled 2023 2,400 466,000 — — Sayre, Oklahoma 7,754 1,471,000 (A) Remaining renewal options represents the number of renewal options, if applicable, and the term of each option renewal.
Federal correctional and detention authorities primarily consist of the U.S. Immigration and Customs Enforcement, or ICE, the United States Marshals Service, or USMS, and the Federal Bureau of Prisons, or BOP. Payments by federal correctional, detention and residential reentry authorities represented 51%, 52%, and 54% of our total revenue for the years ended December 31, 2024, 2023, and 2022, respectively.
Federal correctional and detention authorities primarily consist of ICE, the United States Marshals Service, or USMS, and the Federal Bureau of Prisons, or BOP. Payments by federal correctional, detention and residential reentry authorities represented 54%, 51%, and 52% of our total revenue for the years ended December 31, 2025, 2024, and 2023, respectively.
We currently expect demand from the federal government for our correctional and detention facilities to increase under the new presidential administration, particularly from ICE, as a result of anticipated changes in immigration policy and funding levels of our federal government partners charged with correctional and detention responsibilities.
We currently expect demand from the federal government for our correctional and detention facilities to continue to increase, particularly from ICE, as a result of the changes in immigration policy and funding levels of our federal government partners charged with correctional and detention responsibilities.
The QAD management team provides governance of the corrective action plan process for any items of nonconformance identified through internal and external facility reviews. Our QAD also contracts with teams of ACA certified correctional auditors to evaluate compliance with ACA standards at accredited facilities.
The Policy, Procedure, and Corrective Action, or PPCA, management team provides governance of the corrective action plan process for any items of nonconformance identified through internal and external facility reviews. In addition, our QAD contracts with teams of ACA certified correctional auditors to evaluate compliance with ACA standards at accredited facilities.
This stream of revenue combined with our low maintenance capital expenditure requirement translates into steady, predictable cash flow. Development, Expansion, and Acquisition Opportunitie s. Several of our existing government partners, as well as prospective government partners, have been experiencing growth in offender populations and overcrowded conditions.
This stream of revenue combined with our low maintenance capital expenditure requirement translates into steady, predictable cash flow. 30 Development, Expansion, and Acquisition Opportunitie s. Several of our existing government partners, as well as prospective government partners, continue to experience growth in offender populations and overcrowded conditions.
The state of Tennessee is our largest state customer, accounting for 10% of our total revenue during 2024, with no other state customer generating 10% or more of our total revenue.
The state of Tennessee is our largest state customer, accounting for 9% and 10% of our total revenue during 2025 and 2024, respectively, with no other state customer generating 10% or more of our total revenue.
As of December 31, 2024, we had $168.9 million of repurchase authorization available under the share repurchase program. For more information about the repurchases made under our share repurchase program, see " Part II, Item 5.
As of December 31, 2025, we had $300.5 million of repurchase authorization available under the share repurchase program. For more information about the repurchases made under our share repurchase program, see " Part II, Item 5.
As of December 31, 2024, through our CoreCivic Safety segment, we operated 42 correctional and detention facilities, 38 of which we owned or controlled via a long-term lease, and four of which we managed and were owned by our government partners.
As of December 31, 2025, through our CoreCivic Safety segment, we operated 44 correctional and detention facilities, 40 of which we owned or controlled via a long-term lease, and four of which we managed and were owned by our government partners.
Annually, QAD auditors generally conduct unannounced on-site evaluations of each CoreCivic Safety facility we operate using specialized audit tools, typically containing approximately 1,455 audit indicators across all major operational areas. In most instances, these audit tools are tailored to facility and partner specific requirements.
Annually, QAD auditors typically conduct unannounced on-site evaluations of each CoreCivic Safety facility we operate using specialized audit tools, often containing more than 1,200 audit indicators across all major operational areas. In most instances, these audit tools are tailored to facility and government partner specific requirements.
ICE (29%, 30%, and 29% during 2024, 2023, and 2022, respectively) and the USMS (21%, 21%, and 22% during 2024, 2023 and 2022, respectively) each accounted for 10% or more of our total revenue during the last three years.
ICE (35%, 29%, and 30% during 2025, 2024, and 2023, respectively) and the USMS (18%, 21%, and 21% during 2025, 2024, and 2023, respectively) each accounted for 10% or more of our total revenue during the last three years.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

122 edited+43 added−38 removed135 unchanged
Biggest changeThese risks may be intensified in the future if the federal government seeks to activate multiple idle facilities to carry out the immigration policies implemented under President Trump's second presidential administration. Many of our contracts include specific staffing requirements, and our failure to satisfy such requirements may result in the imposition of financial penalties or loss of contract.
Biggest changeMany of our contracts include specific staffing requirements, and our failure to satisfy such requirements may result in the imposition of financial penalties or loss of contract. We continue to experience labor shortages and wage pressures in several markets across the country and have provided customary inflationary wage increases to remain competitive.
In addition, negative publicity regarding offenders escaping, rioting or any other disturbances at our facilities or any public perception of poor operational performance at our facilities, contract non-compliance, or other conditions (including disease outbreaks at the facilities we own and manage) at a privately managed facility may result in adverse publicity to us and the private corrections industry in general and could negatively impact our growth and our ability to renew or maintain existing contracts or to obtain new contracts, which could have an adverse impact on our business, reputation, financial condition, results of operations or the market price of our common stock.
In addition, negative publicity regarding offenders escaping, rioting or any other disturbances at our facilities or any public perception of poor operational performance at our facilities, contract non-compliance, or other conditions (including disease outbreaks at the facilities we own and manage) at a privately managed facility may result in adverse publicity to us and the private corrections industry in general and could negatively impact our growth and our ability to renew or maintain existing contracts or to obtain new contracts, which could have an adverse impact on our business, reputation, financial condition, results of operations and the market price of our common stock.
For example, it could: • make it more difficult for us to satisfy our obligations with respect to our indebtedness; • increase our vulnerability to general adverse economic and industry conditions; • require us to dedicate a substantial portion of our cash flow from operations to payments on our indebtedness, thereby reducing the availability of our cash flow to fund working capital, capital expenditures, dividends, stock repurchases and other general corporate purposes; 52 • limit our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate; • restrict us from pursuing strategic acquisitions or certain other business opportunities; • place us at a competitive disadvantage compared to our competitors that have less debt; and • limit our ability to borrow additional funds or refinance existing indebtedness on favorable terms, or at all.
For example, it could: • make it more difficult for us to satisfy our obligations with respect to our indebtedness; • increase our vulnerability to general adverse economic and industry conditions; • require us to dedicate a substantial portion of our cash flow from operations to payments on our indebtedness, thereby reducing the availability of our cash flow to fund working capital, capital expenditures, dividends, stock repurchases and other general corporate purposes; • limit our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate; • restrict us from pursuing strategic acquisitions or certain other business opportunities; • place us at a competitive disadvantage compared to our competitors that have less debt; and • limit our ability to borrow additional funds or refinance existing indebtedness on favorable terms, or at all.
Our options for addressing such capital constraints would include, but not be limited to (i) delaying certain capital expenditure projects, (ii) obtaining commitments from the remaining banks in the lending group or from new banks to fund increased or new amounts under the terms of our Bank Credit Facility, (iii) accessing the public capital markets, or (iv) retaining more of our cash flow.
Our options for addressing such capital constraints would include, but not be limited to (i) delaying certain capital expenditure projects, (ii) obtaining commitments from the remaining banks in the lending group or from new banks to fund increased or new amounts under the terms of our Bank Credit Facility, (iii) accessing the public or private capital markets, or (iv) retaining more of our cash flow.
We may not always successfully comply with these regulations and contract requirements, and failure to comply can result in material penalties, including financial penalties, non-renewal or termination of noncompliant contracts and/or our other facility contracts, exclusion from new contract procurement or RFP bidding, and suspension or debarment from contracting with certain government entities.
We may not always successfully comply with these regulations and contract requirements, and failure to comply can 44 result in material penalties, including financial penalties, non-renewal or termination of noncompliant contracts and/or our other facility contracts, exclusion from new contract procurement or RFP bidding, and suspension or debarment from contracting with certain government entities.
In the event of a default under our Bank Credit Facility or any other secured indebtedness, or if we experience insolvency, liquidation, dissolution or reorganization, the holders of our secured debt would be entitled to payment from their collateral security, and after that the holders of our unsecured debt (including the holders of any deficiency remaining after application of collateral to secured debt) would be entitled to payment from our remaining assets.
In the event of a default under our Bank 53 Credit Facility or any other secured indebtedness, or if we experience insolvency, liquidation, dissolution or reorganization, the holders of our secured debt would be entitled to payment from their collateral security, and after that the holders of our unsecured debt (including the holders of any deficiency remaining after application of collateral to secured debt) would be entitled to payment from our remaining assets.
A prolonged downturn in the financial capital markets or in our stock price could make it more difficult to obtain capital resources at favorable rates of return or obtain capital resources at all. Expectations about growth in the utilization of detention beds by the federal government may not be realized, which could negatively impact our stock price.
A prolonged downturn in the financial capital markets or in our stock price could make it more difficult to obtain capital resources at favorable rates of return or obtain capital resources at all. Expectations about continued growth in the utilization of detention beds by the federal government may not be realized, which could negatively impact our stock price.
If we do not obtain the required consents or repay our outstanding indebtedness under our Bank Credit Facility, we would effectively be prevented from offering to repurchase the notes, which would cause a default under the indentures governing the notes. Despite current indebtedness levels, we may still incur more debt.
If we do not obtain the required consents or repay our outstanding indebtedness under our Bank Credit Facility, we would effectively be prevented from offering to repurchase the notes, which would cause a default under the indentures governing the notes. 54 Despite current indebtedness levels, we may still incur more debt.
This anticipated increase in demand could result in higher utilization of our available capacity under existing contracts, as well as through new contracts utilizing our idle correctional and detention facilities or our other existing capacity. However, we can provide no assurance that the federal government will increase the utilization of our available capacity.
This anticipated continued increase in demand could result in higher utilization of our available capacity under existing contracts, as well as through new contracts utilizing our idle correctional and detention facilities or our other existing capacity. However, we can provide no assurance that the federal government will increase the utilization of our available capacity.
Together, these provisions of our charter and bylaws and Maryland law may discourage transactions that otherwise could provide for the payment of a premium over prevailing market prices for our common stock, and also could limit the price that investors are willing to pay in the future for shares of our common stock. 57
Together, these provisions of our charter and bylaws and Maryland law may discourage transactions that otherwise could provide for the payment of a premium over prevailing market prices for our common stock, and also could limit the price that investors are willing to pay in the future for shares of our common stock.
If a government audit asserts improper or illegal activities by us, we may be subject to civil and criminal penalties and administrative sanctions, including termination of contracts, forfeitures of 43 profits, suspension of payments, fines and suspension or disqualification from doing business with certain government entities.
If a government audit asserts improper or illegal activities by us, we may be subject to civil and criminal penalties and administrative sanctions, including termination of contracts, forfeitures of profits, suspension of payments, fines and suspension or disqualification from doing business with certain government entities.
The indentures related to our New 8.25% senior notes due 2029, and our 4.75% senior notes due 2027, collectively referred to herein as our senior notes, and the credit agreement related to our Bank Credit Facility, contain restrictive covenants that limit our ability to engage in activities that may be in our long-term best interests.
The indentures related to our 8.25% senior notes due 2029, and our 4.75% senior notes due 2027, collectively referred to herein as our senior notes, and the credit agreement related to our Bank Credit Facility, contain restrictive covenants that limit our ability to engage in activities that may be in our long-term best interests.
However, we can provide no assurance that we will continue to achieve high renewal rates in the future. 41 Our ability to secure new contracts to develop and manage correctional, detention, and residential reentry facilities depends on many factors outside our control.
However, we can provide no assurance that we will continue to achieve high renewal rates in the future. Our ability to secure new contracts to develop and manage correctional, detention, and residential reentry facilities depends on many factors outside our control.
In such an event, there can be no assurance that we would have sufficient assets to pay amounts due to holders of our unsecured debt, and unsecured debtholders may receive less than the full amount to which they are entitled.
In such an event, there can be no assurance that we would have sufficient assets to pay amounts due to holders of our unsecured debt, and unsecured debt-holders may receive less than the full amount to which they are entitled.
Currently, our term loan and revolving credit facility both mature in October 2028. We also have outstanding $500.0 million in aggregate principal amount of our New 8.25% senior notes due 2029, and $238.5 million in aggregate principal amount of our 4.75% senior notes due 2027.
Currently, our term loan and revolving credit facility both mature in October 2028. We also have outstanding $500.0 million in aggregate principal amount of our 8.25% senior notes due 2029, and $238.5 million in aggregate principal amount of our 4.75% senior notes due 2027.
Therefore, our ability to divest ourselves of one or more of our facilities promptly in response to changing conditions is limited. Investments in real estate properties subject us to risks involving potential exposure to environmental liability and uninsured loss.
Therefore, our ability to divest ourselves of one or more of our facilities promptly in response to changing conditions is limited. Investments in real estate properties subject us to 48 risks involving potential exposure to environmental liability and uninsured loss.
Any harm to our reputation resulting from sharing information, setting goals, attempting to meet external standards set by third-parties or our failure or perceived failure to meet such standards or act in a manner that meets evolving societal and political perspectives could impact, among other things: employee retention; the willingness of our governmental partners, vendors and suppliers to do business with us; investors willingness or ability to purchase or hold our securities; or our ability to access capital, any of which could adversely affect our business, results of operations, financial condition and cash flows.
Any harm to our reputation resulting from sharing information, setting goals, attempting to meet external standards set by third-parties or our failure or perceived failure to meet such standards or act in a manner that meets evolving societal and political perspectives could impact, among other things: employee retention; the willingness of our governmental partners, vendors and suppliers to do business with us; investors willingness or ability to purchase or hold our securities; or our ability to access capital, any of which could adversely affect our business, results of operations and financial condition.
For instance, any changes with respect to drugs and controlled substances or illegal immigration could affect the number of persons arrested, convicted, and sentenced, thereby potentially reducing demand for correctional or detention facilities to house them.
For instance, any changes with respect to drugs and controlled substances or illegal immigration could affect the number of persons arrested, detained, convicted, and sentenced, thereby potentially reducing demand for correctional or detention facilities to house them.
We do not have sufficient working capital to satisfy our debt obligations in the event of an acceleration of all or a significant portion of our outstanding indebtedness. 53 Our indebtedness is secured by a substantial portion of our assets.
We do not have sufficient working capital to satisfy our debt obligations in the event of an acceleration of all or a significant portion of our outstanding indebtedness. Our indebtedness is secured by a substantial portion of our assets.
As a result, our reputation could be harmed if we fail to meet goals we share, report accurate data or act in a manner deemed appropriate or responsible in light of shifting social and political standards and perspectives in the areas in which we report, such as safety and security, human rights, diversity, quality assurance, community engagement, and environmental sustainability.
As a result, our reputation could be harmed if we fail to meet goals we share, report accurate data or act in a manner deemed appropriate or responsible in light of shifting social and political standards and perspectives in the areas in which we report, such as safety and security, human rights, human capital, quality assurance, community engagement, and environmental sustainability.
In response to these risks, we employ industry standard administrative, technical and physical safeguards designed to meet data protection and availability requirements; however, specific examples of risks we face include: • Cybersecurity threats: Our systems and data are subject to the potential for cyberattacks including unauthorized access, data breaches, and malicious software.
In response to these risks, we employ industry standard administrative, technical and physical safeguards designed to meet data protection and availability requirements; however, specific examples of risks we face include: • Cybersecurity threats: Our systems and data are subject to the potential for cybersecurity incidents including unauthorized access, data breaches, and malicious software.
Any political platform or promise, governmental agency report, investigation or inquiry, public statement by any governmental agency, policy or legislative change, or other similar occurrence or action, that seeks to, or purports to, prohibit, eliminate, or otherwise restrict or limit in any way, the federal government’s (or any state or local government’s) ability to contract with private operators of correctional, detention, and residential reentry facilities, could negatively impact our growth and our ability to renew or maintain existing contracts or to obtain new contracts and could have a material adverse effect on our business, financial condition, results of operations or the market price of our common stock.
Any political platform or promise, governmental agency report, investigation or inquiry, public statement by any governmental agency, policy or legislative change, or other similar occurrence or action, that seeks to, or purports to, prohibit, eliminate, or otherwise restrict or limit in any way, the federal government’s (or any state or local government’s) ability to contract with private operators of correctional, detention, and residential reentry facilities, could negatively impact our growth and our ability to renew or maintain existing contracts or to obtain new contracts and could have an adverse impact on our business, financial condition, results of operations and the market price of our common stock.
Additionally, considerable uncertainty exists regarding how future budget and program decisions will develop, including the spending priorities of the new U.S. presidential administration and Congress and what challenges budget reductions will present for us and our industry generally.
Additionally, considerable uncertainty exists regarding how future budget and program decisions will develop, including the spending priorities of the current U.S. presidential administration and Congress and what challenges budget reductions will present for us and our industry generally.
Accordingly, rising interest rates increase our interest costs, which could have an adverse impact on us and our ability to pay down our debt, return capital to our stockholders and pay maturing debt or cause us to be in default under certain debt instruments.
Accordingly, an increase in interest rates would increase our interest costs, which could have an adverse impact on us and our ability to pay down our debt, return capital to our stockholders and pay maturing debt or cause us to be in default under certain debt instruments.
For example, the perception held by the general public, our governmental partners, vendors, suppliers, other stakeholders, or the communities in which we do business may depend, in part, on the standards we have chosen to aspire to meet, whether or not we meet these standards on a timely basis or at all, and whether or not we meet external ESG factors they deem relevant.
For example, the perception held by the general public, our governmental partners, vendors, suppliers, other stakeholders, or the communities in which we do business may depend, in part, on the standards we have chosen to aspire to meet, whether or not we meet these standards on a timely basis or at all, and whether or not we meet external corporate responsibility factors they deem relevant.
The impact to our revenue is limited because a significant amount of commissions paid by our telecommunications providers is passed along to our customers or is reserved and must be used for the benefit of offenders in our care.
The impact to our revenue is limited because a significant amount of commissions paid by our telecommunications providers is passed along to our customers or is reserved and must be used for the benefit of individuals in our care.
Legislation has been enacted in several states, and has previously been proposed in the United States Congress, containing such restrictions. Such legislation, if enacted, could have an adverse effect on us. There also has been increasing focus by U.S. and foreign government authorities on environmental matters, such as climate change, the reduction of greenhouse gases and water consumption.
Legislation has been enacted in several states, and has previously been proposed in the United States Congress, containing such restrictions. Such legislation, if enacted, could have an adverse effect on our business. There also has been increasing focus by U.S. and foreign government authorities on environmental matters, such as climate change, the reduction of greenhouse gases and water consumption.
Factors that could affect the market price of our equity securities include, but are not limited to, the following: • actual or anticipated variations in our quarterly results of operations; • changes in market valuations of companies in the corrections, detention, or residential reentry industries; • changes in expectations of future financial performance or changes in estimates of securities analysts; • changes in government policy, legislation and regulations that affect utilization of the private sector for corrections, detention, and residential reentry services including, but not limited to, immigration policies and government funding proposals; • fluctuations in stock market prices and volumes; • issuances and re-purchases of common shares or other securities in the future; and • announcements by us or our competitors of acquisitions, investments or strategic actions. 56 The number of shares of our common stock available for future sale could adversely affect the market price of our common stock.
Factors that could affect the market price of our equity securities include, but are not limited to, the following: • actual or anticipated variations in our quarterly results of operations; • changes in market valuations of companies in the corrections, detention, or residential reentry industries; • changes in expectations of future financial performance or changes in estimates of securities analysts; • changes in government policy, legislation and regulations that affect utilization of the private sector for corrections, detention, and residential reentry services including, but not limited to, immigration policies and government funding proposals; • fluctuations in stock market prices and volumes; • issuances and re-purchases of common shares or other securities in the future; and • announcements by us or our competitors of acquisitions, investments or strategic actions.
The integration of ESG factors in making investment decisions is relatively new; frameworks and methods used by investors for assessing ESG policies are not fully developed and vary considerably among the investment community; and investor, societal and political sentiments on ESG, both as to particular ESG factors and as to its general relevance to investors and their decisions, continue to evolve.
The integration of corporate responsibility factors in making investment decisions is relatively new; frameworks and methods used by investors for assessing corporate responsibility policies are not fully developed and vary considerably among the investment community; and investor, societal and political sentiments on corporate responsibility, both as to particular corporate responsibility factors and as to its general relevance to investors and their decisions, continue to evolve.
Since we are paid on a per diem basis with no minimum guaranteed occupancy under most of our contracts, the loss of such offenders and residents, and the resulting decrease in occupancy, would cause a decrease in our revenues and profitability. We are subject to terminations, non-renewals, or competitive re-bids of our government contracts.
Since we are paid on a per diem basis with no minimum guaranteed occupancy under most of our contracts, the loss of such individuals, and the resulting decrease in occupancy, would cause a decrease in our revenues and profitability. We are subject to terminations, non-renewals, or competitive re-bids of our government contracts.
These laws provide for civil penalties for violations, and some confer a private right-of-action to certain individuals for data breaches. Federal and state regulatory bodies, including the Federal Trade Commission and the California Privacy Protection Agency are engaging in enforcement investigations and actions with respect to privacy and data protection.
These laws provide for civil penalties for violations, and some confer a private right-of-action to certain individuals for data breaches. Federal and state regulatory bodies, including the Federal Trade Commission, the California Privacy Protection Agency, and state attorneys general are engaging in 45 enforcement investigations and actions with respect to privacy and data protection.
Our failure, or perceived failure, to meet expectations on ESG reporting, achieve meaningful progress on ESG-related policies and practices, address stakeholder expectations or meet ESG criteria set by third parties on a timely basis, or at all, could adversely affect our business, results of operations, financial condition and cash flows.
Our failure, or perceived failure, to meet expectations on corporate responsibility reporting, achieve meaningful progress on corporate responsibility-related policies and practices, address stakeholder expectations or meet corporate responsibility criteria set by third parties on a timely basis, or at all, could adversely affect our business, results of operations, financial condition and cash flows.
In addition, our government customers may assume the management of a facility that they own and we currently manage for them upon the termination of the corresponding management contract or, if such customers have capacity at their facilities, may take offenders and residents currently cared for in our facilities and transfer them to government-run facilities.
In addition, our government customers may assume the management of a facility that they own and we currently manage for them upon the termination of the corresponding management contract or, if such customers have capacity at their facilities, may take individuals currently cared for in our facilities and transfer them to government-run facilities.
However, it is possible future administrations could issue similar executive orders restricting the use of private correctional and detention facilities by the federal government. Immigration reform laws are currently a focus for legislators and politicians at the federal, state, and local level.
It is possible future administrations could issue executive orders restricting the use of private correctional and detention facilities by the federal government. 38 Immigration reform laws are currently a focus for legislators and politicians at the federal, state, and local level.
Nonetheless, the subjective and evolving nature and wide variety of methods and processes used by various stakeholders, including investors, to assess a company with respect to ESG criteria can result in the perception of negative ESG factors or a misrepresentation of our ESG policies and practices.
Nonetheless, the subjective and evolving nature and wide variety of methods and processes used by various stakeholders, including investors, to assess a company with respect to corporate responsibility criteria can result in the perception of negative corporate responsibility factors or a misrepresentation of our corporate responsibility policies and practices.
Further, the activation of our idle correctional and detention facilities generally requires four to six months to hire, train, and prepare our facilities to accept residential populations, which could result in substantial expenses before we are able to realize additional revenue.
Further, the activation of our idle correctional and detention facilities 42 generally requires three to six months to hire, train, and prepare our facilities to accept residential populations, which could result in substantial expenses before we are able to realize additional revenue.
We depend, in part, on the performance and capabilities of these third parties and on the financial condition of, and our relationship with, distributors and other indirect channel partners, which can affect our capacity to effectively and efficiently serve current and potential government partners.
We depend, in part, on the performance and capabilities of these third parties and on the financial condition of, and our relationship with, distributors and other business partners, which can affect our capacity to effectively and efficiently serve current and potential government partners.
We may encounter staffing constraints as well as costs and expenses associated with owning and/or operating our correctional, detention, and residential reentry facilities as a result of acts of God, outbreaks of epidemic or pandemic disease, global climate change (including the potential for increased inclement weather and natural disasters), wars and other geopolitical conflicts (including between Ukraine and Russia and Israel and the surrounding areas) and the potential for war, terrorist activity (including threats of terrorist activity), political unrest, geopolitical uncertainty and other forms of civil strife, in or around locations where we own and/or operate significant properties.
We may encounter staffing constraints as well as costs and expenses associated with owning and/or operating our correctional, detention, and residential reentry facilities as a result of acts of God, outbreaks of epidemic or pandemic disease, global climate change (including the potential for increased inclement weather and natural disasters), wars and other geopolitical conflicts and the potential for war, terrorist activity (including threats of terrorist activity), political unrest, geopolitical uncertainty and other forms of civil strife, in or around locations where we own and/or operate significant properties.
Further, in many cases, the site selection is made by the contracting governmental entity. In such cases, site selection may be made for reasons related to political and/or economic development interests and may lead to the selection of sites that have less favorable environments.
Further, in many cases, the site selection is made by the contracting governmental entity. In such cases, site selection may be made for reasons related to political and/or economic development interests and may lead to the selection of less favorable sites.
When we are awarded a contract to provide or manage a facility, we may incur significant start-up and operating expenses, including the cost of constructing the facility, purchasing equipment and staffing the facility, before we receive any payments under the contract. We may also experience a disruption in cash flows when transitioning from one contract to another.
When we are awarded a contract to provide or manage a facility, we may incur significant start-up and operating expenses, including the cost of constructing the facility, purchasing equipment and staffing the facility, before we receive any payments under the contract. We may also experience a disruption in our business when transitioning from one contract to another.
Government agencies may investigate and audit our contracts and operational performance, and if any deficiencies or improprieties are found, we may be required to cure those deficiencies or improprieties, refund revenues we have received, or forego anticipated revenues, and we may be subject to penalties and sanctions, including contract termination and prohibitions on our bidding in response to Requests for Proposals.
Government agencies may investigate and audit our contracts and operational performance, and if any deficiencies or improprieties are found, we may be required to cure those deficiencies or improprieties, refund revenues we have received, or forego anticipated revenues, and we may be subject to penalties and sanctions, including contract termination and prohibitions on our bidding in response to RFPs.
In addition, we have $140.2 million outstanding under a non-recourse mortgage note with an interest rate of 4.43% maturing in 2040. Our ability to make payments on our indebtedness, to refinance our indebtedness, and to fund planned capital expenditures will depend on our ability to generate cash in the future.
In addition, we have $134.3 million outstanding under a non-recourse mortgage note with an interest rate of 4.43% maturing in 2040. Our ability to make payments on our indebtedness, to refinance our indebtedness, and to fund planned capital expenditures will depend on our ability to generate cash in the future.
The policies and practices we summarize in our ESG reporting, whether they relate to the standards we set for ourselves or ESG criteria established by third parties, and whether or not we meet such standards, may influence our reputation.
The policies and practices we summarize in our corporate responsibility reporting, whether they relate to the standards we set for ourselves or corporate responsibility criteria established by third parties, and whether or not we meet such standards, may influence our reputation.
For the years 2024, 2023, and 2022, the average compensated occupancy of our facilities, based on rated capacity, was 75%, 72%, and 70%, respectively, for all of the facilities we operated, exclusive of facilities that are leased to third-party operators where our revenue is generally not based on daily occupancy.
For the years 2025, 2024, and 2023, the average compensated occupancy of our facilities, based on rated capacity, was 77%, 75%, and 72%, respectively, for all of the facilities we operated, exclusive of facilities that are leased to third-party operators where our revenue is generally not based on daily occupancy.
Certain jurisdictions also require us to award subcontracts on a competitive basis or to subcontract with certain types of businesses, such as small businesses and businesses owned by members of minority groups. Our facilities are also subject to operational and financial audits by the governmental agencies with which we have contracts.
Certain jurisdictions also require us to award subcontracts on a competitive basis or to subcontract with certain types of businesses, such as small businesses and businesses owned by members of minority groups. Our facilities are also subject to operational and financial audits by the governmental agencies with whom we contract.
The failure to comply with data privacy, security and exchange legal requirements could have a material adverse impact on our business, financial position, results of operations, cash flows and reputation. We are subject to complex and evolving U.S. federal and state privacy laws and regulations, which sometimes conflict among the various jurisdictions where we do business.
The failure to comply with data privacy and security legal requirements could have an adverse impact on our business, reputation, financial position and results of operations. We are subject to complex and evolving U.S. federal and state privacy laws and regulations, which sometimes conflict among the various jurisdictions where we do business.
We currently expect demand from the federal government for our correctional and detention facilities to increase under the new presidential administration, particularly from ICE, as a result of anticipated changes in immigration policy and funding levels of our federal government partners charged with correctional and detention responsibilities.
We currently expect demand from the federal government for our correctional and detention facilities to continue to increase under the current presidential administration, particularly from ICE, as a result of recent changes in immigration policy and funding levels of our federal government partners charged with correctional and detention responsibilities.
Although the revenue generated from each of these agencies is derived from numerous management contracts and various types of properties, i.e. correctional, detention, and reentry, the loss or substantial reduction in value of one or more of such contracts could have a material adverse impact on our financial condition, results of operations, and cash flows.
Although the revenue generated from each of these agencies is derived from numerous management contracts and various types of properties ( i.e. correctional, detention, and reentry), the loss or substantial reduction in value of one or more of such contracts could have an adverse impact on our business, financial condition and results of operations.
We are subject to fluctuations in occupancy levels, and a decrease in occupancy levels could cause a decrease in revenues and profitability. While a substantial portion of our cost structure is fixed, a substantial portion of our revenue is generated under facility ownership and management contracts that specify per diem payments based upon daily or minimum guaranteed occupancy levels.
We are subject to fluctuations in occupancy levels, and a decrease in occupancy levels could negatively impact our business. While a substantial portion of our cost structure is fixed, a substantial portion of our revenue is generated under facility ownership and management contracts that specify per diem payments based upon daily or minimum guaranteed occupancy levels.
While we have achieved recent successes, the benefits of our investments in staffing may not be sustained, and labor shortages could intensify again in the future, especially if multiple facility activations are required in certain geographical areas creating a higher demand for labor, which could adversely affect our results of operations, financial condition and cash flows.
While we have achieved recent successes, the benefits of our investments in staffing may not be sustained, and labor shortages could intensify again in the future, especially during the periods when multiple facility activations are required in certain geographical areas creating a higher demand for labor, which could adversely affect our business, results of operations and financial condition.
If, due to inflation or other causes, our operating expenses, such as wages and salaries of our employees, insurance, medical, and food costs, increase at rates faster than increases, if any, in our revenues, then our profitability would be adversely affected.
If, due to inflation or other causes, our operating expenses, such as wages and salaries of our employees, insurance, medical, and food costs, increase at rates faster than increases, if any, in our revenues, then our profitability would be adversely affected. In the past, we have experienced increases in labor costs.
By electing to voluntarily publicize ESG-related information and our approach to ESG standards, our business may also face increased scrutiny related to ESG activities.
By electing to voluntarily publicize corporate responsibility-related information and our approach to corporate responsibility standards, our business may also face increased scrutiny related to corporate responsibility activities.
While we have historically been required to continue to perform under our government contracts during government shutdowns, we are generally not paid until the government reopens. Any delays in payment, or the termination of a contract, could have an adverse effect on our results of operations, cash flow and financial condition.
While we have historically been required to continue to perform under our government contracts during government shutdowns, we are generally not paid until the government reopens. Any delays in payment, or the termination of a contract, could have an adverse effect on our business, financial condition, results of operations and the market price of our common stock.
We are dependent upon the governmental agencies with which we have contracts to provide offenders for facilities we operate. We cannot control occupancy levels at the facilities we operate. We do not lobby or advocate for any policies that determine the basis for or duration of an individual's incarceration or detention.
We are dependent upon the governmental agencies with whom we have contracts to utilize available beds at facilities we operate. We cannot control occupancy levels at the facilities we operate. We do not lobby or advocate for any policies that determine the basis for or duration of an individual's incarceration or detention.
Because our decision to issue debt or equity securities in any future offering or otherwise incur indebtedness will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of our future offerings or financings, any of which could reduce the market price of our common stock and dilute the value of our common stock.
Because our decision to issue debt or equity securities in any future offering or otherwise incur indebtedness will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of our future offerings or financings, any of which could reduce the market price of our common stock and dilute the value of our common stock. 56 Our issuance of preferred stock could adversely affect holders of our common stock and discourage a takeover.
Our inability to adapt or comply with such legal requirements, or the improper use or disclosure of personal data in violation of data privacy laws could harm our reputation, cause loss of consumer confidence, subject us to government enforcement actions, or result in private litigation against us, which could result in loss of revenue, increased costs, liability for monetary damages, fines and/or criminal prosecution, all of which could have a material adverse impact on our business, financial position, results of operations and cash flows. 45 We depend on a limited number of governmental customers for a significant portion of our revenues.
Our inability to adapt or comply with such legal requirements, or the improper use or disclosure of personal data in violation of data privacy laws could harm our reputation, cause loss of consumer confidence, subject us to government enforcement actions, or result in private litigation against us, which could result in loss of revenue, increased costs, liability for monetary damages, fines and/or criminal prosecution, all of which could have an adverse impact on our business, reputation, financial position and results of operations.
Notwithstanding any contractual renewal option of a contracting governmental agency, 32 of our facility contracts with the customers listed under "Business – Facility Portfolio" are currently scheduled to expire on or before December 31, 2025 but have renewal options (27), or are currently scheduled to expire on or before December 31, 2025 and have no renewal options (5).
Notwithstanding any contractual renewal 40 option of a contracting governmental agency, 35 of our facility contracts with the customers listed under "Business – Facility Portfolio" are currently scheduled to expire on or before December 31, 2026 but have renewal options (22), or are currently scheduled to expire on or before December 31, 2026 and have no renewal options (13).
Rising interest rates increase the cost of our variable rate debt. We have incurred and expect in the future to incur indebtedness that bears interest at variable rates, including indebtedness under our Bank Credit Facility.
We have incurred and expect in the future to incur indebtedness that bears interest at variable rates, including indebtedness under our Bank Credit Facility.
On June 10, 2024, we received notice from ICE of its intent to terminate the IGSA for services at the STFRC, effective August 9, 2024.
On June 10, 2024, we received notice from ICE of its intent to terminate the IGSA for services at the 2,400-bed Dilley Facility effective August 9, 2024.
During 2024, we issued our sixth ESG report, which broadly describes how we attempt to deliver on our service commitment to our government and other third-party partners and manage our operations responsibly and ethically.
During 2025, we issued our annual Corporate Responsibility Report which broadly describes how we attempt to deliver on our service commitment to our government and other third-party partners and manage our operations responsibly and ethically.
We may incur substantial costs in evaluating the feasibility of the development of a correctional, detention, or residential reentry facility. As a result, we may report significant charges if we decide to abandon efforts to develop a correctional, detention, or residential reentry facility on a particular site.
Therefore, future efforts to find suitable host communities may not be successful. We may incur substantial costs in evaluating the feasibility of the development of a correctional, detention, or residential reentry facility. As a result, we may report significant charges if we decide to abandon efforts to develop a correctional, detention, or residential reentry facility on a particular site.
We cannot predict the effect, if any, of future sales of common stock, or the availability of common stock for future sale, on the market price of our common stock.
The number of shares of our common stock available for future sale could adversely affect the market price of our common stock. We cannot predict the effect, if any, of future sales of common stock, or the availability of common stock for future sale, on the market price of our common stock.
The BOP houses inmates who have been convicted, and the USMS is generally responsible for detainees who are awaiting trial. The Private Prison EO only applied to agencies that are part of the DOJ, which includes the BOP and USMS. We no longer operate any prison contracts for the BOP.
The BOP houses inmates who have been convicted, and the USMS is generally responsible for detainees who are awaiting trial. This executive order only applied to agencies that are part of the DOJ, which includes the BOP and USMS. We currently do not operate any prison contracts for the BOP.
Occupancy rates may, however, decrease below these levels in the future. When combined with relatively fixed costs for operating each facility, a decrease in occupancy levels could have an adverse impact on our profitability. We are dependent on government appropriations, and our results of operations may be negatively affected by governmental budgetary challenges or government shutdowns.
When combined with relatively fixed costs for operating each facility, a decrease in occupancy levels could have an adverse impact on our business, financial condition, results of operations and the market price of our common stock. 39 We are dependent on government appropriations, and our results of operations may be negatively affected by governmental budgetary challenges or government shutdowns.
We expect to continue to depend upon federal agencies, including ICE and the USMS, and a relatively small group of other governmental customers for a significant percentage of our revenues. Additionally, the Private Prison EO directed the Attorney General to not renew DOJ contracts with privately operated criminal detention facilities.
We expect to continue to depend upon federal agencies, including ICE and the USMS, and a relatively small group of other governmental customers for a significant percentage of our revenues. The federal government has previously adopted policies to not renew DOJ contracts with privately operated criminal detention facilities.
Such alternatives could be on terms less favorable than under existing terms, which could have a material effect on our consolidated financial position, results of operations, or cash flows. 55 Activist resistance to the use of public-private partnerships for correctional, detention, and residential reentry facilities could impact our ability to obtain financing to grow our business or to refinance existing indebtedness, which could have a material adverse effect on our business, financial condition and results of operations.
Activist resistance to the use of public-private partnerships for correctional, detention, and residential reentry facilities could impact our ability to obtain financing to grow our business or to refinance existing indebtedness, which could have a material adverse effect on our business, financial condition and results of operations.
Any reductions in government spending in an effort to reduce the U.S. federal deficit could result in a reduction in the utilization of our services or additional pricing pressure.
Efforts to reduce the U.S. federal deficit could adversely affect our business, financial condition and results of operations. Any reductions in government spending in an effort to reduce the U.S. federal deficit could result in a reduction in the utilization of our services or additional pricing pressure.
In addition, in the event any of these options is exercised, there exists the risk that the contracting governmental agency will terminate the management contract associated with such facility. For the year ended December 31, 2024, the nine facilities currently subject to these options generated $344.6 million in revenue (17.6% of total revenue) and incurred $302.4 million in operating expenses.
In addition, in the event any of these options are exercised, there exists the risk that the contracting governmental agency will terminate the management contract associated with such facility. For the year ended December 31, 2025, the nine facilities currently subject to these options generated $374.5 million in revenue (16.9% of total revenue) and incurred $314.7 million in operating expenses.
In the event management's assessment of materiality of current claims and legal proceedings proves inaccurate or litigation that is material arises in the future, the resolution of such matters may have an adverse impact on our business, financial condition or results of operations.
In the event management's assessment of materiality of current claims and legal proceedings proves inaccurate or litigation that is material arises in the future, the resolution of such matters may have an adverse impact on our business, financial condition or results of operations. We are subject to legal proceedings associated with owning and managing correctional, detention, and residential reentry facilities.
Incremental expenses include, but may not be limited to, incentive payments to our front-line and field staff, temporary employee housing expenses and other travel related reimbursements, additional paid time off, off-cycle wage increases in certain markets to remain competitive, and registry nursing expenses.
Incremental expenses include, but may not be limited to, incentive payments to our front-line and field staff, temporary employee housing expenses and other travel related reimbursements, additional paid time off, off-cycle wage increases in certain markets to remain competitive, and registry nursing expenses. 46 As the labor market improves, we expect to further reduce our reliance on these temporary incentives.
The aggregate revenue 40 earned during the year ended December 31, 2024 for the 33 contracts with scheduled maturity dates, notwithstanding contractual renewal options, on or before December 31, 2025 was $657.9 million, or 34% of total revenue.
The aggregate revenue earned during the year ended December 31, 2025 for the 35 contracts with scheduled maturity dates, notwithstanding contractual renewal options, on or before December 31, 2026 was $688.1 million, or 31% of total revenue.
As of December 31, 2024, we had $257.0 million of additional borrowing capacity available under our revolving credit facility.
As of December 31, 2025, we had $311.4 million of additional borrowing capacity available under our revolving credit facility.
In addition, we are subject to the risk that the general contractor will be unable to complete construction at the budgeted costs or be unable to fund any excess construction costs, even though we require general contractors to post construction bonds and insurance.
In addition, we are subject to the risk that the general contractor will be unable to complete construction at the budgeted costs or be unable to fund any excess construction costs, even though we require general contractors to post construction bonds and insurance. Under such contracts, we are ultimately liable for all late delivery penalties and cost overruns.
We are subject to the direct and indirect effects of these regulations. Non‑compliance with these regulations, either by us or by our telecommunications providers, subjects us to risks which could result in increases to our costs or decreases in our revenue.
Non‑compliance with these regulations, either by us or by our telecommunications providers, subjects us to risks which could result in increases to our costs or decreases in our revenue.
On January 26, 2021, then-President Biden issued the Private Prison EO. The Private Prison EO directed the Attorney General to not renew DOJ contracts with privately operated criminal detention facilities. Two agencies of the DOJ, the BOP and the USMS, utilize our services.
On January 20, 2025, President Trump reversed an executive order issued on January 26, 2021 by then-President Biden that had directed the Attorney General to not renew DOJ contracts with privately operated criminal detention facilities. Two agencies of the DOJ, the BOP and the USMS utilize our services.
Even if we identify sites where local leaders and residents generally support the establishment of a correctional, detention, or residential reentry facility, whether to be publicly or privately operated, such endeavors may still face resistance by broader groups to facilities perceived as supporting over-incarceration. Therefore, future efforts to find suitable host communities may not be successful.
Even if we identify sites where local leaders and residents generally support the establishment of a correctional, detention, or residential reentry facility, whether to be publicly or privately operated, constructing or expanding a facility, or proposing to utilize a facility for immigration detention, may still face resistance by broader groups to facilities perceived as supporting over-incarceration or immigration detention.
In addition, contracts with such suppliers may not continue to be available on acceptable terms or at all. 48 We may be subject to costly product liability claims from the use of our electronic monitoring products, which could damage our reputation, impair the marketability of our products and services and force us to pay costs and damages that may not be covered by adequate insurance.
We may be subject to costly product liability claims from the use of our electronic monitoring products, which could damage our reputation, impair the marketability of our products and services and force us to pay costs and damages that may not be covered by adequate insurance.
If our technologies fail to meet user expectations or if we encounter significant resistance to new technologies, our growth and revenue may be adversely affected. • Force majeure: Unforeseeable circumstances or circumstances beyond our controls such as geopolitical conflicts, natural disasters, etc. may cause significant operational disruptions, which could result in material recovery costs or loss of customer confidence. 50 The current cybersecurity threat environment presents increased risk for all companies, including companies in our industry.
If our technologies fail to meet user expectations or if we encounter significant resistance to new technologies, our growth and revenue may be adversely affected. • Force majeure: Unforeseeable circumstances or circumstances beyond our controls such as geopolitical conflicts, natural disasters, etc. may cause significant operational disruptions to our information technology systems or those on which we rely, which could result in material recovery costs or loss of customer confidence.
As of December 31, 2024, we had $2.1 billion in property and equipment, including $319.0 million in long-lived assets at seven idled CoreCivic Safety facilities, one idled non-core CoreCivic Safety facility, one idled CoreCivic Community facility, and two idled CoreCivic Properties correctional facilities.
As of December 31, 2025, we had $2.1 billion in property and equipment, including $149.7 million in long-lived assets at four idled CoreCivic Safety facilities and one idled CoreCivic Properties correctional facility.
If we are unable to obtain adequate levels of surety credit on favorable terms, we would have to rely upon letters of credit under our revolving credit facility, which could entail higher costs if such borrowing capacity was even available when desired, and our ability to bid for or obtain new contracts could be impaired.
If we are unable to obtain adequate levels of surety credit on favorable terms, we would have to rely upon letters of credit under our revolving credit facility, which could entail higher costs if such borrowing capacity was even available when desired, and our ability to bid for or obtain new contracts could be impaired. 49 Interruption, delay or failure of the provision of our technology services or information systems, or the compromise of the security thereof, could adversely affect our business, financial condition or results of operations.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeOur BOD and Risk Committee each receives regular and frequent updates on cybersecurity and information technology matters from management (including our Chief Information Officer, or CIO) and, periodically, from outside experts.
Biggest changeOur BOD and Risk Committee each receives regular and frequent updates on cybersecurity and information technology matters from management (including our Chief Information and Digital Officer, or CIDO) and, periodically, from outside experts.
We engage third parties in connection with assessing, identifying and managing our cybersecurity risks, including, but not limited to, the following: • Incident response expertise to provide intelligence-based cybersecurity solutions and services to assist us with preparing for, investigating, and responding to cybersecurity incidents, including attacks that target on premise, cloud, and critical infrastructure environments; • Annual security program assessment of the controls, maturity and performance of our information security risk management program and the information security risks associated with our technology and business systems; • External and internal penetration and intrusion testing using industry standard tools and techniques; 58 • Compliance assessments with certain information security standards required under some of our federal contracts; • Established cadence of reviews, reporting and coordination with government agencies to review cybersecurity metrics, findings and any applicable remediation efforts in accordance with the National Institute of Standards and Technology Cybersecurity Framework, or NIST CSF; and • Review processes and procedures designed to control access to information systems as part of our Sarbanes-Oxley Act, or SOX, testing.
We engage third parties in connection with assessing, identifying and managing our cybersecurity risks, including, but not limited to, the following: • Incident response expertise to provide intelligence-based cybersecurity solutions and services to assist us with preparing for, investigating, and responding to cybersecurity incidents, including attacks that target on premise, cloud, and critical infrastructure environments; • Annual security program assessment of the controls, maturity and performance of our information security risk management program and the information security risks associated with our technology and business systems; • External and internal penetration and intrusion testing using industry standard tools and techniques; • Compliance assessments with certain information security standards required under some of our federal contracts; 58 • Established cadence of reviews, reporting and coordination with government agencies to review cybersecurity metrics, findings and any applicable remediation efforts in accordance with the National Institute of Standards and Technology Cybersecurity Framework, or NIST CSF; and • Review processes and procedures designed to control access to information systems as part of our Sarbanes-Oxley Act, or SOX, testing.
For example, the CIO provides reports to our BOD, Technology Steering Committee and Risk Committee regarding information security risks, as well as plans and strategies to mitigate those risks, on a periodic basis. 59 In addition, our Enterprise Risk Council, or ERC, is a management-level team comprised of a select group of executive officers, vice presidents, and senior managers overseeing risk , which is responsible for managing enterprise risks and planning and organizing the activities of our organization to minimize the effects of risk on our business, operations and financial results .
For example, the CIDO provides reports to our BOD, Technology Steering Committee and Risk Committee regarding information security risks, as well as plans and strategies to mitigate those risks, on a periodic basis. 59 In addition, our Enterprise Risk Council, or ERC, is a management-level team comprised of a select group of executive officers, vice presidents, and senior managers overseeing risk , which is responsible for managing enterprise risks and planning and organizing the activities of our organization to minimize the effects of risk on our business, operations and financial results .
We have also adopted a cybersecurity incident response plan which provides for controls and procedures in connection with cybersecurity incidents, including these escalation procedures. 60 At a management level, our information security risk management program is led by our CIO, along with our Sr. Director, Information Security and Privacy Compliance.
We have also adopted a cybersecurity incident response plan which provides for controls and procedures in connection with cybersecurity incidents, including these escalation procedures. 60 At a management level, our information security risk management program is led by our CIDO, along with our Sr. Director, Information Security and Privacy Compliance.
Director, Information Security and Privacy Compliance, prepares an incident summary and collaborates with the CIO to conduct an initial assessment of information and cybersecurity incidents. They perform an impact assessment with respect to information or cybersecurity incidents meeting certain criteria and elevate the review of any such information or cybersecurity incidents for review by our executive officers.
Director, Information Security and Privacy Compliance, prepares an incident summary and collaborates with the CIDO to conduct an initial assessment of information and cybersecurity incidents. They perform an impact assessment with respect to information or cybersecurity incidents meeting certain criteria and elevate the review of any such information or cybersecurity incidents for review by our executive officers.
Our Technology Cybersecurity Committee is comprised of a subset of our Technology Department, including our CIO. The Technology Cybersecurity Committee meets bi-weekly and reviews all cybersecurity risks and incidents meeting certain criteria, provides oversight with respect to cybersecurity matters at a technology management level, and reports through our CIO to the Technology Steering Committee .
Our Technology Cybersecurity Committee is comprised of a subset of our Technology Department, including our CIDO. The Technology Cybersecurity Committee meets bi-weekly and reviews all cybersecurity risks and incidents meeting certain criteria, provides oversight with respect to cybersecurity matters at a technology management level, and reports through our CIDO to the Technology Steering Committee .
Our Disclosure Committee is comprised of our executive officers, our CIO, our Chief Ethics and Compliance Officer, and relevant business leaders from our finance and legal departments. The Disclosure Committee is presented with a detailed overview of the cybersecurity incident by the CIO.
Our Disclosure Committee is comprised of our executive officers, our CIDO, our Chief Ethics and Compliance Officer, and relevant business leaders from our finance and legal departments. The Disclosure Committee is presented with a detailed overview of the cybersecurity incident by the CIDO.
Cybersecurity incidents meeting certain criteria are escalated to our Disclosure Committee for SEC disclosure consideration. The materiality of any cybersecurity incident is ultimately evaluated and determined by our Disclosure Committee in collaboration with our CIO .
Cybersecurity incidents meeting certain criteria are escalated to our Disclosure Committee for SEC disclosure consideration. The materiality of any cybersecurity incident is ultimately evaluated and determined by our Disclosure Committee in collaboration with our CIDO .
As of the date of this Annual Report, our Technology Department, led by our CIO, along with our Sr. Director, Information Security and Privacy Compliance, is comprised of nearly 100 technology professionals, with currently 11 of such technology professionals exclusively dedicated to cybersecurity.
As of the date of this Annual Report, our Technology Department, led by our CIDO, along with our Sr. Director, Information Security and Privacy Compliance, is comprised of nearly 115 technology professionals, with currently 14 of such technology professionals exclusively dedicated to cybersecurity.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeITEM 2. PR OPERTIES. The properties we owned at December 31, 2024 are described under Item 1 and in Note 3 of the Notes to the Consolidated Financial Statements contained in this Annual Report, as well as in Schedule III in Part IV of this Annual Report.
Biggest changeITEM 2. PR OPERTIES. The properties we owned at December 31, 2025 are described under Item 1 and in Note 3 of the Notes to the Consolidated Financial Statements contained in this Annual Report, as well as in Schedule III in Part IV of this Annual Report.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeRepurchases of the Company's outstanding common stock will be made in accordance with applicable securities laws and may be made at the Company's discretion based on parameters set by the BOD from time to time in the open market, through privately negotiated transactions, or otherwise.
Biggest changeThis original authorization, along with the dates and amounts of subsequent increases to the authorization by the BOD to the share repurchase program, are as follows (in thousands): Date Amount May 12, 2022 $ 150,000 August 2, 2022 75,000 May 16, 2024 125,000 May 15, 2025 150,000 November 10, 2025 200,000 Total authorization $ 700,000 Repurchases of the Company's outstanding common stock will be made in accordance with applicable securities laws and may be made at the Company's discretion based on parameters set by the BOD from time to time in the open market, through privately negotiated transactions, or otherwise, subject to restricted payment limitations in our debt agreements.
Market Price of and Distr ibutions on Capital Stock Our common stock is traded on the New York Stock Exchange, or NYSE, under the symbol "CXW." On February 11, 2025, the last reported sale price of our common stock was $18.04 per share and there were approximately 2,300 registered holders and approximately 43,000 beneficial holders, respectively, of our common stock.
Market Price of and Distr ibutions on Capital Stock Our common stock is traded on the New York Stock Exchange, or NYSE, under the symbol "CXW." On February 13, 2026, the last reported sale price of our common stock was $18.92 per share and there were approximately 2,100 registered holders and approximately 42,000 beneficial holders, respectively, of our common stock.
As of December 31, 2024, the Company had repurchased a total of 14.5 million shares of the Company's common stock at an aggregate cost of approximately $181.1 million. I TEM 6. [Reserved] 62
As of December 31, 2025, the Company had repurchased a total of 25.7 million shares of the Company's common stock at an aggregate cost of approximately $399.5 million. I TEM 6. [Reserved] 62
Issuer Purchases of Equity Securities Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (1) October 1, 2024 - October 31, 2024 — $ — — $ 177,897,710 November 1, 2024 - November 30, 2024 — $ — — $ 177,897,710 December 1, 2024 - December 31, 2024 420,007 $ 21.43 420,007 $ 168,898,744 Total 420,007 $ 21.43 420,007 $ 168,898,744 (1) During 2022, the BOD approved a share repurchase program to repurchase up to $225.0 million of the Company's common stock.
Issuer Purchases of Equity Securities Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (1) October 1, 2025 - October 31, 2025 798,293 $ 18.79 798,293 $ 182,854,537 November 1, 2025 - November 30, 2025 1,879,621 $ 17.06 1,879,621 $ 350,784,351 December 1, 2025 - December 31, 2025 2,653,739 $ 18.94 2,653,739 $ 300,529,873 Total 5,331,653 $ 18.25 5,331,653 $ 300,529,873 (1) On May 12, 2022, the BOD approved a share repurchase program to repurchase up to $150.0 million of the Company's common stock.
Removed
Dividend Policy In order to qualify as a REIT for the years we elected REIT status, we were generally required to distribute to our stockholders at least 90% of our REIT taxable income (determined without regard to the dividends paid deduction and excluding net capital gains), and we were subject to tax to the extent our net taxable income (including net capital gains) was not fully distributed.
Added
Dividend Policy While we do not currently anticipate paying cash dividends, we expect to return capital to our shareholders through other means, including our share repurchase program described below.
Removed
We announced on June 17, 2020 that our Board of Directors, or BOD, suspended our quarterly dividend while it evaluated corporate structure and capital allocation alternatives.
Added
Any future determination to pay dividends will be made at the discretion of our Board, subject to applicable laws and will depend upon, among other factors, our results of operations, financial condition, contractual restrictions and capital requirements.
Removed
On August 5, 2020, our BOD voted unanimously to approve a plan to revoke our REIT election and become a taxable C Corporation, effective January 1, 2021; our BOD also voted unanimously to discontinue the quarterly dividend and prioritize allocating our free cash flow to reduce debt levels.
Removed
In addition, subsequently, our BOD approved a share repurchase program as further described below under the heading “Issuer Purchases of Equity Securities”.
Removed
On May 16, 2024, the BOD authorized an increase to the share repurchase program to which the Company may purchase up to an additional $125.0 million in shares of the Company's outstanding common stock, increasing the total aggregate authorization to up to $350.0 million.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeThe following table sets forth the changes in the number of facilities operated for the years ended December 31, 2024 and 2023. 68 Effective CoreCivic Date Safety Community Properties Total Facilities as of December 31, 2022 44 23 8 75 Sale of two leased community corrections facilities in Pennsylvania May 2023 — — (2 ) (2 ) Lease of the Allen Gamble Correctional Center October 2023 (1 ) — 1 — Sale of a leased property in Georgia December 2023 — — (1 ) (1 ) Facilities as of December 31, 2023 43 23 6 72 Sale and subsequent expiration of the management contract at a residential reentry center in Colorado July 2024 — (1 ) — (1 ) Sale of an idled residential reentry center in Oklahoma July 2024 — (1 ) — (1 ) Termination of the contract and lease agreement at the South Texas Family Residential Center August 2024 (1 ) — — (1 ) Facilities as of December 31, 2024 42 21 6 69 Year Ended December 31, 2024 Compared to the Year Ended December 31, 2023 During the year ended December 31, 2024, net income was $68.9 million, or $0.62 per diluted share, compared with net income of $67.6 million, or $0.59 per diluted share, for the previous year.
Biggest changeEffective CoreCivic Date Safety Community Properties Total Facilities as of December 31, 2023 43 23 6 72 Sale and subsequent expiration of the management contract at a residential reentry center in Colorado July 2024 — (1 ) — (1 ) Sale of an idled residential reentry center in Oklahoma July 2024 — (1 ) — (1 ) Termination of the contract and lease agreement at the South Texas Family Residential Center August 2024 (1 ) — — (1 ) Facilities as of December 31, 2024 42 21 6 69 Resumption of operations at the Dilley Facility March 2025 1 — — 1 Transition of the California City Facility to the Safety segment upon activation of a contract with ICE April 2025 1 — (1 ) — Acquisition of the Farmville Detention Center in Farmville, Virginia July 2025 1 — — 1 Sale of an idled residential reentry center in Colorado September 2025 — (1 ) — (1 ) Sale of an idled non-core facility in California December 2025 (1 ) — — (1 ) Facilities as of December 31, 2025 44 20 5 69 69 Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024 During the year ended December 31, 2025, net income was $116.5 million, or $1.08 per diluted share, compared with net income of $68.9 million, or $0.62 per diluted share, for the previous year.
Investing Activities Our net cash flow used in investing activities was $53.8 million for the year ended December 31, 2024 and was primarily attributable to capital expenditures for facility development and expansions of $8.7 million and $62.4 million for facility maintenance and information technology capital expenditures, partially offset by $13.7 million in net proceeds from the sale of assets.
Our net cash flow used in investing activities was $53.8 million for the year ended December 31, 2024 and was primarily attributable to capital expenditures for facility development and expansions of $8.7 million and $62.4 million for facility maintenance and information technology capital expenditures, partially offset by $13.7 million in net proceeds from the sale of assets.
Further, the use of facilities owned and managed by private operators allows governments to expand correctional capacity without incurring large capital commitments and allows them to avoid long-term pension obligations for their employees. We also believe that having beds immediately available to our partners provides us with a distinct competitive advantage when bidding on new contracts.
Further, the use of facilities owned and managed by private operators allows governments to expand correctional capacity without incurring large capital commitments and allows them to avoid long-term pension obligations for their employees. 65 We also believe that having beds immediately available to our partners provides us with a distinct competitive advantage when bidding on new contracts.
We have also been in discussions with several state and county government agencies that have experienced challenges in staffing their public-sector facilities and are seeking solutions from the private sector. Further, several of our existing government partners, as well as prospective government partners, have been experiencing growth in offender populations and overcrowded conditions.
We have been in discussions with several state and county government agencies that have experienced challenges in staffing their public-sector facilities and are seeking solutions from the private sector. Further, several of our existing government partners, as well as prospective government partners, have been experiencing growth in offender populations and overcrowded conditions.
Our net cash flow used in financing activities was partially offset by the $500.0 million gross proceeds from the issuance of the New 8.25% Senior Notes. We also borrowed $47.0 million on our Revolving Credit Facility, and repaid such amount during the year.
Our net cash flow used in financing activities was partially offset by the $500.0 million gross proceeds from the issuance of the 8.25% Senior Notes. We also borrowed $47.0 million on our Revolving Credit Facility, and repaid such amount during the year.
An inability to attract and retain sufficient personnel could prevent us from caring for additional residential populations for government agencies in need of additional capacity due to an increase in inmate populations or an inability to adequately staff their facilities.
An inability to attract and retain sufficient personnel could prevent us from caring for additional residential populations for government agencies in need of additional capacity due to an increase in populations or an inability to adequately staff their facilities.
RE SULTS OF OPERATIONS Our results of operations are impacted by the number of correctional and detention facilities we operated, including 38 we owned or controlled via a long-term lease and four owned by our government partners (CoreCivic Safety), the number of residential reentry centers we owned or controlled via a long-term lease (CoreCivic Community), the number of facilities we leased to government agencies (CoreCivic Properties), and the facilities we owned that were not in operation.
RE SULTS OF OPERATIONS Our results of operations are impacted by the number of correctional and detention facilities we operated, including 40 we owned or controlled via a long-term lease and four owned by our government partners (CoreCivic Safety), the number of residential reentry centers we owned or controlled via a long-term lease (CoreCivic Community), the number of facilities we leased to government agencies (CoreCivic Properties), and the facilities we owned that were not in operation.
In the future, we could elect to use our free cash flow to purchase additional Senior Notes in open market transactions, privately negotiated transactions or otherwise. We could also use our effective shelf registration statement to issue additional debt securities when we determine that market conditions and the opportunity to utilize the proceeds therefrom are favorable.
In the future, we could elect to use our free cash flow to purchase outstanding senior unsecured notes in open market transactions, privately negotiated transactions or otherwise. We could also use our effective shelf registration statement to issue additional debt securities when we determine that market conditions and the opportunity to utilize the proceeds therefrom are favorable.
The indenture related to our New 8.25% Senior Notes additionally limits our ability to incur indebtedness, make restricted payments and investments and prepay certain indebtedness.
The indenture related to our 8.25% Senior Notes additionally limits our ability to incur indebtedness, make restricted payments and investments and prepay certain indebtedness.
The letters of credit are renewable annually. We did not have any draws under these outstanding letters of credit during 2024, 2023, or 2022. INFLA TION Many of our contracts include provisions for inflationary indexing, which may mitigate an adverse impact of inflation on net income.
The letters of credit are renewable annually. We did not have any draws under these outstanding letters of credit during 2025, 2024, or 2023. INFLA TION Many of our contracts include provisions for inflationary indexing, which may mitigate an adverse impact of inflation on net income.
Our Current Operations Our ongoing operations are organized into three principal business segments: • CoreCivic Safety segment, consisting of the 42 correctional and detention facilities that are owned or controlled via a long-term lease and managed by CoreCivic, as well as those correctional and detention facilities owned by third parties but managed by CoreCivic.
Our Current Operations Our ongoing operations are organized into three principal business segments: • CoreCivic Safety segment, consisting of the 44 correctional and detention facilities that are owned or controlled via a long-term lease and managed by CoreCivic, as well as those correctional and detention facilities owned by third parties but managed by CoreCivic.
CoreCivic Safety also includes the operating results of our subsidiary that provides transportation services to governmental agencies, TransCor America, LLC, or TransCor. • CoreCivic Community segment, consisting of the 21 residential reentry centers that are owned or controlled via a long-term lease and managed by CoreCivic.
CoreCivic Safety also includes the operating results of our subsidiary that provides transportation services to governmental agencies, TransCor America, LLC, or TransCor. • CoreCivic Community segment, consisting of the 20 residential reentry centers that are owned or controlled via a long-term lease and managed by CoreCivic.
Governments are continuing to assess their need for correctional space, and several are continuing to consider alternative correctional capacity for their aged or inefficient infrastructure, or are seeking cost savings by utilizing the private sector, which could result in increased future demand for the solutions we provide.
Governments are continuing to assess their need for correctional space, and several are considering alternative correctional capacity for their aged or inefficient infrastructure, or are seeking cost savings by utilizing the private sector, which could result in increased future demand for the solutions we provide.
An inability to attract and retain sufficient personnel in our existing facilities could also cause our government partners to assess liquidated damages, reduce our residential populations, or in certain circumstances, cancel our contracts. We have also been subjected to staff vacancy deductions as a result of the labor shortages, which are reflected as reductions to other management revenue.
An inability to attract and retain sufficient personnel in our existing facilities could also cause our government partners to assess liquidated damages, reduce our residential populations, or in certain circumstances, cancel our contracts. We have also been subjected to revenue deductions for staff vacancies as a result of the labor shortages, which are reflected as reductions to other management revenue.
As of December 31, 2024, neither CoreCivic nor any of its subsidiary guarantors had any material or significant restrictions on CoreCivic's ability to obtain funds from its subsidiaries by dividend or loan or to transfer assets from such subsidiaries.
As of December 31, 2025, neither CoreCivic nor any of its subsidiary guarantors had any material or significant restrictions on CoreCivic's ability to obtain funds from its subsidiaries by dividend or loan or to transfer assets from such subsidiaries.
Year Ended December 31, 2023 Compared to the Year Ended December 31, 2022 Pursuant to Regulation S-K item 303, a detailed review of our performance for the year ended December 31, 2023 compared to our performance for the year ended December 31, 2022 is set forth in "Part 2, Item 7.
Year Ended December 31, 2024 Compared to the Year Ended December 31, 2023 Pursuant to Regulation S-K item 303, a detailed review of our performance for the year ended December 31, 2024 compared to our performance for the year ended December 31, 2023 is set forth in "Part 2, Item 7.
We may also consider other opportunities for growth, including, but not limited to, potential acquisitions of correctional and detention facilities and businesses within our lines of business and those that provide complementary services, provided we believe such opportunities will broaden our market share, diversify our cash flows, and/or increase the services we can provide to our customers, or when we believe the potential long-term returns justify the capital deployment.
We may also consider other opportunities for growth, including, but not limited to, potential acquisitions of correctional and detention facilities and businesses within our lines of business and those that provide complementary services, provided we believe such opportunities will enhance our business, diversify our cash flows, and/or increase the services we can provide to our customers, or when we believe the potential long-term returns justify the capital deployment.
Income tax expense related to operations for 2024 was net of an income tax benefit of $9.8 million for expenses associated with asset impairments and refinancing transactions, net of the gain on sale of real estate assets, all as previously described herein.
In addition, income tax expense related to 81 operations for 2024 was net of an income tax benefit of $9.8 million for expenses associated with asset impairments and refinancing transactions, net of the gain on sale of real estate assets, all as previously described herein.
In addition, on August 1, 2024, we entered into a second management contract with the state of Montana to care for an unspecified number of inmates at facilities we operate. The second contract is scheduled to expire on July 31, 2026, and may be extended by mutual agreement for a total term of up to seven years.
For example, on August 1, 2024, we entered into a management contract with the state of Montana to care for an unspecified number of inmates at facilities we operate. The contract is scheduled to expire on July 31, 2026, and may be extended by mutual agreement for a total term of up to seven years.
Any future dividend is subject to our Board of Directors', or BODs', determinations as to the amount of distributions and the timing thereof, as well as limitations under the Company's debt covenants. Any such debt repurchases will depend upon prevailing market conditions, our liquidity requirements, contractual requirements, applicable securities laws requirements, and other factors.
Any future dividend is subject to our Board of Directors', or BODs', determinations as to the amount of distributions and the timing thereof, as well as limitations under the Company's debt covenants. Any such debt repurchases will depend upon prevailing market conditions, our liquidity requirements, contractual requirements, applicable securities laws requirements, alternative opportunities to deploy capital, and other factors.
We had $18.0 million of letters of credit outstanding at December 31, 2024 primarily to support our requirement to repay fees and claims under our self-insured workers' compensation plan in the event we do not repay the fees and claims due in accordance with the terms of the plan, and for a debt service reserve requirement under terms of the Kansas Notes.
We had $18.6 million of letters of credit outstanding at December 31, 2025 primarily to support our requirement to repay fees and claims under our self-insured workers' compensation plan in the event we do not repay the fees and claims due in accordance with the terms of the plan, and for a debt service reserve requirement under terms of the Kansas Notes.
Because facilities in our Community segment are typically smaller in size than those in our Safety segment, occupancy fluctuations or changes in operating expenses have a larger impact on operating margin per compensated man-day. Accordingly, modest changes in occupancy or operating expenses can have a notable impact on margins in our Community segment.
Because facilities in our Community segment are typically smaller in size than those in our Safety segment, occupancy fluctuations have a larger impact on operating margin per compensated man-day. Accordingly, modest changes in occupancy can have a notable impact in our Community segment.
We are the nation's largest owner of partnership correctional, detention, and residential reentry facilities and one of the largest prison operators in the United States.
We are the nation's largest owner of partnership correctional, detention, and residential reentry facilities and one of the largest operators of such facilities in the United States.
Further, we continually evaluate the structure of our employee benefits package and training programs to ensure we are better able to attract and retain our employees. Salaries and benefits represent the most significant component of our operating expenses, representing approximately 63% and 60% of our total operating expenses during 2024 and 2023, respectively.
Further, we continually evaluate the structure of our employee benefits package and training programs to ensure we are better able to attract and retain our employees. Salaries and benefits represent the most significant component of our operating expenses, representing approximately 62% and 63% of our total operating expenses during 2025 and 2024, respectively.
For the years ended December 31, 2024 and 2023, our total segment net operating income, which we define as facility revenue (including interest income associated with finance leases) less operating expenses, was divided among our three business segments as follows: For the Years Ended December 31, 2024 2023 Segment: Safety 91.1 % 84.7 % Community 4.6 % 5.2 % Properties 4.3 % 10.1 % 69 Facility Operations A key performance indicator we use to measure the revenue and expenses associated with the operation of the correctional, detention, and residential reentry facilities we own or manage is expressed in terms of a compensated man-day, which represents the revenue we generate and expenses we incur for one offender for one calendar day.
For the years ended December 31, 2025 and 2024, our total segment net operating income, which we define as facility revenue (including interest income associated with finance leases) less operating expenses, was divided among our three business segments as follows: For the Years Ended December 31, 2025 2024 Segment: Safety 91.7 % 91.1 % Community 5.1 % 4.6 % Properties 3.2 % 4.3 % 70 Facility Operations A key performance indicator we use to measure the revenue and expenses associated with the operation of the correctional, detention, and residential reentry facilities we own or manage is expressed in terms of a compensated man-day, which represents the revenue we generate and expenses we incur for one individual in our care for one calendar day.
We consider the cancellation of a contract in our Safety or Community segment or an expiration and non-renewal of a lease agreement in our Properties segment as indicators of impairment and test each of the idled properties for impairment when we are notified by the respective customers or tenants that they would no longer be utilizing such property.
We consider the cancellation of a contract in our Safety or Community segment or an expiration and non-renewal of a lease agreement in our Properties segment as indicators of impairment and test each of the idled facilities for impairment when it is notified by the respective customers or tenants that they would no longer be utilizing such facility.
We believe the measurement is useful because we are compensated for operating and managing facilities at an offender per diem rate based upon actual or minimum guaranteed occupancy levels. We also measure our costs on a per compensated man-day basis, which are largely dependent upon the number of offenders we accommodate.
We believe the measurement is useful because we are compensated for operating and managing facilities at a per diem rate based upon actual or minimum guaranteed occupancy levels. We also measure our costs on a per compensated man-day basis, which are largely dependent upon the number of individuals in our care we accommodate.
Delays in payment from our major customers, which could include the deferral of payments to us during government shutdowns or the termination of contracts from our major customers, could have an adverse effect on our cash flow and financial condition. We have not experienced any unusual delays in payments from our major customers.
Delays in payment from our major customers, which could include the deferral of payments to us during government shutdowns or the termination of contracts from our major customers, could have an adverse effect on our cash flow and financial condition.
Repurchases of our outstanding common stock are made in accordance with applicable securities laws and may be made at our discretion based on parameters set by our BOD from time to time in the open market, through privately negotiated transactions, or otherwise.
Repurchases of our outstanding common stock are made in accordance with applicable securities laws and may be made at our discretion based on parameters set by our BOD from time to time in the open market, through privately negotiated transactions, or otherwise, subject to restricted payment limitations in our debt agreements.
Our net cash flow used in financing activities also included $77.2 million for the share repurchase program our BOD authorized during the second quarter of 2022, as well as the purchase and retirement of common stock to satisfy withholding taxes in connection with equity-based compensation.
Our net cash flow used in financing activities also included $77.2 million for the share repurchase program, as well as the purchase and retirement of common stock to satisfy withholding taxes in connection with equity-based compensation.
We provide an essential governmental service, and believe our ability to provide flexible solutions and fulfill emergent needs of our federal customers would be very difficult and costly to replicate in the public sector.
Our Business The solutions we provide to our federal customers continue to be a significant component of our business. We provide an essential governmental service, and believe our ability to provide flexible solutions and fulfill emergent needs of our federal customers would be very difficult and costly to replicate in the public sector.
Revenue and expenses per compensated man-day are computed by dividing facility revenue and expenses by the total number of compensated man-days during the period. A compensated man-day represents a calendar day for which we are paid for the occupancy of an offender.
Revenue and expenses per compensated man-day are computed by dividing facility revenue and expenses by the total number of compensated man-days during the period. A compensated man-day represents a calendar day for which we are paid for the occupancy of an individual in our care.
Through our CoreCivic Community segment, we operated 21 residential reentry centers, which we owned or controlled via a long-term lease, with a total design capacity of approximately 4,000 beds. In addition, through our CoreCivic Properties segment, we owned 6 properties, with a total design capacity of approximately 10,000 beds.
Through our CoreCivic Community segment, we operated 20 residential reentry centers, which we owned or controlled via a long-term lease, with a total design capacity of approximately 4,000 beds. In addition, through our CoreCivic Properties segment, we owned five properties, with a total design capacity of approximately 8,000 beds.
On December 6, 2022, we received notice from the CDCR of its intent to terminate the lease agreement for our 2,560-bed California City Correctional Center by March 31, 2024, due to the state's declining inmate population. The California City facility was idled effective April 1, 2024, and the Company is marketing the facility to potential customers.
On December 6, 2022, we received notice from the CDCR of its intent to terminate the lease agreement for our 2,560-bed California City Facility by March 31, 2024, due to the state's declining inmate population. The California City Facility was idled effective April 1, 2024.
General and administrative expenses consist primarily of corporate management salaries and benefits, professional fees, and other administrative expenses. General and administrative expenses increased primarily as a result of an increase in corporate salaries and benefits, which was primarily related to higher incentive-based compensation .
General and administrative expenses consist primarily of corporate management salaries and benefits, professional fees, and other administrative expenses. General and administrative expenses increased during 2025 when compared to 2024 primarily as a result of an increase in corporate salaries and benefits, which was largely related to higher incentive-based compensation.
However, we can provide no assurance that we will continue to achieve high renewal rates in the future. CoreCivic Safety CoreCivic Safety includes the operating results of the correctional and detention facilities that we operated during each period. Total revenue generated by CoreCivic Safety increased $85.4 million, or 4.9%, from $1,731.4 million during 2023 to $1,816.9 million during 2024.
However, we can provide no assurance that we will continue to achieve high renewal rates in the future. CoreCivic Safety CoreCivic Safety includes the operating results of the correctional and detention facilities that we operated during each period. Total revenue generated by CoreCivic Safety increased $252.6 million, or 13.9%, from $1,816.9 million during 2024 to $2,069.5 million during 2025.
As of December 31, 2024, through our CoreCivic Safety segment, we operated 42 correctional and detention facilities, 38 of which we owned or controlled via a long-term lease, with a total design capacity of approximately 62,000 beds.
As of December 31, 2025, through our CoreCivic Safety segment, we operated 44 correctional and detention facilities, 40 of which we owned or controlled via a long-term lease, with a total design capacity of approximately 68,000 beds.
Operating expenses incurred by CoreCivic Safety and CoreCivic Community in connection with the operation and management of our correctional, detention, and residential reentry facilities, as well as those incurred in the operations of TransCor and our electronic monitoring and case management services, increased $31.1 million, or 2.1%, during 2024 compared with 2023.
Operating expenses incurred by CoreCivic Safety and CoreCivic Community in connection with the operation and management of our correctional, detention, and residential reentry facilities, as well as those incurred in the operations of TransCor and our electronic monitoring and case management services, increased $203.4 million, or 13.7%, during 2025 when compared with 2024.
Further, the activation of our idle correctional and detention facilities generally requires four to six months to hire, train, and prepare our facilities to accept residential populations, which could result in substantial expenses before we are able to realize additional revenue.
The activation of our idle correctional and detention facilities generally requires three to six months to hire, train, and prepare our facilities to accept residential populations, which, depending on the contract structure, could result in substantial expense before we are able to realize additional revenue.
Gross interest expense was based on outstanding borrowings under our revolving credit facility, or Revolving Credit Facility, our outstanding term loan, or Term Loan, our outstanding senior unsecured notes, and our outstanding non-recourse mortgage note, as well as the amortization of loan costs and unused facility fees. Gross interest income was $12.3 million in 2024 and 2023.
Gross interest expense was based on outstanding borrowings under our revolving credit facility, or Revolving Credit Facility, our outstanding term loan, or Term Loan, or collectively, our Bank Credit Facility, our outstanding senior unsecured notes, and our outstanding non-recourse mortgage note, as well as the amortization of loan costs and unused facility fees.
The increase in average revenue per compensated man-day primarily resulted from the effect of per diem increases at many of our facilities.
The increase in average revenue per compensated man-day primarily resulted from the effect of per diem increases at many of our facilities, along with a change in business mix.
As of December 31, 2024, we had no debt maturities until October 2027. Our cash flow is subject to the receipt of sufficient funding of and timely payment by contracting governmental entities. If the appropriate governmental agency does not receive sufficient appropriations to cover its contractual obligations, it may terminate our contract or delay or reduce payment to us.
Our cash flow is subject to the receipt of sufficient funding of and timely payment by contracting governmental entities. If the appropriate governmental agency does not receive sufficient appropriations to cover its contractual obligations, it may terminate our contract or delay or reduce payment to us.
Revenue and expenses per compensated man-day for all of the correctional, detention, and residential reentry facilities placed into service that we owned or managed, exclusive of those held for lease, and for TransCor were as follows for the years ended December 31, 2024 and 2023: For the Years Ended December 31, 2024 2023 Revenue per compensated man-day $ 101.50 $ 98.06 Operating expenses per compensated man-day: Fixed expense 57.08 55.40 Variable expense 20.08 21.19 Total 77.16 76.59 Operating income per compensated man-day $ 24.34 $ 21.47 Operating margin 24.0 % 21.9 % Average compensated occupancy 75.0 % 71.6 % Average available beds 68,200 70,647 Average compensated population 51,165 50,566 Revenue Total revenue consists of management revenue we generate through CoreCivic Safety and CoreCivic Community in the operation of correctional, detention, and residential reentry facilities, as well as the revenue we generate from TransCor and our electronic monitoring and case management services.
Revenue and expenses per compensated man-day for all of the correctional, detention, and residential reentry facilities placed into service that we owned or managed, exclusive of those held for lease, and for TransCor were as follows for the years ended December 31, 2025 and 2024: For the Years Ended December 31, 2025 2024 Revenue per compensated man-day $ 108.86 $ 101.50 Operating expenses per compensated man-day: Fixed expense 60.99 57.08 Variable expense 22.19 20.08 Total 83.18 77.16 Operating income per compensated man-day $ 25.68 $ 24.34 Operating margin 23.6 % 24.0 % Average compensated occupancy 77.2 % 75.0 % Average available beds 70,326 68,200 Average compensated population 54,266 51,165 Revenue Total revenue consists of management revenue we generate through CoreCivic Safety and CoreCivic Community in the operation of correctional, detention, and residential reentry facilities, as well as the revenue we generate from TransCor and our electronic monitoring and case management services.
CoreCivic Community also includes the operating results of our electronic monitoring and case management services. • CoreCivic Properties segment, consisting of the 6 correctional real estate properties owned by CoreCivic.
CoreCivic Community also includes the operating results of our electronic monitoring and case management services. • CoreCivic Properties segment, consisting of the five correctional real estate properties owned by CoreCivic held for lease to government agencies.
In addition, variable expenses per compensated man-day during 2024 increased over 2023 primarily as a result of the settlement of a legal matter at a facility in the Community segment.
In addition, variable expenses per compensated man-day decreased as a result of a settlement of a legal matter at a facility in the Community segment recognized during the third quarter of 2024.
CoreCivic Community's facility net operating income decreased $1.4 million, or 6.3%, from $23.2 million during 2023 to $21.7 million during 2024. During 2024 and 2023, CoreCivic Community generated 4.6% and 5.2%, respectively, of our total segment net operating income.
Total revenue generated by CoreCivic Community increased $4.2 million, or 3.5%, from $118.7 million during 2024 to $122.8 million during 2025. CoreCivic Community's facility net operating income increased $5.0 million, or 23.0%, from $21.7 million during 2024 to $26.7 million during 2025. During 2025 and 2024, CoreCivic Community generated 5.1% and 4.6%, respectively, of our total segment net operating income.
Gross interest income is earned on notes receivable, investments, cash and cash equivalents, and restricted cash. Interest income also includes interest income associated with the 20-year finance receivable associated with the Lansing Correctional Facility lease to the Kansas Department of Corrections, which commenced in January 2020, and amounted to $8.3 million and $8.5 million, in 2024 and 2023, respectively.
Interest income also includes interest income associated with the 20-year finance receivable associated with the Lansing Correctional Facility lease to the Kansas Department of Corrections, which commenced in January 2020, and amounted to $8.1 million and $8.3 million, in 2025 and 2024, respectively.
State revenues also increased due to higher utilization from the states of Montana and Wyoming due to new management contracts executed during 2023 and 2024, as previously described herein, as well as higher utilization from other states under existing management contracts.
Most notably, state revenues increased $13.2 million due to higher utilization from the state of Montana resulting from two new management contracts executed during 2024 and 2025, as previously described herein, as well as higher utilization from other states under existing management contracts.
This anticipated increase in demand could result in higher utilization of our available capacity under existing contracts, as well as through new contracts utilizing our idle correctional and detention facilities or our other existing capacity. However, we can provide no assurance that the federal government will increase the utilization of our available capacity.
This anticipated increase in demand could result in even higher utilization of our available capacity under existing contracts, as well as through new contracts utilizing our idle correctional and detention facilities or our other existing capacity.
There was no amount outstanding under our Revolving Credit Facility as of December 31, 2024. As of December 31, 2024, our total weighted average effective interest rate was 7.3%, while our total weighted average maturity was 5.4 years, and we have no debt maturities until 2027.
We had $18.6 million of letters of credit outstanding under our Revolving Credit Facility at December 31, 2025. As of December 31, 2025, our total weighted average effective interest rate was 7.4%, while our total weighted average maturity was 4.0 years, and we have no debt maturities until 2027.
Our Business Through our CoreCivic Safety and CoreCivic Community segments, we are compensated for providing bed capacity and correctional, detention, and residential reentry services at a per diem rate based upon actual or minimum guaranteed occupancy levels.
We intend to respond to additional opportunities to lease prison facilities to government agencies in need of correctional capacity. Through our CoreCivic Safety and CoreCivic Community segments, we are compensated for providing bed capacity and correctional, detention, and residential reentry services at a per diem rate based upon actual or minimum guaranteed occupancy levels.
The increase in total management revenue was also a result of an increase in revenue of $26.5 million driven primarily by an increase in average daily compensated population from 2023 to 2024, including the revenue generated by one additional day of operations due to a leap year in 2024.
The increase in total management revenue was also a result of an increase in revenue of $109.6 million driven by an increase in average daily compensated population from 2024 to 2025, net of the effect of one less day of operations due to a leap year in 2024.
Federal, state, and local governments are constantly under budgetary constraints putting pressure on governments to control correctional budgets, including per diem rates our customers pay to us as well as pressure on appropriations for building new prison capacity. The solutions we provide to our federal customers continue to be a significant component of our business.
Federal, state, and local governments are constantly under budgetary constraints putting pressure on governments to control correctional budgets, including per diem rates our customers pay to us as well as pressure on appropriations for building new prison capacity. We believe our cost of corrections and detention solutions is competitive, particularly when compared to alternative corrections and detention capacity.
For the year ended December 31, 2024, income tax expense reflects a net benefit of $9.8 million associated with these special items. Financial results for 2023 reflect an $0.8 million gain on the sale of real estate assets, $2.7 million of asset impairments, and $0.7 million of expenses associated with debt repayments and refinancing transactions.
Financial results for 2025 reflect $3.0 million of expenses associated with mergers and acquisitions, asset impairments of $1.5 million, and a net gain on the sale of real estate assets of $1.0 million. For the year ended December 31, 2025, income tax expense reflects a net benefit of $1.0 million associated with these special items.
Our sensitivity analyses include reductions in projected cash flows compared to historical cash flows generated by the respective facility as well as prolonged periods of vacancies. 67 We also evaluate on a quarterly basis, market developments for the potential utilization of each of our idle properties in order to identify events that may cause us to reconsider our assumptions with respect to the recoverability of book values as compared to undiscounted cash flows.
We also evaluate on a quarterly basis, market developments for the potential utilization of each of its idle facilities in order to identify events that may cause us to reconsider its assumptions with respect to the recoverability of book values as compared to undiscounted cash flows.
This latest contract expands the geographic range of our facilities that can serve the state of Montana. 76 We currently expect demand from the federal government for correctional and detention facilities in our Safety segment to increase under the new presidential administration, particularly from ICE, as a result of anticipated changes in immigration policy and funding levels of our federal government partners charged with correctional and detention responsibilities.
We currently expect demand from the federal government for correctional and detention facilities in our Safety segment to further increase under the current presidential administration, particularly from ICE, as a result of changes in immigration policy and funding levels of our federal government partners charged with correctional and detention responsibilities, as previously described herein.
Revenue generated from our electronic monitoring and case management services during 2024 decreased $1.9 million (from $36.7 during 2023 to $34.8 million during 2024). Average daily compensated population increased 599, or 1.2%, to 51,165 in 2024 compared to 50,566 in 2023.
Revenue generated from our electronic monitoring and case management services during 2025 increased $1.4 million (from $34.8 million during 2024 to $36.2 million during 2025). Average daily compensated population increased 3,101, or 6.1%, to 54,266 in 2025 when compared to 51,165 in 2024.
On January 16, 2025, we announced that we were awarded a new management contract with the state of Montana to care for additional inmates outside the state of Montana, with 240 inmates expected to arrive at our Tallahatchie facility during the first quarter of 2025.
We also care for residents from the state of Hawaii and the state of Idaho at our Saguaro facility. On January 16, 2025, we announced that we were awarded a new management contract with the state of Montana to care for additional inmates outside the state of Montana.
We also borrowed $125.0 million on our Revolving Credit Facility, and repaid such amount during the year. 84 Supplemental Guarantor Information All of the domestic subsidiaries of CoreCivic (as the parent corporation) that guarantee the Bank Credit Facility have provided full and unconditional guarantees of our Senior Notes.
Supplemental Guarantor Information All of the domestic subsidiaries of CoreCivic (as the parent corporation) that guarantee the Bank Credit Facility have provided full and unconditional guarantees of our Senior Notes.
During 2024, we completed the repurchase of an additional 4.4 million shares of our common stock at a total cost of $68.5 million, excluding costs associated with the share repurchase program, or $15.43 per share.
During 2025, we completed the repurchase of 11.2 million shares of our common stock at a total cost of $218.4 million, or $19.48 per share, excluding costs associated with the share repurchase program.
Based on our total leverage ratio, interest on loans under our previous bank credit facility through October 10, 2023 was at a base rate plus a margin of 2.25% or at BSBY plus a margin of 3.25%, and a commitment fee equal to 0.45% of the unfunded balance of the then-existing revolving credit facility.
Based on our total leverage ratio, during the first quarter of 2024, interest on loans under our Bank Credit Facility bore interest at a base rate plus a margin of 2.25% or at the Secured Overnight Financing Rate, or Term SOFR, plus a margin of 3.25%, and a commitment fee equal to 0.45% of the unfunded balance of the Revolving Credit Facility.
On January 16, 2025, we announced that we were awarded a new management contract with the state of Montana to care for additional inmates outside the state of Montana, with 240 inmates expected to arrive at our Tallahatchie facility during the first quarter of 2025.
On January 16, 2025, we announced that we were awarded a new management contract with the state of Montana to care for additional inmates outside the state of Montana. As of December 31, 2025, we cared for 239 inmates from the state of Montana at our Tallahatchie facility in Mississippi under this new contract.
We are self-insured for employee health, workers' compensation, and automobile liability insurance claims. As such, our insurance expense is largely dependent on claims experience and our ability to control our claims.
As of December 31, 2025 and 2024, we had $59.6 million and $51.3 million, respectively, in accrued liabilities for employee health, workers' compensation, and automobile insurance claims. We are self-insured for employee health, workers' compensation, and automobile liability insurance claims. As such, our insurance expense is largely dependent on claims experience and our ability to control our claims.
Our reconciliation of net income to FFO and Normalized FFO for the years ended December 31, 2024, 2023, and 2022 is as follows (in thousands): For the Years Ended December 31, 2024 2023 2022 FUNDS FROM OPERATIONS: Net income $ 68,868 $ 67,590 $ 122,320 Depreciation and amortization of real estate assets 99,865 98,076 96,917 Impairment of real estate assets 2,418 — 4,392 Gain on sale of real estate assets, net (3,262 ) (798 ) (87,728 ) Income tax expense for special items 242 226 21,995 Funds From Operations 168,131 165,094 157,896 Expenses associated with debt repayments and refinancing transactions 31,316 686 8,077 Income tax expense associated with change in corporate tax structure and other special tax items — 930 — Shareholder litigation expense — — 1,900 Other asset impairments 690 2,710 — Income tax benefit for special items (10,023 ) (984 ) (2,657 ) Normalized Funds From Operations $ 190,114 $ 168,436 $ 165,216 86 Material Cash Requirements The following table summarizes our material cash requirements related to borrowings, contracts and leases by the indicated period as of December 31, 2024 (in thousands): Payments Due By Year Ending December 31, 2025 2026 2027 2028 2029 Thereafter Total Long-term debt $ 12,073 $ 15,701 $ 257,823 $ 97,995 $ 507,985 $ 105,803 $ 997,380 Interest on senior and mortgage notes 58,692 58,425 58,136 46,497 25,536 27,261 274,547 Contractual facility developments and other commitments 4,108 — — — — — 4,108 Leases 5,388 4,956 4,278 3,833 3,453 8,358 30,266 Total $ 80,261 $ 79,082 $ 320,237 $ 148,325 $ 536,974 $ 141,422 $ 1,306,301 The cash obligations in the table above do not include future cash obligations for variable interest expense associated with our Term Loan or the balance outstanding on our Revolving Credit Facility, if any, as projections would be based on future outstanding balances as well as future variable interest rates, and we are unable to make reliable estimates of either.
Our reconciliation of net income to FFO and Normalized FFO for the years ended December 31, 2025, 2024, and 2023 is as follows (in thousands): For the Years Ended December 31, 2025 2024 2023 FUNDS FROM OPERATIONS: Net income $ 116,503 $ 68,868 $ 67,590 Depreciation and amortization of real estate assets 101,373 99,865 98,076 Impairment of real estate assets 1,482 2,418 — Gain on sale of real estate assets, net (1,007 ) (3,262 ) (798 ) Income tax expense (benefit) for special items (127 ) 242 226 Funds From Operations 218,224 168,131 165,094 Expenses associated with debt repayments and refinancing transactions — 31,316 686 Expenses associated with mergers and acquisitions 3,016 — — Income tax expense associated with change in corporate tax structure and other special tax items — — 930 Other asset impairments — 690 2,710 Income tax benefit for special items (837 ) (10,023 ) (984 ) Normalized Funds From Operations $ 220,403 $ 190,114 $ 168,436 86 Material Cash Requirements The following table summarizes our material cash requirements related to borrowings, contracts and leases by the indicated period as of December 31, 2025 (in thousands): Payments Due By Year Ending December 31, 2026 2027 2028 2029 2030 Thereafter Total Long-term debt $ 15,701 $ 257,823 $ 342,995 $ 507,985 $ 8,073 $ 97,730 $ 1,230,307 Interest on senior and mortgage notes 58,425 58,136 46,497 25,536 4,552 22,708 215,854 Contractual facility developments and other commitments 28,982 2,392 2,392 2,392 2,392 11,938 50,488 Dilley Facility lease 51,421 51,421 51,421 51,421 9,142 — 214,826 Other leases 5,569 4,945 4,414 3,826 3,466 4,921 27,141 Total $ 160,098 $ 374,717 $ 447,719 $ 591,160 $ 27,625 $ 137,297 $ 1,738,616 The cash obligations in the table above do not include future cash obligations for variable interest expense associated with our Term Loan or the balance outstanding on our Revolving Credit Facility, if any, as projections would be based on future outstanding balances as well as future variable interest rates, and we are unable to make reliable estimates of either.
The following table displays the revenue and expenses per compensated man-day for CoreCivic Community's residential reentry facilities placed into service that we own and manage, but exclusive of the electronic monitoring and case management services given that revenue is not generated on a per compensated man-day basis for these services: For the Years Ended December 31, 2024 2023 CoreCivic Community Facilities: Revenue per compensated man-day $ 79.68 $ 73.98 Operating expenses per compensated man-day: Fixed expense 46.09 41.50 Variable expense 13.17 12.37 Total 59.26 53.87 Operating income per compensated man-day $ 20.42 $ 20.11 Operating margin 25.6 % 27.2 % Average compensated occupancy 65.1 % 62.2 % Average available beds 4,415 4,669 Average compensated population 2,874 2,904 Operating margins in our CoreCivic Community segment were negatively impacted during 2024 by an increase in operating expenses per compensated man-day which, similar to our CoreCivic Safety segment, were driven, in large part, by higher staffing levels and wage rates.
The following table displays the revenue and expenses per compensated man-day for CoreCivic Community's residential reentry facilities placed into service that we own and manage, but exclusive of the electronic monitoring and case management services given that revenue is not generated on a per compensated man-day basis for these services: For the Years Ended December 31, 2025 2024 CoreCivic Community Facilities: Revenue per compensated man-day $ 84.42 $ 79.68 Operating expenses per compensated man-day: Fixed expense 47.02 46.09 Variable expense 12.18 13.17 Total 59.20 59.26 Operating income per compensated man-day $ 25.22 $ 20.42 Operating margin 29.9 % 25.6 % Average compensated occupancy 67.9 % 65.1 % Average available beds 4,140 4,415 Average compensated population 2,811 2,874 Operating margins in our CoreCivic Community segment were positively impacted during 2025 by an increase in average revenue per compensated man-day, which increased from 2024 primarily as a result of per diem increases at several of our facilities, as well as for ERCs received in the Community segment amounting to $0.4 million during the first half of 2025.
During 2024 and 2023, CoreCivic Safety generated 91.1% and 84.7%, respectively, of our total segment net operating income. 74 The following table displays the revenue and expenses per compensated man-day for CoreCivic Safety's correctional and detention facilities placed into service that we own and manage and for the facilities we manage but do not own, inclusive of the transportation services provided by TransCor: For the Years Ended December 31, 2024 2023 CoreCivic Safety Facilities: Revenue per compensated man-day $ 102.79 $ 99.53 Operating expenses per compensated man-day: Fixed expense 57.73 56.25 Variable expense 20.49 21.72 Total 78.22 77.97 Operating income per compensated man-day $ 24.57 $ 21.56 Operating margin 23.9 % 21.7 % Average compensated occupancy 75.7 % 72.2 % Average available beds 63,785 65,978 Average compensated population 48,291 47,662 Operating margins in the CoreCivic Safety segment have been positively impacted by a 3.3% increase in average revenue per compensated man-day during 2024 when compared to 2023.
During 2025 and 2024, CoreCivic Safety generated 91.7% and 91.1%, respectively, of our total segment net operating income. 75 The following table displays the revenue and expenses per compensated man-day for CoreCivic Safety's correctional and detention facilities placed into service that we own and manage and for the facilities we manage but do not own, inclusive of the transportation services provided by TransCor: For the Years Ended December 31, 2025 2024 CoreCivic Safety Facilities: Revenue per compensated man-day $ 110.19 $ 102.79 Operating expenses per compensated man-day: Fixed expense 61.75 57.73 Variable expense 22.74 20.49 Total 84.49 78.22 Operating income per compensated man-day $ 25.70 $ 24.57 Operating margin 23.3 % 23.9 % Average compensated occupancy 77.7 % 75.7 % Average available beds 66,186 63,785 Average compensated population 51,455 48,291 Operating margins in the CoreCivic Safety segment were negatively impacted during 2025 by start-up expenses incurred during the activation of our previously idled 2,560-bed California City Facility, our 1,033-bed Midwest Regional Reception Center, our 600-bed West Tennessee Detention Facility, and our 2,160-bed Diamondback Correctional Facility in advance of receiving detainee populations.
CoreCivic Community CoreCivic Community includes the operating results of the residential reentry centers that we operated during each period, along with the operating results of our electronic monitoring and case management services. Total revenue generated by CoreCivic Community increased $3.6 million, or 3.1%, from $115.1 million during 2023 to $118.7 million during 2024.
During 2025, management revenue from the state of Montana at the Saguaro and Tallahatchie facilities increased $12.7 million from 2024. 78 CoreCivic Community CoreCivic Community includes the operating results of the residential reentry centers that we operated during each period, along with the operating results of our electronic monitoring and case management services.
The following table reflects the components of revenue for the years ended December 31, 2024 and 2023 (in millions): For the Years Ended December 31, 2024 2023 $ Change % Change Management revenue: Federal $ 1,002.2 $ 995.2 $ 7.0 0.7 % State 775.4 738.6 36.8 5.0 % Local 50.0 36.0 14.0 38.9 % Other 107.9 76.7 31.2 40.7 % Total management revenue 1,935.5 1,846.5 89.0 4.8 % Lease revenue 26.1 49.9 (23.8 ) (47.7 %) Other revenue — 0.2 (0.2 ) (100.0 %) Total revenue $ 1,961.6 $ 1,896.6 $ 65.0 3.4 % 70 The $89.0 million, or 4.8%, increase in total management revenue was primarily a result of an increase in revenue of $64.4 million driven primarily by an increase of 3.5% in average revenue per compensated man-day.
The following table reflects the components of revenue for the years ended December 31, 2025 and 2024 (in millions): For the Years Ended December 31, 2025 2024 $ Change % Change Management revenue: Federal $ 1,193.8 $ 1,002.2 $ 191.6 19.1 % State 811.9 775.4 36.5 4.7 % Local 48.6 50.0 (1.4 ) (2.8 %) Other 138.0 107.9 30.1 27.9 % Total management revenue 2,192.3 1,935.5 256.8 13.3 % Lease revenue 18.7 26.1 (7.4 ) (28.4 %) Other revenue 0.2 — 0.2 N/A Total revenue $ 2,211.2 $ 1,961.6 $ 249.6 12.7 % 71 The $256.8 million, or 13.3%, increase in total management revenue was primarily a result of an increase in revenue of $145.8 million driven primarily by an increase of 7.3% in average revenue per compensated man-day.
On January 16, 2025, we announced that we were awarded a new management contract with the state of Montana to care for additional inmates outside the state of Montana, with 240 inmates expected to arrive at our Tallahatchie facility during 64 the first quarter of 2025.
In addition, on January 16, 2025, we announced that we were awarded a new management contract with the state of Montana to care for additional inmates outside the state of Montana. During 2025, we cared for an average daily population of 214 Montana inmates at our Tallahatchie County Correctional Facility in Mississippi under this new contract.
We believe the short- and long-term growth opportunities of our business remain attractive as government agencies consider their emergent needs, as well as the efficiency and offender programming opportunities we provide as flexible solutions to satisfy our partners' needs.
While we believe the legislative and executive actions mentioned above will create long-term needs from our federal partners, we also believe the long-term growth opportunities of our business remain attractive as state and county government agencies consider the efficiency and offender programming opportunities we provide as flexible solutions to satisfy their needs.
CoreCivic Properties CoreCivic Properties includes the operating results of the properties we leased to government agencies during each period. Total revenue generated by CoreCivic Properties decreased $23.8 million, or 47.7%, from $49.9 million during 2023 to $26.1 million during 2024.
This facility generated facility net operating income of $0.2 million during 2025. 79 CoreCivic Properties CoreCivic Properties includes the operating results of the properties we leased to government agencies during each period. Total revenue generated by CoreCivic Properties decreased $7.4 million, or 28.3%, from $26.1 million during 2024 to $18.7 million during 2025.
For the year ended December 31, 2023, income tax expense reflects a net expense of $0.2 million associated with these special items and a change in our corporate structure.
For the year ended December 31, 2024, income tax expense reflects a net benefit of $9.8 million associated with these special items.
Income tax expense related to operations for 2023 was net of an income tax benefit of $0.8 million associated with asset impairments and expenses associated with debt repayments and refinancing transactions, net of the gain on sale of real estate assets.
Income tax expense related to operations for 2025 was net of an income tax benefit of $1.0 million associated with asset impairments and the acquisition of the Farmville Detention Center, net of the gain on sale of real estate assets, all as previously described herein.
Financing Activities Our net cash flow used in financing activities was $222.2 million for the year ended December 31, 2024 and was primarily attributable to debt repayments related to the $593.1 million tender and redemption of the Old 8.25% Senior Notes, the $4.6 million purchase of the 4.75% Senior Notes, and $34.9 million of payments of debt defeasance, issuance and other financing related costs.
Cash outflows during 2025 also included $229.0 million for the share repurchase program our BOD authorized during the second quarter of 2022, as well as the purchase and retirement of stock to satisfy withholding taxes in connection with equity-based compensation. 84 Our net cash flow used in financing activities was $222.2 million for the year ended December 31, 2024 and was primarily attributable to debt repayments related to the $593.1 million tender and redemption of 8.25% senior notes due in April 2026, the $4.6 million purchase of 4.75% senior notes, and $34.9 million of payments of debt defeasance, issuance and other financing related costs.
We began receiving inmates from the state of Montana in November 2023. In addition, on August 1, 2024, we entered into a second management contract with the state of Montana to care for an unspecified number of inmates at facilities we operate.
During 2025, we generated total revenue at this facility of $21.8 million. On August 1, 2024, we entered into a management contract with the state of Montana to care for an unspecified number of inmates at facilities we operate.
Operating Activities Our net cash provided by operating activities for the year ended December 31, 2024 was $269.2 million compared with $231.9 million in 2023. Cash provided by operating activities represents our net income plus depreciation and amortization, changes in various components of working capital, and various non-cash charges.
Cash provided by operating activities represents our net income plus depreciation and amortization, changes in various components of working capital, and various non-cash charges.
Due to a variety of factors, the lead time to negotiate contracts with our federal and state partners to utilize idle bed capacity at correctional facilities is generally lengthy. Self-funded insurance reserves . As of December 31, 2024 and 2023, we had $51.3 million and $51.7 million, respectively, in accrued liabilities for employee health, workers' compensation, and automobile insurance claims.
Due to a variety of factors, the lead time to negotiate contracts with our federal and state partners to utilize idle bed capacity at correctional facilities is generally lengthy. 68 Self-funded insurance reserves .
CoreCivic Safety's facility net operating income increased $59.4 million, or 15.8%, from $374.9 million during 2023 to $434.3 million during 2024.
CoreCivic Safety's facility net operating income increased $48.5 million, or 11.2%, from $434.3 million during 2024 to $482.8 million during 2025.
As of December 31, 2024, we had $18.0 million in letters of credit outstanding, resulting in $257.0 million available under our Revolving Credit Facility. In connection with the Tender Offer, on March 12, 2024, we completed an underwritten registered public offering of $500.0 million aggregate principal amount of 8.25% senior unsecured notes due 2029, or the New 8.25% Senior Notes.
On March 12, 2024, we completed an underwritten registered public offering of $500.0 million aggregate principal amount of 8.25% senior unsecured notes due in April 2029, or the 8.25% Senior Notes.
December 31, 2024 2023 Current assets $ 439,388 $ 460,475 Real estate and related assets 2,253,129 2,323,562 Other assets 93,617 175,413 Total non-current assets 2,346,746 2,498,975 Current liabilities 271,220 284,886 Long-term debt, net 841,208 945,949 Other liabilities 179,670 246,903 Total long-term liabilities 1,020,878 1,192,852 For the Years Ended December 31, 2024 2023 Revenue $ 1,958,953 $ 1,895,291 Operating expenses 1,491,980 1,462,414 Other expenses 280,093 263,401 Total expenses 1,772,073 1,725,815 Income before income taxes 86,598 92,437 Net income 63,503 64,203 85 Funds from Operations Funds From Operations, or FFO, is a widely accepted supplemental non-GAAP measure utilized to evaluate the operating performance of real estate companies.
December 31, 2025 2024 Current assets $ 601,230 $ 439,388 Real estate and related assets 2,317,198 2,253,129 Other assets 199,771 93,617 Total non-current assets 2,516,969 2,346,746 Current liabilities 352,122 271,220 Long-term debt, net 1,079,337 841,208 Other liabilities 277,584 179,670 Total long-term liabilities 1,356,921 1,020,878 For the Years Ended December 31, 2025 2024 Revenue $ 2,208,608 $ 1,958,953 Operating expenses 1,691,087 1,491,980 Other expenses 298,485 280,093 Total expenses 1,989,572 1,772,073 Income before income taxes 154,285 86,598 Net income 113,612 63,503 85 Funds from Operations Funds From Operations, or FFO, is a widely accepted supplemental non-GAAP measure utilized to evaluate the operating performance of real estate companies.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeIf the interest rate for our outstanding indebtedness under the Bank Credit Facility and the Term Loan B was 100 basis points higher or lower (but not less than 0%) during the years ended December 31, 2024, 2023, and 2022, our interest expense, net of amounts capitalized, would have been increased by $1.3 million, $1.1 million, and $1.4 million, respectively, and would have been decreased by $1.3 million, $1.1 million, and $0.8 million, respectively.
Biggest changeIf the interest rate for our outstanding indebtedness under the Bank Credit Facility was 100 basis points higher or lower (but not less than 0%) during the years ended December 31, 2025, 2024, and 2023, our interest expense, would have been increased or decreased by $1.6 million, $1.3 million, and $1.1 million, respectively.
See the risk factor discussion captioned " Rising interest rates increase the cost of our variable rate debt " under Part 1, Item 1A of this Annual Report on Form 10-K for more discussion on interest rate risks that may affect our financial condition.
See the risk factor discussion captioned " An increase in interest rates increases the cost of our variable rate debt " under Part 1, Item 1A of this Annual Report on Form 10-K for more discussion on interest rate risks that may affect our financial condition.
As of December 31, 2024, we had outstanding $500.0 million of senior notes due 2029 with a fixed interest rate of 8.25%, and $238.5 million of senior notes due 2027 with a fixed interest rate of 4.75%. We also had $140.2 million outstanding under the Kansas Notes with a fixed interest rate of 4.43%.
As of December 31, 2025, we had outstanding $238.5 million of the 4.75% Senior Notes and $500.0 million of the 8.25% Senior Notes. We also had $134.3 million outstanding under the Kansas Notes with a fixed interest rate of 4.43%.
Removed
We were also exposed to market risk related to our Term Loan B prior to its prepayment in full in May 2022.

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