UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-14260 The GEO Group, Inc. (Exact name of registrant as specified in its charter) | Florida | 65-0043078 | | --- | --- | | State or oth ...

The GEO Group, Inc. (NYSE:GEO) is among the 9 Best Video Surveillance and Private Security Stocks to Buy. Noble Capital Lowers The GEO Group, Inc. (GEO) PT on Slower-Than-Expected 2026 Growth Outlook The GEO Group, Inc. (NYSE:GEO) is one of the best video surveillance stocks. TheFly reported on February 17 that Noble Capital lowered its price target on GEO to $28 from $35 and kept an Outperform rating. The change reflects slower-than-expected growth after the company's amended 2026 outlook and fourth-qu ...

Core Insights - The GEO Group operates within the private prison and immigration enforcement services industry, which has experienced significant changes due to evolving U.S. immigration policies [1] Industry Overview - The private prison industry, including companies like The GEO Group, has faced scrutiny and transformation in response to shifts in immigration enforcement and policy [1] Company Position - The GEO Group has a beneficial long position in its shares, indicating confidence in its future performance despite the industry's challenges [1]

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In addition, GEO reactivated its 1,940-bed Adelanto ICE Processing Center in California during the third quarter, which Zoley said had been underutilized due to a COVID-related court case. He said the activation of these five facilities represents the largest startup activity in GEO’s history, with a combined annualized revenue value of approximately $400 million and the hiring and training of about 2,000 new employees .Zoley said GEO entered new contracts to house ICE detainees at four facilities totaling ...

Secured approximately $520 million in new incremental annualized revenues during 2025, marking the most successful period for new business wins in the company's history. Performance was driven by the activation of five facilities totaling approximately 6,000 beds, representing the largest startup activity in GEO's history with an annualized value of $400 million. ICE detention census reached record levels of approximately 24,000, supported by increased enforcement and removal operations that also drov ...

On February 11, Hodges Capital Management Inc. disclosed a sale of 401,146 shares of The GEO Group (NYSE:GEO), an estimated $6.69 million trade based on quarterly average pricing. What happened According to a February 11 SEC filing, Hodges Capital Management Inc. reduced its position in The GEO Group (NYSE:GEO) by 401,146 shares during the fourth quarter of 2025. The estimated transaction value was $6.69 million, derived from the average closing price for the period. The fund’s quarter-end position value ...

Financial Data and Key Metrics Changes - For Q4 2025, the company reported net income of approximately $32 million, or $0.23 per diluted share, on revenues of approximately $708 million, compared to net income of approximately $15.5 million, or $0.11 per diluted share, on revenues of approximately $608 million in Q4 2024 [18][19] - Adjusted EBITDA for Q4 2025 was approximately $126 million, up from approximately $108 million in Q4 2024 [20] - For the full year 2025, net income attributable to GEO operations was approximately $254 million, or $1.82 per diluted share, on revenues of approximately $2.63 billion, compared to $32 million, or $0.22 per diluted share, on revenues of $2.42 billion in 2024 [23][24] Business Line Data and Key Metrics Changes - Owned and leased secure service revenues increased by approximately $70 million, or 23%, in Q4 2025 compared to Q4 2024, primarily driven by new contracts with ICE [20] - Managed-only contracts revenues increased by approximately $26 million, or 17%, due to the joint venture for the North Florida Detention Facility and transportation revenue increases [21] - Revenues for electronic monitoring and supervision services increased by approximately 3%, reflecting a favorable technology and case management mix shift [22] Market Data and Key Metrics Changes - The census across active ICE facilities increased from approximately 22,000 in Q3 to approximately 24,000, the highest level recorded [6] - The current ICE detention census is approximately 70,000, distributed over 225 locations, primarily short-term jail facilities [11] - The company has approximately 6,000 idle beds at six company-owned facilities, which could generate over $300 million in annualized revenues at full capacity [12] Company Strategy and Development Direction - The company aims to capture new growth opportunities that could generate up to $520 million in annualized revenues, marking the most successful period for new business wins in its history [3][32] - The company is exploring participation in the federal government's initiative to purchase and retrofit commercial warehouses for detention capacity, while also focusing on utilizing its idle facilities [13][42] - The company is pursuing additional opportunities in mental health services at the state level, indicating a diversification strategy [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential of the ICE contract, particularly with the increase in monitoring services and case management [9][10] - The company expects 2026 to be as active as 2025, with potential upside across diversified business segments [32] - Management acknowledged the impact of government funding processes on operations but indicated strong liquidity and support from lenders [14][29] Other Important Information - The company completed the sale of the Lawton, Oklahoma facility for $312 million and the Hector Garza facility for $10 million, resulting in a significant pre-tax gain [24][30] - A share repurchase program was initiated in August 2025, with approximately 5 million shares repurchased for about $91 million by year-end 2025 [16][30] - The company closed 2025 with approximately $70 million in cash and approximately $1.65 billion in total debt [28] Q&A Session Summary Question: Regarding ICE's focus on warehouse initiatives and contract delays - Management indicated that ICE is pursuing both warehouse initiatives and utilizing existing private sector bed capacity, estimating a need for at least 20,000 new beds to reach a target of 100,000 [40][41] Question: On ISAP contract participant levels and capacity - Management confirmed readiness to scale monitoring devices and case management services to meet increased participant levels as outlined in the new ISAP contract [44] Question: Stock buyback strategy given current stock price - Management acknowledged the potential for more aggressive buybacks at current stock levels, emphasizing a diligent approach to capital allocation [46][47] Question: Monitoring service margins and mix shifts - Management explained that margin compression is primarily due to a shift in service mix, with increased demand for higher-cost ankle monitors impacting overall margins [51][52] Question: Guidance for 2026 and startup expenses - Management provided insights into conservative guidance for 2026, factoring in startup expenses related to activating idle facilities, with expectations for margin normalization in the latter half of the year [70][71]

The GEO Group (NYSE:GEO) Q4 2025 Earnings call February 12, 2026 01:00 PM ET Company ParticipantsGeorge Zoley - Executive ChairmanMark Suchinski - CEOPablo Paez - EVPConference Call ParticipantsBrendan McCarthy - AnalystGreg Gibas - AnalystJoe Gomes - AnalystKirk Ludtke - AnalystMatthew Erdner - AnalystRaj Sharma - AnalystOperatorGood day, and welcome to the GEO Group Fourth Quarter 2025 Earnings Conference Call. All participants will be in a listen-only mode. Should you need assistance, please signal a con ...

Financial Data and Key Metrics Changes - For Q4 2025, the company reported net income of approximately $32 million, or $0.23 per diluted share, on revenues of approximately $708 million, compared to net income of approximately $15.5 million, or $0.11 per diluted share, on revenues of approximately $608 million in Q4 2024 [18] - Adjusted EBITDA for Q4 2025 was approximately $126 million, up from approximately $108 million in Q4 2024 [19] - For the full year 2025, net income attributable to GEO operations was approximately $254 million, or $1.82 per diluted share, on revenues of approximately $2.63 billion, compared to $32 million, or $0.22 per diluted share, on revenues of $2.42 billion in 2024 [23] Business Line Data and Key Metrics Changes - Owned and leased secure service revenues increased by approximately $70 million, or 23%, in Q4 2025 compared to Q4 2024, primarily driven by the activation of new company-owned facilities [19] - Managed-only contracts revenues increased by approximately $26 million, or 17%, driven by the joint venture agreement for the North Florida Detention Facility [20] - Revenues for electronic monitoring and supervision services increased by approximately 3% from the prior year's fourth quarter, reflecting a favorable technology and case management mix shift [21] Market Data and Key Metrics Changes - The census across active ICE facilities increased from approximately 22,000 in Q3 to approximately 24,000, the highest level of ICE populations recorded [5] - The current ICE detention census is approximately 70,000, distributed over 225 separate locations, primarily short-term jail facilities [10] - The company has approximately 6,000 idle beds at six company-owned facilities, which could generate over $300 million in annualized revenues at full capacity [11] Company Strategy and Development Direction - The company has been awarded new or expanded contracts representing approximately $520 million in new incremental annualized revenues, marking the largest amount of new business won in a single year in its history [3] - The company is exploring opportunities in the field of mental health services and is participating in a procurement for the management contract at a state forensic psychiatric hospital [15] - The company is cautiously participating in the federal government's procurement process for retrofitting commercial warehouses to increase detention capacity [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential of the ICE contract, particularly with the increase in more intensive monitoring devices and case management services [8] - The company expects 2026 to be as active as 2025, with upside potential across diversified business segments [33] - Management noted that the federal government is focused on increasing immigration detention capacity and is looking for solutions to upscale to 100,000 beds or more [11] Other Important Information - The company completed the sale of the Lawton, Oklahoma facility for $312 million and the Hector Garza facility for $10 million, resulting in a $232 million pre-tax gain on asset sales [24] - The company initiated a share repurchase program in August 2025, expanding it to $500 million in November, with approximately 5 million shares repurchased for approximately $91 million by year-end 2025 [16] - The company closed 2025 with approximately $70 million in cash and approximately $1.65 billion in total debt [28] Q&A Session Summary Question: Regarding ICE's focus on warehouse initiatives and contract delays - Management indicated that ICE is pursuing both warehouse initiatives and utilizing existing private sector bed capacity, estimating a need for at least 20,000 new beds to reach a target of 100,000 [42][44] Question: On ISAP contract participation levels - Management confirmed that they are prepared to scale up monitoring devices and case management services to meet increased participation levels as requested by ICE [46] Question: Stock buyback strategy given low stock price - Management acknowledged the opportunity to be more aggressive with stock buybacks at current levels and emphasized their commitment to managing liquidity while taking advantage of the buyback program [47][48] Question: Monitoring service margins and mix shift - Management explained that margin compression is primarily due to a mix shift towards higher-cost ankle monitors and increased case management services [52][53] Question: Guidance for fiscal 2026 and startup expenses - Management stated that they are incorporating startup expenses related to the activation of idle facilities into their guidance, which is designed to be prudent and balanced [68][69]