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STRATEGY DESK

Two Companies Made $1.4 Billion in Three Months Detaining Immigrants

CoreCivic and GEO Group, the two largest private corrections companies in the United States, reported combined quarterly revenue of roughly $1.4 billion for April through June as immigration detention approaches record levels. GEO Group posted $732.1 million, an increase of nearly $96 million or 15% over the same quarter last year, which chief executive George Zoley attributed to contracts signed in 2025. CoreCivic reported $684.9 million, up just over 27% year over year — a figure president and chief executive Patrick Swindle noted exceeded expectations despite a period that included a government shutdown.

Those totals exclude the quarter's largest single transaction. CoreCivic realized net proceeds of about $1.6 billion from selling four of its facilities to the Department of Homeland Security, which Swindle told investors works out to roughly $307,000 per bed. The sale does not represent an exit from the business: the company negotiated to continue operating the facilities it sold and has said it hopes to build more. GEO Group has indicated it is in similar discussions. The proceeds will appear in next quarter's results.

KEY TAKEAWAYS

CoreCivic and GEO Group reported roughly $1.4 billion in combined quarterly revenue — GEO up 15% to $732.1 million, CoreCivic up 27% to $684.9 million.
Excluded from those figures is CoreCivic's $1.6 billion from selling four facilities to DHS at about $307,000 per bed — while retaining the contracts to operate them.
Roughly 66,000 people are currently in immigration detention, near record levels, against a stated administration target of 100,000 — and the acting ICE director is a former GEO Group executive.

The revenue tracks a policy target directly. Roughly 66,000 people are currently held in immigration detention, approaching levels not seen since January, according to the Transactional Records Access Clearinghouse at Syracuse University. The administration has stated a goal of 100,000 people in detention simultaneously. That figure functions as demand guidance for a publicly traded industry, which is an unusual relationship between a government objective and a private-sector revenue forecast — the capacity being built is the product, and the customer sets the volume.

Both companies are also developing revenue outside detention itself, including electronic ankle monitoring for Haitian immigrants who recently lost protected status. The institutional overlap is worth noting: David Venturella, acting director of Immigration and Customs Enforcement, is a former GEO Group executive who has told lawmakers he divested his stock in the company. For investors and voters alike, the useful frame is that immigration enforcement now has a quarterly earnings report attached to it, and those earnings rise with detention volume rather than with any measure of outcome.

SOURCE:

"Private prisons announce $1.4 billion in revenue as immigration detentions climb" — NPR,
"Private prisons announce $1.4 billion in revenue as immigration detentions climb" — KPBS

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