The GEO Group, Inc.

The GEO Group Announces Contract for Big Spring Complex in Texas Totaling 2,329 Beds

The GEO Group won a 10-year intergovernmental service agreement supporting ICE's activation of a federal immigration processing center at the 2,329-bed Big Spring Complex in Texas. The complex, comprising the 1,404-bed Flightline Facility and 925-bed Cedar Hill Facility, is expected to generate approximately $200 million in annual revenues for GEO in its first full year of operations. CEO George Zoley cited GEO's 40-year partnership with ICE and readiness to help meet federal immigration enforcement bedspace needs.

•1d ago

The GEO Group Announces New Management Contract for 1,635-Bed Northwest ICE Processing Center in Tacoma, WA

The GEO Group signed a new 10-year management contract to continue operating its 1,635-bed Northwest ICE Processing Center in Tacoma, Washington. The contract is expected to generate approximately $140 million in annual revenues and runs through October 27, 2036. The deal extends GEO's 40-year partnership with ICE and locks in revenue visibility at a company-owned facility, reinforcing its position in federal immigration detention services.

•5d ago

The GEO Group Completes Redemption of All Senior Secured Notes Due 2029

The GEO Group completed the redemption of all $650 million of its 8.625% Senior Secured Notes due 2029 on October 15, 2026, paying approximately $678 million plus accrued interest and discharging the governing indenture. GEO's gross debt now stands at $625 million as of October 19, 2026, consisting of 10.25% Senior Unsecured Notes due 2031, with no borrowings under its $550 million revolver extended to July 2031. The removal of secured-debt covenants permits unlimited restricted payments including buybacks subject to leverage caps of 2.25x under the amended credit agreement, complementing the Board's $750 million buyback authorization increase to $1.25 billion through 2029.

•15d ago

The GEO Group Delivers Notice of Redemption for All Senior Secured Notes Due 2029 and Amends and Extends Revolving Credit Facility

The GEO Group delivered a notice of redemption for all $650 million of its 8.625% Senior Secured Notes due 2029, with redemption set for October 15, 2026 at $1,043.13 per $1,000 principal (roughly $678 million). The redemption will be funded with net proceeds from recently announced asset sales, discharging the indenture governing the notes. GEO also closed an amendment extending its $550 million revolving credit facility to July 14, 2031, after which it may make unlimited restricted payments -- including buybacks -- when pro forma leverage is at or below 2.25x. The move follows a Board-approved $750 million increase to the buyback authorization, now $1.25 billion through December 31, 2029, signaling an aggressive capital-return pivot post-deleveraging.

•28d ago

The GEO Group Sells the Adelanto, California ICE Processing Center Complex Comprised of Three Facilities Totaling 2,644 Beds for $950 Million and Increases Share Repurchase Authorization to $1.25 Billion

GEO completed the sale of its three-facility Adelanto, California ICE Processing Center complex totaling 2,644 beds to the U.S. Department of Homeland Security for $950 million gross. GEO expects roughly $705 million in net proceeds and will keep providing support services under its existing ICE contract running through December 19, 2034. Proceeds are earmarked for debt reduction and buybacks, with the board raising the repurchase authorization by $750 million to $1.25 billion through year-end 2029. Additional facility sales to ICE remain under active discussion but no definitive agreement is in place.

•29d ago

The GEO Group Reports Second Quarter Results and Updates Full Year 2026 Guidance

GEO Group reported Q2 revenue of $732.1 million, up 15% year-over-year, with net income attributable to GEO operations rising 63% to $47.5 million. The company raised its full-year 2026 guidance, projecting revenues of $2.95 billion to $3.05 billion and adjusted EBITDA of $550 million to $560 million. Operational highlights include new five-year ICE contracts for the Big Horn and Rivers facilities, expected to generate $165 million in annual revenue, alongside the repurchase of 1.6 million shares for $36.6 million.

•2mo ago

The GEO Group Announces Contract for Company-Owned 1,320-Bed Rivers Facility in North Carolina

The GEO Group entered into a five-year support services contract with U.S. Immigration and Customs Enforcement (ICE) to activate its company-owned, 1,320-bed Rivers Facility in North Carolina. The contract is expected to generate approximately $80 million in annual revenue during the first full year of operations, covering security, maintenance, food services, and medical care. CEO George C. Zoley highlighted the facility's role in meeting increased federal immigration processing needs and noted the company's 40-year history of public-private partnership with ICE.

•3mo ago

The GEO Group Announces Contract for Company-Leased 1,188-Bed Big Horn Facility in Colorado

The GEO Group secured a five-year support services contract with U.S. Immigration and Customs Enforcement for the activation of the 1,188-bed Big Horn Facility in Hudson, Colorado. The contract is expected to generate approximately $85 million in annual revenue in the first full year of operations, excluding transportation revenue, covering security, maintenance, and food services. CEO George Zoley noted the facility will help meet increased federal immigration processing needs and highlighted the company's 40-year partnership with ICE.

•3mo ago

The GEO Group Reports First Quarter Results and Increases Full Year 2026 Guidance

GEO Group reported Q1 2026 revenue of $705.2 million, up 17% year-over-year, with Net Income nearly doubling to $38.3 million and Adjusted EBITDA rising 32% to $131.4 million. Management raised full-year 2026 guidance, now projecting revenue of $2.95-$3.10 billion, Net Income of $153-$166 million, and Adjusted EBITDA of $525-$545 million. The company repurchased approximately 3.6 million shares for $50 million during the quarter, leaving roughly $359 million remaining under its authorization.

•5mo ago