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The G4S for government detention and correctional facilities.

The Lockheed Martin for managing government correctional facilities.

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• Facility Management Services: Operating and managing correctional and detention facilities under contract for federal, state, and local government agencies.
• Community Corrections and Reentry Programs: Providing residential and non-residential programs, such as halfway houses and day reporting centers, to support rehabilitation and societal reintegration.
• Real Estate Leasing: Leasing company-owned correctional and detention facilities to government partners for their operational use.

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CoreCivic (CXW) primarily sells its services to government entities, rather than commercial companies or individuals. Its major customers are various federal, state, and local government agencies that contract with CoreCivic to manage and operate correctional and detention facilities.

The major customers of CoreCivic include:

• U.S. Federal Government: This includes agencies such as the U.S. Immigration and Customs Enforcement (ICE), the U.S. Marshals Service (USMS), and the Federal Bureau of Prisons (BOP).
• State Governments: Various state departments of corrections across numerous states contract with CoreCivic for correctional facility services.
• Local Governments: A range of county and municipal governments, including county sheriff's offices and local correctional departments, utilize CoreCivic's services for detention and correctional needs.

As these are government agencies and not publicly traded companies, they do not have stock symbols.

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Damon T. Hininger President and Chief Executive Officer

Damon T. Hininger has served as President and Chief Executive Officer of CoreCivic since October 2009. He joined the company in 1992 as a correctional officer and progressed through various leadership roles, including President and Chief Operating Officer from 2008 to 2009. His career within CoreCivic spans numerous positions, including Vice President of Federal and Local Customer Relations, Vice President of Business Analysis, Director of Strategic Planning, and Director of Proposal Development. In 2011, Forbes recognized Mr. Hininger as one of the "Top 20 Most Powerful CEOs 40 and Under."

David M. Garfinkle Executive Vice President and Chief Financial Officer

David M. Garfinkle has been the Executive Vice President and Chief Financial Officer of CoreCivic since May 2014. Prior to this, he served as the company's Vice President of Finance and Controller from February 2001 to May 2014. Before joining CoreCivic, Mr. Garfinkle held the position of Vice President and Controller at Bradley Real Estate Inc., a publicly traded REIT, from 1996 to 2001. He also worked as a Senior Manager at KPMG Peat Marwick LLP.

Patrick D. Swindle President and Chief Operating Officer

Patrick D. Swindle serves as President and Chief Operating Officer, with his appointment as President and Chief Executive Officer effective January 1, 2026. He joined CoreCivic in 2007 as Managing Director, Treasury, and has held several key positions, including Vice President, Strategic Development; Senior Vice President, Operations; Executive Vice President and Chief Corrections Officer; and Executive Vice President and Chief Operating Officer.

Lucibeth N. Mayberry Executive Vice President and Chief Innovation Officer

Lucibeth N. Mayberry has been the Executive Vice President and Chief Innovation Officer since 2022. Her previous roles at CoreCivic include Executive Vice President of the Real Estate division, Senior Vice President, Real Estate, and Vice President & Deputy Chief Development Officer.

Anthony L. Grande Executive Vice President and Chief Development Officer

Anthony L. Grande serves as CoreCivic's Executive Vice President and Chief Development Officer.

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Key Risks to CoreCivic (CXW)

1. Dependence on Government Contracts and Political/Legislative Risks: CoreCivic's business is heavily reliant on contracts with federal, state, and local government agencies, including Immigration and Customs Enforcement (ICE), the U.S. Marshals Service, and the Bureau of Prisons. These contracts form the backbone of its revenue model. The company is highly vulnerable to changes in political leadership, government policies (such as executive orders aiming to reduce reliance on private facilities), and new legislation that could reduce or eliminate the use of private prisons. Additionally, government budgetary challenges, including potential shutdowns, can directly impact contract renewals, per diem rates, and overall financial stability.
2. Regulatory, Legal, and Operational Challenges, including Public Perception: Operating in a highly regulated industry, CoreCivic is consistently exposed to legal and regulatory scrutiny. This includes the risk of costly litigation, federal investigations into alleged mismanagement, and significant fines for issues such as understaffing. Negative public perception regarding private correctional practices, inmate disturbances, or perceived poor operational performance can lead to contract cancellations, damage to the company's reputation, and increased operational costs due to heightened scrutiny and compliance requirements.
3. Fluctuations in Occupancy Levels and Competition: A substantial portion of CoreCivic's revenue is generated through per diem payments based on occupancy levels in its facilities. Consequently, a decrease in the number of detainees or prisoners can directly lead to reduced revenues and profitability. The company also faces significant competition not only from other private prison operators but also from government-run correctional and detention facilities, which can impact its market share and ability to secure new or renewed contracts.

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The clear emerging threat to CoreCivic (CXW) is the increasing political and legislative movement away from the use of private correctional and detention facilities by government entities.

This trend, driven by growing public opposition and policy changes, directly jeopardizes CoreCivic's ability to secure new contracts and renew existing ones, fundamentally undermining its business model. Evidence includes:

• Federal Policy Shifts: The Biden administration's January 2021 executive order directing the Department of Justice not to renew contracts with private correctional facilities. While specific to DOJ contracts, it signals a broader federal stance against private prisons.
• State-Level Legislation: Multiple states (e.g., California, Illinois, New Jersey) have enacted legislation to phase out or significantly restrict the use of private prisons.
• Decarceration Trends: Broader criminal justice reform efforts aimed at reducing incarceration rates also contribute to this threat by decreasing the overall demand for correctional beds, whether public or private.

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For its main products and services, CoreCivic (CXW) operates in the following addressable markets:

• Correctional and Detention Facility Management: The addressable market for correctional facilities in the U.S. is estimated at $9.0 billion in 2025.
  The U.S. government's spending on its immigration detention system, largely run by the private sector, was $3.4 billion in 2024. The annual budget for immigration detention is on pace to be 62 percent larger than that of the entire federal prison system's budget of $8.6 billion in fiscal year 2025.
• Residential Reentry Centers and Reentry Services: null
• Government Real Estate Solutions: null

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• Reactivation and Stabilization of Idle Facilities: CoreCivic has secured new contracts for several previously idle correctional and detention facilities, including the West Tennessee Detention Facility, California City Immigration Processing Center, Midwest Regional Reception Center, and Diamondback Correctional Facility. These four new contract awards are projected to generate approximately $320 million in annual revenue once they achieve stabilized occupancy, with the Diamondback facility alone contributing an estimated $100 million annually. The company anticipates reaching stabilized occupancy for these reactivated facilities by the second quarter of 2026.
• Increased Demand from Federal Government Partners: CoreCivic is experiencing and anticipating increased demand from its federal government partners, particularly U.S. Immigration and Customs Enforcement (ICE) and the U.S. Marshals Service (USMS). Revenue from ICE saw a significant 54.6% year-over-year increase in the third quarter of 2025, with ICE detention populations reaching historical highs by the end of September 2025. CoreCivic expects detainee populations to continue to grow as ICE implements its interior enforcement plan, and anticipates increases in USMS populations later in 2025 and into 2026.
• Growth in State and Local Contracts: The company is also seeing growth in its partnerships with state and local governments. Revenue from state customers increased by 6.4% in the fourth quarter of 2024, driven by higher per diem rates and new contracts with states such as Montana and Wyoming. State partner revenue further increased by 3.6% in the third quarter of 2025. Additionally, local revenue saw a 26% increase in the fourth quarter of 2024 due to new contracts.
• Expansion of Capacity and Service Offerings: CoreCivic is actively expanding its capacity and diversifying its service offerings to government partners. This includes contract modifications to add capacity for ICE at existing facilities. As a diversified government-solutions company, CoreCivic provides corrections and detention management, residential and non-residential alternatives to incarceration, and government real estate solutions, indicating a broad approach to addressing government needs.
• Higher Occupancy Rates: CoreCivic has demonstrated improved facility utilization, with total occupancy increasing to 76.7% in the third quarter of 2025, up 1.5 percentage points from the prior year. The company projects achieving mid-80% occupancy by 2026, which would directly translate to increased revenue as more available beds are filled under existing and new contracts.

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Share Repurchases

• CoreCivic's Board of Directors authorized a share repurchase program for up to $500.0 million in the aggregate.
• From May 2022 through June 30, 2025, the company repurchased 18.5 million shares of common stock for an aggregate cost of $262.1 million.
• As of September 30, 2025, CoreCivic had $197.9 million remaining under its share repurchase authorization.

Share Issuance

• Stockholders approved an Amended and Restated 2020 Stock Incentive Plan in May 2022, authorizing the issuance of new awards for up to 5.9 million shares.
• As of December 31, 2024, 5.2 million shares were available for issuance under the Amended and Restated 2020 Stock Incentive Plan.

Outbound Investments

• On July 1, 2025, CoreCivic acquired the 736-bed Farmville Detention Center in Virginia for $67.0 million, which is expected to add approximately $40.0 million in annual incremental revenue.
• During 2023, CoreCivic sold three residential reentry centers for aggregate net sales proceeds of $10.3 million.

Capital Expenditures

• For 2025, CoreCivic expects capital expenditures of approximately $97.5 million to $99.5 million related to activating previously idled facilities and additional potential activations.
• Anticipated 2025 capital expenditures also include $29.0 million to $31.0 million for maintenance on real estate assets, $31.0 million to $34.0 million for maintenance on other assets and IT, and $14.0 million to $15.0 million for other investments.
• In 2024, the company projected capital expenditures of $70.0 million to $76.0 million, with a focus on maintenance and preparing an idle facility for potential activation.