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The GEO Group is like a Marriott or Hilton, but for prisons and immigration detention centers.

For its electronic monitoring services, GEO is like ADT, but for individuals under legal supervision in the community.

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• Secure Facility Management: GEO owns, leases, and manages secure facilities, processing centers, and reentry centers for various government agencies.
• Rehabilitation and Treatment Services: The company offers comprehensive programs including counseling, education, and treatment for substance abuse and cognitive behavioral issues.
• Reentry Services: GEO provides community-based programs, temporary housing, employment assistance, and supervision to aid individuals in transitioning back into society.
• Electronic Monitoring and Supervision Services: The company offers electronic monitoring devices and evidence-based supervision for community-based parolees, probationers, and pretrial defendants.
• Secure Transportation Services: GEO provides specialized secure transportation for individuals within the justice system.

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• U.S. Federal Government Agencies: Including entities such as the U.S. Marshals Service, Immigration and Customs Enforcement (ICE), and the Federal Bureau of Prisons.
• U.S. State and Local Government Agencies: Encompassing state departments of corrections, county sheriff's departments, and municipal justice systems across various states.
• International Government Agencies: Government entities and justice ministries in countries where GEO operates, such as Australia, South Africa, and the United Kingdom.

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George C. Zoley
Executive Chairman

George C. Zoley is the founder of The GEO Group, Inc. and has served as its Chairman and Chief Executive Officer since the company went public in 1994. He established The GEO Group as a division of The Wackenhut Corporation in 1984, then named Wackenhut Corrections Corporation. Prior to founding GEO Group, he held roles as manager, director, and vice president of government services at Wackenhut. He also served as the CEO of Cornell Companies Inc. starting in August 2010. Zoley holds a bachelor's degree, a master's degree in public administration from Florida Atlantic University, and a doctorate in Public Administration from Nova Southeastern University. He is scheduled to step down as Executive Chairman on June 30, 2026, and will continue as an advisor to the company and non-Executive Chairman of the Board.

Brian R. Evans
Chief Executive Officer

Brian R. Evans was appointed Chief Executive Officer of The GEO Group, Inc. effective January 1, 2024. He joined GEO in 2000 and has held increasingly senior positions within the company, including Vice President of Finance, Chief Accounting Officer, and Controller. He was named Senior Vice President and Chief Financial Officer in 2009, a role he held for 14 years. Prior to joining GEO, Evans was an Audit Manager at Arthur Andersen LLP. He also served as a Lieutenant, Supply Corps Officer in the U.S. Navy. He earned a Bachelor's Degree in Accounting from the University of Notre Dame.

Shayn March
Acting Chief Financial Officer

Shayn March was appointed Acting Chief Financial Officer of The GEO Group, Inc. effective January 1, 2024. He joined the company in March 2009 as Vice President of Finance and Treasurer. March has 17 years of service with GEO in senior business management roles and will be appointed Chief Financial Officer effective April 1, 2026.

Wayne H. Calabrese
President and Chief Operating Officer

Wayne H. Calabrese was appointed President and Chief Operating Officer of The GEO Group, Inc. effective January 1, 2024. He originally joined GEO in 1989 as Vice President of Business Development and served in a range of increasingly senior positions, including Vice Chairman of the Board, President, and Chief Operating Officer until his retirement in December 2010. Following his retirement, he continued to work with GEO in a consulting capacity. Mr. Calabrese rejoined the company on a full-time basis in 2021 as head of the Legal Department, and in 2022, he was appointed Senior Vice President and Chief Operating Officer. Prior to his extensive career at GEO, Calabrese was a partner in an Akron, Ohio law firm and served as an Assistant City Law Director, Assistant County Prosecutor, and Legal Counsel and Director of Development for the Akron Metropolitan Housing Authority.

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Key Risks to The GEO Group, Inc.

1. Reliance on Government Contracts and Political/Regulatory Risks: The GEO Group's business is heavily dependent on government contracts, particularly with federal agencies such as U.S. Immigration and Customs Enforcement (ICE), which accounted for nearly half of its projected 2025 revenue. This exposes the company to significant political and regulatory risks, including potential federal funding disruptions, shifts in immigration enforcement policies, and public or political opposition to public-private partnerships. Legislation in some states, like California and Washington, also aims to phase out such partnerships, further threatening the company's operations. A single political shift could reverse enforcement priorities, reduce detention populations, or lead to contract terminations.
2. High Level of Indebtedness: The company carries a significant level of indebtedness, which poses a substantial financial risk. As of December 31, 2024, the total consolidated indebtedness was approximately $1.7 billion, excluding finance lease obligations. This high debt load could adversely affect GEO's financial condition and its ability to fulfill debt service obligations. Fluctuations in interest rates also present a market risk, potentially increasing debt service costs, as the company does not currently have interest rate protection agreements in place.
3. Litigation and Reputational Exposure: The GEO Group is vulnerable to litigation and reputational damage stemming from ongoing lawsuits related to facility conditions, labor practices, and alleged abuses within detention facilities. Such legal challenges can result in volatile legal costs, potential contract losses, and a negative impact on the company's public image. Reports have highlighted issues such as recurring forced labor and wage theft allegations, as well as instances of U.S. citizens being detained by immigration agents.

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The clear emerging threat for GEO is the increasing governmental policy shift, particularly in the United States, away from the use of privately operated correctional and detention facilities. This trend directly impacts GEO's core business model, which relies on securing and renewing contracts with government agencies to manage secure facilities.

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Secure Facilities (Private Correctional Facilities)

Electronic Monitoring and Supervision Services

Reentry Services

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Here are 3-5 expected drivers of future revenue growth for The GEO Group, Inc. (GEO) over the next 2-3 years:

1. New and Expanded Government Contracts: The GEO Group has recently secured significant new or expanded contracts, particularly with U.S. Immigration and Customs Enforcement (ICE), which are projected to generate substantial annualized revenues. For example, in 2025, the company secured new or expanded contracts expected to generate up to approximately $520 million in annualized revenues, marking its most successful year for new business wins. This trend is anticipated to continue, supported by federal funding for immigration enforcement and detention, including $45 billion earmarked for ICE detention, creating a multi-year runway for increased facility activations and new contract acquisitions.
2. Increased Utilization of Existing and Idle Facility Capacity: GEO is strategically positioned to capitalize on the U.S. government's objective to activate a greater number of detention beds. The company has approximately 6,000 available high-security idle beds that could generate over $300 million in annualized revenues if brought to full capacity. The activation of five ICE facilities in 2025 significantly increased GEO's managed ICE bed capacity, with the census across active ICE facilities steadily rising to approximately 24,000, representing the highest levels in the company's history.
3. Shift Towards Higher-Priced Electronic Monitoring Services: Within its Electronic Monitoring and Supervision Services segment, GEO is experiencing a strategic shift. While usage of the SmartLink mobile app in the Intensive Supervision Appearance Program (ISAP) has declined, there has been a steady increase in the utilization of more intensive and higher-priced monitoring devices, such as ankle monitors. This change in service mix is expected to boost revenues and earnings generated under the ISAP contract, even if the overall volume of individuals being monitored remains constant.
4. Growth in Reentry Services: The company's Reentry Services segment has shown recent growth. In the fourth quarter of 2023, revenues from residential reentry centers and non-residential reentry programs increased by 11% and 32%, respectively, year-over-year. Continued growth in non-residential programs is also highlighted as a segment trend.

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Share Repurchases

• The GEO Group's Board of Directors increased its share repurchase authorization to $500 million in November 2025, extending the expiration date to December 31, 2029. Approximately $458.4 million of this authorization remained available as of November 6, 2025.
• During the third quarter of 2025, the company repurchased approximately 1.97 million shares of common stock for an aggregate cost of approximately $41.6 million.
• By year-end 2025, The GEO Group had repurchased approximately 4.94 million shares of common stock at an aggregate cost of about $90.6 million under its $500 million share repurchase authorization.

Share Issuance

• In May 2024, The GEO Group retired $177.1 million in principal amount of 6.50% exchangeable senior notes due 2026, utilizing $177.1 million in cash and approximately 9.8 million shares of its common stock.

Outbound Investments

• In November 2025, the company purchased the 770-bed Western Region Detention Facility in San Diego for approximately $60 million.
• In December 2024, The GEO Group announced a $70 million investment in capital expenditures aimed at strengthening its capabilities to provide expanded detention capacity, secure transportation, and electronic monitoring services to U.S. Immigration and Customs Enforcement (ICE).

Capital Expenditures

• For the full year 2026, The GEO Group anticipates total capital expenditures to be between $120 million and $155 million, including assumptions for modest organic growth.
• The projected capital expenditures for the full year 2025 were estimated between $120 million and $155 million, with a primary focus on growth (expected $10 million to $25 million), technology (expected $30 million to $35 million), and facility maintenance (expected $80 million to $95 million).
• In December 2024, the company committed $70 million in capital expenditures to enhance its services for ICE, specifically for expanded detention capacity, secure transportation, and electronic monitoring.