CoreCivic and GEO Group, the nation’s two dominant private prison operators, announced significant financial results during earnings calls Thursday. CoreCivic reported quarterly revenue of $684.9 million for the April-to-June period, representing a 27% increase compared to the same quarter the previous year. GEO Group posted $732.1 million in revenue for the period, marking a 15% rise year-over-year. The companies’ earnings announcements did not include a separate $1.6 billion proceeds CoreCivic obtained from selling four facilities to the Department of Homeland Security, which it will continue to operate under contract.
The financial growth coincides with rising immigration detention populations. According to data from the Transactional Records Access Clearinghouse, approximately 66,000 individuals are currently held in immigration detention, approaching historical peak levels reached in January. Both companies indicated they are pursuing additional revenue streams beyond traditional detention operations. GEO Group noted increases in its electronic ankle monitoring program, which serves immigrants under ICE’s Intensive Supervision Appearance Program. The company attributed potential growth in ankle monitoring to policy changes affecting Haitian immigrants who recently lost temporary protected status designation.
CoreCivic President and CEO Patrick Swindle told investors the company achieved higher revenues while simultaneously reducing operational costs, meaning the per-bed detention rate—which averages $307,000 annually—became more profitable. Swindle also indicated CoreCivic’s facility sales represent part of a broader strategy aligned with administration objectives to increase immigration detention capacity to 100,000 individuals. GEO Group CEO George Zoley similarly reported the company is engaged in discussions regarding additional detention facility contracts and expansion opportunities.
Both companies have established connections to Trump administration personnel. David Venturella, an acting ICE director, is a former GEO Group executive who has divested his company stock. Border Czar Tom Homan previously served as a paid consultant for GEO Group before entering government. An analysis by Citizens for Responsibility and Ethics in Government indicated that President Trump’s investment brokers have executed 29 private prison stock trades since the current administration began, totaling hundreds of thousands of dollars across both companies.
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