GEO on NYSE

GEO Group

Logo: http://www.thegeogroupinc.com/images/geo_logo.png, Non-free logo, via Wikipedia4

American private prison and institutional facilities company

The GEO Group, Inc. (GEO) is an American publicly traded C corporation private prison and mental health facility operator.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 18, 2026.

Overview

1984Founded1

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  • TickerGEO on NYSE1
  • Industryreal estate investment trust1
  • HeadquartersBoca Raton1
  • Websitewww.geogroup.com
  • Incorporated inFL5
  • Business address4955 Technology Way, Boca Raton, Fl 334315
  • Filer categoryLarge accelerated filer5

The GEO Group, Inc. (GEO) is an American publicly traded C corporation private prison and mental health facility operator. The company's facilities include immigration detention centers, minimum security detention centers, and mental-health and residential-treatment facilities in the United States, Australia, South Africa, and the United Kingdom. GEO also operates government-owned facilities pursuant to management contracts. As of September 30, 2024, the company owned or managed 80,000 beds at 95 facilities, making it the largest prison operator in the United States. In 2019, agencies of the federal government of the United States generated 53% of the company's revenues. Up until 2021 the company was designated as a real estate investment trust, at which time its board of directors elected to reclassify as a C corporation under the stated goal of reducing the company's debt.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

9.8%Operating margin7
9.7%Net margin7
8.6%Revenue growth, 20257
16.9%Return on equity7
1.10×Debt to equity7
-$124.9MFree cash flow7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Owned And Leased Corrections And Detention brought in 53% of the revenue GEO Group broke down this way in fiscal 2025.

  1. Owned And Leased Corrections And Detention$1.4B753%up 15% from 2024
  2. Managed Only$642.6M724%up 5% from 2024
  3. Electronic Monitoring Services and Other Reentry$436.1M717%down 1% from 2024
  4. Owned And Leased Community Based$164.5M76%up 0% from 2024
Products and services by year
Products and services202320242025
Owned And Leased Corrections And Detention$1.1B$1.2B$1.4B
Managed Only$576.7M$611.8M$642.6M
Electronic Monitoring Services and Other Reentry$528.9M$440.1M$436.1M
Owned And Leased Community Based$167.0M$163.9M$164.5M

Business segments

Us Corrections And Detention brought in 69% of the revenue GEO Group broke down this way in fiscal 2025.

  1. Us Corrections And Detention$1.8B769%up 14% from 2024
  2. Electronic Monitoring And Supervision Services$320.9M712%down 4% from 2024
  3. Reentry Services$286.5M711%up 3% from 2024
  4. International Services$197.1M77%down 6% from 2024
Business segments by year
Business segments202320242025
Us Corrections And Detention$1.5B$1.6B$1.8B
Electronic Monitoring And Supervision Services$425.9M$332.8M$320.9M
Reentry Services$275.1M$277.6M$286.5M
International Services$193.9M$208.9M$197.1M

Regions

United States brought in 93% of the revenue GEO Group broke down this way in fiscal 2025.

  1. United States$2.4B793%up 10% from 2024
  2. Australia$177.0M77%down 7% from 2024
  3. ZA$20.1M71%up 11% from 2024
Regions by year
Regions202320242025
United States$2.2B$2.2B$2.4B
Australia$177.7M$190.9M$177.0M
ZA$16.1M$18.1M$20.1M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs81¢$2.1B
  • Interest6¢$160.5M
  • Income tax3¢$85.7M
  • Profit10¢$254.4M

Out of $2.6B in revenue.7

Where each dollar of operating cash went, fiscal 2025

  • Capital spending68¢$197.5M
  • Share buybacks32¢$91.0M

Out of $72.6M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.7

Financial statements

Revenue8910117$2.6B in 2025+6% since 2019
0$1.0B$2.0B$3.0B2019: $2.5B$2.5B20192020: $2.4B$2.4B2020−5%2021: $2.3B$2.3B2021−4%2022: $2.4B$2.4B2022+5%2023: $2.4B$2.4B2023+2%2024: $2.4B$2.4B2024+0%2025: $2.6B$2.6B2025+9%
Operating income8910117$257.5M in 2025−15% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $303.1M$303.1M20192020: $229.4M$229.4M2020−24%2021: $288.1M$288.1M2021+26%2022: $383.9M$383.9M2022+33%2023: $352.4M$352.4M2023−8%2024: $310.0M$310.0M2024−12%2025: $257.5M$257.5M2025−17%
Net income8910117$254.4M in 2025+53% since 2019
0$100.0M$200.0M$300.0M2019: $166.6M$166.6M20192020: $113.0M$113.0M2020−32%2021: $77.4M$77.4M2021−32%2022: $171.8M$171.8M2022+122%2023: $107.3M$107.3M2023−38%2024: $32.0M$32.0M2024−70%2025: $254.4M$254.4M2025+696%

Every line of the income statement in the latest annual report, as filed.7

Period ending2025-12-312024-12-312023-12-31
Revenues$2.6B$2.4B$2.4B
Operating Expenses (excluding depreciation and amortization)$2.0B$1.8B$1.7B
Depreciation and amortization$132.0M$126.2M$125.8M
General and administrative expenses$235.9M$213.0M$190.8M
Contingent litigation reserve$37.6M
Operating Income$257.5M$310.0M$352.4M
Interest and Investment Income$9.1M$8.8M$7.8M
Interest Expense-$160.5M-$190.6M-$218.3M
Loss on Extinguishment of Debt-$8.4M-$86.6M-$8.5M
Other income$5.5M
Net Gain (Loss) on Asset Divestitures/Impairment$232.4M-$2.9M$4.7M
Income before income taxes and equity in earnings of affiliates$335.5M$38.6M$138.0M
Provision for Income Taxes$85.7M$9.4M$35.4M
Equity in Earnings of Affiliates, net of income tax provision of $867, $802 and 868$4.5M$2.7M$4.5M
Net Income$254.3M$31.9M$107.2M
Loss Attributable to Noncontrolling Interests$66.0K$70.0K$142.0K
Net income attributable to The GEO Group, Inc. operations$254.4M$32.0M$107.3M
Basic137.5M shares131.3M shares121.9M shares
Diluted139.7M shares134.1M shares123.7M shares
Net income per share - basic$1.85$0.23$0.73
Net income per share diluted$1.82$0.22$0.72
Income tax provision on equity in earnings of affiliates$867.0K$802.0K$868.0K

Compare GEO Group with another company

The story

Founded by Giorgos Zoley in 1984.1

Wackenhut Corrections Corporation (WCC) was formed as a division of the Wackenhut Corporation in 1984 after George Zoley presented the idea of a separate prison management company to Wackenhut founder George Wackenhut. It was incorporated as a Wackenhut subsidiary in 1988. In July 1994, the company became a public company via an initial public offering.

In 2003, WCC management raised funds to repurchase all common stock held by G4S, and in 2004, the company changed its name to The GEO Group, Inc. In 2005, the company acquired Correctional Services Corporation (CSC) for $62 million in cash, and the assumption of $124 million in debt. The company sold CSC's juvenile services division to James Slattery, CSC's former CEO, for $3.75 million. Slattery renamed this business as Slattery's Youth Services International. In December 2008, the company opened the 654-bed Maverick County Detention Center in Eagle Pass, Texas.

On August 12, 2010, the company acquired Cornell Companies, formerly Cornell Corrections, for $730 million in stock and cash. In February 2011, GEO acquired BI Incorporated, provider of electronic offender-tracking equipment and services, founded in 1978 and based in Boulder, Colorado, for $415 million. At the time, BI was the exclusive U.S. Immigration and Customs Enforcement (ICE) provider of Intensive Supervision and Appearance Program (ISAP) monitoring and supervision services. In summer 2018, this subsidiary received media attention for the $500 million in contracts it has received from ICE since 2004.

In 2015, GEO launched its Continuum of Care program to assist prisoners in returning to society. In 2016, the firm's revenues totaled $2 billion, and on April 4, 2017, GEO announced the closing of a $360 million cash purchase of Community Education Centers ("CEC"), which owned or managed more than 12,000 beds in the U.S., including over 7,000 community re-entry beds. It provided in-prison treatment services at over 30 government-operated facilities. In January 2020, local Pennsylvania lawmakers announced a potential plan to deprivatize the George W. Hill Correctional Facility in Delaware County, Pennsylvania, the last private prison in the state, with which GEO Group had a nine-year $495 million county contract. The lawmakers alleged that GEO Group had covered up liabilities at the facility.

In 2016, the U.S. Department of Justice announced its intention to phase out contracts with privately operated prisons. The U.S. Department of Homeland Security said it was reviewing its contracts with private firms, which operate several immigrant detention facilities. In the spring of 2017, officials of the Donald Trump administration said they would be reviewing this policy. In September 2019, California governor Gavin Newsom announced that he would terminate the California contract with GEO's Central Valley Modified Community Correctional Facility in McFarland.

In 2018, GEO Group entered into a collaboration with the National Federation of Federal Employees called Reentry Success DC, designed to enhance "GEO Group's pre- and post-release services by connecting returning citizens to gainful employment". The program is available to prisoners returning to Washington, D.C., from the Rivers Correctional Facility in North Carolina. By February 2020, the company had expanded the Continuum of Care program to 18 prisons. Later in 2020, the company also opened its Connection and Intervention Center in Idaho Falls, Idaho, for this purpose.

Since the beginning of the second Trump administration in January 2025, the GEO Group received $2.1 billion in federal contracts from U.S. Immigration and Customs Enforcement (ICE), far more than any other ICE contractor. In their 2025 annual report, the company noted that their new and expanded contracts represented "the largest amount of new business we have won in a single year in our Company’s history".

In 2026 it was reported that GEO Group employees and ICE employees had historically transitioned employment between the two organizations at high rates.

From Wikipedia’s article on GEO Group, shared under CC BY-SA 4.0.6

Leadership

Who has led GEO Group, and when. Pick a name to see everywhere that person has worked.

Products and brands

  • private prison

Listed on Wikidata.1

Facilities

United States facilities

In 2010, the company was reported to operate more than a dozen facilities in the state of Texas, and nearly three dozen in the rest of the United States. In addition to prison facilities operated under contract with U.S. states, the GEO Group owns and operates the Broward Transitional Center, a 720-bed facility in Pompano Beach, Florida; the Aurora Denver Contract Detention Facility in Colorado; and the Northwest Detention Center in Tacoma, Washington, all under contract with U.S. Immigration and Customs Enforcement. As of the fiscal year ended December 31, 2012, GEO managed 96 facilities worldwide totaling about 73,000 beds, including 65,949 active beds and 6,056 idle beds. The company had an average facility occupancy rate of 95.7% for 2012.

Other GEO Group facilities include the Reeves County Detention Complex, a three-part complex in Texas described as the largest private prison in the world. It houses more than 3700 inmates, mostly immigrants held for low-level crimes before being deported after serving their sentences. Riots here by prisoners in 2008 and 2009 because of poor conditions resulted in more than $21 million in damages. A detention center operated by GEO Group in the state of Washington has a capacity of 1,575 immigrant detainees. When ICE had renewed its contract for 10 years in 2015, GEO estimated the center would receive $57 million each year, operating at full capacity. In February 2025, pursuant to a contracted with I.C.E., GEO Group re-opened Delaney Hall, in Newark, New Jersey, May 1, which quickly led to political conflict.

International facilities

Internationally, in 2010, GEO operated a total of another 10 facilities in Australia, England, South Africa, and Cuba. As of 2016, subsidiary GEO Group Australia operated four prisons (Junee Correctional Centre, Arthur Gorrie Correctional Centre, Parklea Correctional Centre, and Fulham Correctional Centre), with a fifth facility expected to open in late 2017. In 2023 staff walked out of the Junee Correctional Centre over disputes regarding pay and working conditions. The New South Wales government later announced it would not be renewing GEO Group's contract to manage the facility.

In the UK, GEO Group are associated with several contracts. The organization runs the Dungavel Immigration Removal Centre, expanded in 2013 to hold 249 detainees, male and female. In 2004, the Children's Commissioner for Scotland described conditions at the facility as "morally upsetting" and threatened to report the UK and Scottish governments to the United Nations Committee on the Rights of the Child. In London, it runs the Harmondsworth migrant detention center. This facility can hold up to 661 detainees.

Read the full text

GEO Group is also contracted to the deportation of migrants, operating the Migrant Operations Center at the Guantanamo Bay Naval Base in Cuba, from 2006 to 2012. In the late 2010s, activists accused the company of detaining immigrants under inhumane conditions while complying with the Trump administration's family separation policy. GEO Group denied claims of separating families or housing unaccompanied minors.

Business segments

GEO conducts its business through four business segments – U.S. corrections segment, international services segment, GEO Care segment, and facility construction and design segment. The U.S. corrections segment primarily encompasses GEO's U.S.-based privatized corrections and detention business for federal and state authorities.

The international services segment primarily consists of GEO's privatized corrections and detention operations in South Africa, Australia, and the United Kingdom. International services reviews opportunities to further diversify into related foreign-based governmental-outsourced services on an ongoing basis. The GEO Care segment, which is operated by GEO's wholly owned subsidiary GEO Care, Inc., comprises GEO's privatized mental-health and residential-treatment services business. As of 2016, it conducts this business in the U.S. only. GEO's facility construction and design segment primarily consists of contracts with various state, local, and federal agencies for the design and construction of prison and related facilities for which GEO has been awarded management contracts.

U.S. federal contracts and political donations

On August 18, 2016, Deputy U.S. Attorney General Sally Yates announced that the Justice Department intended to end its Bureau of Prisons contracts with for-profit prison operators. As of 2015, GEO Group operated 26 federal prison centers, for the departments of both Justice and Homeland Security, which would have been affected by this change in policy. These centers had a total capacity of 35,692 prisoners, representing 45% of the company's revenue.

On February 23, 2017, newly confirmed Trump administration Attorney General Jeff Sessions rescinded the August 2016 guidance. In March 2017, Pablo Paez, GEO Group vice president, defended the legality of his company's $225,000 donation to a pro-Trump political action committee. He said that the donation was made by a subsidiary, GEO Corrections Holdings, Inc., which has no contracts with any governmental agency, rather than directly from GEO Group itself. Democratic Congressmen Emanuel Cleaver and Luis Gutiérrez disputed that claim in a letter to GEO and its rival, CoreCivic. The Campaign Legal Center filed a complaint challenging the contribution with the Federal Elections Commission. GEO and CoreCivic each donated $250,000 supporting Trump's inaugural festivities, according to the corporations' spokesmen. GEO gave $275,000 to the pro-Trump super PAC Rebuilding America Now, according to FEC filings. A $100,000 donation had been made only a day after Sally Yates, at the Department of Justice, announced it would be phasing out its for-profit prison and detention contracts.

In April 2018, a wholly owned subsidiary of GEO Group called GEO Acquisitions II gave $125,000 to a political action committee in violation of the Federal Election Campaign Act, which bars companies with active contracts with the federal government from making political donations.

On January 26, 2021, United States President Joe Biden signed Executive Order 14006 directing the United States Department of Justice to cease the renewal of federal contracts with private prisons. As a result, in 2021 Geo Group reported that they had closed six of their facilities as a result of the contracts not being renewed by the federal government and that their last facility under direct contract with the Bureau of Prisons would phase out in September 2022. They reported that this resulted in a decline of $240 million in revenue for the 2021 fiscal year.

According to Open Secrets, a government watchdog group:

The GEO Group PAC, the company’s employee-funded political action committee, contributed $1 million to a pro-Trump super PAC, Make America Great Again Inc., in 2024.

GEO Group and CoreCivic each donated $500,000 to Trump’s 2025 inaugural committee.

GEO Group founder George Zoley and CEO Brian Evans each contributed $11,600 to Trump’s joint fundraising committee, the Save America PAC.

The second Trump administration increased federal ICE contracts with GEO Group beginning in 2025. GEO Group reported total revenue of $2.6 billion in 2025, up 6% from 2024.

On February 26, 2025, GEO Group signed a $1 billion, 15-year contract with the federal government to reopen Delaney Hall in Newark, New Jersey, as an immigration detention facility with capacity to detain up to 1,000 people. After reopening, on May 1, Delaney Hall and Geo Group have variously refused access to government officials, including Governor Mikie Sherrill. The facility has been the site of on-going protests inside and outside, with increasing criticism and allegations of inhumane conditions including and mistreatment of detainees against the company and its founder Zoley.

On July 13, 2026, GEO Group announced that they had received a five-year support contract with ICE to reopen a previously shuttered correctional facility in Hudson, Colorado, as the Big Horn facility, a 1,188-bed immigrant detention center. The deal, estimated at $529 million, "nearly doubles Colorado's immigration detention capacity".

Australian contracts

GEO operated the Parklea prison from 2009 to 2018, when the government ended the contract and excluded GEO from bidding on the new contract, while allowing industry competitors to do so. Serious security breaches over the preceding years had included a guard being stabbed. Chronic problems had surfaced, including an inmate in another prison being discovered with secret architectural plans for a new maximum-security wing at Parklea. Another inmate filmed himself with a weapon and illegal drugs, and the video was distributed throughout the country.

During the COVID-19 pandemic, the disease became widespread in prisons, including those operated by GEO Group, leading for calls for low-risk inmates to be released to stem the spread of the disease in those environments.

From Wikipedia’s article on GEO Group, shared under CC BY-SA 4.0.6

Subsidiaries and ownership

Owners

Subsidiaries

  • BI Incorporated

Also owns

From Wikidata.1

Acquisitions

  1. Feb 2011Acquired BI Incorporated1

Former names

  • WACKENHUT CORRECTIONS CORPJun 7, 1996 to Nov 18, 20035

Timeline

  1. Jan 21, 2004Went public Listed on NYSE1
  2. 1984Founded Founded1

Recent filings

  1. Oct 8, 20268-K
  2. Oct 5, 20268-K
  3. Sep 15, 20264
  4. Sep 11, 2026144
  5. Aug 25, 20264
  6. Aug 24, 20264
  7. Aug 21, 2026144
  8. Aug 20, 2026144
  9. Aug 17, 20264
  10. Aug 13, 2026144
  11. Aug 13, 2026SCHEDULE 13G/A
  12. Aug 6, 20268-K
  13. Aug 6, 202610-Q
  14. Jun 25, 202611-K
  15. Jun 18, 20264

Every filing from the last three years, summarized. The full record is on SEC EDGAR.2