GEO Group gets most of the public attention, but it isn't alone. CoreCivic is a comparably significant player with its own SEC-disclosed numbers, and both companies have told investors the same thing in different words: ICE is now their fastest-growing customer. If you haven't already, start with our full profile of GEO Group and ICE: how immigration detention became a billion-dollar customer for the baseline numbers this piece compares CoreCivic against.
CoreCivic's Numbers
Documented fact, per CoreCivic's own reported 2025 results: Revenue from ICE contracts was $770.7 million for the year ended December 31, 2025, up from $564.8 million in 2024 — a 36% year-over-year increase. ICE alone accounted for 35% of CoreCivic's total revenue in 2025; combined with other federal customers (the U.S. Marshals Service and Bureau of Prisons), federal revenue totaled 54% of the company's business. CoreCivic's net income spiked to $116.5 million in 2025, an increase of nearly 70% from the prior year. The company renewed 98% of its contracts that came up for renewal in 2025. Looking at quarterly pace specifically: CoreCivic's ICE revenue in the fourth quarter of 2025 ($245 million) was roughly double what it had been in the fourth quarter of 2024 ($120 million) — a faster within-year growth rate than the full-year comparison alone shows.
GEO Group Headquarters, Boca Raton, FL
GEO's Florida headquarters — the larger of the two companies compared here, and still a Florida-based public company, not an Israeli-owned one. Photo: Eflatmajor7th, CC BY-SA 3.0, via Wikimedia Commons.
What Both Companies Told Investors
Documented fact: CoreCivic's CEO told investors: "We are in an unprecedented environment with rapid increases in federal detention populations nationwide and a continuing need for solutions we provide." That's a close echo of GEO Group's own "unprecedented growth opportunities" language, covered in our piece on GEO Group and ICE — not a coincidence in tone, since both are describing the same underlying contracting surge from the same federal customer. CoreCivic's guaranteed-minimum contracts, discussed in guaranteed beds: does ICE pay even when detention centers aren't full?, are part of how that revenue growth gets locked in.
Eden Detention Center, Eden, TX
A facility formerly operated by Corrections Corporation of America (CCA), CoreCivic's predecessor company, illustrating the scale of the private detention industry beyond GEO Group alone. Photo: public domain, via Wikimedia Commons.
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Frequently Asked Questions
Are GEO Group and CoreCivic the only major ICE contractors?
They're the two largest publicly traded private-prison companies with substantial ICE business, but as covered in private prison vs. county jail: where ICE actually holds people and the ICE transportation business, county jail systems, transportation contractors, and electronic monitoring contractors are also significant, separately documented parts of this system. Combined, the two companies represent the large majority of publicly traded, ICE-specific detention capacity, but the full contracting ecosystem is broader than either company alone.
Why do both companies use such similar "unprecedented" language?
We can't speak to internal messaging coordination between two separate public companies; what's documented is that both are independently describing the same real, externally verifiable surge in ICE contracting activity covered throughout this cluster. It's the kind of parallel messaging that tends to emerge naturally when two competitors are both riding the same underlying demand curve, rather than evidence of coordination between them.
Has either company's stock price reflected this growth?
This piece focuses on revenue and contract figures rather than stock performance specifically; that's a related but distinct financial metric we didn't independently verify for this piece. Readers interested in that specific metric can find both companies' historical share-price data through standard financial-data providers or the SEC filings linked in the Sources section below.
"I.C.E. Imperialist COP OUTS EVERYWHERE" Sticker
When two publicly traded companies are independently telling investors the same growth story, "cop outs everywhere" isn't hyperbole — it's a two-company duopoly.
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Related Reading
GEO Group and ICE: How Immigration Detention Became a Billion-Dollar Customer: the full GEO figures this piece compares CoreCivic against.
Guaranteed Beds: Does ICE Pay Even When Detention Centers Aren't Full?: how both companies lock in revenue regardless of occupancy.
"Private Companies Don't Really Profit From Immigration Enforcement.": two companies' own SEC filings say otherwise.
Sources: CoreCivic, Inc., Form 10-K, fiscal year 2025, filed with the SEC; CoreCivic investor relations, fourth-quarter 2025 results; The GEO Group, Fourth Quarter and Full Year 2025 Results; Tennessee Lookout, "Private prison operator CoreCivic saw 55% increase in immigration detainee contracts," Nov. 2025 (that 55% figure describes contract/capacity growth, a different measure than the revenue figures cited above).
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