CoreCivic, Inc. (CXW): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

En el complejo mundo de los servicios correccionales, CoreCivic, Inc. (CXW) surge como una solución pionera en el sector privado que transforma la forma en que los gobiernos manejan la detención y la rehabilitación. Al cerrar estratégicamente la brecha entre las necesidades de seguridad pública y la gestión operativa eficiente, esta empresa innovadora ha desarrollado un modelo de negocio sofisticado que reinventa los servicios de las instalaciones correccionales a través de una lente de rentabilidad, experiencia especializada y soluciones integrales de gestión de presos. Su enfoque único no solo alivia las cargas operativas para las agencias gubernamentales, sino que también introduce un marco dinámico para las correcciones modernas que desafía los paradigmas tradicionales del sistema público.

CoreCivic, Inc. (CXW) - Modelo de negocio: asociaciones clave

Agencias gubernamentales

CoreCivic mantiene asociaciones críticas con:

Tipo de agencia	Número de contratos	Valor anual del contrato
Oficina Federal de Prisiones	13 contratos activos	$ 525 millones en 2023
Departamentos estatales de correcciones	28 asociaciones a nivel estatal	$ 742 millones en 2023
Control de inmigración y aduanas (ICE)	8 contratos del centro de detención	$ 297 millones en 2023

Contratistas privados de gestión de la prisión

Corecivic colabora con:

• Grupo Geo para la gestión de las instalaciones conjuntas
• Gestión & Corporación de capacitación (MTC)
• Centros de educación comunitaria

Empresas de construcción y mantenimiento de las instalaciones

Pareja	Servicios proporcionados	Gasto anual
Construcción de Turner	Diseño y construcción de instalaciones	$ 87 millones en 2023
Fluor Corporation	Mantenimiento de la infraestructura	$ 62 millones en 2023

Proveedores de equipos de tecnología y seguridad

• Soluciones de Motorola - Sistemas de comunicación
• Comunicaciones del eje - cámaras de seguridad
• Honeywell - Sistemas de gestión de seguridad

Proveedores de servicios de salud

Socio de atención médica	Servicios	Valor anual del contrato
Pata	Servicios de salud médica y mental	$ 184 millones en 2023
AmeriHealth Caritas	Gestión de la salud de los reclusos	$ 76 millones en 2023

CoreCivic, Inc. (CXW) - Modelo de negocio: actividades clave

Gestión privada de la prisión y el centro de detención

CoreCivic administra 54 instalaciones correccionales y de detención en los Estados Unidos a partir de 2023. Capacidad total de la instalación: 80,206 camas.

Tipo de instalación	Número de instalaciones	Capacidad de cama total
Instalaciones correccionales de adultos	44	62,436 camas
Centros de detención	10	17,770 camas

Diseño y construcción de la instalación correccional

CoreCivic invirtió $ 47.5 millones en adiciones de propiedad y equipos en 2022.

• Proyectos de renovación de instalaciones
• Actualizaciones de infraestructura
• Implementación tecnológica

Desarrollo del programa de reentrada y reingreso

CoreCivic opera 27 programas de rehabilitación a través de múltiples instalaciones.

Categoría de programa	Número de programas
Programas educativos	12
Entrenamiento vocacional	9
Servicios de salud mental	6

Servicios de vivienda y transporte de recluso

Presupuesto anual de servicios de transporte: $ 38.2 millones en 2022.

• Transferencias de intermedias entre identificaciones
• Transporte de aparición en la corte
• Logística de citas médicas

Negociación y cumplimiento del contrato del gobierno

Ingresos por contrato gubernamentales totales en 2022: $ 1.92 mil millones.

Tipo de contrato	Ingresos anuales
Contratos federales	$ 1.45 mil millones
Contratos estatales	$ 470 millones

CoreCivic, Inc. (CXW) - Modelo de negocio: recursos clave

Extensa red de instalaciones correccionales

CoreCivic opera 54 instalaciones correccionales y de detención en 19 estados y el Distrito de Columbia a partir de 2023. Capacidad total de instalaciones de propiedad y administración: 79,200 camas.

Tipo de instalación	Número de instalaciones	Capacidad de cama total
Instalaciones propias	44	64,600 camas
Instalaciones administradas	10	14,600 camas

Experiencia de gestión de correcciones especializadas

La experiencia de gestión de CoreCivic abarca múltiples sectores correccionales y de detención:

• Contratos de la Oficina Federal de Prisiones
• Acuerdos de servicio de alguaciles de EE. UU.
• Centros de detención de la aplicación de la inmigración y la aduana (ICE)
• Gestión de instalaciones correccionales estatales

Personal correccional y de apoyo capacitado

Total de los empleados Recuento: 14,878 al 31 de diciembre de 2022. Inversión anual de capacitación: $ 5.2 millones.

Categoría de personal	Número de empleados
Correcciones	9,200
Personal administrativo	3,678
Gestión	2,000

Tecnologías avanzadas de seguridad y monitoreo

Inversión en infraestructura tecnológica: $ 42.3 millones en 2022.

• Sistemas de vigilancia integrados
• Control de acceso biométrico
• Tecnologías de seguimiento de reclusos en tiempo real

Infraestructura de relación gubernamental fuerte

Ingresos por contrato del gobierno: $ 1.92 mil millones en 2022, que representa el 96% de los ingresos totales de la compañía.

Agencia gubernamental	Valor de contrato
Oficina Federal de Prisiones	$ 872 millones
Servicio de alguaciles de EE. UU.	$ 456 millones
Control de inmigración y aduanas	$ 592 millones

CoreCivic, Inc. (CXW) - Modelo de negocio: propuestas de valor

Alternativa rentable a las instalaciones correccionales administradas por el gobierno

CoreCivic proporciona una reducción de costos para los sistemas correccionales del gobierno a través de la gestión privatizada de las instalaciones. A partir de 2023, la compañía administró 54 instalaciones correccionales con una capacidad total de 64,448 camas. El costo promedio por diem para las instalaciones corecívicas es de $ 64.16 por recluso, en comparación con $ 85.50 para las instalaciones administradas por el gobierno.

Métrico	Valor
Instalaciones totales	54
Capacidad de cama total	64,448
Costo por diem (corecívico)	$64.16
Costo por diem (gobierno)	$85.50

Servicios de detención y rehabilitación especializadas

CoreCivic ofrece programas integrales de rehabilitación en sus instalaciones, con un enfoque en la reducción de las tasas de reincidencia.

• Programas educativos disponibles en el 98% de las instalaciones administradas
• Entrenamiento vocacional para el 42% de los reclusos
• Servicios de salud mental brindados a aproximadamente el 35% de la población de reclusos

Soluciones integrales de gestión de reclusos

La compañía ofrece servicios de gestión de reclusos de extremo a extremo, que incluyen el seguimiento de admisión, vivienda, atención médica y rehabilitación.

Categoría de servicio	Porcentaje de cobertura
Servicios médicos	100%
Detección de salud mental	95%
Evaluación educativa	92%

Carga operativa reducida para las agencias gubernamentales

CoreCivic administró contratos con 27 estados y la Oficina Federal de Prisiones en 2023, proporcionando soluciones integrales de gestión correccional que reducen los gastos administrativos.

• Contratos con 27 gobiernos estatales
• Asociación Federal de la Oficina de Prisiones
• Duración promedio del contrato: 7.3 años

Enfoque innovador para las correcciones y la rehabilitación de los prisioneros

Corecivic invirtió $ 18.3 millones en programas de rehabilitación y reingreso en 2023, centrándose en reducir la reincidencia a través de intervenciones específicas.

Inversión de rehabilitación	Cantidad
Inversión del programa de rehabilitación total	$ 18.3 millones
Tasa de reducción de reincidencia	22%

CoreCivic, Inc. (CXW) - Modelo de negocios: relaciones con los clientes

Asociaciones por contrato gubernamental a largo plazo

CoreCivic mantiene contratos gubernamentales a largo plazo con agencias federales, estatales y locales. A partir de 2023, la compañía administra:

Tipo de contrato	Número de instalaciones	Capacidad total
Contratos del gobierno federal	48 instalaciones	54,500 camas
Contratos del gobierno estatal	22 instalaciones	26,300 camas

Acuerdos de servicio basados ​​en el rendimiento

Los acuerdos de servicio de CoreCivic incluyen métricas de rendimiento específicas:

• Objetivos de reducción de reincidencia
• Puntos de referencia de eficiencia operativa
• Normas de cumplimiento de seguridad y seguridad

Informes transparentes y mecanismos de cumplimiento

Métricas de informes de cumplimiento para 2023:

Categoría de informes	Frecuencia	Tasa de cumplimiento
Informes financieros	Trimestral	100%
Auditorías operativas	Anualmente	98.5%

Mejora continua y optimización de servicios

Inversión en mejoría del servicio para 2023:

• $ 22.3 millones asignados para programas de rehabilitación
• 17 Nuevas iniciativas de capacitación educativa y vocacional
• Implementación de sistemas avanzados de seguimiento digital

Comunicación y compromiso regular de los interesados

Métricas de participación de las partes interesadas:

Canal de comunicación	Interacciones anuales	Tasa de compromiso
Reuniones de agencia gubernamental	124 reuniones	Tasa de satisfacción del 95%
Eventos de divulgación comunitaria	52 eventos	87% de retroalimentación positiva

CoreCivic, Inc. (CXW) - Modelo de negocio: canales

Negociaciones directas del contrato del gobierno

Corecivic asegura contratos a través de negociaciones directas con agencias gubernamentales federales, estatales y locales. En 2023, la compañía administró 54 instalaciones con una capacidad total de aproximadamente 79,000 camas en los Estados Unidos.

Tipo de contrato	Número de contratos	Valor anual
Contratos federales	28	$ 1.87 mil millones
Contratos estatales	22	$ 1.42 mil millones
Contratos del gobierno local	4	$ 210 millones

Procesos de licitación competitivos

CoreCivic participa en licitaciones competitivas por correcciones gubernamentales y contratos de gestión de instalaciones de detención.

• Tasa de ganancia en ofertas competitivas: 62%
• Costo promedio de preparación de la oferta: $ 175,000
• Duración típica del contrato: 3-5 años

Conferencias de la industria y redes profesionales

La empresa aprovecha los eventos de la industria para el desarrollo de negocios y las redes.

Tipo de conferencia	Participación anual	Potes de contrato potencial
Conferencias de la industria correccional	7	15-20
Eventos de adquisición del gobierno	4	10-12

Plataformas de comunicación corporativa en línea

CoreCivic utiliza plataformas digitales para la comunicación y el desarrollo de negocios.

• Sitio web corporativo Visitantes únicos por mes: 87,000
• Seguidores de LinkedIn: 42,500
• Presupuesto anual de marketing digital: $ 1.2 millones

Presentaciones de solicitud de propuesta (RFP)

La compañía responde activamente a las RFP del gobierno en los sectores de correcciones y detención.

Categoría de RFP	Presentaciones anuales	Tasa de éxito de presentación
RFP federal	42	68%
RFP estatal	35	55%
RFP local	12	45%

CoreCivic, Inc. (CXW) - Modelo de negocio: segmentos de clientes

Agencias correccionales federales

CoreCivic administra 4 instalaciones correccionales federales a partir de 2023, con una capacidad total de 10,128 camas. Los ingresos por contrato federales en 2022 fueron de $ 546 millones.

Agencia federal	Número de instalaciones	Valor anual del contrato
Oficina Federal de Prisiones	4	$ 546 millones

Sistemas penitenciarios estatales

CoreCivic opera 49 instalaciones correccionales en 19 estados, con una capacidad total a nivel estatal de 64,322 camas. Los ingresos por contrato estatales en 2022 fueron de $ 1.2 mil millones.

Región	Número de instalaciones estatales	Capacidad de cama total
Estados del sur	27	38,512 camas
Estados occidentales	12	15,810 camas

Departamentos de aplicación de la ley locales

CoreCivic brinda servicios de detención para 22 jurisdicciones locales, que administran aproximadamente 8,500 camas de detención locales. Los ingresos del contrato local en 2022 fueron de $ 312 millones.

Control de inmigración y aduanas

CoreCivic administra 5 centros de detención de inmigración con una capacidad total de 16,940 camas. Los ingresos por contrato de ICE en 2022 fueron de $ 675 millones.

Ubicación del centro de detención	Capacidad de cama	Valor anual del contrato
Texas	6.500 camas	$ 285 millones
California	4.200 camas	$ 196 millones

Administradores del programa de reingreso y reingreso

CoreCivic opera 10 instalaciones de reingreso y reingreso con una capacidad combinada de 12,600 camas. Los ingresos del programa de reingreso en 2022 fueron de $ 218 millones.

• Programas de reingreso en 10 estados
• 12,600 camas de rehabilitación total
• Ingresos del programa anual de reingreso de $ 218 millones

CoreCivic, Inc. (CXW) - Modelo de negocio: Estructura de costos

Mantenimiento de la instalación y gastos operativos

A partir de la información financiera de 2022, los gastos operativos totales de Corecivic fueron de $ 1.86 mil millones. Los costos de mantenimiento de las instalaciones representaron aproximadamente $ 412 millones anuales.

Categoría de gastos	Costo anual
Mantenimiento de la instalación	$ 412 millones
Utilidades	$ 186 millones
Reparaciones de propiedades	$ 97 millones

Salarios y capacitación del personal

Los gastos totales de personal de Corecivic en 2022 fueron de $ 782 millones, con un salario promedio de empleados de $ 48,300.

• Costo promedio de capacitación anual del personal: $ 6.2 millones
• Beneficios para empleados: $ 124 millones
• Reclutamiento e incorporación: $ 8.7 millones

Tecnología y equipo de seguridad

La inversión anual en infraestructura de seguridad fue de $ 62 millones en 2022.

Tecnología de seguridad	Inversión anual
Sistemas de vigilancia	$ 24 millones
Control de acceso	$ 18 millones
Equipo de comunicación	$ 20 millones

Cumplimiento y adherencia regulatoria

Los gastos relacionados con el cumplimiento totalizaron $ 41 millones en 2022.

• Consulta legal: $ 12.5 millones
• Informes regulatorios: $ 8.3 millones
• Gestión de auditoría y cumplimiento: $ 20.2 millones

Desarrollo y gestión de infraestructura

CoreCivic invirtió $ 215 millones en desarrollo y gestión de infraestructura en 2022.

Categoría de infraestructura	Inversión
Actualizaciones de la instalación	$ 128 millones
Infraestructura tecnológica	$ 57 millones
Mejoras ambientales	$ 30 millones

CoreCivic, Inc. (CXW) - Modelo de negocio: flujos de ingresos

Pagos del contrato gubernamental

En 2022, Corecivic reportó ingresos totales de $ 1.879 mil millones, con una porción significativa derivada de contratos gubernamentales. Los contratos del gobierno federal representaron $ 1.025 mil millones, mientras que los contratos del gobierno estatal y local generaron $ 854 millones.

Tarifas de vivienda de recluso por diem

Tipo de contrato	Tasa diaria promedio	Ingresos anuales totales
Detención federal	$ 87.50 por recluso/día	$ 512.3 millones
Detención estatal	$ 65.25 por recluso/día	$ 387.6 millones

Contratos de servicio de gestión de instalaciones

CoreCivic administra 54 instalaciones con ingresos por contratos de servicio totales de $ 267.4 millones en 2022.

Implementación del programa de rehabilitación

• Ingresos de programas educativos: $ 42.5 millones
• Contratos de capacitación vocacional: $ 31.2 millones
• Servicios de preparación de reingreso: $ 22.8 millones

Ingresos del proyecto de construcción y diseño

Los servicios de construcción y diseño generaron $ 93.6 millones en 2022, lo que representa el 5% de los ingresos totales de la compañía.

Tipo de proyecto	Ingresos totales	Porcentaje de ingresos totales
Construcción de nuevas instalaciones	$ 67.2 millones	3.6%
Renovación de las instalaciones	$ 26.4 millones	1.4%

CoreCivic, Inc. (CXW) - Canvas Business Model: Value Propositions

CoreCivic, Inc. provides government partners with flexible, cost-effective solutions for capacity needs, evidenced by potential ICE contract proposals in 2025 that could generate up to $1.5B based on 28,000 proposed beds.

The company offers the ability for rapid activation of idle facilities for immediate demand. As of early 2025, 13,000 beds were in idle facilities. Management allocated between $40 million to $45 million for potential facility activations in 2025. By the third quarter of 2025, five idle facilities remained, totaling over 7,000 beds. In Q1 2025, CoreCivic began reactivating three previously idle facilities under ICE agreements. New contracts awarded in Q3 2025 at four idle facilities are expected to bring in approximately $320 million in annual revenue once they reach stabilized occupancy. The activation timeline for these facilities can take 4-6 months.

Metric	Value/Amount	Period/Context
Facility Occupancy Rate	77.0%	Q1 2025 (up from 75.2% in Q1 2024)
Facility Occupancy Rate	75.5%	Q4 2024
Idle Facility Beds Available	13,000	Early 2025
Idle Facility Beds Remaining (as of Q3 2025)	Over 7,000	Q3 2025
Capital Allocation for Potential Activations	$40 million to $45 million	2025 Guidance
Q3 2025 ICE Revenue	$215.9 million	Year-over-year increase of 54.6%
Q2 2025 ICE Revenue	$176.9 million	Q2 2025
Q1 2025 ICE Revenue	$133.2 million	Q1 2025
Stabilized Annual Revenue from 4 New Idle Facility Contracts	Approximately $320 million	Expected once stabilized (Contracts awarded Q3 2025)
Projected Margins at Fully Utilized Idle Facilities	Above 25%	Once fully utilized

The value proposition includes high-quality, secure detention and correctional management, with Q1 2025 occupancy reaching 77.0% of available capacity.

For the network of residential reentry centers to reduce recidivism, the context is that in the United States, approximately 1.6 million people are incarcerated in federal and state prisons, and 95% will be released back into communities. Sadly, three out of four of those individuals will be rearrested within three years.

CoreCivic, Inc. provides government real estate solutions through owning and leasing facilities. As of 2024, the company was the nation's largest owner of partnership correctional, detention, and residential reentry facilities. To support upcoming occupancy ramp-ups and start-up costs from new contracts, CoreCivic expanded its revolving credit facility on December 1, 2025, by US$300 million to a total of US$575 million within a US$700 million overall facility.

• Revenue from state partners grew 6.4% year-over-year in Q4 2024.
• In Q1 2025, CoreCivic repurchased 1.9 million shares at an aggregate cost of $37.9 million.
• In Q3 2025, the company repurchased 1.9 million shares at an aggregate cost of $40.0 million.
• The company's leverage, measured as net debt to trailing twelve-month Adjusted EBITDA, was 2.5x at the end of Q2 2025.

CoreCivic, Inc. (CXW) - Canvas Business Model: Customer Relationships

You're dealing with government entities, which means the relationship structure is fundamentally different from a typical commercial sale. CoreCivic, Inc.'s customer relationships are built on deep, dedicated, long-term contractual agreements, primarily Business-to-Government (B2G).

Federal partners made up 55% of total revenue in the third quarter of 2025. The largest single government partner remains U.S. Immigration and Customs Enforcement (ICE). This reliance on government bodies necessitates a high-touch, consistent management approach, as the cost and time to secure a new contract are substantial.

The nature of these agreements makes the relationship-driven, not transactional. You aren't looking for repeat, small purchases; you're managing multi-year service delivery commitments. For instance, the new contract for the Diamondback Correctional Facility, which commenced on September 30, 2025, is for a term of five years, with the possibility of extension through bilateral modification. Similarly, the California City Immigration Processing Center transitioned to a two-year definitized contract effective September 1, 2025.

Direct negotiation is the mechanism for contract modifications and renewals. When CoreCivic, Inc. secured awards for four idle facilities in the third quarter of 2025, the per diem rates were consistent with historical awards, suggesting established negotiation parameters. These new awards, in aggregate, are expected to generate approximately $320 million of annual revenue once stabilized.

High-touch account management is essential for government partners to navigate capacity changes and regulatory shifts. The average daily residential population in the Safety and Community segments was 55,236 in Q3 2025, with average occupancy at 76.7%. The relationship with ICE is clearly deepening; the number of individuals cared for under ICE contracts increased by approximately 3,700 individuals, or 36.9%, from the start of the year through September 30, 2025.

Here's a quick look at the financial scale and duration of recent major relationship expansions:

Facility/Partner Type	Contract Term	Expected Annual Revenue (Stabilized)	Q3 2025 ICE Revenue Contribution
Diamondback Correctional Facility (ICE/OKDOC)	Five years (with extension option)	Approximately $100 million	N/A (Ramping)
California City IPC (ICE)	Two years	Approximately $130 million	Part of $215.9 million total ICE revenue in Q3 2025
Midwest Regional Reception Center (ICE)	Two years	Part of $320 million aggregate annual revenue from 4 new Q3 awards	N/A (Ramping)
State Customers (Aggregate)	Varies (Long-term)	Revenue increased 3.6% YoY in Q3 2025	N/A

The success of these relationships is reflected in the financial outcomes. Total revenue for CoreCivic, Inc. in Q3 2025 hit $580.4 million. The focus on federal partners, particularly ICE, is evident as their revenue grew by 54.6% year-over-year in the third quarter. This level of integration means that operational performance directly impacts the continuation of these partnerships. If onboarding takes 14+ days, churn risk rises, defintely.

The ongoing management involves more than just service delivery; it includes proactive capital planning to ensure readiness for partner needs:

• Preparatory investments in idle facilities to ensure quick availability.
• Discussions progressing with multiple Federal and State partners regarding capacity needs.
• Managing activation timelines for facilities like the Midwest Regional Reception Center, which faced delays due to local permitting issues.
• Focus on maintaining high occupancy, which reached 77.0% in Q1 2025.

Finance: draft 13-week cash view by Friday.

CoreCivic, Inc. (CXW) - Canvas Business Model: Channels

You're looking at how CoreCivic, Inc. gets its services-managing correctional and detention capacity-to its government customers. The primary channel here is direct contracting, which is the lifeblood of the business, mostly with federal, state, and local government entities. For instance, in the third quarter of 2025, CoreCivic, Inc. announced new contracts with U.S. Immigration and Customs Enforcement (ICE) to utilize 3,593 beds, expected to generate annual revenue of about $200M combined. This included a definitive contract for the 2,560-bed California City Immigration Processing Center, expected to yield annual revenue of ~$130M, and a new 24-month contract for the 1,033-bed Midwest Regional Reception Center, expected to bring in ~60M annually. To be fair, the revenue from these new activations can be variable during the initial ramp-up period.

The business is structured around three main operating segments that serve these channels: Safety, Community, and Properties. The Safety segment, which houses the core correctional and detention services, remains the overwhelming revenue driver. Here's a snapshot of the segment revenue as of mid-2025:

Segment	Q2 2025 Revenue (USD Millions)	Q3 2025 Revenue (USD Millions)
Safety	503.3	545.1
Community	30.1	(Data not explicitly separated from Safety for Q3 in latest reports)

Looking at the trailing twelve months ending September 30, 2025, CoreCivic, Inc.'s total revenue was $2.09B, with the Safety segment contributing $1.82B of that total. Revenue from ICE, their largest government partner, was $176.9M in the second quarter of 2025 alone.

The physical assets-the owned and operated correctional and detention facilities-are the tangible channels through which these contracts are fulfilled. As of September 30, 2025, CoreCivic, Inc. managed 45 correctional and detention facilities, offering a total design capacity of approximately 68,000 beds. This physical footprint is supplemented by their reentry services.

The company also utilizes its network of residential and non-residential reentry centers as a distinct channel for community-based services. As of that same date, there were 20 residential reentry centers in operation, adding another 4,000 beds capacity to their overall service offering.

Recent contract activity highlights the specific facilities being utilized via these channels:

• Managed capacity additions for ICE at Northeast Ohio Correctional Center (2,016-bed).
• Managed capacity additions for ICE at Nevada Southern Detention Center (1,072-bed).
• Managed capacity additions for ICE at Cimarron Correctional Facility (1,600-bed).
• ICE utilization specified at Tallahatchie County Correctional Facility (2,672-bed).
• Resumed operations at the 2,400-bed Dilley Immigration Processing Center in Texas in Q2 2025.
• Acquired the Farmville Detention Center in Virginia for $67 million during the second quarter of 2025.

Finance: review Q3 2025 utilization rates across the newly activated facilities by next Tuesday.

CoreCivic, Inc. (CXW) - Canvas Business Model: Customer Segments

CoreCivic, Inc. serves government entities across federal, state, and local levels, providing secure detention, correctional management, and reentry services. The business model is heavily reliant on long-term contracts negotiated directly with these agencies. You see the primary customer base broken down by the level of government they represent.

The Federal government, particularly U.S. Immigration and Customs Enforcement (ICE), stands out as the largest and fastest-growing customer segment as of late 2025. Revenue from ICE saw a significant jump of 54.6% year-over-year in the third quarter of 2025, reaching $215.9 million for that quarter alone. This growth is fueled by reactivations and new contract awards. The U.S. Marshals Service (USMS) is the second-largest government customer, showing a 2.7% revenue increase in the second quarter of 2025 over the prior year quarter.

State governments remain a foundational customer group, though their growth rate has been more moderate in 2025 compared to federal contracts. For instance, state customer revenue increased by 3.6% in the third quarter of 2025 compared to the third quarter of 2024. Local government entities also contribute, with revenue from these sources being essentially flat year-over-year in the first quarter of 2025.

Here's a look at the revenue contribution from the primary operating segment, CoreCivic Safety, which manages the majority of these government contracts, alongside the most recent full-year historical split available:

Customer/Segment Focus	Latest Available Annual Revenue Share (FY 2024)	Q3 2025 Revenue (Safety Segment)
Federal Customers (ICE, USMS, etc.)	51% of Total Revenue	$215.9 million from ICE alone
State Governments	40% of Total Revenue	State customer revenue up 3.6% YoY in Q3 2025
CoreCivic Safety Segment (Total Gov. Contracts)	91.1% of Total Segment Net Operating Income (2024)	$545.1 million

The company's capacity and contract activity in 2025 highlight the focus on securing and activating beds for these government partners:

• As of September 30, 2025, CoreCivic operated 45 correctional and detention facilities with a total design capacity of approximately 68,000 beds.
• The number of people cared for under ICE contracts increased by approximately 3,700 individuals, or 36.9%, from the start of 2025 through September 30, 2025.
• New ICE contracts at the California City Immigration Processing Center (2,560 beds) and Midwest Regional Reception Center (1,033 beds) are expected to generate nearly $200 million in total annual revenue once fully activated.
• The new 24-month contract at the Midwest Regional Reception Center is expected to generate approximately $130 million in total annual revenue once stabilized in the second quarter of 2026.
• Average occupancy across Safety and Community segments was 76.7% in the third quarter of 2025.
• CoreCivic has signed new management contracts with local entities including Hinds County, Mississippi, and Harris County, Texas.

To be fair, the reliance on government contracts means that changes in government policy or budget allocations directly impact CoreCivic, Inc.'s revenue stability. The company's contract renewal rate for owned or long-term lease properties was approximately 96% over the five years ending December 31, 2024, showing strong retention within the existing base.

Finance: draft updated contract pipeline value based on Q3 2025 activations by next Tuesday.

CoreCivic, Inc. (CXW) - Canvas Business Model: Cost Structure

You're looking at the core outflows that keep CoreCivic, Inc. running, which is heavily weighted toward facility operations and personnel. These costs are dynamic, shifting based on occupancy levels, new contract activations, and labor market pressures.

Facility operating expenses are a major component. For the second quarter of 2025, these expenses hit $398.3 million, up from $375.7 million in the prior year quarter. This increase was mainly driven by rising operational costs and necessary wage hikes.

Personnel costs are directly tied to operational needs. The rise in operating expenses in Q2 2025 reflected wage increases and additional staffing required to meet demand. Furthermore, General and administrative expenses saw a surge of $10 million Year-over-Year in Q2 2025, partly due to higher incentive compensation.

Start-up expenses for new contracts represent a significant, though often temporary, cash outlay before facilities reach stabilized occupancy. The company noted that recently announced contract awards at four facilities negatively impacted the Q3 2025 guidance due to start-up expenses related to these contracts, projecting a reduction in facility net operating income of $10.0 million to $11.0 million for the fourth quarter compared to prior guidance.

Here's a look at the capital expenditure planning for 2025, which includes both maintaining existing assets and preparing for growth:

• Total maintenance capital expenditures planned for 2025 are budgeted between $60 million and $65 million.
• Maintenance capital expenditures specifically for real estate assets are guided to be $29.0 million to $31.0 million for 2025.
• Maintenance capital expenditures for other assets and information technology are budgeted from $31.0 million to $34.0 million.
• Other capital investments are forecast between $9.0 million and $10.0 million.
• Capital expenditures associated with potential facility activations and additional transportation vehicles for 2025 are guided to be $97.5 million to $99.5 million.
• During the first three quarters of 2025, $51.6 million was already spent on these potential idle facility activations and transportation vehicles.

The cost structure also includes financing costs. Interest expense on debt is a recurring item factored into overall profitability metrics. For the first quarter of 2025, the reported Interest expense, net, was $(15,231) thousand, or $15.231 million. The full year EBITDA guidance provides the company's estimate for total depreciation and interest expense.

To break down the key cost elements for the period, consider this comparison:

Cost Category	Specific Financial Data Point	Amount/Range
Facility Operating Expenses	Q2 2025 Total Operating Expenses	$398.3 million
Personnel Costs Impact	Q2 2025 G&A Surge due to Compensation	$10 million YoY
New Contract Start-up Impact	Projected Q4 2025 NOI Reduction from Start-up Costs	$10.0 million to $11.0 million
Maintenance CapEx (Real Estate)	Full Year 2025 Guidance	$29.0 million to $31.0 million
Maintenance CapEx (Total)	Full Year 2025 Guidance	$60 million to $65 million
Interest Expense (Net)	Q1 2025 Reported Amount	$15.231 million

Specific contract start-up funding authorizations also illustrate upfront costs:

• Midwest Regional Reception Center initial funding authorization
• Midwest Regional Reception Center maximum funding authorization
• California City Immigration Processing Center initial funding authorization
• California City Immigration Processing Center maximum funding authorization

These figures are:

• Up to $5.0 million
• Up to $22.6 million
• Up to $10.0 million
• Up to $31.2 million

Finance: draft 13-week cash view by Friday.

CoreCivic, Inc. (CXW) - Canvas Business Model: Revenue Streams

You're looking at how CoreCivic, Inc. actually brings in the money as of late 2025. The core of their revenue model relies heavily on government partners, primarily U.S. Immigration and Customs Enforcement (ICE) and the U.S. Marshals Service, which together comprised 55% of total revenue in the third quarter. The revenue streams are structured around two main mechanisms for their facilities.

One key component involves fixed monthly payments from government contracts, which provide a baseline income regardless of immediate population fluctuations. The other major component is per diem payments based on average daily detainee populations, meaning revenue scales up as utilization increases. This mix helps stabilize the top line while allowing for upside capture.

Here's a snapshot of the top-line performance and the major contributor for the third quarter of 2025:

Metric	Amount
Total Revenue for Q3 2025	$580.4 million
ICE Revenue in Q3 2025	$215.9 million

The growth you're seeing is heavily tied to reactivations and new awards. For instance, revenue from ICE alone was $215.9 million in Q3 2025, showing a 54.6% increase year-over-year. This momentum is what's driving the overall top line.

The company is actively monetizing previously idle capacity, which sets up future revenue expectations. Specifically, the four new contract activations secured during Q3 are projected to generate approximately $320 million in annual revenue once those facilities achieve stabilized occupancy. This pipeline of future revenue is critical to their 2026 outlook.

You can see the revenue components tied to these capacity expansions:

• Revenue from new contracts (e.g., 4 Q3 activations projected at $320 million annually).
• New agreements often include a fixed monthly payment plus an incremental per diem payment based on detainee counts.
• One specific new contract at the California City Immigration Processing Center is expected to generate approximately $130 million annually once fully activated.
• Another new contract for the 1,033-bed Midwest Regional Reception Center is expected to generate approximately $60 million annually once fully activated.

Finance: draft 13-week cash view by Friday.