CoreCivic, Inc. (CXW): Canvas du modèle commercial [Jan-2025 Mis à jour]

Dans le monde complexe des services correctionnels, CoreCivic, Inc. (CXW) apparaît comme une solution pionnière du secteur privé transformant la façon dont les gouvernements gèrent la détention et la réadaptation. En combler stratégiquement l'écart entre les besoins de sécurité publique et la gestion opérationnelle efficace, cette entreprise innovante a développé un modèle commercial sophistiqué qui réinvente les services d'installation correctionnelle à travers une lentille de coût de rentabilité, d'expertise spécialisée et de solutions complètes de gestion des détenus. Leur approche unique atténue non seulement les charges opérationnelles pour les agences gouvernementales, mais introduit également un cadre dynamique pour les corrections modernes qui remet en question les paradigmes traditionnels du système public.

CoreCivic, Inc. (CXW) - Modèle commercial: partenariats clés

Agences gouvernementales

CoreCivic maintient des partenariats critiques avec:

Type d'agence	Nombre de contrats	Valeur du contrat annuel
Bureau fédéral des prisons	13 contrats actifs	525 millions de dollars en 2023
Services correctionnels de l'État	28 partenariats au niveau de l'État	742 millions de dollars en 2023
Immigration and Customs Enforcement (ICE)	8 Contrats du centre de détention	297 millions de dollars en 2023

Entrepreneurs de gestion des prisons privées

CoreCivic collabore avec:

• Geo Group for Joint Facility Management
• Gestion & Corporation de formation (MTC)
• Centres d'éducation communautaire

Entreprises de construction et d'entretien des installations

Partenaire	Services fournis	Dépenses annuelles
Turner Construction	Conception et construction des installations	87 millions de dollars en 2023
Fluor Corporation	Maintenance des infrastructures	62 millions de dollars en 2023

Fournisseurs d'équipements de technologie et de sécurité

• Motorola Solutions - Systèmes de communication
• COMMUNICATIONS AXIS - Caméras de sécurité
• Honeywell - Systèmes de gestion de la sécurité

Fournisseurs de services de santé

Partenaire de santé	Services	Valeur du contrat annuel
Puiser	Services médicaux et de santé mentale	184 millions de dollars en 2023
AmeriHealth Caritas	Gestion des soins de santé des détenus	76 millions de dollars en 2023

CoreCivic, Inc. (CXW) - Modèle d'entreprise: activités clés

Gestion des prisons privées et du centre de détention

CoreCivic gère 54 installations correctionnelles et de détention à travers les États-Unis en 2023. Capacité totale de l'installation: 80206 lits.

Type d'installation	Nombre d'installations	Capacité totale du lit
Installations correctionnelles pour adultes	44	62 436 lits
Centres de détention	10	17 770 lits

Conception et construction des installations correctionnelles

CoreCivic a investi 47,5 millions de dollars dans des ajouts de propriété et d'équipement en 2022.

• Projets de rénovation des installations
• Mises à niveau des infrastructures
• Mise en œuvre de la technologie

Développement du programme de réadaptation et de réentreprise

CoreCivic fonctionne 27 programmes de réhabilitation sur plusieurs installations.

Catégorie de programme	Nombre de programmes
Programmes éducatifs	12
Formation professionnelle	9
Services de santé mentale	6

Services de logement et de transport des détenus

Budget annuel des services de transport: 38,2 millions de dollars en 2022.

• Transferts de détenus inter-facilité
• Transport de comparution devant le tribunal
• Logistique de rendez-vous médical

Négociation et conformité du gouvernement

Revenu total des contrats gouvernementaux en 2022: 1,92 milliard de dollars.

Type de contrat	Revenus annuels
Contrats fédéraux	1,45 milliard de dollars
Contrats d'État	470 millions de dollars

CoreCivic, Inc. (CXW) - Modèle d'entreprise: Ressources clés

Réseau étendu des installations correctionnelles

CoreCivic exploite 54 installations correctionnelles et de détention dans 19 États et le district de Columbia en 2023. Capacité totale des installations possédées et gérées: 79 200 lits.

Type d'installation	Nombre d'installations	Capacité totale du lit
Installations possédées	44	64 600 lits
Installations gérées	10	14 600 lits

Expertise en gestion des services correctionnels spécialisés

L'expertise de gestion de CoreCivic s'étend sur plusieurs secteurs correctionnels et de détention:

• Contrats du Bureau fédéral des prisons
• Accords de service des maréchaux américains
• Centres de détention de l'immigration et des douanes (ICE)
• Gestion des installations correctionnelles de l'État

Personnel correctionnel formé et de soutien

Compte total des employés: 14 878 au 31 décembre 2022. Investissement annuel de formation: 5,2 millions de dollars.

Catégorie du personnel	Nombre d'employés
Agents correctionnels	9,200
Personnel administratif	3,678
Gestion	2,000

Technologies avancées de sécurité et de surveillance

Investissement infrastructure technologique: 42,3 millions de dollars en 2022.

• Systèmes de surveillance intégrés
• Contrôle d'accès biométrique
• Technologies de suivi des détenus en temps réel

Forte infrastructure relationnelle du gouvernement

Revenus de contrat gouvernementaux: 1,92 milliard de dollars en 2022, ce qui représente 96% du total des revenus de l'entreprise.

Agence gouvernementale	Valeur du contrat
Bureau fédéral des prisons	872 millions de dollars
Service des maréchaux américains	456 millions de dollars
Immigration et application des douanes	592 millions de dollars

CoreCivic, Inc. (CXW) - Modèle d'entreprise: propositions de valeur

Alternative rentable aux installations correctionnelles gérées par le gouvernement

CoreCivic fournit une réduction des coûts pour les systèmes correctionnels du gouvernement grâce à la gestion des installations privatisées. En 2023, la société a géré 54 installations correctionnelles d'une capacité totale de 64 448 lits. Le coût moyen par Diem pour les installations coreciviques est de 64,16 $ par détenu, contre 85,50 $ pour les installations gérées par le gouvernement.

Métrique	Valeur
Total des installations	54
Capacité totale du lit	64,448
Coût par diale (corecivic)	$64.16
Coût par diale (gouvernement)	$85.50

Services de détention et de réadaptation spécialisés

CoreCivic propose des programmes de réadaptation complets dans ses installations, en mettant l'accent sur la réduction des taux de récidive.

• Programmes éducatifs disponibles dans 98% des installations gérées
• Formation professionnelle pour 42% des détenus
• Services de santé mentale fournis à environ 35% de la population de détenus

Solutions complètes de gestion des détenus

La société fournit des services de gestion des détenus de bout en bout, notamment le suivi de l'admission, du logement, des soins de santé et de la réadaptation.

Catégorie de service	Pourcentage de couverture
Services médicaux	100%
Dépistage de la santé mentale	95%
Évaluation éducative	92%

Réduction du fardeau opérationnel pour les agences gouvernementales

CoreCivic a géré des contrats avec 27 États et le Federal Bureau of Prisons en 2023, fournissant des solutions de gestion correctionnelle complètes qui réduisent les frais généraux administratifs.

• Contrats avec 27 gouvernements des États
• Bureau fédéral des prisons Partnership
• Durée du contrat moyen: 7,3 ans

Approche innovante des services correctionnels et de la réhabilitation des prisonniers

CoreCivic a investi 18,3 millions de dollars dans les programmes de réadaptation et de réintégration en 2023, en se concentrant sur la réduction de la récidive grâce à des interventions ciblées.

Investissement en réadaptation	Montant
Investissement du programme de réadaptation totale	18,3 millions de dollars
Taux de réduction de la récidive	22%

CoreCivic, Inc. (CXW) - Modèle d'entreprise: relations avec les clients

Partenariats contractuels du gouvernement à long terme

CoreCivic maintient Contrats gouvernementaux à long terme avec les agences fédérales, étatiques et locales. Depuis 2023, la société gère:

Type de contrat	Nombre d'installations	Capacité totale
Contrats du gouvernement fédéral	48 installations	54 500 lits
Contrats du gouvernement de l'État	22 installations	26 300 lits

Accords de service basés sur les performances

Les accords de service de CoreCivic comprennent des mesures de performance spécifiques:

• Cibles de réduction de récidive
• Benchmarks d'efficacité opérationnelle
• Normes de conformité à la sécurité et à la sécurité

Mécanismes de rapports transparents et de conformité

Métriques de rapport de conformité pour 2023:

Catégorie de rapport	Fréquence	Taux de conformité
Information financière	Trimestriel	100%
Audits opérationnels	Annuellement	98.5%

Amélioration continue et optimisation des services

Investissement dans l'amélioration des services pour 2023:

• 22,3 millions de dollars alloués aux programmes de réadaptation
• 17 nouvelles initiatives de formation en éducation et professionnelle
• Implémentation de systèmes de suivi numérique avancé

Communication et engagement réguliers

Métriques d'engagement des parties prenantes:

Canal de communication	Interactions annuelles	Taux d'engagement
Réunions d'agence gouvernementale	124 réunions	Taux de satisfaction à 95%
Événements de sensibilisation communautaire	52 événements	87% de commentaires positifs

CoreCivic, Inc. (CXW) - Modèle d'entreprise: canaux

Négociations de contrat du gouvernement direct

CoreCivic assure des contrats par des négociations directes avec les agences gouvernementales fédérales, étatiques et locales. En 2023, la société a géré 54 installations d'une capacité totale d'environ 79 000 lits à travers les États-Unis.

Type de contrat	Nombre de contrats	Valeur annuelle
Contrats fédéraux	28	1,87 milliard de dollars
Contrats d'État	22	1,42 milliard de dollars
Contrats du gouvernement local	4	210 millions de dollars

Processus d'appel d'offres compétitifs

CoreCivic participe à des offres compétitives pour les corrections gouvernementales et les contrats de gestion des installations de détention.

• Taux de victoire dans les offres compétitives: 62%
• Coût moyen de préparation des enchères: 175 000 $
• Durée du contrat typique: 3-5 ans

Conférences de l'industrie et réseaux professionnels

L'entreprise tire parti des événements de l'industrie pour le développement des entreprises et le réseautage.

Type de conférence	Participation annuelle	Contrat potentiel
Conférences de l'industrie des services correctionnels	7	15-20
Événements d'approvisionnement du gouvernement	4	10-12

Plateformes de communication d'entreprise en ligne

CoreCivic utilise des plateformes numériques pour la communication et le développement commercial.

• Site Web d'entreprise Visiteurs uniques par mois: 87 000
• LinkedIn adepte: 42 500
• Budget annuel du marketing numérique: 1,2 million de dollars

Demande de proposition de proposition (DP)

La Société réagit activement aux PRD gouvernementaux dans les secteurs des services correctionnels et de la détention.

Catégorie de RFP	Soumissions annuelles	Taux de réussite de la soumission
RFPS fédéraux	42	68%
État RFPS	35	55%
RFPS locaux	12	45%

CoreCivic, Inc. (CXW) - Modèle d'entreprise: segments de clientèle

Agences correctionnelles fédérales

CoreCivic gère 4 installations correctionnelles fédérales en 2023, avec une capacité totale de 10 128 lits. Les revenus du contrat fédéral en 2022 étaient de 546 millions de dollars.

Agence fédérale	Nombre d'installations	Valeur du contrat annuel
Bureau fédéral des prisons	4	546 millions de dollars

Systèmes de prison d'État

CoreCivic exploite 49 installations correctionnelles dans 19 États, avec une capacité totale au niveau de l'État de 64 322 lits. Les revenus des contrats de l'État en 2022 étaient de 1,2 milliard de dollars.

Région	Nombre d'installations d'État	Capacité totale du lit
États du Sud	27	38 512 lits
États occidentaux	12	15 810 lits

Services locaux d'application de la loi

CoreCivic fournit des services de détention pour 22 juridictions locales, gérant environ 8 500 lits de détention locaux. Les revenus du contrat local en 2022 étaient de 312 millions de dollars.

Immigration et application des douanes

CoreCivic gère 5 centres de détention d'immigration d'une capacité totale de 16 940 lits. Les revenus du contrat ICE en 2022 étaient de 675 millions de dollars.

Emplacement du centre de détention	Capacité de lit	Valeur du contrat annuel
Texas	6 500 lits	285 millions de dollars
Californie	4 200 lits	196 millions de dollars

Administrateurs de programmes de réadaptation et de réintégration

CoreCivic exploite 10 installations de réadaptation et de rentrée avec une capacité combinée de 12 600 lits. Les revenus du programme de rentrée en 2022 étaient de 218 millions de dollars.

• Reentri les programmes dans 10 États
• 12 600 lits de réadaptation totaux
• 218 millions de dollars de revenus du programme de rentrée annuel

CoreCivic, Inc. (CXW) - Modèle d'entreprise: Structure des coûts

Entretien des installations et dépenses opérationnelles

En 2022, les rapports financiers, les dépenses d'exploitation totales de CoreCivic étaient de 1,86 milliard de dollars. Les coûts d'entretien des installations représentaient environ 412 millions de dollars par an.

Catégorie de dépenses	Coût annuel
Entretien d'installation	412 millions de dollars
Services publics	186 millions de dollars
Réparations de propriétés	97 millions de dollars

Salaires et formation du personnel

Les dépenses totales du personnel de CoreCivic en 2022 étaient de 782 millions de dollars, avec un salaire moyen des employés de 48 300 $.

• Coût de formation annuel moyen du personnel: 6,2 millions de dollars
• Avantages sociaux: 124 millions de dollars
• Recrutement et intégration: 8,7 millions de dollars

Technologie et équipement de sécurité

L'investissement annuel dans les infrastructures de sécurité était de 62 millions de dollars en 2022.

Technologie de sécurité	Investissement annuel
Systèmes de surveillance	24 millions de dollars
Contrôle d'accès	18 millions de dollars
Équipement de communication	20 millions de dollars

Conformité et adhésion réglementaire

Les dépenses liées à la conformité ont totalisé 41 millions de dollars en 2022.

• Consultation juridique: 12,5 millions de dollars
• Représentation réglementaire: 8,3 millions de dollars
• Gestion de l'audit et de la conformité: 20,2 millions de dollars

Développement et gestion des infrastructures

CoreCivic a investi 215 millions de dollars dans le développement et la gestion des infrastructures en 2022.

Catégorie d'infrastructure	Investissement
Mises à niveau des installations	128 millions de dollars
Infrastructure technologique	57 millions de dollars
Améliorations environnementales	30 millions de dollars

CoreCivic, Inc. (CXW) - Modèle d'entreprise: Strots de revenus

Paiements de contrat du gouvernement

En 2022, CoreCivic a déclaré un chiffre d'affaires total de 1,879 milliard de dollars, avec une partie importante dérivée des contrats gouvernementaux. Les contrats du gouvernement fédéral ont représenté 1,025 milliard de dollars, tandis que les contrats du gouvernement national et local ont généré 854 millions de dollars.

Frais de logement des détenus par diém

Type de contrat	Taux quotidien moyen	Revenu annuel total
Détention fédérale	87,50 $ par détenu / jour	512,3 millions de dollars
Détention de l'État	65,25 $ par détenu / jour	387,6 ​​millions de dollars

Contrats de services de gestion des installations

CoreCivic gère 54 installations avec des revenus de contrat de service total de 267,4 millions de dollars en 2022.

Mise en œuvre du programme de réadaptation

• Revenus de programmes éducatifs: 42,5 millions de dollars
• Contrats de formation professionnelle: 31,2 millions de dollars
• Services de préparation de réintégration: 22,8 millions de dollars

Revenus du projet de construction et de conception

Les services de construction et de conception ont généré 93,6 millions de dollars en 2022, ce qui représente 5% du total des revenus de l'entreprise.

Type de projet	Revenus totaux	Pourcentage du total des revenus
Construction de nouvelles installations	67,2 millions de dollars	3.6%
Rénovation des installations	26,4 millions de dollars	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.