CoreCivic, Inc. (CXW): Business Model Canvas [Dec-2025 Updated]

You're looking to understand the nuts and bolts of how a major government services provider like CoreCivic, Inc. actually generates its revenue, and honestly, it's a model built entirely on long-term, relationship-driven government contracts, not consumer sales. We've mapped out their entire operation using the Business Model Canvas, showing you how they turn their extensive real estate portfolio and 7,000+ remaining idle beds into cash flow, like the $580.4 million they pulled in during Q3 2025 from per diem and fixed payments. Still, you need to see the cost side too; managing those facilities costs serious money, evidenced by the $398.3 million in operating expenses reported in Q2 2025. This canvas distills their entire strategy-from key partnerships with ICE to their reentry service value proposition-so you can see precisely where the near-term financial levers are set. Check out the full breakdown below to see the precise structure of this unique business.

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

CoreCivic, Inc. relies on a foundation of long-term agreements with various levels of government for the majority of its revenue generation.

The company's Key Partners are segmented by the federal, state, and local agencies they contract with to manage facilities and provide services.

U.S. Immigration and Customs Enforcement (ICE)

U.S. Immigration and Customs Enforcement (ICE) remains CoreCivic, Inc.'s largest government partner, with significant contract activity in 2025 related to reactivating idle capacity.

• Revenue from ICE in the third quarter of 2025 was $215.9 million, marking an increase of 54.6% compared to the third quarter of 2024.
• CoreCivic, Inc. expected to 'rake in' $300 million in new ICE contracts under a plan to incarcerate 100,000 immigrant detainees in 2025.
• In the first quarter of 2025, revenue from ICE was $133.2 million, down from $153.8 million in the first quarter of 2024.
• The company signed two new ICE contracts in September 2025 utilizing 3,593 beds across two facilities, expected to generate nearly $200 million in combined annual revenue once fully activated.
• The company announced new contracts aggregating 6,353 beds across four previously idle facilities in the third quarter of 2025, with an expected annual revenue of approximately $325 million once fully activated.

U.S. Marshals Service (USMS)

The U.S. Marshals Service (USMS) is identified as the second largest government customer for CoreCivic, Inc.

• Revenue from the U.S. Marshals Service increased 2.7% from the prior year quarter in the second quarter of 2025.
• CoreCivic, Inc. expanded its revolving credit facility by US$300 million to US$575 million within a US$700 million overall facility, partly to support ramping USMS contracts.

State Departments of Corrections (e.g., Montana, Oklahoma)

State-level contracts represent a material portion of CoreCivic, Inc.'s business, showing consistent growth through 2025.

Here's a look at the state revenue trends and specific contract activity:

Metric	Value/Percentage	Reference Period/Context
State Revenues Share of Total Revenue	40%	Full Year 2024
State Partner Revenue Growth	6.4%	Q4 2024
State Customer Revenue Growth	5.2%	Q1 2025
State Customer Revenue Growth	3.6%	Q3 2025

• New contracts with the state of Montana were executed in August 2024 and January 2025.
• New management contracts were signed in 2024 with the state of Wyoming.

Local government entities

Agreements with local entities often involve Intergovernmental Services Agreements (IGSAs) to reactivate or manage specific facilities.

• Revenue from local governments was essentially flat year-over-year in the first quarter of 2025.
• The West Tennessee Detention Facility reactivation involved an IGSA with the City of Mason, Tennessee.
• New management contracts were signed in 2024 with Harris County, Texas.

Intergovernmental Services Agreement (IGSA) partners

IGSAs are a key mechanism for securing capacity utilization, often involving a state or local entity contracting with a federal agency like ICE to use CoreCivic, Inc.'s facilities.

Specific IGSA contract details from 2025:

• The reactivation of the 2,160-bed Diamondback Correctional Facility involves an IGSA between the Oklahoma Department of Corrections (OKDOC) and ICE, expected to generate approximately $100 million annually once fully activated in the second quarter of 2026.
• The 600-bed West Tennessee Detention Facility IGSA with the City of Mason, Tennessee, expires in August 2030.
• The Dilley Immigration Processing Center reactivation was agreed upon under an amended IGSA that expires in March 2030.

Finance: review Q3 2025 revenue breakdown against the $325 million annual run-rate target by end of Q2 2026.

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

You're looking at the core engine of CoreCivic, Inc. as of late 2025, focusing on what the company actually does to generate revenue and deploy capital. It's all about managing government contracts for physical assets and services.

Corrections and detention facility management

This is the bread and butter, CoreCivic Safety. As of September 30, 2025, CoreCivic operated a total of 45 correctional and detention facilities, with 41 of those being owned or controlled via a long-term lease. The total design capacity across these facilities was approximately 68,000 beds. For the three months ended September 30, 2025, this segment was the largest revenue driver, bringing in $545.1 million. Federal partners, particularly U.S. Immigration and Customs Enforcement (ICE), are central; ICE revenue in Q3 2025 was $215.9 million, a year-over-year increase of 54.6%. Overall, federal partners accounted for 55% of total revenue in Q3 2025. Occupancy is a key metric; in Q1 2025, occupancy reached 77.0% of available capacity.

Here's a quick look at the operational scale as of Q3 2025:

Metric	Value (as of Sept 30, 2025)	Period
Total Correctional/Detention Facilities Operated	45	Q3 2025
Total Design Capacity (Correctional/Detention)	Approximately 68,000 beds	Q3 2025
CoreCivic Safety Revenue	$545.1 million	Three Months Ended Q3 2025
Total Nine-Month Revenue	$1,607.2 million	Nine Months Ended Q3 2025
Diluted EPS (Nine Months)	$0.83	Nine Months Ended Q3 2025

Activating and renovating idle facilities (e.g., Diamondback)

A major activity in 2025 was bringing idle capacity back online to meet government demand. CoreCivic had five remaining idle facilities containing over 7,000 beds following several activations. To date in 2025, contracts were awarded for five idle facilities, with four awarded in the third quarter alone. These new contract awards are expected to generate approximately $320 million in annual revenue once the facilities reach stabilized occupancy.

Specific 2025 facility activations and related financial impacts include:

• Resumed operations at the Dilley Immigration Processing Center in March 2025.
• Began activation at the Midwest Regional Reception Center in 2025.
• Began activation at the California City Immigration Processing Center (2,560-bed) in April 2025; expected annual revenue is approximately $130 million once stabilized.
• Awarded contract to resume operations at the West Tennessee Detention Facility (600-bed) in August 2025; expected annual revenue is $30 million.
• Awarded a $100 million contract in 2025 to reopen the Diamondback Correctional Facility (2,160-bed).
• Acquired the Farmville Detention Center (736-bed) on July 1, 2025, for $67.0 million, expecting $40.0 million in annual incremental revenue.

The company also made preparatory investments in anticipation of demand, authorizing an additional capital investment of roughly $25 million during Q1 2025.

Providing residential and non-residential reentry services

CoreCivic Community is the segment focused on alternatives to incarceration. As of September 30, 2025, CoreCivic operated 20 residential reentry centers, which have a total design capacity of about 4,000 beds. This segment contributed $30.7 million in revenue for the three months ended September 30, 2025. The company actively deploys evidence-based treatment programs; a peer-led PTSD/Trauma and Resiliency program expanded to eight CoreCivic Safety facilities by the end of 2024, with further expansion anticipated in 2025.

Securing and renewing long-term government contracts

Securing and maintaining these contracts drives the entire business. Total revenue for the nine months ending September 30, 2025, reached $1,607.2 million, up from $1,482.4 million in 2024. For Q3 2025 specifically, total revenue was $580.4 million, an 18.1% increase year-over-year. Net Income for the nine months ending September 30, 2025, was $90.0 million. The West Tennessee Detention Facility contract, for example, runs through August 2030. The Wyoming contract at the Tallahatchie facility runs through June 30, 2026.

Capital deployment, including share repurchases

CoreCivic is actively deploying capital to enhance shareholder value. The Board increased the total share repurchase authorization to up to $700 million. Since the program started in May 2022 through November 7, 2025, the company has bought back 21.5 million shares for an aggregate cost of $322.1 million, averaging $14.98 per share. In the third quarter of 2025 alone, CoreCivic repurchased 1.9 million shares at an aggregate cost of $40.0 million. As of November 7, 2025, $377.9 million remained authorized for future repurchases. For the full year 2025, maintenance capital expenditures were guided to be between $29.0 million to $31.0 million for real estate assets.

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

You're looking at the core assets that power CoreCivic, Inc.'s operations as of late 2025. These aren't abstract concepts; they are tangible, measurable resources that directly support their government service contracts.

The company's real estate footprint is central to its offering. CoreCivic, Inc. is the nation's largest owner of partnership correctional, detention, and residential reentry facilities. As of September 30, 2025, the CoreCivic Safety segment managed 45 correctional and detention facilities, with 41 of those being owned or controlled via a long-term lease, representing a total design capacity of approximately 68,000 beds in that segment alone. This physical scale is a massive barrier to entry for competitors.

Liquidity and financial flexibility are also key resources, especially when ramping up new contracts. You saw the recent move to bolster this:

• The revolving credit facility was expanded by $300 million to an aggregate of $575 million effective December 1, 2025.
• This $575 million facility sits within an overall facility capacity of $700 million.
• As of the amendment date, outstanding borrowings were $165.0 million, with $18.6 million in outstanding letters of credit, leaving an additional borrowing capacity of $391.4 million.

The ability to deploy capital quickly is supported by this structure. Here's a look at the capacity components as of late 2025:

Resource Metric	Capacity/Amount	Date/Context
Total Correctional & Detention Design Capacity (Safety Segment)	Approximately 68,000 beds	As of September 30, 2025
Idle Correctional Facility Bed Capacity Remaining	Over 7,000 beds	Five remaining idle facilities as of Q3 2025
Residential Reentry Center Design Capacity	Approximately 4,000 beds	Across 20 centers as of September 30, 2025
Total Employees	11,649	As of December 31, 2024

The human capital is specialized, consisting of a large base of security personnel necessary for facility operations. While the precise number of security staff isn't broken out, the total employee count was 11,649 at the end of 2024. This workforce supports the operation of 45 correctional and detention facilities and 20 residential reentry centers.

Finally, the intangible asset of institutional knowledge and trust is significant. CoreCivic, Inc. has been a flexible and dependable partner for government for more than 40 years. This longevity is critical in securing and maintaining the long-term contracts that form the revenue base, especially with key partners like U.S. Immigration and Customs Enforcement (ICE).

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.