CoreCivic, Inc. reported a significant increase in financial performance for the second quarter of 2025, with total revenue reaching $538.2 million, up 9.8% from $490.1 million in the same period last year. For the first half of 2025, revenue was $1.026 billion, a 3.6% increase from $990.8 million in the prior year. The company’s net income also saw substantial growth, rising to $38.5 million, or $0.35 per diluted share, compared to $19.0 million, or $0.17 per diluted share, in the second quarter of 2024. For the six months ended June 30, 2025, net income was $63.7 million, or $0.58 per diluted share, compared to $28.5 million, or $0.25 per diluted share, in the same period last year.
The company attributed its improved financial results to increased management revenue, which rose by $47.8 million, or 9.8%, in the second quarter, driven by higher average revenue per compensated man-day and an increase in average daily compensated population. The average daily compensated population increased by 4.8% to 54,026 in the second quarter of 2025, compared to 51,541 in the same quarter of 2024. CoreCivic's operational capacity was bolstered by the resumption of operations at the Dilley Immigration Processing Center and contract modifications that added capacity for ICE detainees at several facilities.
Strategically, CoreCivic announced the acquisition of the Farmville Detention Center, a 736-bed facility in Virginia, for $67 million, which is expected to generate approximately $40 million in annual revenue. This acquisition, finalized on July 1, 2025, is part of the company's ongoing efforts to expand its operational footprint and enhance service offerings. Additionally, CoreCivic is actively working to activate several idle facilities to meet increasing demand from federal partners, particularly in light of recent legislative changes that have increased funding for immigration enforcement and detention capacity.
Operationally, CoreCivic managed 44 correctional and detention facilities as of June 30, 2025, with a total design capacity of approximately 67,000 beds. The company also operated 21 residential reentry centers, contributing to its diverse service offerings. The total assets of CoreCivic increased to $3.072 billion, up from $2.932 billion at the end of 2024, reflecting the company's growth trajectory. The company’s employee headcount has also increased, supporting its operational needs amid rising demand for its services.
Looking ahead, CoreCivic remains optimistic about its growth prospects, driven by increased demand for correctional and detention services from government agencies. The company expects to leverage its existing facilities and explore new opportunities for expansion, particularly in response to the evolving landscape of immigration enforcement and corrections management. CoreCivic's management emphasized the importance of maintaining operational efficiency and adapting to market conditions to sustain its growth momentum in the coming quarters.
About CoreCivic, Inc.
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