CoreCivic, Inc. reported its financial results for the first quarter of 2025, revealing a net income of $25.1 million, or $0.23 per diluted share, a significant increase from the $9.5 million, or $0.08 per diluted share, recorded in the same period last year. Total revenue for the quarter was $488.6 million, down 2.4% from $500.7 million in the first quarter of 2024. The decrease in revenue was primarily attributed to a decline in average daily compensated population, which fell by 1.4% to 51,429, largely due to the termination of funding for the Dilley Facility in August 2024, although operations resumed in March 2025.
Operating expenses for the quarter totaled $374.7 million, a slight decrease from $378.1 million in the prior year. The company noted that the reduction in operating expenses was influenced by the termination of the intergovernmental service agreement (IGSA) for the Dilley Facility, which had previously contributed to higher costs. However, CoreCivic faced increased wage pressures and staffing costs, which were partially offset by improved staffing levels and operational efficiencies. The company’s interest expense also decreased to $15.2 million from $18.6 million, reflecting lower outstanding debt balances and interest rates.
Strategically, CoreCivic has been active in expanding its operations. The company entered into agreements with U.S. Immigration and Customs Enforcement (ICE) to activate several idle facilities, including the Midwest Regional Reception Center and the California City Immigration Processing Center, which are expected to enhance capacity for ICE detainees. As of March 31, 2025, CoreCivic operated 43 correctional and detention facilities, with a total design capacity of approximately 65,000 beds, and 21 residential reentry centers with a capacity of about 4,000 beds.
Looking ahead, CoreCivic anticipates increased demand for its services due to recent legislative and executive actions that may require additional detention capacity. The company is preparing to activate idle facilities to meet this demand and has allocated $65 million to $70 million for capital expenditures related to these activations. CoreCivic's management remains optimistic about future growth opportunities, particularly in light of the federal government's evolving needs for correctional and detention services. The company continues to monitor market conditions and is positioned to respond to potential increases in demand from state and federal partners.
About CoreCivic, Inc.
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