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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-16109

CORECIVIC, INC.

(Exact name of registrant as specified in its charter)


MARYLAND	62-1763875
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

5501 VIRGINIA WAY BRENTWOOD, tennessee	37027
(Address of principal executive offices)	(Zip Code)

REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (615) 263-3000

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

     Title of each class

     Trading Symbol(s)

     Name of each exchange
on which registered

     Common Stock, par value $.01 per share

     CXW

     New York Stock Exchange

SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: NONE

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b) ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The aggregate market value of the shares of the registrant's Common Stock held by non-affiliates was approximately $2,216,804,746 as of June 30, 2025 based on the closing price of such shares on the New York Stock Exchange on that day. The number of shares of the registrant's Common Stock outstanding on February 13, 2026 was 97,709,228.

DOCUMENTS INCORPORATED BY REFERENCE:

Portions of the registrant's definitive Proxy Statement for the 2026 Annual Meeting of Stockholders, currently scheduled to be held on May 14, 2026, are incorporated by reference into Part III of this Annual Report on Form 10-K.

CORECIVIC, INC.

FORM 10-K

For the fiscal year ended December 31, 2025

TABLE OF CONTENTS


Item No.		Page
	PART I

1.	Business	7
	Overview	7
	Operating Procedures and Inmate and Resident Services for Correctional, Detention, and Residential Reentry Facilities	9
	Business Development	14
	2025 Accomplishments	18
	Facility Portfolio	20
	Competitive Strengths	28
	Human Capital	34
	Government Regulation	36
	Insurance	37
	Competition	38
1A.	Risk Factors	38
1B.	Unresolved Staff Comments	58
1C.	Cybersecurity	58
2.	Properties	61
3.	Legal Proceedings	61
4.	Mine Safety Disclosures	61

	PART II

5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	62
	Market Price of and Distributions on Capital Stock	62
	Dividend Policy	62
	Issuer Purchases of Equity Securities	62
6.	Reserved	62
7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	63
	Overview	63
	Critical Accounting Policies and Estimates	67
	Results of Operations	69
	Liquidity and Capital Resources	82
	Inflation	87
	Seasonality and Quarterly Results	87
7A.	Quantitative and Qualitative Disclosures about Market Risk	88
8.	Financial Statements and Supplementary Data	88
9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	88
9A.	Controls and Procedures	88
9B.	Other Information	91
9C.	Disclosure Regarding Foreign Jurisdictions That Prevent Inspections	91

	PART III

10.	Directors, Executive Officers and Corporate Governance	92
11.	Executive Compensation	92
12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	92
13.	Certain Relationships and Related Party Transactions and Director Independence	93
14.	Principal Accounting Fees and Services	93

	PART IV

15.	Exhibits and Financial Statement Schedules	94
16.	Form 10-K Summary	97
	SIGNATURES	98

CAUTIONARY STATEMENT REGARDING

FORWARD-LOOKING INFORMATION

This Annual Report on Form 10-K, or Annual Report, contains statements as to our beliefs and expectations of the outcome of future events that are forward-looking statements as defined within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of current or historical fact contained in this Annual Report, including statements regarding our future financial position, business strategy, budgets, projected costs and plans, and objectives of management for future operations, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "projects," "will," and similar expressions, as they relate to us, are intended to identify forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made in this Annual Report. These include, but are not limited to, the risks and uncertainties associated with:

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changes in government policy, legislation and regulations that affect utilization of the private sector for corrections, detention, and residential reentry services, in general, or our business, in particular, including, but not limited to, the continued utilization of our correctional and detention facilities by the federal government as a consequence of presidential executive orders, changes in how the federal government, including U.S. Immigration and Customs Enforcement, or ICE, elects to use our detention capacity or otherwise procures alternative detention capacity, and the impact of any changes to immigration reform and sentencing laws (we do not, under longstanding policy, lobby for or against policies or legislation that would determine the basis for, or duration of, an individual's incarceration or detention);

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our ability to obtain and maintain correctional, detention, and residential reentry facility management contracts because of reasons including, but not limited to, sufficient governmental appropriations, contract compliance, negative publicity and effects of inmate disturbances;

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changes in the privatization of the corrections and detention industry, the acceptance of our services, the timing of the opening of new facilities and the commencement of new management contracts (including the extent and pace at which new contracts are utilized), as well as our ability to utilize available beds;

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our ability to successfully activate idle facilities in a timely manner in order to meet the growth in demand for our facilities and services from the federal government that has occurred as a result of changes in policies and actions of the current presidential administration, and to realize projected returns resulting therefrom;

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general economic and market conditions, including, but not limited to, the impact governmental budgets can have on our contract renewals and renegotiations, per diem rates, and occupancy;

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fluctuations in our operating results because of, among other things, changes in occupancy levels; competition; contract renegotiations or terminations; inflation and other increases in costs of operations, including a rise in labor costs; fluctuations in interest rates and risks of operations;

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government budget uncertainty, the impact of debt ceilings and the potential for government shutdowns and changing budget priorities;

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our ability to successfully identify and consummate future development and acquisition opportunities, integrate their operations, and realize projected returns resulting therefrom; and

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the availability of debt and equity financing on terms that are favorable to us, or at all.

Any or all of our forward-looking statements in this Annual Report may turn out to be inaccurate. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Our statements can be affected by inaccurate assumptions we might make or by known or unknown risks, uncertainties and assumptions, including the risks, uncertainties, and assumptions described in "Risk Factors" included elsewhere in this Annual Report and in other reports, documents, and other information we file with the Securities and Exchange Commission, or the SEC, from time to time.

In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this Annual Report may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. When you consider these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in this Annual Report, including in "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Business" and "Risk Factors."

Our forward-looking statements speak only as of the date made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances or otherwise, except as required by law. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained in this Annual Report.

RISK FACTORS SUMMARY

Our business faces significant risks and uncertainties. If any of the following risks are realized, our business, financial condition and results of operations could be materially and adversely affected. You should carefully review and consider the full discussion of our risk factors in "Part I, Item 1A. Risk Factors" of this Annual Report. Set forth below is a summary list of the principal risk factors as of the date of the filing of this Annual Report.

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Resistance to privatization of correctional, detention, and residential reentry facilities, and negative publicity regarding inmate disturbances or perceived poor operational performance, could result in our inability to obtain new contracts, the loss of existing contracts, or other unforeseen consequences.

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We are subject to fluctuations in occupancy levels, and a decrease in occupancy levels could negatively impact our business.

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We are dependent on government appropriations, and our results of operations may be negatively affected by governmental budgetary challenges or government shutdowns.

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Efforts to reduce the U.S. federal deficit could adversely affect our business, financial condition and results of operations.

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Competition may adversely affect the profitability of our business.

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We are subject to terminations, non-renewals, or competitive re-bids of our government contracts.

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Our ability to secure new contracts to develop and manage correctional, detention, and residential reentry facilities depends on many factors outside our control.

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Expectations about continued growth in the utilization of detention beds by the federal government may not be realized, which could negatively impact our stock price.

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ICE, the federal executive agency under the direction of the Department of Homeland Security, or DHS, has recently expanded its methods for physical detention by utilizing non-traditional detention capacity and by obtaining ownership of non-traditional facilities, and such methods could have an adverse impact on our business.

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We may face community opposition to facility location, which may adversely affect our ability to obtain or timely activate new contracts.

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We may incur significant start-up and operating costs on new contracts before receiving related revenues, which may have an adverse impact on our business, financial condition and results of operations and not be recouped.

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Government agencies may investigate and audit our contracts and operational performance, and if any deficiencies or improprieties are found, we may be required to cure those deficiencies or improprieties, refund revenues we have received, or forego anticipated revenues, and we may be subject to penalties and sanctions, including contract termination and prohibitions on our bidding in response to Requests for Proposals.

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Failure to comply with facility contracts or with unique and increased governmental regulation could result in material penalties or non-renewal or termination of noncompliant contracts or our other contracts to provide or manage correctional, detention, and residential reentry facilities.

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The failure to comply with data privacy and security legal requirements could have an adverse impact on our business, reputation, financial position and results of operations.

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We depend on a limited number of governmental customers for a significant portion of our revenues.

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We are dependent upon our senior management and our ability to attract and retain sufficient qualified personnel.

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We are subject to various types of litigation.

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We are subject to necessary insurance costs.

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We may be adversely affected by inflation.

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We depend in part on the performance and capabilities of third parties with whom we have commercial relationships.

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Technological changes or negative changes in the level of acceptance of, or resistance to, the use of electronic monitoring products could cause our electronic monitoring products and other technology to become obsolete or require the redesign of our electronic monitoring products, which could have an adverse effect on our business.

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We depend on a limited number of third parties to manufacture and supply our electronic monitoring products. If our suppliers cannot provide the products or services we require in a timely manner and with such quality as we expect, our ability to market and sell our electronic monitoring products and services could be harmed.

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We may be subject to costly product liability claims from the use of our electronic monitoring products, which could damage our reputation, impair the marketability of our products and services and force us to pay costs and damages that may not be covered by adequate insurance.

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We are subject to risks associated with ownership of real estate.

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We may be adversely affected by an increase in costs or difficulty of obtaining adequate levels of surety credit on favorable terms.

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Interruption, delay or failure of the provision of our technology services or information systems, or the compromise of the security thereof, could adversely affect our business, financial condition or results of operations.

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We are implementing a new enterprise resource planning system, and challenges with the implementation of the system may impact our business and operations.

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We are subject to risks related to corporate responsibility.

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Our indebtedness could adversely affect our financial health and prevent us from fulfilling our obligations under our debt securities.

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Our Bank Credit Facility, indentures related to our senior notes, and other debt instruments have restrictive covenants that could limit our financial flexibility.

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Our indebtedness is secured by a substantial portion of our assets.

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Servicing our indebtedness will require a significant amount of cash or may require us to refinance our indebtedness before it matures. Our ability to generate cash depends on many factors beyond our control and there is no assurance that we will be able to refinance our debt on acceptable terms, or at all.

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We are required to repurchase all or a portion of our senior notes upon a change of control, and the debt under our Bank Credit Facility is subject to acceleration upon a change of control.

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Despite current indebtedness levels, we may still incur more debt.

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Our access to capital may be affected by general macroeconomic conditions.

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Activist resistance to the use of public-private partnerships for correctional, detention, and residential reentry facilities could impact our ability to obtain financing to grow our business or to refinance existing indebtedness, which could have a material adverse effect on our business, financial condition and results of operations.

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An increase in interest rates increases the cost of our variable rate debt.

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The market price of our equity securities may vary substantially, which may limit our stockholders' ability to liquidate their investment.

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The number of shares of our common stock available for future sale could adversely affect the market price of our common stock.

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Future offerings of debt or equity securities ranking senior to our common stock or incurrence of debt (including under our Bank Credit Facility) may adversely affect the market price of our common stock.

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Our issuance of preferred stock could adversely affect holders of our common stock and discourage a takeover.

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Our charter and bylaws and Maryland law could make it difficult for a third party to acquire our company.

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As an owner and operator of correctional, detention, and residential reentry facilities, we are subject to risks relating to acts of God, outbreaks of epidemic or pandemic disease, global climate change, terrorist activity and war.

PART I.

ITEM 1. BUSINESS.

Overview

We are a diversified government solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. Through three segments, CoreCivic Safety, CoreCivic Community, and CoreCivic Properties, we provide a broad range of solutions to government partners that serve the public good through corrections and detention management, a network of residential reentry centers to help address America's recidivism crisis, and government real estate solutions. We have been a flexible and dependable partner for government for over 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good.

We are the nation's largest owner of partnership correctional, detention, and residential reentry facilities and one of the largest operators of such facilities in the United States. As of December 31, 2025, through our CoreCivic Safety segment, we operated 44 correctional and detention facilities, 40 of which we owned or controlled via a long-term lease, with a total design capacity of approximately 68,000 beds. Through our CoreCivic Community segment, we owned and operated 20 residential reentry centers, which we owned or controlled via a long-term lease, with a total design capacity of approximately 4,000 beds. In addition, through our CoreCivic Properties segment, we owned five properties, with a total design capacity of approximately 8,000 beds.

In addition to providing fundamental residential services, our correctional, detention, and residential reentry facilities offer a variety of rehabilitation and educational programs, including basic education, faith-based services, life skills and employment training, and substance abuse treatment. These services are intended to help reduce recidivism and to prepare individuals in our care for their successful reentry into society upon their release. We also provide or make available to individuals in our care certain health care (including medical, dental, and mental health services), food services, and work and recreational programs.

We are a Maryland corporation formed in 1983. Our principal executive offices are located at 5501 Virginia Way, Brentwood, Tennessee, 37027, and our telephone number at that location is (615) 263-3000. Our website address is www.corecivic.com. We make available on or through our website certain reports and amendments to those reports that we file with or furnish to the SEC in accordance with the Securities Exchange Act of 1934, as amended, or the Exchange Act. Such reports include our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K and our definitive proxy statement. We make this information available on our website free of charge as soon as reasonably practicable after we electronically file the information with, or furnish it to, the SEC. In addition, we routinely post on the “Investors” page of our website news releases, announcements and other statements about our business and results of operations, some of which may contain information that may be deemed material to investors. Therefore, we encourage investors to monitor the “Investors” page of our website and review the information we post on that page. Information contained on our website is not incorporated by reference herein and is not part of this Annual Report. The SEC maintains a website that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at the following address: www.sec.gov.

Our ongoing operations are organized into three principal business segments:

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CoreCivic Safety segment, consisting of 44 correctional and detention facilities that are owned or controlled via a long-term lease and managed by CoreCivic, as well as those correctional and detention facilities owned by third parties but managed by CoreCivic. CoreCivic Safety also includes the operating results of our subsidiary that provides transportation services to governmental agencies, TransCor America, LLC, or TransCor.

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CoreCivic Community segment, consisting of 20 residential reentry centers that are owned or controlled via a long-term lease and managed by CoreCivic. CoreCivic Community also includes the operating results of our electronic monitoring and case management services.

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CoreCivic Properties segment, consisting of five correctional real estate properties owned by CoreCivic held for lease to government agencies.

For the years ended December 31, 2025, 2024, and 2023, our total segment net operating income, which we define as a facility's revenues (including interest income associated with finance leases) less operating expenses, was divided among our three business segments as follows:


	For the Years Ended December 31,
	2025			2024			2023
Segment:
Safety		91.7	%		91.1	%		84.7	%
Community		5.1	%		4.6	%		5.2	%
Properties		3.2	%		4.3	%		10.1	%

Our customers primarily consist of federal, state, and local government agencies. Federal correctional and detention authorities primarily consist of ICE, the United States Marshals Service, or USMS, and the Federal Bureau of Prisons, or BOP. Payments by federal correctional, detention and residential reentry authorities represented 54%, 51%, and 52% of our total revenue for the years ended December 31, 2025, 2024, and 2023, respectively.

Our customer contracts for providing bed capacity and correctional, detention, and residential reentry services in our CoreCivic Safety and CoreCivic Community segments typically have terms of one to five years and contain multiple renewal options. Most of our facility contracts also contain clauses that allow the government agency to terminate the contract at any time without cause, and our facility contracts are generally subject to annual or bi-annual legislative appropriations of funds. Notwithstanding these termination clauses, the contract renewal rate for properties we owned or controlled via long-term lease in these segments was approximately 97% over the five years ended December 31, 2025. The lease agreements in our CoreCivic Properties segment typically have terms of five to twenty years including renewal options, and generally have more restrictive termination clauses.

In our CoreCivic Safety and CoreCivic Community segments, we are compensated for providing bed capacity and correctional, detention, and residential reentry services at a per diem rate based upon actual or minimum guaranteed occupancy levels. Occupancy rates for a particular facility are typically low when first opened or immediately following an expansion. However, beyond the start-up period, which typically ranges from 90 to 180 days, the occupancy rate tends to stabilize. The average compensated occupancy of our correctional, detention, and residential reentry facilities, based on rated capacity was as follows for 2025, 2024, and 2023:


	2025			2024			2023
CoreCivic Safety facilities		78	%		76	%		72	%
CoreCivic Community facilities		68	%		65	%		62	%
Total		77	%		75	%		72	%

The average compensated occupancy of our CoreCivic Safety and CoreCivic Community facilities, excluding idled facilities, was 86%, 86%, and 82% for 2025, 2024, and 2023, respectively.

Operating Procedures and Inmate and Resident Services for Correctional, Detention, and Residential Reentry Facilities

Pursuant to the terms of our customer contracts, we are responsible for the overall operations of our facilities, including staff recruitment, general administration of the facilities, facility maintenance, security, and supervision of the individuals in our care. We are required by our customer contracts to maintain certain levels of insurance coverage for general liability, workers' compensation, vehicle liability, and property loss or damage. We also are required to indemnify our customers for claims and costs arising out of our operations and, in certain cases, to maintain performance bonds and other collateral requirements.

Reentry programs.

We believe a focus on inmate reentry provides great benefits for our communities – more people living healthy and productive lives and contributing to strong families and local economies. We have committed to evolving our model with an increased focus on reentry services, and we are working to equip the men and women in our care with the skills, services, support, and resources they need to be successful upon reentry into society.

We provide a wide range of evidence-based reentry programs and activities in our facilities. At most of the facilities we manage, individuals in our care have the opportunity to enhance their basic education from literacy through earning a high school equivalency certificate endorsed by their respective state. In some cases, we also provide opportunities for postsecondary educational achievements and chances to participate in college degree programs.

For the individuals in our care who are close to taking their GED/HiSET exam, we have invested in the equipment needed to use the GED/HiSET Academy software program, which is an offline software program providing over 200 hours of individualized lessons up to a 12th grade level. The GED/HiSET Academy incorporates teaching best practices and provides an atmosphere to engage and motivate students to learn everything they need to know to pass the GED/HiSET exam. According to a 2022 study by Steven Sprick Schuster and Ben Stickle, "Are Schools in Prison Worth It? The Effects of and Economic Returns to Prison Education", prison education decreases the likelihood of recidivism by 14.8% and increases the likelihood of employment by 6.9%.

In addition, we offer a broad spectrum of career/technical education opportunities to help individuals learn marketable job skills. Our construction trade programs are certified by the National Center for Construction Education and Research, or NCCER. This progressive program has evolved into curricula for more than 70 craft and maintenance areas and a complete series of more than 70 assessments offered in over 6,000 NCCER-accredited training and assessment locations across the United States. Graduates of these programs enter the job market with certified skills that significantly enhance employability. At several of our facilities, we also offer other effective vocational programs, such as the Persevere and Pivot Tech software coding programs. The coding programs provide an opportunity to learn software coding and job readiness/employability skills specific to the technology field.

We are proud of the educational programs we offer and intend to maintain and continue to develop such programs. Examples of programs and new programming technology we deployed or expanded over the previous three years:

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In 2025, we completed a pilot study at our Lake City Correctional Facility in Lake City, Florida using the "Reel Resilience" program, a turnkey program that uses films, reflection, and practical exercises to help incarcerated individuals build resilience and prepare for reentry. The films are licensed and distributed by Swank Motion Pictures, Inc., an international, non-theatrical film distributor which distributes movies and TV shows beyond homes and theaters to non-theatrical markets, including correctional facilities. The Reel Resilience program consists of 12 weekly sessions with an assigned group of 45-60 participants. Pre- and post-tests were used to measure the amount of increase in resilience. We presented the outcomes of the pilot study at the 2025 summer conference of the American Correctional Association, or ACA, and are currently expanding the program across other of our facilities.

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In 2025, we completed the first phase of a pilot study at our Red Rock Correctional Center in Eloy, Arizona using "The Dash", an assessment tool created by Dr. Kevin Wright, Director of the Center for Correctional Solutions and Associate Professor in the Arizona State University School of Criminology and Criminal Justice, and a group of trained inmate participatory researchers. The assessment tool is designed to function as a roadmap for how people spend their time while incarcerated and as an assessment to identify improvement over time, focusing on the "better than arrival" mind-set. The assessment is peer delivered and promotes the "Six Dimensions of Wellness": emotional, occupational, physical, social, intellectual, and spiritual. We plan to complete the pilot study and expand the program to other facilities in 2026.

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In 2025, we implemented and piloted several additional programs to help prepare justice-involved individuals for life after release, including partnering with the Native American Fatherhood and Family Association, or NAFFA, to pilot a program at our Bent County Correctional Facility and our Crowley County Correctional Facility, both in Colorado. NAFFA is an Arizona-based non-profit organization that provides programs to strengthen families through four curricula: (1) Fatherhood Is Sacred® and Motherhood Is Sacred®, (2) Linking Generations by Strengthening Relationships®, (3) Addressing Family Violence & Abuse©, and (4) Suicide Prevention©. We plan to expand the program to other facilities in 2026.

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In 2024, we developed Go Further Discovery, a new resident learning management system, or LMS, which offers self-directed digital content in the areas of academics, continuing technical education, career preparation, entrepreneurship, behavior change, reentry, faith-based, inspirational, and self-help. LMS includes courses from content partners, as well as content developed internally by CoreCivic. In 2025, we added 103 new courses, 17 of which are from Lived Experience partners and 10 of which were developed by CoreCivic staff. Over 600 incarcerated persons used Go Further Discovery in 2025 and completed over 2,500 courses.

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In 2023, we partnered with Our Journey, a non-profit organization led by an individual who has lived experience as a justice-involved individual. Our Journey produces reentry booklets customized for each state. The booklets are written from the lived-experience perspective and use information gathered from focus groups and community networks to develop customized local information. We are partnering with Our Journey to produce these booklets for each state in which we have facilities. Booklets for the states of Georgia and Tennessee were completed in 2023 and 2024, respectively, and booklets for the states of Arizona and Colorado were completed in 2025, with more booklets planned for 2026.

For those with assessed substance abuse disorders, we offer cognitive behavioral evidence-based treatment programs with proven clinical outcomes, such as the Residential Drug Abuse Program. We offer both therapeutic community models and intensive outpatient programs. We also offer drug and alcohol use education/DWI programs at some of our facilities. Our goal in providing substance abuse treatment is to stimulate internal motivation for change and progress through the stages of change so that lasting behavioral change can occur. Our drug and alcohol education programs help participants understand their relationships with drugs and alcohol and the links between drug and alcohol use and crime, as well as equipping participants with information designed to help them make better choices that can lead to healthier relationships in their lives. According to a study by the Florida State University College of Criminology and Criminal Justice, "An Assessment of Substance Abuse Treatment Programs in Florida's Prisons Using a Random Assignment Experimental Design" submitted to the National Institute of Justice, Office of Justice Programs, U.S. Department of Justice, in 2016, inmates who completed addiction treatment in prison have significantly lower recidivism levels regardless of the treatment model used.

Additional program offerings include our Victim Impact Programs, available at a number of our Safety and Community facilities, which seek to educate individuals in our care about the negative effects their criminal conduct can have on others. All of our facility chaplains facilitate diverse and inclusive opportunities for those in our care to engage in the practice of spirituality and to exercise individual religious freedom. In several facilities, we offer faith-based programs with an emphasis on character development, spiritual growth, and successful reentry. Beginning in 2024, we utilized "Finding the Good Life", a custom evidence-based inter-faith curriculum we developed with The Change Companies. The Change Companies helps organizations in behavioral health, corrections and addiction treatment bridge the gap between theory and practice.

Our Reentry and Life Skills programs prepare individuals in our care for life after incarceration by teaching them how to successfully conduct a job search, how to manage their budget and financial matters, parenting skills, and relationship and family skills. Equally significant, we offer cognitive behavioral programs aimed at changing anti-social attitudes and behaviors in individuals in our care, with a focus on altering the level of criminal thinking. In 2017, we introduced a comprehensive reentry strategy we call "Go Further," a forward thinking, process approach to reentry. "Go Further" encompasses all facility reentry programs, adds a proprietary cognitive/behavioral curriculum, and encourages staff and individuals in our care to take a collaborative approach to assist in reentry preparation.

In 2021, we opened a "Go Further Release" program in the Denver, Colorado area. Go Further Release is a program we developed that provides stabilization services and reentry coaching to individuals being released from our facilities. The program provides "Reach-in" services during the justice-involved individual's last 90 days of incarceration which are designed to prepare individuals for release and make a connection with a reentry coach that will provide support to them after release. "Stabilization and Reentry Coaching" services are provided during an individual's first 90 days of release and an ongoing community support group is available as long as needed. All services are free of charge. In 2022, we received approval from the Georgia Department of Corrections, or GDOC, to implement a Go Further Release program to support our Coffee, Jenkins, and Wheeler facilities. We are providing this program through an engagement with Life Empowerment Enterprises, a local non-profit organization.

Across the country, our dedicated staff, along with the assistance of thousands of volunteers, work to provide guidance, direction, and post-incarceration services to the men and women in our care. We believe these critical reentry programs help fight the serious challenge of recidivism facing the United States.

Through our community corrections facilities, we provide an array of services to clients and residents who are serving their full sentence, the last portion of their sentence, waiting to be sentenced, or awaiting trial while supervised in a community environment. We offer housing and programs with a key focus on employment, job readiness, life skills and various substance abuse treatment programs, in order to help residents successfully reenter their communities and reduce the risk of recidivism.

For example, most of our community corrections facilities have community networking programs, like those at our Cheyenne Transitional Center in Wyoming, to help residents connect with community members and match them with jobs. Our staff takes an active role in going into the community and creating collaborative relationships with employers to assist residents when they first arrive at one of our facilities and provide support for a smoother transition in job seeking. Our programs in the state of Colorado partner with a financial institution to conduct classes with our residents on financial wellness, including the importance of having a savings account, the importance of, and how to establish, credit, and how to establish a bank account. At our CAI Ocean View facility in California, we offer our residents the ability to receive a "Certificate of Completion in Money Smarts and Transitional Skills". The classes are taught by our Employment Specialist and Program Facilitator at the Ocean View facility and are offered to all residents. The Ocean View facility has also partnered with the San Diego City College to offer residents classes in forklift operation, auto mechanics, and carpentry. We have also partnered with Coastline and Career Expansion, Inc. at our CAI Boston Avenue facility in California to provide a training program in workforce development, construction, utilities, energy and safety. Participants learn skills from basic industry awareness to Occupational Safety and Health Administration, or OSHA, requirements in this five-week, on-site program. They also learn how to properly use hand and power tools, and how to safely handle construction materials. Upon completion, participants receive an industry-recognized certificate. In addition, we have several other programs at our CAI Boston Avenue facility including, among others, our Go Further program mentioned above, a Victim Impact Program, a Seeking Safety program, and most recently, a "Vehicles for Change Automotive Technician Training" program in San Diego, California. Vehicles for Change is a non-profit organization that provides automotive technician training to justice-involved individuals. Participants who successfully complete the program receive referrals to recognized auto industry employers and test preparation for the Automotive Service Excellence Certification.

In addition to the programs mentioned above, our South Raleigh Reentry Center in Raleigh, North Carolina, has partnered with the North Carolina Works and Wake Local Reentry Council, or WLRC, to help residents gain culinary, heavy machinery operator and forklift certifications, as well as assistance with obtaining a Commercial Driver's License. WLRC is a collaborative of organizations working to help men and women transition back into the community after leaving incarceration. Further, in 2025, our Austin Transitional Center in Texas hosted a resource event alongside Reverse Re-Entry Services, a non-profit organization. The event connected residents to a local health clinic, rehabilitation services, housing, and introduced them to formerly incarcerated individuals who have successfully reintegrated into their communities. In some of our community corrections facilities, we offer housing and program services to parolees who have completed their sentence but lack a viable reentry plan. Through a focus on employment and skill development, we provide a means for these parolees to successfully reintegrate into their communities.

We also provide day-reporting and substance abuse treatment programs at some of our community corrections facilities. These programs, depending on the needs of the resident, can provide cognitive behavioral-based programs to assist in the resident's successful reentry into society, while holding the individual accountable while living in the community.

We also provide a number of non-residential correctional alternative services, including electronic monitoring and case management services, under our CoreCivic Community segment. Governmental customers use electronic monitoring products and services to monitor low risk offenders as a way to help reduce overcrowding in correctional facilities, as a monitoring and sanctioning tool, and to promote public safety by imposing restrictions on movement and serving as a deterrent for alcohol usage. Providing these non-residential services is a natural complement to our broad network of residential reentry facilities and can help keep individuals from returning to prison or being incarcerated in the first place.

Ultimately, the work we do is intended to give people the necessary skills to reintegrate with their communities permanently. We are proud of the teachers, counselors, case managers, chaplains, and other offender support service professionals who provide these services to the men and women entrusted to our care.

Advocacy.

Further underscoring our long-term commitment to reducing recidivism, since October 2017, we have maintained a nationwide initiative to advocate for a range of government policies that will help formerly incarcerated people successfully reenter society and stay out of prison. As part of this continued initiative, we apply government relations resources and expertise to advocate for the following policies:

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"Ban-the-Box" proposals to help improve former inmates' chances at getting a job;

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Reduced legal barriers to make it easier and less risky for companies to hire formerly incarcerated individuals;

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Increased funding for reentry programs in areas such as education, addiction treatment, faith-based offerings, victim impact and post-release employment; and

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Social impact bond pilot programs that tie contractor payments to positive outcomes.

We have and will continue to publicly advocate at the federal and state levels for policies designed to help people succeed in their communities after being released from prison. Specifically, we previously pledged our support for Pell Grant Restoration, Voting Rights Restoration and Licensure Reform Policies. We maintain a partnership with Prison Fellowship, a leading advocate for criminal justice reform serving formerly incarcerated individuals and their family members. Through a network of programming and advocacy efforts, the organization seeks to effect positive change at every level of the criminal justice system. We have committed to a multi-year partnership in Prison Fellowship's First Chance Network, or FCN. Serving over 270,000 children annually, the FCN addresses persistent gaps in opportunity for children who have incarcerated parents and seeks to create a trajectory toward healthy life outcomes and prevent youth justice involvement.

Advocacy for Pell Grant Restoration is an extension of our longtime commitment to providing educational opportunities in our facilities, as research consistently shows that educational attainment can significantly reduce an incarcerated person's likelihood of recidivating. Currently, CoreCivic has working partnerships with fifteen colleges and institutions of higher learning nationwide to facilitate the provision of post-secondary educational opportunities in many of our facilities. We continue to pursue opportunities to expand this network and the facilities in which these services are offered.

Supporting policies that advance the expansion of reentry programs aligns closely with our ongoing efforts to assess and expand reentry-focused programming in our facilities. To that end, we actively engage subject matter experts and practitioners, including formerly incarcerated individuals who bring valuable, lived experiences that better inform innovations and enhancements to those programmatic offerings.

We believe that as successful as we may be with our work inside our facilities, individuals in our care still face embedded societal barriers and collateral consequences when they return to their communities. Supporting recidivism-reducing policies is one way we can bridge the gap and give the men and women entrusted to our care a better opportunity at never returning to prison.

Operating guidelines.

The ACA is an independent organization comprised of corrections professionals that establishes accreditation standards for correctional and detention facilities around the world. Outside agency standards, such as those established by the ACA, provide us with the industry's most widely accepted operational guidelines. ACA accredited facilities must be audited and re-accredited at least every three years. We have sought and received ACA accreditation for 33, or approximately 97%, of the eligible facilities we operated as of December 31, 2025, excluding those facilities in our CoreCivic Safety segment that were activated or acquired during 2025 and our CoreCivic Community segment facilities. During 2025, nine of the facilities we manage were newly accredited or re-accredited by the ACA with an average score of 99.7%, resulting in an average score of 99.6% across our CoreCivic Safety portfolio.

Beyond the standards provided by the ACA, our facilities are operated in accordance with a variety of company and partner-specific policies and procedures, as well as various contractual requirements. Many of these policies and procedures reflect the high standards generated by a number of sources, including the ACA, the National Commission on Correctional Health Care, OSHA, government partner standards, as well as federal, state, and local government codes and regulations and longstanding correctional procedures.

In addition, our facilities are operated in compliance with the Prison Rape Elimination Act, or PREA, standards. All confinement facilities covered under the PREA standards must be audited at least every three years to maintain compliance with PREA. We utilize United States Department of Justice, or DOJ, certified PREA auditors to help ensure that all facilities operate in compliance with applicable PREA regulations.

Our facilities operate under these established standards, policies, and procedures, and are subject to annual audits by our Quality Assurance Division, or QAD, which operates under, and reports directly to, our Office of General Counsel and acts independently from our Operations Division. Through the QAD, we have devoted significant resources to ensuring that our facilities meet outside agency and accrediting organization standards and guidelines.

The QAD has achieved conformance with the Institute of Internal Auditors' International Professional Practices Framework®, Global Internal Audit Standards. The Global Internal Audit Standards guide the worldwide professional practice of internal auditing and serve as a basis for evaluating and elevating the quality of the internal audit function. The QAD employs a team of full-time auditors, who are subject matter experts from all major disciplines within correctional and detention operations. Annually, QAD auditors typically conduct unannounced on-site evaluations of each CoreCivic Safety facility we operate using specialized audit tools, often containing more than 1,200 audit indicators across all major operational areas. In most instances, these audit tools are tailored to facility and government partner specific requirements. In addition, audit teams provide guidance to facility staff on operational best practices and assist staff with addressing specific areas of need, such as meeting requirements of new partner contracts and providing detailed training on compliance requirements for new departmental managers.

The QAD management team coordinates overall operational auditing and compliance efforts across all correctional, detention, and residential reentry facilities we manage. In conjunction with subject matter experts and other stakeholders having risk management responsibilities, the QAD management team develops performance measurement tools used in facility audits. The Policy, Procedure, and Corrective Action, or PPCA, management team provides governance of the corrective action plan process for any items of nonconformance identified through internal and external facility reviews. In addition, our QAD contracts with teams of ACA certified correctional auditors to evaluate compliance with ACA standards at accredited facilities. Similarly, the QAD routinely incorporates a review of facility compliance with key ACA standards and PREA regulations during annual audits of company facilities.

In addition to our own internal audit and contract compliance efforts, we are also subject to oversight by our government partners. As part of their standard monitoring and compliance programs, approximately 75% of our federal and state government partners typically conduct formal contract-compliance audits and inspections at least annually at CoreCivic Safety facilities. In addition to these annual audits of our facilities, many partners conduct additional area-specific operational audits and inspections on a more frequent basis, including monthly, quarterly, and semi-annually. Some of these audits and facility inspections by our partners are conducted on an unannounced basis. In 2025, our government partners conducted approximately 234 annual, semi-annual, quarterly, and monthly compliance audits and inspections at our CoreCivic Safety facilities. In addition, the majority of our federal and state government partners employ on-site contract monitors who monitor performance and contract compliance at our facilities on a full- or part-time basis. In 2025, 97% of the CoreCivic Safety facilities we manage had an assigned contract monitor.

Business Development

We believe we own, or control via a long-term lease, approximately 57% of all privately owned prison beds in the United States, manage approximately 41% of all privately managed prison beds in the United States, and are currently the second largest private owner and provider of community corrections services in the nation. Under the direction of our partnership development department, we market our facilities and services to government agencies responsible for federal, state, and local correctional, detention, and residential reentry facilities in the United States. With 71,884 beds in our Safety and Community segments and occupancy of 77% in 2025, including idle correctional and residential reentry facilities during the period they were idle, we have the capacity to grow earnings and cash flows without the need to deploy significant capital. At December 31, 2025, we also had one idle facility consisting of 2,400 beds in our Properties segment that could generate additional earnings and cash flow if we are able to enter into an agreement to utilize the facility. Under the direction of our innovation department, we also intend to continue to pursue new growth opportunities to meet the need to modernize outdated correctional infrastructure across the country and explore potential opportunities to expand the scope of residential and non-residential services we provide. We will also respond to customer demand and may develop or expand correctional and detention facilities when we believe potential long-term returns justify the capital deployment.

We execute cross-departmental efforts to market CoreCivic Safety solutions to government partners that seek corrections and detention management services, CoreCivic Community solutions to government partners seeking residential reentry services, and CoreCivic Properties solutions to customers that need correctional real estate and maintenance services. Our flexible business model enables our customers to utilize our real estate assets to suit their needs, which can result in facilities moving among our Safety, Community, and Properties segments.

Business from our federal customers, including primarily ICE, the USMS, and the BOP, constituted 54%, 51%, and 52% of our total revenue during 2025, 2024, and 2023, respectively. Business from our federal customers continues to be a significant component of our business, although the source of revenue is derived from many contracts at various types of properties (i.e., correctional, detention, and reentry). ICE (35%, 29%, and 30% during 2025, 2024, and 2023, respectively) and the USMS (18%, 21%, and 21% during 2025, 2024, and 2023, respectively) each accounted for 10% or more of our total revenue during the last three years.

Certain of our contracts with federal partners contain clauses that guarantee the federal partner access to a minimum bed capacity in exchange for a fixed monthly payment. However, these contracts also generally provide the government the ability to cancel the contract for non-appropriation of funds or for convenience. The solutions we provide to our federal customers continue to be a significant component of our business. We believe our ability to provide flexible solutions and fulfill emergent needs of our federal customers remains the most cost-effective solution and is very difficult and costly to replicate in the public sector.

Upon his inauguration on January 20, 2025, President Trump issued nine executive actions intended to secure the borders of the United States and remove illegal immigrants, prioritizing those with criminal histories. These initial orders included the declaration of a national emergency at the United States southern border. Also included in these executive actions was the issuance of an executive order titled "Protecting the American People Against Invasion" which calls on the federal government to faithfully execute the immigration laws of the United States, including the removal of aliens, particularly those who threaten the safety of the American people. This executive order calls on the Secretary of Homeland Security to “take all appropriate action and allocate all legally available resources or establish contracts to construct, operate, control, or use facilities to detain removable aliens” and “ensure the detention of aliens apprehended for violations of immigration law pending the outcome of their removal proceedings or their removal from the country, to the extent permitted by law.” Effectively, this executive order requires an increase in interior enforcement by ICE and directs the DHS to detain those arrested by ICE, pending their removal or adjudication.

In addition, on January 20, 2025, President Trump reversed an executive order issued on January 26, 2021 by then-President Biden that had directed the Attorney General to not renew DOJ, contracts with privately operated criminal detention facilities. Two agencies of the DOJ, the BOP, and the USMS, utilize our services. The BOP houses inmates who have been convicted, and the USMS is generally responsible for detainees who are awaiting trial. We currently do not operate any prison contracts for the BOP. This executive order only applied to agencies that are part of the DOJ, which includes the BOP and USMS. ICE facilities were not covered by this executive order, as ICE is an agency of the DHS, not the DOJ. It is possible future administrations could issue executive orders restricting the use of private correctional and detention facilities by the federal government.

Further, on January 29, 2025, President Trump signed into law the Laken Riley Act, which had been passed by Congress with bipartisan support. The Laken Riley Act requires ICE to detain certain non-United States nationals who have been charged, arrested, or convicted of crimes including burglary, theft, assault of a law enforcement officer, as well as killing or injuring another person. We believe the Laken Riley Act has contributed to the increased demand for detention beds by ICE, as further described in this Annual Report.

On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act, or OBBBA. OBBBA appropriates a total of $75 billion in mandatory funding to ICE for immigration enforcement activities and to increase detention capacity. Specifically, OBBBA appropriates $45 billion for single adult alien detention capacity and family residential center capacity. This funding is a significant increase in funding historically provided to ICE for border security and immigration detention. The funding will remain available through September 30, 2029, and is in addition to base annual appropriations during that time period. The additional funding is also being used by DHS to hire nearly 10,000 new ICE officers to implement the immigration enforcement initiatives.

Given the recent legislative and executive actions mentioned above, we believe the short-term growth opportunities of our business are particularly attractive as federal government agencies consider their emergent needs. ICE has begun to utilize additional bed capacity in our portfolio at facilities with existing contracts, we have signed new contracts to activate five previously idled facilities, and we have been in discussion with ICE to activate additional idle facilities. The number of people we care for under contracts with ICE has increased by approximately 5,900 individuals, or 58.2%, from the beginning of the year through December 31, 2025. As of December 31, 2025, we had

five idle correctional facilities containing approximately 7,000 beds that are operated with a core staffing complement to remain currently available and that are being actively marketed as solutions to the correctional or detention needs of potential customers.

Federal revenues from contracts at correctional, detention, and residential reentry facilities that we operate increased 19.1% from $1,002.2 million during 2024 to $1,193.8 million during 2025. The increase in federal revenue was primarily a result of increased occupancy at certain facilities, particularly those where we have contracts with ICE, as further described below, and per diem increases. In addition, the increase in federal revenues in 2025 compared to 2024 was a result of the acquisition of the Farmville Detention Center effective July 1, 2025. The Farmville Detention Center provides transportation, care, and civil detention services for adult male non-citizens through an intergovernmental service agreement, or IGSA, with ICE, which expires in March 2029, and is expected to result in total annual incremental revenue of approximately $40.0 million. During 2025, we generated total revenue at this facility of $21.8 million. The increase in federal revenue was partially offset by the effect of the termination of funding of the IGSA associated with the Dilley Immigration Process Center, or the Dilley Facility, in August 2024, which was reactivated in 2025, as further described below, and the effect of one less day of operations due to a leap year in 2024. During the year ended December 31, 2025, revenue from ICE was $770.7 million compared to $564.8 million during the year ended December 31, 2024.

During the first quarter of 2025, we entered into contract modifications at our 2,016-bed Northeast Ohio Correctional Center in Youngstown, Ohio, our 1,072-bed Nevada Southern Detention Center in Pahrump, Nevada, and our 1,600-bed Cimarron Correctional Facility in Cushing, Oklahoma to collectively add capacity for up to 784 ICE detainees. We subsequently entered into two additional modifications in the second half of 2025 to collectively add additional capacity at the Cimarron facility for up to nearly 300 ICE detainees.

On March 5, 2025, we announced that we had agreed under an amendment to an IGSA to resume operations and care for up to 2,400 individuals at the 2,400-bed Dilley Facility in Dilley, Texas. The amended IGSA expires in March 2030 and may be further extended through bilateral modification. We began receiving residents at this facility during April 2025. Activation of the Dilley Facility was completed in September 2025. Previously, after nearly ten years of operation, we received notification from ICE on June 10, 2024 of its intent to terminate funding of the IGSA for services at the Dilley Facility effective August 9, 2024. We did not operate the Dilley Facility from August 9, 2024 until the resumption of operations at the facility on March 5, 2025.

Effective March 7, 2025, we entered into a letter agreement with ICE to begin activation efforts at our 1,033-bed Midwest Regional Reception Center in Leavenworth, Kansas. The letter agreement authorized initial funding up to $5.0 million with maximum funding up to $22.6 million for a six-month period while we worked to negotiate and execute a longer-term contract. On September 29, 2025, we announced that we entered into a new contract with ICE effective September 7, 2025. The City of Leavenworth has filed a lawsuit alleging that a Special Use Permit, or SUP, is required to activate the facility, which has resulted in a delay in the intake process. We plan to continue vigorously defending this matter on the basis that an SUP is not applicable under existing statue, and we have filed an appeal in the state court of appeals. In December 2025, we filed an application for the SUP. However, we cannot provide assurance that our legal appeal will be successful, or that the SUP will be approved and therefore, cannot predict if or when we will be able to accept detainee populations. The new agreement, which expires September 6, 2027, provides for a fixed monthly payment plus an incremental per diem payment based on detainee populations, both of which commence once the temporary injunction currently prohibiting the intake of detainees is no longer enforceable. See Note 14 of the Notes to the Consolidated Financial Statements contained in this Annual Report for further discussion of the pending litigation.

On April 1, 2025, we entered into a letter agreement with ICE to begin activation efforts at our 2,560-bed California City Immigration Processing Center, or the California City Facility, formerly known as the California City Correctional Center. The letter agreement authorized initial funding up to $10.0 million with maximum funding up to $31.2 million for a six-month period while we worked to negotiate and execute a long-term contract. We began receiving ICE detainees at our California City Facility during August 2025, under terms of the letter agreement. On September 29, 2025, we announced that we entered into a new two-year contract with ICE effective September 1, 2025. As of December 31, 2025, we cared for 1,436 individuals at the facility. We currently expect to reach stabilized occupancy at the facility in the first quarter of 2026. As previously mentioned herein, a non-governmental organization and a detainee have filed a lawsuit alleging that a business license must be obtained to operate the facility

and seeks injunctive relief that would include operational interruption at the facility. The Company can provide no assurance that it will obtain a favorable ruling in this matter or predict when this matter will be resolved. See Note 14 of the Notes to the Consolidated Financial Statements contained in this Annual Report for further discussion of the pending litigation.

On August 14, 2025, we announced that we had been awarded a new contract through an IGSA with ICE to resume operations at our previously idled 600-bed West Tennessee Detention Facility in Mason, Tennessee. The West Tennessee facility had been idle since September 2021. The IGSA expires in August 2030 and may be further extended through bilateral modification. We began receiving ICE detainees at the West Tennessee facility during September 2025 and we expect the facility to be fully activated by the end of the first quarter of 2026.

On October 1, 2025, we announced that we had been awarded a new contract through an IGSA between the Oklahoma Department of Corrections and ICE to resume operations at our previously idled 2,160-bed Diamondback Correctional Facility in Watonga, Oklahoma. The Diamondback facility had been idle since 2010. The new contract commenced on September 30, 2025, now expires in September 2029, and may be further extended through bilateral modification. We began receiving detainees in December 2025, with stabilized occupancy estimated to be reached in the second quarter of 2026.

State revenues from contracts at correctional, detention, and residential reentry facilities that we operate constituted 37%, 40%, and 39% of our total revenue during 2025, 2024, and 2023, respectively, and increased 4.7% from $775.4 million during 2024 to $811.9 million during 2025. The state of Tennessee is our largest state customer, accounting for 9% and 10% of our total revenue during 2025 and 2024, respectively, with no other state customer generating 10% or more of our total revenue. State revenues increased from 2024 to 2025 as a result of per diem increases under a number of our state contracts, as certain states have recognized the need to provide additional funding to address increases in the wages of our employees. Most notably, state revenues increased $13.2 million due to higher utilization from the state of Montana resulting from two new management contracts executed during 2024 and 2025. In August 2024, we entered into a contract with the state of Montana which contributed to an increase in populations held at our Saguaro Correctional Facility. In addition, on January 16, 2025, we announced that we were awarded a new management contract with the state of Montana to care for additional inmates outside the state of Montana. During 2025, we cared for an average daily population of 214 Montana inmates at our Tallahatchie County Correctional Facility in Mississippi under this new contract. The increase in state revenues from 2024 to 2025 was also a result of higher utilization from other states under existing management contracts. State revenues also increased $14.3 million during 2025 compared to 2024 from the state of Georgia due to increases in average daily populations as well as the impact of per diem increases in 2025. The increase in state revenues in 2025 compared to 2024 was partially offset by the effect of one less day of operations due to a leap year in 2024.

While we believe the legislative and executive actions mentioned above will create long-term needs from our federal partners, we also believe the long-term growth opportunities of our business remain attractive as state and county government agencies consider the efficiency and offender programming opportunities we provide as flexible solutions to satisfy their needs. We have been in discussions with several state and county government agencies that have experienced challenges in staffing their public-sector facilities and are seeking solutions from the private sector. Further, several of our existing government partners, as well as prospective government partners, have been experiencing growth in offender populations and overcrowded conditions. Governments are continuing to assess their need for correctional space, and several are considering alternative correctional capacity for their aged or inefficient infrastructure, or are seeking cost savings by utilizing the private sector, which could result in increased future demand for the solutions we provide.

We believe that we can further develop our business by, among other things:

•

Maintaining and expanding our existing customer relationships and filling existing capacity within our facilities, while maintaining an adequate inventory of available capacity that we believe provides us with flexibility and a competitive advantage when bidding for new management contracts;

•

Enhancing the terms of our existing contracts and expanding the services we provide under those contracts;

•

Pursuing additional opportunities to lease our facilities to government and other third-party operators in need of correctional, detention, and residential reentry capacity;

•

Pursuing mission-critical real estate solutions for government agencies focused on corrections and detention real estate assets;

•

Pursuing other asset acquisitions and business combinations through transactions with non-government third parties;

•

Maintaining and expanding our focus on community corrections and reentry programming that align with the needs of our government partners;

•

Exploring potential opportunities to expand the scope of non-residential correctional alternative solutions we provide to government agencies; and

•

Establishing relationships with new customers that have either previously not outsourced their correctional facility management needs or have utilized other private enterprises.

We generally receive inquiries from or on behalf of government agencies that are considering outsourcing the ownership and/or management of certain facilities or that have already decided to contract with a private enterprise. When we receive such an inquiry, we determine whether there is an existing need for our correctional, detention, and residential reentry facilities and/or services and whether the legal and political climate in which the inquiring party operates is conducive to serious consideration of outsourcing. Based on these findings, an initial cost analysis is conducted to further determine project feasibility.

Frequently, government agencies responsible for correctional, detention, and residential reentry facilities and services procure space and services through solicitations or competitive procurements. As part of our process of responding to such requests, members of our management team meet with the appropriate personnel from the agency making the request to best determine the agency's needs. If the project fits within our strategy, we submit a written response. A typical solicitation or competitive procurement requires bidders to provide detailed information, including, but not limited to, the space and services to be provided by the bidder, its experience and qualifications, and the price at which the bidder is willing to provide the facility and services (which services may include the purchase, renovation, improvement or expansion of an existing facility or the planning, design and construction of a new facility). The requesting agency selects a provider believed to be able to provide the requested bed capacity, if needed, and most qualified to provide the requested services, and then negotiates the price and terms of the contract with that provider.

2025 Accomplishments

In 2025, we were awarded new contracts, renewed several significant contracts, and completed numerous other transactions and milestones, including the following:

CoreCivic Safety, Community and Properties:

•

Renewed 98% of our contracts that were up for renewal.

•

Agreed under an amended IGSA to resume operations and care for up to 2,400 individuals at our 2,400-bed Dilley Facility in Dilley, Texas. Previously, after nearly ten years of operation, we received notification from ICE on June 10, 2024 of its intent to terminate funding of the IGSA for services at the Dilley Facility effective August 9, 2024. The amended IGSA expires in March 2030 and may be further extended through bilateral modification. We began receiving residents at this facility during April 2025. Activation of the Dilley Facility was completed in September 2025. Total annual revenue generated by the Dilley Facility, as fully activated, is expected to be approximately $180.0 million.

•

Entered into a letter agreement with ICE to begin activation efforts at our 1,033-bed Midwest Regional Reception Center in Leavenworth, Kansas. On September 29, 2025, we announced that we entered into a new contract with ICE effective September 7, 2025. Total annual revenue once the facility is fully activated is expected to be approximately $60.0 million. However, as previously mentioned herein, the City of Leavenworth has filed a lawsuit alleging that a SUP is required to activate the facility, which has resulted in a delay in the intake process. We have filed an application for the SUP, but cannot provide assurance that the application will be approved and therefore cannot predict if or when we will be able to accept detainee populations.

•

Entered into a letter agreement with ICE to begin activation efforts at our 2,560-bed California City Facility. We began receiving ICE detainees at our California City Facility during August 2025, under terms of the letter agreement. On September 29, 2025, we announced that we entered into a new two-year contract with ICE effective September 1, 2025. We currently expect to reach stabilized occupancy at the facility in the first quarter of 2026. Total annual revenue once the activation is complete is expected to be $130.0 million.

•

Awarded a new contract through an IGSA with ICE to resume operations at our previously idled 600-bed West Tennessee Detention Facility in Mason, Tennessee. The West Tennessee facility had been idle since September 2021. The IGSA expires in August 2030 and may be further extended through bilateral modification. We began receiving ICE detainees at the West Tennessee facility during September 2025 and we expect the facility to be fully activated by the end of the first quarter of 2026. Total annual revenue once the facility is fully activated is anticipated to be approximately $30.0 million.

•

Awarded a new contract through an IGSA between the Oklahoma Department of Corrections and ICE to resume operations at our previously idled 2,160-bed Diamondback Correctional Facility in Watonga, Oklahoma. The Diamondback facility had been idle since 2010. The new contract commenced on September 30, 2025, now expires in September 2029, and may be further extended through bilateral modification. We began receiving detainees in December 2025, with stabilized occupancy estimated to be reached in the second quarter of 2026. Total annual revenue once the facility reaches stabilized occupancy is expected to be approximately $100.0 million.

•

Acquired the Farmville Detention Center, a 736-bed facility located in Farmville, Virginia. The Farmville Detention Center provides transportation, care, and civil detention services for adult male non-citizens through an IGSA with ICE, which expires in March 2029, and is expected to result in total annual incremental revenue of approximately $40.0 million.

•

Entered into contract modifications at our 2,016-bed Northeast Ohio Correctional Center in Youngstown, Ohio, our 1,072-bed Nevada Southern Detention Center in Pahrump, Nevada, and our 1,600-bed Cimarron Correctional Facility in Cushing, Oklahoma to collectively add capacity for up to 784 ICE detainees. We subsequently entered into two additional modifications in the second half of 2025 to collectively add additional capacity at the Cimarron facility for up to nearly 300 ICE detainees.

•

Entered into a new management contract with the state of Montana to care for additional inmates outside the state of Montana, expanding the geographic range of our facilities that can serve the state of Montana. During 2025, we cared for an average daily population of 214 Montana inmates at our Tallahatchie County Correctional Facility in Mississippi under this new contract.

Corporate and Other:

•

Repurchased a total of 11.2 million common shares at a total cost of $218.4 million, or $19.48 per share, under our share repurchase program, increasing the total number of shares repurchased under our share repurchase program to 25.7 million common shares at a total cost of $399.5 million, or $15.52 per share since the program was authorized by our Board of Directors in 2022.

•

Entered into a First Amendment to our Fourth Amended and Restated Credit Agreement, or our Bank Credit Facility, to, among other things, increase the size of the accordion feature that provides for uncommitted incremental extensions of credit from the greater of $200.0 million or 50% of Consolidated EBITDA for the period of four fiscal quarters most recently ended to the greater of $300.0 million or 50% of Consolidated EBITDA for the period of four quarters most recently ended, and to exercise the accordion feature by expanding the capacity under our revolving credit facility from $275.0 million to $575.0 million.

Facility Portfolio

CoreCivic Safety and Community Facilities and Facility Management Contracts

Our correctional, detention, and residential reentry facilities can generally be classified according to the level(s) of security at such facility. Minimum security facilities have open housing within an appropriately designed and patrolled institutional perimeter. Medium security facilities have either cells, rooms or dormitories, a secure perimeter, and some form of external patrol. Maximum security facilities have cells, a secure perimeter, and external patrol. Multi-security facilities have various areas encompassing minimum, medium or maximum security.

Our CoreCivic Safety and Community facilities can also be classified according to their primary function. The primary functional categories are:

•

Correctional Facilities. Correctional facilities care for and provide contractually agreed upon programs and services primarily to sentenced adult prisoners, typically prisoners on whom a sentence in excess of one year has been imposed.

•

Detention Facilities. Detention facilities care for and provide contractually agreed upon programs and services to (i) individuals being detained by ICE, (ii) individuals who are awaiting trial who have been charged with violations of federal criminal law (and are therefore in the custody of the USMS) or state criminal law, and (iii) prisoners who have been convicted of crimes and on whom a sentence of one year or less has been imposed. Detention facilities could also include residential facilities which provide space and residential services in an open and safe environment to individuals who have been detained by ICE and are awaiting the outcome of immigration hearings.

•

Community Corrections. Community corrections/residential reentry facilities offer housing and programs to individuals in our care who are serving the last portion of their sentence or who have been assigned to the facility in lieu of a jail or prison sentence, with a key focus on employment, job readiness, and life skills.

As of December 31, 2025, through our CoreCivic Safety segment, we operated 44 correctional and detention facilities, 40 of which we owned or controlled via a long-term lease, and four of which we managed and were owned by our government partners. Through our CoreCivic Community segment, we also operated 20 residential reentry centers, which we owned or controlled via a long-term lease. The following table includes certain information regarding each facility as of December 31, 2025, including the primary customer contract, contract term and remaining renewal options, if any, related to such facility, or if the facility is available for customer contract (e.g., idled).

     Facility Name

     Primary Customer

     Design
Capacity
(A)

     Security Level

     Facility Type
(B)

     Term

     Remaining
Renewal Options
(C)

     CoreCivic Safety Facilities:

     Safety - Owned and Managed:

Central Arizona Florence 
   Correctional Complex

USMS

4,128

Multi

Detention

Sep-28

—

     Florence, Arizona

Eloy Detention Center

ICE

1,500

Medium

Detention

Jun-28

Indefinite

     Eloy, Arizona

La Palma Correctional Center

State of Arizona

3,060

Multi

Correctional

Apr-27

(1) 5 year

     Eloy, Arizona

Red Rock Correctional Center (D)

State of Arizona

2,024

Medium

Correctional

Jul-26

(2) 5 year

     Eloy, Arizona

Saguaro Correctional Facility

State of Hawaii

1,896

Multi

Correctional

Jul-26

—

     Eloy, Arizona

California City Immigration 
   Processing Center

ICE

2,560

Medium

Detention

Aug-27

—

     California City, California

Otay Mesa Detention Center

ICE

1,994

Minimum/

Detention

Dec-29

(1) 5 year

     San Diego, California

     Medium

Bent County Correctional Facility

State of Colorado

1,420

Medium

Correctional

Jun-26

—

     Las Animas, Colorado

Crowley County Correctional 
   Facility

State of Colorado

1,794

Medium

Correctional

Jun-26

—

     Olney Springs, Colorado

Huerfano County Correctional Center

Idled 2010

752

Medium

Correctional

—

—

     Walsenburg, Colorado

Kit Carson Correctional Center

Idled 2016

1,488

Medium

Correctional

—

—

     Burlington, Colorado

Coffee Correctional Facility (E)

State of Georgia

2,312

Medium

Correctional

Jun-26

(8) 1 year

     Nicholls, Georgia

Jenkins Correctional Center (E)

State of Georgia

1,124

Medium

Correctional

Jun-26

(9) 1 year

     Millen, Georgia

Stewart Detention Center

ICE

1,752

Medium

Detention

Indefinite

—

     Lumpkin, Georgia

Wheeler Correctional Facility (E)

State of Georgia

2,312

Medium

Correctional

Jun-26

(8) 1 year

     Alamo, Georgia

     Facility Name

     Primary Customer

     Design
Capacity
(A)

     Security Level

     Facility Type
(B)

     Term

     Remaining
Renewal Options
(C)

Midwest Regional Reception Center

ICE

1,033

Multi

Detention

Sep-27

—

     Leavenworth, Kansas

Lee Adjustment Center

Commonwealth of

816

Multi

Correctional

Jun-27

(2) 2 year

     Beattyville, Kentucky

     Kentucky

Marion Adjustment Center

Idled 2013

826

Minimum/

Correctional

—

—

     St. Mary, Kentucky

     Medium

Prairie Correctional Facility

Idled 2010

1,600

Medium

Correctional

—

—

     Appleton, Minnesota

Adams County Correctional Center

ICE

2,232

Medium

Detention

May-29

Indefinite

     Adams County, Mississippi

Tallahatchie County Correctional 
   Facility (F)

USMS

2,672

Multi

Correctional

Jun-26

Indefinite

     Tutwiler, Mississippi

Crossroads Correctional Center (G)

State of Montana

664

Multi

Correctional

Jun-25

(2) 2 year

     Shelby, Montana

Nevada Southern Detention Center

USMS

1,072

Medium

Detention

Oct-30

—

     Pahrump, Nevada

Elizabeth Detention Center

ICE

300

Minimum

Detention

Mar-26

—

     Elizabeth, New Jersey

Cibola County Corrections Center

USMS

1,129

Medium

Detention

Indefinite

—

     Milan, New Mexico

Torrance County Detention Facility

ICE

910

Multi

Detention

Mar-26

Indefinite

     Estancia, New Mexico

Lake Erie Correctional 
  Institution (H)

State of Ohio

1,798

Medium

Correctional

Jun-32

Indefinite

     Conneaut, Ohio

Northeast Ohio Correctional Center

USMS

2,016

Medium

Correctional

May-27

Indefinite

     Youngstown, Ohio

Cimarron Correctional Facility

USMS

1,600

Multi

Detention

Sep-27

Indefinite

     Cushing, Oklahoma

Diamondback Correctional Facility

ICE

2,160

Multi

Detention

Sep-29

Indefinite

     Watonga, Oklahoma

Trousdale Turner Correctional Center

State of Tennessee

2,552

Multi

Correctional

Jun-26

—

     Hartsville, Tennessee

West Tennessee Detention Facility

ICE

600

Multi

Detention

Aug-30

Indefinite

     Mason, Tennessee

     Facility Name

     Primary Customer

     Design
Capacity
(A)

     Security Level

     Facility Type
(B)

     Term

     Remaining
Renewal Options
(C)

Whiteville Correctional Facility (I)

State of Tennessee

1,536

Medium

Correctional

Jun-26

—

     Whiteville, Tennessee

Dilley Immigration Processing Center

ICE

2,400

—

Residential

Mar-30

Indefinite

     Dilley, Texas

Eden Detention Center

USMS

1,422

Medium

Detention

Indefinite

—

     Eden, Texas

Houston Processing Center

ICE

1,000

Medium

Detention

Aug-26

(3) 1 year

     Houston, Texas

Laredo Processing Center

ICE

258

Minimum/

Detention

Mar-26

Indefinite

     Laredo, Texas

     Medium

T. Don Hutto Residential Center

ICE

512

Medium

Detention

Jul-26

(3) 1 year

     Taylor, Texas

Webb County Detention Center

ICE

480

Medium

Detention

Feb-29

Indefinite

     Laredo, Texas

Farmville Detention Center

ICE

736

Multi

Detention

Mar-29

Indefinite

     Farmville, Virginia

     Safety - Managed Only:

Citrus County Detention Facility

Citrus County, FL

760

Multi

Detention

Sep-30

(2) 5 year

     Lecanto, Florida

Lake City Correctional Facility

State of Florida

893

Medium

Correctional

Jun-26

Indefinite

     Lake City, Florida

Hardeman County Correctional 
   Facility

State of Tennessee

2,016

Medium

Correctional

Jun-29

—

     Whiteville, Tennessee

South Central Correctional Center

State of Tennessee

1,676

Medium

Correctional

Jun-28

(1) 2 year

     Clifton, Tennessee

Total design capacity for CoreCivic 
   Safety Facilities

67,785

     Facility Name

     Primary Customer

     Design
Capacity
(A)

     Security Level

     Facility Type
(B)

     Term

     Remaining
Renewal Options
(C)

     CoreCivic Community Facilities:

CAI Boston Avenue

State of California

120

—

Community

Jun-33

—

     San Diego, California

     Corrections

CAI Ocean View

BOP

483

—

Community

Aug-26

—

     San Diego, California

     Corrections

Adams Transitional Center

Adams County

102

—

Community

Jun-26

Indefinite

     Denver, Colorado

     Corrections

Arapahoe Community Treatment 
   Center

Arapahoe County

135

—

Community
Corrections

Jun-26

—

     Englewood, Colorado

Centennial Community Transition 
   Center

Arapahoe County

107

—

Community 
Corrections

Jun-26

—

     Englewood, Colorado

Commerce Transitional Center

Adams County

136

—

Community

Jun-26

CoreCivic, Inc. 10-K