CoreCivic, Inc. (CXW)

Price$34.71Cached quoteAs of 2026-09-05 00:45 UTC

AI: Fair-priced

Price checkThe current valuation looks reasonable, but not cheap enough to dismiss contract and policy risk.

At the observed market level, CoreCivic trades at about 20 times the midpoint of 2026 adjusted earnings guidance, which removes unusual sale gains, and about 12.6 times normalized funds from operations, a property-heavy earnings measure that adds back real-estate depreciation. A rough post-sale, post-buyback company value including debt and cash is near seven times guided adjusted operating earnings before interest, taxes, depreciation, and amortization. That is not stretched, but the shares also sit near their 52-week high and face concentrated contract risk, supporting a fair-priced verdict.

Big pictureRevenue and profit are growing, but cash left after investment has been uneven.

Revenue rose 13% in 2025 to $2.21 billion and operating income rose 18% to $219 million; net income increased 69% to $117 million. Yet operating cash flow fell to $195 million while capital spending doubled to $142 million, leaving about $53 million of free cash flow, meaning cash left after running and investing in the business. The trailing four quarters through June 2026 produced about $59 million by that same simple measure. Growth is real, but cash durability still needs proof.

Business strengthAsset sales sharply strengthen the balance sheet, but federal customer concentration still limits resilience.

At June 30, debt was $1.36 billion against $109 million of cash. Four facility sales then produced about $1.6 billion of expected net proceeds; management planned $608.5 million of debt repayment, taking expected debt to roughly $739 million, before committing $500 million to an accelerated buyback. That materially improves downside protection, although exact post-transaction cash remains uncertain. The offset is concentration: federal customers generated about 53% of second-quarter revenue, and government contracts can be terminated for convenience or lack of funding.

What could change the storyMore asset monetization and facility ramp-ups could add value; contract losses could erase that upside.

The strongest bull case is that more facilities can be sold well above book value while CoreCivic keeps management contracts, and that Prairie reaches about $75 million of annual revenue by the second quarter of 2027. The strongest bear case is that ownership changes weaken contract economics or renewals, especially with California City and Midwest agreements expiring in 2027. The $500 million buyback can lift per-share results, but its timing is less compelling than earlier repurchases averaging $15.82 per share. Watch 2027 contract retention, Prairie's ramp, and post-transaction cash generation.

AI: News

Four facilities soldCoreCivic sold four detention facilities for $2.2 billion, unlocking cash while retaining operating exposure.

The California pair closed July 2 for $1.5 billion gross, followed in early August by Prairie and Midwest for another $734 million. CoreCivic expects roughly $1.6 billion of total net proceeds and about a $1.8 billion accounting gain. It currently expects to continue managing all four facilities for Immigration and Customs Enforcement, so the company monetized valuable real estate without immediately surrendering all related operating revenue. Those management arrangements can still be modified or terminated.

Growth and guidanceSecond-quarter revenue jumped 27%, while higher populations and facility activations supported stronger per-share guidance.

On August 5, second-quarter revenue reached $684.9 million, up 27.3% year over year. Adjusted earnings were $0.38 per diluted share, meaning per-share profit after removing selected unusual items. Before the accelerated buyback, management raised 2026 adjusted per-share earnings guidance to $1.62-$1.70 from $1.53-$1.63, although adjusted operating earnings before financing, taxes and non-cash depreciation were trimmed slightly. Shares rose 3.6% on August 5 and another 3.2% on August 6, but several announcements overlapped.

Prairie contract awardedA five-year Prairie contract adds a new revenue stream as the previously idle facility reopens.

CoreCivic announced on August 4 that Immigration and Customs Enforcement awarded a five-year contract for the 1,600-bed Prairie facility, which had been idle since 2010. Management expects intake to begin in the fourth quarter of 2026, full activation by the second quarter of 2027, and about $75 million of annual revenue when fully ramped. The 2026 earnings effect should be immaterial, so the valuation impact depends mostly on successful 2027 execution and contract continuity after the property's sale.

Large buyback launchedA $500 million accelerated buyback sharply reduces the share count, but uses newly freed sale cash.

On August 10, CoreCivic committed $500 million to an accelerated share repurchase and expected an initial delivery of about 12.4 million shares, roughly one-eighth of the pre-deal share count. The company then lifted 2026 per-share guidance even though total adjusted net income guidance declined because deploying cash reduces interest income. Shares gained 2.3% that day and 2.8% the next; the timing is consistent with a positive market response but does not establish that the buyback caused those moves.

Loading local price history

Revenue

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Net income

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue	$2.21B	$1.96B	$1.90B	$1.85B	$1.86B	$1.91B	$1.98B	$1.84B	$1.77B	$1.85B	$1.76B	$1.61B	$1.69B	$1.72B	$1.68B	$1.66B	$1.63B	$1.54B
Operating expenses	$1.99B	$1.78B	$1.73B	$1.68B	$1.67B	$1.74B	$1.70B	$1.59B	$1.51B	$1.55B	$1.23B	$1.14B	$1.44B	$1.42B	$1.36B	$1.34B	$1.32B	$1.08B
Operating income	$218.7M	$185.1M	$168.1M	$169.6M	$189.4M	$162.7M	$281.6M	$249.5M	$260.4M	$296.4M	$280.6M	$240.3M	$251.2M	$304.6M	$331.7M	$324.3M	$307.4M	$293.5M
Operating margin	9.89%	9.44%	8.86%	9.19%	10.17%	8.54%	14.22%	13.59%	14.75%	16.02%	15.98%	14.90%	14.88%	17.73%	19.72%	19.50%	18.87%	19.04%
EBITDA	$347.6M	$313.1M	$295.4M	$297.5M	$324.1M	$313.5M	$426.1M	$406.0M	$407.5M	$463.2M	$432.1M	$354.2M	$364.6M	$418.5M	$440.7M	$430.6M	$408.2M	$384.9M
EBITDA margin	15.72%	15.96%	15.58%	16.12%	17.40%	16.45%	21.51%	22.12%	23.08%	25.04%	24.61%	21.96%	21.60%	24.36%	26.19%	25.89%	25.06%	24.98%
Net income	$116.5M	$68.9M	$67.6M	$122.3M	−$51.9M	$54.2M	$188.9M	$159.2M	$178.0M	$219.9M	$221.9M	$195.0M	$300.8M	$156.8M	$162.5M	$157.2M	$155.0M	$150.9M
Net profit margin	5.27%	3.51%	3.56%	6.63%	−2.79%	2.84%	9.54%	8.67%	10.08%	11.89%	12.64%	12.09%	17.82%	9.12%	9.66%	9.45%	9.51%	9.79%
Basic EPSper basic share	$1.09	$0.62	$0.59	$1.03	-$0.43	$0.45	$1.59	$1.34	$1.51	$1.87	$1.90	$1.68	$2.74	$1.58	$1.55	$1.40	$1.33	$1.21
Diluted EPSper diluted share	$1.08	$0.62	$0.59	$1.03	-$0.43	$0.45	$1.59	$1.34	$1.50	$1.87	$1.88	$1.66	$2.70	$1.56	$1.54	$1.39	$1.32	$1.20

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

16.00%of listed shares

BlackRock, Inc.15.82M shares · Jun 30, 2026

View holders

Top 20 reported holders of CXW
Holder	% owned
BlackRock, Inc.	16.00%15.82M shares
River Road Asset Management, LLC	7.33%7.25M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	6.91%6.83M shares
GOLDMAN SACHS GROUP INC	4.73%4.68M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.33%4.29M shares
STATE STREET CORP	3.84%3.8M shares
Rubric Capital Management LP	2.88%2.85M shares
GEODE CAPITAL MANAGEMENT, LLC	2.56%2.54M shares
MORGAN STANLEY	2.30%2.28M shares
COOPER CREEK PARTNERS MANAGEMENT LLC	2.18%2.16M shares
LEE DANNER & BASS INC	2.17%2.14M shares
Allianz Asset Management GmbH	2.15%2.13M shares
Shay Capital LLC	1.81%1.79M shares
Philosophy Capital Management LLC	1.67%1.65M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	1.66%1.64M shares
NORTHERN TRUST CORP	1.13%1.12M shares
Luxor Capital Group, LP	1.13%1.12M shares
Hininger Damon T	≈1.01%1M shares
Park West Asset Management LLC	0.91%898.95K shares
JB CAPITAL PARTNERS LP	0.85%845.21K shares

Percentages use 98.89M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)42$15.33M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 1, 2026Form 4 · 10b5-1	Carter, Cole G.Chief Administrative Officer	SellCommon Stock	12.5K	$21.00	$262.5K	215.9K
May 1, 2026Form 4 · 10b5-1	Carter, Cole G.Chief Administrative Officer	SellCommon Stock	12.5K	$20.64	$258.0K	228.4K
Apr 1, 2026Form 4 · 10b5-1	Carter, Cole G.Chief Administrative Officer	SellCommon Stock	12.5K	$18.94	$236.8K	240.9K
Mar 2, 2026Form 4 · 10b5-1	Carter, Cole G.Chief Administrative Officer	SellCommon Stock	12.5K	$17.62	$220.3K	253.4K
Sep 11, 2025Form 4	Grande Anthony LEVP, Chief Development Officer	SellCommon Stock	22.5K	$21.18	$476.6K	135.6K

Review ownership filings at SEC.gov ↗

Community posts

View community

It’s quiet here.

No posts about CXW yet. Start the conversation.

Write the first post

CoreCivic, Inc. (CXW)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

It’s quiet here.