Cash flow generation remains highly erratic, evidenced by a negative 21.7% FCF margin in 2025Q4 and a volatile OCF/NI ratio that swung to a negative 3.69 in the same period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 1.39M | 72.61M | 242.24M | 284.93M | 296.41M | 282.63M | 441.73M | 338.14M | 274.48M | 381.04M | -28.03M | 142.16M | 202.54M | 192.19M | 264.24M | 188.91M | 126.2M | 130.93M | 71.34M | 78.93M | 45.95M | 34.81M | 40.41M | 21.29M | 22.24M | 29.48M | 25.91M | 24.8M | -14M | 21.4M | 9.1M |
| Operating CF Margin % | - | 2.76% | 9.99% | 11.81% | 12.47% | 12.52% | 18.8% | 13.65% | 11.77% | 16.83% | -1.29% | 7.71% | 11.97% | 12.63% | 17.87% | 11.71% | 9.94% | 11.47% | 6.84% | 7.7% | 5.34% | 5.68% | 6.58% | 3.45% | 3.91% | 5.24% | 4.84% | 5.66% | -4.48% | 10.34% | 6.6% |
| Operating CF Growth % | -837.28% | -70.02% | -14.98% | -3.87% | 4.87% | -36.02% | 30.64% | 23.2% | -27.97% | 1459.5% | -119.72% | -29.81% | 5.39% | -27.27% | 39.87% | 49.69% | -3.61% | 83.52% | -9.61% | 71.76% | 32% | -13.85% | 89.78% | -4.27% | -24.55% | 13.79% | 4.46% | 277.14% | -165.42% | 135.16% | 658.33% |
| Net Income | 273.15M | 254.37M | 31.97M | 107.33M | 171.81M | 77.42M | 113.03M | 166.6M | 145.09M | 146.24M | 148.72M | 139.44M | 143.93M | 115.14M | 134.75M | 78.63M | 63.47M | 65.95M | 61.45M | 41.27M | 30.31M | 5.88M | 17.43M | 45.27M | 21.5M | 19.38M | 16.99M | 21.9M | 16.8M | 11.9M | 8.3M |
| Depreciation & Amortization | 133.73M | 132.04M | 126.22M | 125.78M | 132.93M | 135.18M | 134.68M | 130.82M | 126.43M | 124.3M | 114.92M | 106.76M | 96.17M | 94.66M | 91.69M | 85.34M | 48.11M | 42.81M | 40.42M | 38.87M | 24.29M | 16.32M | 14.75M | 14.59M | 12.09M | 9.92M | 8.64M | 5.4M | 3.6M | 6.3M | 3.5M |
| Stock-Based Compensation | 17.11M | 23.59M | 18.11M | 15.06M | 16.2M | 19.2M | 23.9M | 22.34M | 22.05M | 19.84M | 12.77M | 11.71M | 8.91M | 7.89M | 6.99M | 2.68M | 1.38M | 1.81M | 1.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 22.09M | 22.09M | 1.54M | 1.48M | -13.13M | 86.38M | 11.22M | -588K | 1.23M | 12.24M | -5.96M | -2.37M | -10.36M | -11.65M | -87.71M | 40.55M | 14.02M | 10.01M | 2.66M | -5.08M | -5.08M | -10.61M | 3.43M | -664K | -711K | -670K | -1.95M | 2M | -7.3M | 7.4M | 4.4M |
| Other Non-Cash Items | -296.95M | -223.72M | 93.84M | 15.52M | 14.43M | 6.88M | 28.3M | 21.03M | 16.13M | 14.6M | 27.39M | 8.11M | 4.34M | 23.36M | 46.83M | 15.89M | 10.35M | 12.03M | -6.92M | 2.49M | -1.12M | 29.58M | 141K | 1K | -1.77M | -269K | -3.38M | -3.3M | -3.5M | 100K | -1M |
| Working Capital Changes | -147.74M | -135.76M | -29.43M | 19.76M | -25.83M | -42.41M | 130.6M | -2.07M | -36.46M | 63.82M | -325.86M | -121.48M | -40.46M | -37.21M | 71.7M | -34.19M | -11.12M | -1.7M | -27.8M | 4.81M | -1.35M | -6.36M | -6M | 22.78M | -8.87M | 1.12M | 5.6M | -1.2M | -23.6M | -2.5M | -6.1M |
| Change in Receivables | -58.86M | 0 | -7.58M | 11.67M | -52.98M | 9.47M | 68.18M | -8.39M | -66.1M | 20.94M | -50.95M | -29.31M | 23.81M | -27.24M | 44.29M | -17.2M | -14.35M | 6.85M | -29.6M | 0 | 0 | 0 | 1.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 76.32M | 97.28M | -21.85M | 8.09M | 21.84M | -58.11M | 57.27M | 10.67M | 31.69M | 2.37M | 5.64M | 21.91M | 9.02M | -9.97M | 27.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 449K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 136.82M | 105.68M | -101.72M | -60.57M | 2.96M | -53.74M | -104.17M | -104.14M | -188.48M | -529.41M | -84.36M | -452.88M | -121.17M | -98.98M | -55.32M | -635.54M | -368.26M | -185.27M | -131.59M | -518.93M | -16.92M | -92.95M | 42.08M | 18.26M | -159.25M | -3.9M | -20.95M | -11.8M | 12.6M | -37.3M | -17.4M |
| Capital Expenditures | -166.74M | -197.51M | -78.69M | -73M | -90.03M | -69.39M | -108.8M | -117.24M | -195.67M | -148.41M | -81.56M | -117.58M | -114.22M | -117.57M | -107.55M | -224.71M | -97.06M | -149.78M | -130.99M | -115.2M | -43.16M | -31.46M | -10.23M | -6.82M | -160.7M | -8.33M | -19.14M | -39M | -24.5M | -24M | -12.5M |
| CapEx % of Revenue | 6.1% | 7.51% | 3.25% | 3.03% | 3.79% | 3.08% | 4.63% | 4.73% | 8.39% | 6.56% | 3.74% | 6.38% | 6.75% | 7.72% | 7.27% | 13.93% | 7.64% | 13.13% | 12.56% | 11.24% | 5.01% | 5.13% | 1.67% | 1.1% | 28.26% | 1.48% | 3.57% | 8.89% | 7.83% | 11.6% | 9.07% |
| Acquisitions | 0 | 0 | 0 | 0 | -92.99M | 4.13M | 2.55M | 1.24M | 5.87M | -353.56M | 2.03M | -331.81M | -13.03M | 0 | -35.15M | -409.61M | -260.25M | -38.39M | 0 | -410.47M | -2.58M | -79.29M | 315K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 321.05M | 321.05M | 0 | 12.43M | 92.99M | 1.03M | 4.63M | 13.11M | 7.18M | -27.45M | -2.79M | -3.49M | 6.08M | 18.59M | 87.39M | -1.22M | -10.95M | 2.89M | 1.59M | 6.75M | 28.82M | 7.8M | 52M | 24.88M | 1.62M | 4.43M | -1.81M | 27.2M | 41.7M | -13.3M | -4.5M |
| Cash from Financing | -136.24M | -185.66M | -168.89M | -208.08M | -699.1M | 11.26M | -96.74M | -250.65M | -124.97M | 164.72M | 119.67M | 332.25M | -88.9M | -69.04M | -222.28M | 454.02M | 243.7M | 52.05M | 53.7M | 372.28M | 21.66M | 24.6M | -47.12M | -17.2M | 129.25M | -11.15M | -9.92M | 7.1M | -6.9M | 1.7M | 51.6M |
| Debt Issued (Net) | -41.7M | -73.61M | -96.28M | -208.39M | -698.06M | 43.54M | 130.58M | -15.72M | 202.1M | 122.54M | 335.71M | 524.47M | 18.75M | 103.46M | -99.88M | 545.56M | 328.56M | 48.27M | 55.84M | 140.49M | 17.42M | 21.6M | -48.7M | 125.88M | 124.87M | -10M | -5M | 14.8M | 0 | 0 | -800K |
| Equity Issued (Net) | -89.64M | -86.3M | 8.35M | 5.75M | 264K | 297K | -9.01M | -4.18M | -99M | 275.87M | 3.78M | 0 | -1.84M | 319K | -9.24M | -74.98M | -87.08M | 1.46M | 0 | 228.72M | 101.39M | 3M | 1.59M | -131.22M | 1.26M | -1.15M | -4.92M | -7.7M | -7M | 1.8M | 52.4M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -30.49M | -216.15M | -232.55M | -229.5M | -227.46M | -194.75M | -186.98M | -170.23M | -147.16M | -108.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -91.02M | -91.02M | 0 | 0 | 0 | 0 | -9.01M | -4.18M | -95.17M | 0 | 1.28B | -2.79M | 0 | 0 | -9.7M | -74.98M | -87.08M | 0 | 0 | 0 | -3.96M | 0 | 0 | -132M | 0 | -1.55M | -4.93M | -7.9M | -8.9M | 0 | 0 |
| Other Financing | -4.89M | -25.75M | -80.96M | -5.44M | 264K | -2.09M | -2.17M | 1.79M | 1.43M | -6.22M | -25.08M | -5.23M | 64.43M | -25.66M | -4.96M | -12.55M | 2.22M | 2.32M | -2.15M | 3.06M | -97.14M | 0 | 0 | -11.86M | 0 | 0 | 0 | 0 | 100K | -100K | 0 |
| Net Change in Cash | 10.62M | -2.23M | -34M | 16.02M | -404.48M | 236.47M | 244.38M | -17M | -49.07M | 13.34M | 8.4M | 18.3M | -10.79M | 20.37M | -11.62M | 5.09M | 5.81M | 2.2M | -12.75M | -67.12M | 54.43M | -34.91M | 36.95M | 27.58M | -10.86M | 12.28M | -7.21M | 20.8M | -8.8M | -15.4M | 43.5M |
| Free Cash Flow | -165.35M | -124.9M | 163.54M | 211.93M | 206.39M | 213.24M | 332.93M | 220.9M | 78.81M | 232.64M | -109.59M | 24.58M | 88.32M | 74.62M | 156.69M | -35.8M | 29.14M | -18.85M | -59.65M | -36.28M | 2.79M | 3.35M | 30.18M | 14.47M | -138.46M | 21.15M | 6.77M | -14.2M | -38.5M | -2.6M | -3.4M |
| FCF Margin % | -6.05% | -4.75% | 6.75% | 8.78% | 8.68% | 9.45% | 14.17% | 8.91% | 3.38% | 10.28% | -5.03% | 1.33% | 5.22% | 4.9% | 10.59% | -2.22% | 2.29% | -1.65% | -5.72% | -3.54% | 0.32% | 0.55% | 4.91% | 2.34% | -24.35% | 3.76% | 1.26% | -3.24% | -12.31% | -1.26% | -2.47% |
| FCF Growth % | -222.05% | -176.37% | -22.83% | 2.69% | -3.21% | -35.95% | 50.72% | 180.3% | -66.12% | 312.27% | -545.94% | -72.17% | 18.35% | -52.38% | 537.67% | -222.85% | 254.59% | 68.4% | -64.42% | -1401.61% | -16.76% | -88.91% | 108.5% | 110.45% | -754.54% | 212.54% | 147.66% | 63.12% | -1380.77% | 23.53% | 34.62% |
| FCF per Share | -1.23 | -0.89 | 1.22 | 1.71 | 1.69 | 1.77 | 2.77 | 1.85 | 0.65 | 1.93 | -0.98 | 0.22 | 0.81 | 0.69 | 1.71 | -0.37 | 0.35 | -0.24 | -0.77 | -0.49 | 0.05 | 0.07 | 0.69 | 0.20 | -1.44 | 0.22 | 0.07 | -0.14 | -0.38 | -0.03 | -0.03 |
| FCF Conversion (FCF/Net Income) | -0.61x | 0.29x | 7.58x | 2.65x | 1.73x | 3.65x | 3.91x | 2.03x | 1.89x | 2.61x | -0.19x | 1.02x | 1.41x | 1.67x | 1.96x | 2.40x | 1.99x | 1.99x | 1.21x | 1.89x | 1.53x | 4.97x | 2.40x | 0.53x | 1.05x | 1.52x | 1.52x | 1.13x | -2.64x | 1.80x | 1.10x |
| Interest Paid | 0 | 0 | 190.61M | 198.71M | 103.75M | 122.16M | 113.3M | 133.57M | 133.57M | 115.35M | 109.36M | 97.65M | 71.67M | 69.3M | 73.9M | 60.95M | 36.31M | 32.08M | 34.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 15.68M | 19.23M | 44.61M | 49.48M | 5.36M | 11.16M | 8.04M | 13.81M | 23.06M | 11.52M | 7.98M | 16.7M | 3M | 10.49M | 34.48M | 34.19M | 29.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Refinancing and contract volatility
As reported in recent financial statements, the relationship between net income and operating cash flow has been highly erratic, with the OCF/NI ratio swinging from a high of 4.15 in 2024Q3 to a negative 3.69 by 2025Q4, indicating significant disconnects between accounting profits and actual cash generation.
The extreme variance in the OCF/NI ratio suggests that reported net income is heavily influenced by non-cash items or timing differences that do not reflect the underlying cash-generating capacity of the business. Investors should monitor whether these fluctuations are driven by recurring operational issues or one-time accounting adjustments that obscure the true quality of earnings.
Based on the company's reported figures, free cash flow has demonstrated a concerning downward trajectory, culminating in a negative 21.7% FCF margin in 2025Q4, which highlights the difficulty in maintaining positive cash flow amidst fluctuating operational requirements and significant capital expenditure demands across the facility portfolio.
The shift from positive FCF in early 2025 to substantial outflows by year-end suggests that the company's capital-intensive model is struggling to self-fund its operations. This trend warrants further investigation into whether the recent cash burn is a temporary byproduct of strategic investments or a structural inability to cover maintenance costs.
According to quarterly filings, capital expenditures reached a peak of 13.7% of revenue in 2025Q3, reflecting a high level of reinvestment that appears to be necessary for maintaining aging secure facilities and supporting the technological integration of the electronic monitoring segment within the broader justice services portfolio.
The elevated CapEx/Revenue ratio suggests that the company is forced to commit significant capital to maintain its asset base, which limits the flexibility of its cash flow. This capital intensity may continue to weigh on free cash flow, particularly if contract renewals require further facility upgrades or technological enhancements.
As indicated by the financial data, working capital changes have been highly volatile, including a massive outflow of $215.1M in 2025Q4, which suggests that the timing of government payments and inventory management for facility operations are creating significant, unpredictable swings in the company's quarterly cash position.
Such large swings in working capital indicate that the company's cash flow is highly sensitive to the payment cycles of its government clients. This volatility complicates liquidity planning and may force the company to rely more heavily on external financing to bridge gaps during periods of delayed collections.
Based on reported figures, the company has pivoted away from shareholder returns, with share repurchases totaling $49.4M in 2025Q4, while simultaneously managing the absence of dividend payments, signaling a strategic shift toward debt reduction following the transition from its previous REIT structure to a C-Corp.
The cessation of dividends and the focus on share repurchases suggest that management is attempting to stabilize the balance sheet and regain investor confidence. However, the effectiveness of this capital deployment strategy remains contingent on the company's ability to generate consistent free cash flow to support these debt-reduction efforts.
Quick answers to the most common questions about buying GEO stock.
The GEO Group, Inc. (GEO) generated $72.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
The GEO Group, Inc. (GEO) reported negative free cash flow of $124.9M in 2025, indicating capital requirements exceeded cash from operations.
The GEO Group, Inc. (GEO) spent $197.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, The GEO Group, Inc. (GEO) spent $91.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.