Revenue growth accelerated to 16.6% in 2026Q1, though operating margins remain compressed at 12.7% due to persistent administrative and facility-related overhead costs.
| 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 |
|---|
| Sales/Revenue | 2.73B | 2.63B | 2.42B | 2.41B | 2.38B | 2.26B | 2.35B | 2.48B | 2.33B | 2.26B | 2.18B | 1.84B | 1.69B | 1.52B | 1.48B | 1.61B | 1.27B | 1.14B | 1.04B | 1.02B | 860.88M | 612.9M | 614.55M | 617.49M | 568.61M | 562.07M | 535.56M | 438.5M | 312.8M | 206.9M | 137.8M |
| Revenue Growth % | 12.74% | 8.58% | 0.44% | 1.53% | 5.32% | -3.98% | -5.16% | 6.29% | 3% | 3.85% | 18.24% | 8.97% | 11.14% | 2.91% | -8.3% | 27% | 11.29% | 9.4% | 1.77% | 19.04% | 40.46% | -0.27% | -0.48% | 8.6% | 1.16% | 4.95% | 22.13% | 40.19% | 51.18% | 50.15% | 38.63% |
| Cost of Goods Sold | 1.63B | 1.97B | 0 | 1.74B | 1.66B | 1.63B | 1.77B | 1.86B | 1.76B | 1.7B | 1.65B | 1.36B | 1.25B | 1.12B | 1.09B | 1.22B | 975.02M | 897.1M | 822.66M | 830.63M | 718.18M | 540.13M | 495.23M | 467.02M | 449.44M | 500.55M | 483.04M | 389.3M | 271.8M | 172M | 115.8M |
| COGS % of Revenue | - | 74.8% | - | 72.28% | 69.97% | 72.19% | 75.38% | 74.98% | 75.31% | 75.13% | 75.72% | 73.99% | 73.64% | 73.9% | 73.64% | 75.74% | 76.78% | 78.62% | 78.87% | 81.05% | 83.42% | 88.13% | 80.58% | 75.63% | 79.04% | 89.05% | 90.19% | 88.78% | 86.89% | 83.13% | 84.03% |
| Gross Profit | 1.1B | 663.07M | 2.42B | 668.94M | 713.84M | 627.57M | 578.6M | 619.86M | 575.61M | 562.92M | 529.21M | 479.52M | 445.92M | 397.21M | 389.83M | 391.32M | 294.95M | 243.99M | 220.35M | 194.2M | 142.7M | 72.77M | 98.77M | 82.22M | 67.72M | 61.53M | 52.52M | 49.2M | 41M | 34.9M | 22M |
| Gross Margin % | 40.4% | 25.2% | 100% | 27.72% | 30.03% | 27.81% | 24.62% | 25.02% | 24.69% | 24.87% | 24.28% | 26.01% | 26.36% | 26.1% | 26.36% | 24.26% | 23.22% | 21.38% | 21.13% | 18.95% | 16.58% | 11.87% | 16.07% | 13.32% | 11.91% | 10.95% | 9.81% | 11.22% | 13.11% | 16.87% | 15.97% |
| Gross Profit Growth % | - | -72.64% | 262.32% | -6.29% | 13.75% | 8.46% | -6.66% | 7.69% | 2.25% | 6.37% | 10.36% | 7.54% | 12.26% | 1.89% | -0.38% | 32.67% | 20.88% | 10.73% | 13.47% | 36.08% | 96.1% | -26.32% | 20.13% | 21.41% | 10.07% | 17.14% | 6.75% | 20% | 17.48% | 58.64% | 28.66% |
| Operating Expenses | 817.66M | 405.58M | 2.11B | 316.55M | 329.9M | 339.48M | 349.2M | 316.75M | 310.95M | 314.64M | 263.63M | 243.8M | 211.19M | 211.72M | 205.48M | 5.99M | -17.33M | 108.55M | 106.56M | 98.36M | 78.5M | 64.83M | 59.78M | 52.72M | 43.86M | 37.34M | 29.76M | 23.2M | 18.5M | 18.4M | 12.2M |
| OpEx % of Revenue | - | 15.41% | 87.21% | 13.12% | 13.88% | 15.04% | 14.86% | 12.78% | 13.34% | 13.9% | 12.1% | 13.23% | 12.48% | 13.91% | 13.89% | 0.37% | -1.36% | 9.51% | 10.22% | 9.6% | 9.12% | 10.58% | 9.73% | 8.54% | 7.71% | 6.64% | 5.56% | 5.29% | 5.91% | 8.89% | 8.85% |
| Selling, General & Admin | 178.19M | 235.94M | 213.03M | 190.77M | 196.97M | 204.31M | 193.37M | 185.93M | 184.51M | 190.34M | 148.71M | 137.04M | 115.02M | 117.06M | 113.79M | 113.81M | 106.36M | 69.24M | 69.15M | 64.49M | 56.27M | 48.96M | 45.88M | 39.38M | 32.15M | 24.42M | 21.12M | 17.8M | 14.9M | 12.1M | 8.7M |
| SG&A % of Revenue | - | 8.97% | 8.79% | 7.91% | 8.29% | 9.05% | 8.23% | 7.5% | 7.91% | 8.41% | 6.82% | 7.43% | 6.8% | 7.69% | 7.69% | 7.06% | 8.38% | 6.07% | 6.63% | 6.29% | 6.54% | 7.99% | 7.47% | 6.38% | 5.65% | 4.35% | 3.94% | 4.06% | 4.76% | 5.85% | 6.31% |
| Research & Development | 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | 0% | 0% | 0% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 169.64M | 1.9B | 125.78M | 132.93M | 135.18M | 155.83M | 130.82M | 126.43M | 124.3M | 114.92M | 106.76M | 96.17M | 94.66M | 91.69M | -104.02M | -118.89M | 39.31M | 37.41M | 33.87M | 22.23M | 15.88M | 13.9M | 13.34M | 11.72M | 12.92M | 8.64M | 5.4M | 3.6M | 6.3M | 3.5M |
| Operating Income | 285.81M | 257.49M | 309.98M | 352.39M | 383.94M | 288.08M | 229.41M | 303.11M | 264.67M | 248.28M | 265.58M | 235.73M | 234.73M | 185.48M | 184.35M | 179.6M | 126.9M | 135.44M | 113.79M | 95.84M | 64.2M | 7.94M | 38.99M | 29.5M | 23.86M | 24.18M | 22.76M | 26M | 22.5M | 16.5M | 9.8M |
| Operating Margin % | 10.46% | 9.78% | 12.79% | 14.6% | 16.15% | 12.77% | 9.76% | 12.23% | 11.35% | 10.97% | 12.19% | 12.79% | 13.88% | 12.19% | 12.46% | 11.14% | 9.99% | 11.87% | 10.91% | 9.35% | 7.46% | 1.3% | 6.34% | 4.78% | 4.2% | 4.3% | 4.25% | 5.93% | 7.19% | 7.97% | 7.11% |
| Operating Income Growth % | - | -16.93% | -12.04% | -8.22% | 33.28% | 25.58% | -24.32% | 14.52% | 6.6% | -6.51% | 12.67% | 0.43% | 26.55% | 0.61% | 2.65% | 41.53% | -6.31% | 19.03% | 18.73% | 49.27% | 708.78% | -79.64% | 32.17% | 23.65% | -1.35% | 6.25% | -12.46% | 15.56% | 36.36% | 68.37% | 36.11% |
| EBITDA | 418.44M | 388.03M | 436.19M | 478.17M | 516.87M | 423.26M | 364.08M | 433.93M | 391.1M | 372.58M | 380.5M | 342.49M | 330.9M | 280.15M | 276.04M | 261.15M | 171.27M | 174.75M | 154.21M | 134.7M | 88.49M | 24.26M | 53.19M | 44.01M | 35.57M | 34.1M | 31.4M | 31.4M | 26.1M | 22.8M | 13.3M |
| EBITDA Margin % | 15.32% | 14.75% | 18% | 19.82% | 21.75% | 18.76% | 15.49% | 17.51% | 16.78% | 16.46% | 17.46% | 18.58% | 19.56% | 18.41% | 18.66% | 16.19% | 13.49% | 15.31% | 14.79% | 13.14% | 10.28% | 3.96% | 8.66% | 7.13% | 6.26% | 6.07% | 5.86% | 7.16% | 8.34% | 11.02% | 9.65% |
| EBITDA Growth % | 0.01% | -11.04% | -8.78% | -7.49% | 22.12% | 16.25% | -16.1% | 10.95% | 4.97% | -2.08% | 11.1% | 3.5% | 18.12% | 1.49% | 5.7% | 52.48% | -1.99% | 13.32% | 14.48% | 52.22% | 264.72% | -54.39% | 20.86% | 23.72% | 4.31% | 8.61% | 0% | 20.31% | 14.47% | 71.43% | 40% |
| D&A (Non-Cash Add-back) | 132.64M | 130.54M | 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 | 81.55M | 44.37M | 39.31M | 40.42M | 38.87M | 24.29M | 16.32M | 14.2M | 14.51M | 11.72M | 9.92M | 8.64M | 5.4M | 3.6M | 6.3M | 3.5M |
| EBIT | 487.96M | 500.55M | 229.22M | 356.34M | 394.37M | 322.28M | 250.97M | 324.55M | 299.42M | 299.96M | 278.19M | 247.31M | 239.48M | 168.15M | 182.61M | 202.67M | 125.21M | 133.55M | 120.83M | 95.84M | 64.2M | 7.94M | 38.99M | 29.5M | 23.86M | 24.18M | 22.76M | 26M | 22.5M | 16.5M | 9.8M |
| Net Interest Income | -147.63M | -151.44M | -181.84M | -210.5M | -148.56M | -105.45M | -103.77M | -122.09M | -115.35M | -96.35M | -100.22M | -94.56M | -82.62M | -79.68M | -75.47M | -68.35M | -34.45M | -23.57M | -23.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 8.75M | 9.08M | 8.79M | 7.79M | 15.99M | 24.01M | 23.07M | 28.93M | 34.76M | 51.68M | 28.5M | 11.58M | 4.75M | 3.32M | 6.72M | 7.03M | 6.24M | 4.94M | 7.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 156.38M | 160.52M | 190.62M | 218.29M | 164.55M | 129.46M | 126.84M | 151.02M | 150.1M | 148.02M | 128.72M | 106.14M | 87.37M | 83M | 82.19M | 75.38M | 40.71M | 28.52M | 30.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 86.19M | 82.54M | -268.68M | -209.81M | -149.35M | -88.12M | -96.11M | -120.05M | -115.35M | -96.35M | -116.11M | -94.56M | -82.62M | -100.34M | -83.94M | -68.35M | -42.38M | -30.41M | -23.16M | -32.1M | -18.84M | -15.22M | -12.89M | 43.06M | 1.11M | 681K | 2.58M | 8.4M | 4.5M | 2.6M | 2.8M |
| Pretax Income | 371.99M | 340.03M | 41.3M | 142.58M | 234.59M | 199.96M | 133.29M | 183.06M | 149.32M | 151.94M | 149.48M | 141.17M | 152.11M | 85.15M | 100.42M | 111.25M | 84.52M | 105.03M | 90.63M | 63.74M | 45.36M | -7.28M | 26.1M | 72.56M | 24.97M | 24.86M | 25.35M | 34.4M | 27M | 19.1M | 12.6M |
| Pretax Margin % | 13.62% | 12.92% | 1.7% | 5.91% | 9.87% | 8.86% | 5.67% | 7.39% | 6.4% | 6.71% | 6.86% | 7.66% | 8.99% | 5.59% | 6.79% | 6.9% | 6.65% | 9.2% | 8.69% | 6.22% | 5.27% | -1.19% | 4.25% | 11.75% | 4.39% | 4.42% | 4.73% | 7.84% | 8.63% | 9.23% | 9.14% |
| Income Tax | 98.92M | 85.72M | 9.4M | 35.4M | 62.9M | 122.73M | 20.46M | 16.65M | 14.12M | 17.96M | 7.9M | 7.39M | 14.09M | -26.05M | -40.56M | 47.92M | 39.53M | 41.99M | 34.03M | 24.23M | 16.5M | -11.83M | 8.31M | 37.27M | 12.65M | 9.71M | 8.35M | 12.5M | 10.2M | 7.2M | 4.3M |
| Effective Tax Rate % | 26.59% | 25.21% | 22.76% | 24.83% | 26.81% | 61.38% | 15.35% | 9.09% | 9.45% | 11.82% | 5.29% | 5.23% | 9.27% | -30.59% | -40.39% | 43.08% | 46.77% | 39.98% | 37.55% | 38.01% | 36.39% | 162.36% | 31.85% | 51.37% | 50.67% | 39.03% | 32.95% | 36.34% | 37.78% | 37.7% | 34.13% |
| 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 | 58.9M | 41.84M | 30.03M | 7.01M | 16.82M | 40.02M | 21.12M | 19.38M | 16.99M | 21.9M | 5.3M | 11.9M | 8.3M |
| Net Margin % | 10% | 9.67% | 1.32% | 4.45% | 7.23% | 3.43% | 4.81% | 6.72% | 6.22% | 6.46% | 6.82% | 7.56% | 8.51% | 7.56% | 9.11% | 4.87% | 5% | 5.78% | 5.65% | 4.08% | 3.49% | 1.14% | 2.74% | 6.48% | 3.71% | 3.45% | 3.17% | 4.99% | 1.69% | 5.75% | 6.02% |
| Net Income Growth % | 846.59% | 695.76% | -70.22% | -37.53% | 121.93% | -31.51% | -32.15% | 14.83% | -0.79% | -1.66% | 6.65% | -3.12% | 25.01% | -14.56% | 71.38% | 23.88% | -3.77% | 11.97% | 40.76% | 39.34% | 328.65% | -58.33% | -57.98% | 89.48% | 8.98% | 14.03% | -22.4% | 313.21% | -55.46% | 43.37% | 88.64% |
| Net Income (Continuing) | 273.07M | 254.31M | 31.9M | 107.18M | 171.69M | 77.23M | 112.83M | 166.41M | 144.83M | 146.02M | 148.5M | 139.31M | 143.84M | 117.46M | 144.56M | 75.9M | 58.57M | 62.78M | 57.21M | 39.51M | 30.31M | 4.54M | 17.87M | 36.38M | 18.19M | 19.38M | 16.99M | 21.9M | 16.8M | 11.9M | 8.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | -1.52M | -1.45M | -1.31M | -1.2M | -1.02M | -782K | -599K | -322K | -99K | 99K | 314K | 454K | 492K | 15.3M | 20.59M | 497K | 1.1M | 1.64M | 1.3M | 1.84M | 1.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.04 | 1.82 | 0.22 | 0.72 | 1.17 | 0.58 | 0.94 | 1.40 | 1.20 | 1.21 | 1.33 | 1.25 | 1.32 | 1.07 | 1.47 | 0.82 | 0.75 | 0.85 | 0.76 | 0.57 | 0.56 | 0.15 | 0.38 | 0.51 | 0.18 | 0.18 | 0.18 | 0.22 | 0.05 | 0.12 | 0.08 |
| EPS Growth % | 936.84% | 727.27% | -69.44% | -38.46% | 101.72% | -38.3% | -32.86% | 16.67% | -0.83% | -9.02% | 6.4% | -5.3% | 23.36% | -27.21% | 79.27% | 9.33% | -11.76% | 11.84% | 33.33% | 1.79% | 273.33% | -60.53% | -25.49% | 183.33% | 0% | 0% | -18.18% | 330.53% | -57.42% | 45.99% | 47.84% |
| EPS (Basic) | - | 1.85 | 0.23 | 0.73 | 1.18 | 0.59 | 0.94 | 1.40 | 1.21 | 1.22 | 1.34 | 1.26 | 1.33 | 1.08 | 1.47 | 0.83 | 0.77 | 0.87 | 0.78 | 0.59 | 0.58 | 0.16 | 0.40 | 0.52 | 0.18 | 0.18 | 0.18 | 0.22 | 0.05 | 0.12 | 0.08 |
| Diluted Shares Outstanding | 134.06M | 139.72M | 134.06M | 123.7M | 122.28M | 120.73M | 119.99M | 119.31M | 120.75M | 120.81M | 111.48M | 110.99M | 108.82M | 107.41M | 91.9M | 95.61M | 83.98M | 77.88M | 77.75M | 73.79M | 53.62M | 45.05M | 43.8M | 71.23M | 96.14M | 95.67M | 95.63M | 99.07M | 102.07M | 102.14M | 99.84M |
| Basic Shares Outstanding | 132.61M | 139.76M | 131.32M | 121.91M | 121.04M | 120.38M | 119.72M | 119.1M | 120.24M | 120.09M | 111.06M | 110.54M | 108.41M | 106.67M | 91.4M | 95.14M | 83.07M | 76.32M | 75.81M | 71.59M | 51.66M | 43.11M | 42.21M | 70.28M | 95.17M | 94.63M | 95M | 97.43M | 99.54M | 99.07M | 99.84M |
| Dividend Payout Ratio | - | - | - | - | - | 39.38% | 191.22% | 139.58% | 158.18% | 155.54% | 130.95% | 134.1% | 118.28% | 127.81% | 80.29% | 5.1% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory and contract concentration
As reported in recent financial filings, GEO's revenue growth has accelerated to 16.6% in 2026Q1, marking a significant departure from the stagnant or slightly negative growth observed throughout 2024, suggesting a potential shift in contract volume or pricing power within its core service segments.
The recent revenue acceleration appears to be a departure from the flat performance seen in 2024, where growth hovered near zero. Investors should monitor whether this uptick is driven by sustainable contract wins or temporary surges in demand for detention services, as the durability of this growth remains unproven.
Based on the company's reported figures, gross margins have exhibited extreme volatility, dropping to 16.5% in 2026Q1 from historical levels that frequently approached 100% due to inconsistent cost reporting, which complicates the assessment of true underlying profitability and operational efficiency for the firm.
The inconsistency in reporting COGS suggests that the company's margin profile is difficult to benchmark against peers like CoreCivic. This lack of clarity in cost allocation may mask the true impact of wage inflation on the firm's labor-intensive service model, warranting further investigation into segment-level profitability.
According to the income statement data, operating margins have remained compressed, reaching 12.7% in 2026Q1, which indicates that the company struggles to scale its operating income proportionally with revenue growth due to persistent administrative and facility-related overhead costs that weigh on the bottom line.
The inability to significantly expand operating margins despite revenue growth suggests that the company's fixed-cost structure remains a substantial drag on conversion. This implies that management's efforts to streamline operations have yet to yield the operating leverage typically expected in a mature industrial services business.
As indicated by the provided financial statements, net income has experienced wild fluctuations, including a notable spike to $173.9M in 2025Q3, which suggests that non-operating items or one-time accounting adjustments are significantly distorting the quality of reported earnings and EPS for the company.
The extreme variance in net income relative to operating income suggests that investors should rely more heavily on adjusted metrics rather than GAAP net income. The presence of stock-based compensation and potential impairment charges further complicates the assessment of sustainable profitability for the firm.
Based on an analysis of the income statement, the recent revenue surge may be unsustainable if it relies on volatile federal policy-driven contracts, as the company's history of negative net margins in 2024Q2 highlights the inherent risks of a business model sensitive to regulatory and political shifts.
Short-sellers may focus on the company's reliance on specific federal programs like ISAP, which could be subject to abrupt budget cuts or policy reversals. The lack of consistent profitability in previous periods suggests that the current growth trajectory may be vulnerable to sudden changes in the political landscape.
Quick answers to the most common questions about buying GEO stock.
For fiscal year 2025, The GEO Group, Inc. (GEO) reported total revenue of $2.63B. This represents a 1809.7% increase compared to $137.8M in 1996.
The GEO Group, Inc. (GEO) is profitable, generating $254.4M in net income for the fiscal year ending 2025 with a net profit margin of 9.7%.
The GEO Group, Inc. (GEO) reported an operating income of $257.5M, resulting in an operating profit margin of 9.8%. This margin reflects the operational efficiency of the business before interest and taxes.
The GEO Group, Inc. (GEO) generated $663.1M in gross profit for the year, representing a gross profit margin of 25.2%. This demonstrates the company's core pricing power and production efficiency.