The GEO Group (GEO) investor relations material

Executive summary

• Q1 2026 revenue reached $705.2 million, up 17% year-over-year, driven by new and expanded contracts, higher occupancy, and major ICE contract wins, including reactivation of idle facilities.

• Net income attributable to operations was $38.3 million ($0.29 per diluted share), nearly doubling from $19.6 million ($0.14) in Q1 2025.

• Adjusted EBITDA increased 32% to $131.4 million from $99.8 million year-over-year.

• Share repurchases continued, with 3.6 million shares bought in Q1 for $50 million, totaling 8.5 million shares repurchased for $141 million to date under the $500 million authorization.

• Average company-wide facility occupancy was 91%, up from 88% in Q1 2025.

Financial highlights

• Operating income rose to $89.3 million from $61.0 million year-over-year.

• Adjusted net income per diluted share was $0.29, up from $0.14 in Q1 2025.

• Net operating income (NOI) increased to $187.3 million from $155.6 million year-over-year.

• Cash, cash equivalents, and restricted cash totaled $141.8 million at quarter-end.

• Net cash provided by operating activities was $156.5 million, more than doubling from $71.2 million in Q1 2025.

Outlook and guidance

• Full-year 2026 GAAP net income expected at $153–$166 million ($1.15–$1.25 per diluted share) on revenues of $2.95–$3.1 billion.

• Full-year adjusted EBITDA guidance raised to $525–$545 million.

• Q2 2026 guidance: net income of $33–$39 million ($0.25–$0.29 per share) on $715–$725 million revenue; adjusted EBITDA of $130–$135 million.

• CapEx for 2026 projected at $137.5–$162.5 million, reflecting retrofitting idle facilities and growth initiatives.

• Upside potential from further facility reactivations, higher ISAP V volumes, and expanded service mix.