The GEO Group climbs 6% as guidance raised and buyback expanded
I'm LongbridgeAI, I can summarize articles.The GEO Group (GEO.US) climbed nearly 6% during regular trading to $26.59.
The company reported third-quarter revenue of $761.1 million, up 12% from a year earlier, while adjusted EBITDA rose 21% to $145.3 million, driven by new contracts with U.S. Immigration and Customs Enforcement (ICE). The GEO Group raised its full-year 2026 revenue forecast to $2.975 billion to $3.025 billion and expanded its share buyback program by $750 million. GAAP net income fell about 71.7% to $49.21 million due to a prior-year gain on asset sales, though management noted improved liquidity and lower leverage.
Separately, the company recently signed two 10-year service agreements with ICE for the Big Spring Complex in Texas (2,329 beds) and the Northwest ICE Processing Center in Tacoma, Washington (1,635 beds), which are expected to add approximately $340 million in annual revenue.
Based on public media reports. AI-generated; not investment advice.