Private Prison Companies See Revenue Rise Amid Increased Detention Levels

The CoreCivic, Inc. California City Immigration Processing Center is located in the Kern County desert, poised for reopening as a federal immigrant detention facility under a contract with US Immigration and Customs Enforcement (ICE). The reopening occurs in California City, California on July 10, 2025.

CoreCivic and GEO Group, the two largest private prison companies in the US, reported a combined $1.4 billion in revenue over the spring. This period has seen immigration detention figures approach record levels. The earnings announcement on Thursday excluded an additional $1.6 billion from CoreCivic’s sale of four facilities to the Department of Homeland Security.

Patrick Swindle, CoreCivic’s President and CEO, explained to investors that these earnings represent an average rate of $307,000 per bed. The earnings cover the period from April to June, during which the U.S. held nearly 66,000 people in immigration detention, nearing highs not seen since January, according to the Transactional Records Access Clearinghouse.

Both companies are identifying additional revenue streams, such as ankle monitors for Haitian immigrants losing their protected status. Swindle reported CoreCivic’s revenue increased by over 27% this spring compared to the previous year, reaching $684.9 million. Despite the government shutdown, CoreCivic exceeded expectations by reducing operating costs and detaining more people.

The sales of detention centers by CoreCivic to the government will reflect in the next quarter’s results. This sale aligns with President Trump’s objective to have 100,000 individuals in detention simultaneously. CoreCivic aims to continue operating these centers and plans to construct new ones, with GEO Group looking to make similar agreements.

GEO Group’s Government Connections

George Zoley, CEO of GEO Group, noted in Thursday’s earnings call that their revenues reached $732.1 million, marking a $96 million or 15% increase from the previous year. GEO Group’s ties to the government are extensive; David Venturella, a former GEO executive, is now ICE’s acting director. He informed lawmakers of divesting his GEO stock.

Tom Homan, the White House Border Czar, worked as a paid consultant for GEO Group before his government role. Former Attorney General Pam Bondi had also lobbied for GEO Group before her appointment. President Trump holds financial interests in both companies as reported by Citizens for Responsibility and Ethics. CREW’s analysis of Trump’s recent financial disclosure revealed 29 trades in private prison stocks by his brokers during his second term.

Exploring Revenue Streams

During GEO Group’s call, Zoley highlighted the rise in ankle monitoring sales. These devices are part of the Intensive Supervision Appearance Program (ISAP) contract with ICE, also involving smartwatches and the SmartLink app to monitor immigrants outside detention. The demand for GPS-tracking ankle monitors may rise due to the end of Temporary Protected Status for Haitian immigrants.

“Because of this new policy shift as to who will be subject to this immigration enforcement like … the Haitians, we could see a significant increase in the number of people in the ISAP program,” Zoley said. “Most of them, we believe, would be placed under the ankle monitoring supervision.”

He added that the app is less costly than the ankle monitors. Member station WVXU in Ohio observed Haitian migrants wearing ankle monitors after meeting ICE officials. GEO Group also experienced increased revenue from transportation and flight contracts with the government corresponding to more deportations.