At a glance
Geo Group Inc is worth $3.63B, about 15 times its fiscal 2025 earnings. Revenue grew 8.6% to $2.63B in fiscal 2025, with 9.7% kept as profit; over 5 years it has grown 2.3% a year. It pays no dividend; it spent $91.0M buying back its shares over FY2021–FY2025. The stock returned +65.2% over the past year with dividends reinvested and +27.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 42.0% in the 2020 crash (S&P 500: 33.7%) and 34.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 48 months and 5 months after the lows.
The business in plain English
GEO Group owns, leases and runs secure facilities, such as prisons and immigration processing centers. It also runs community-based reentry centers, which help people leaving custody return to society. It works for government agencies in the United States, Australia and South Africa. As of December 31, 2025, it managed or owned about 75,000 beds at 95 facilities, including idle ones. It also tracks thousands of people outside facilities with GPS, radio-frequency and alcohol-monitoring devices. It provides secure transportation in the US and, through its GEOAmey joint venture, in the UK.
Governments pay GEO under contracts to provide security, food, education, rehabilitation and administrative services. Customers include U.S. Immigration and Customs Enforcement (ICE), the U.S. Marshals Service and state prison systems such as Florida's. The biggest share, 52.8% of fiscal 2025 revenue, came from prisons and detention centers that GEO owns or leases. Contracts to run only the operations at government-owned sites added 24.4%.
GEO reports four business segments. Revenue was $2.63 billion in fiscal 2025. U.S. secure services supplied 69.4%, electronic monitoring and supervision 12.2%, reentry services 10.9%, and international operations in Australia and South Africa 7.5%. The monitoring business renewed its ICE contract for ISAP (the Intensive Supervision and Appearance Program), which covers electronic monitoring, case management and supervision. The renewal runs one year from October 1, 2025, plus a one-year option.
Price history
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GEO +65.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Owned And Leased Corrections And Detention | $1.39B | 52.8% |
| Managed Only | $642.6M | 24.4% |
| Electronic Monitoring Services And Other Reentry | $436.1M | 16.6% |
| Owned And Leased Community Based | $164.5M | 6.2% |
By business segment
| Us Corrections And Detention | $1.83B | 69.4% |
| Electronic Monitoring And Supervision Services | $320.9M | 12.2% |
| Reentry Services | $286.5M | 10.9% |
| International Services Segment | $197.1M | 7.5% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $732.1M, up 15.1% from a year earlier, and net income was $47.5M (+63.2%).
- For fiscal 2025, revenue was $2.63B (+8.6% year over year; +2.3% a year from FY2020 to FY2025) with a 9.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +2.3% watch |
|---|---|
| Operating margin | 9.8% watch |
| Free cash flow margin | -4.7% weak |
| Return on equity (FY2025) | 16.9% good |
| Return on assets (FY2025) | 6.6% watch |
| Net cash (cash minus debt) | $-1.49B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.35B | $113.0M | $332.9M |
| FY2021 | $2.26B | $77.4M | $213.2M |
| FY2022 | $2.38B | $171.8M | $198.0M |
| FY2023 | $2.41B | $107.3M | $204.8M |
| FY2024 | $2.42B | $32.0M | $163.5M |
| FY2025 | $2.63B | $254.4M | $-124.9M |
Valuation snapshot
| Market value | $3.63B |
|---|---|
| P/E ratio | 15.1 |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
Geo Group’s market value went from $1.80B at the end of 2016 to $3.63B on Oct 28, 2026, about 2.0 times as much; since the end of 2025 it is up 62%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.63B | +61.7% |
| 2025 | $2.24B | -42.6% |
| 2024 | $3.91B | +186.5% |
| 2023 | $1.37B | +0.5% |
| 2022 | $1.36B | +43.2% |
| 2021 | $949.6M | -11.6% |
| 2020 | $1.07B | -46.6% |
| 2019 | $2.01B | -16.0% |
| 2018 | $2.40B | -18.1% |
| 2017 | $2.93B | +63.0% |
| 2016 | $1.80B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| GEO price data to Oct 28, 2026 | +71.0% | +65.2% | +46.3% | +27.8% | +10.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +71.0% |
| 2025 | -42.4% |
| 2024 | +158.4% |
| 2023 | -1.1% |
| 2022 | +41.3% |
| 2021 | -9.9% |
| 2020 | -38.9% |
| 2019 | -6.7% |
| 2018 | -9.4% |
| 2017 | +5.0% |
| 2016 | +36.1% |
| 2015 | -23.0% |
| 2014 | +33.7% |
| 2013 | +21.3% |
| 2012 | +93.2% |
| 2011 | -32.1% |
| 2010 | +12.7% |
| 2009 | +21.4% |
| 2008 | -35.6% |
| 2007 | +60.0% |
| 2006 | +145.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 59.8% over that stretch · deepest drop along the way 64.7%, back to its old high 45.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 40.6% over that stretch · deepest drop along the way 42%, back to its old high 48.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 6% over that stretch · deepest drop along the way 34.6%, back to its old high 5.1 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 5 sales ($1.1M), 1 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 11, 2026 | Matthew Albence Senior VP, Client Relations | sell | $371K |
| Aug 20, 2026 | Matthew Albence Senior VP, Client Relations | sell | $317K |
| Aug 21, 2026 | Ronald A. Brack See Remarks | sell | $224K |
| Aug 13, 2026 | Lindsay L. Koren Director | sell | $110K |
| Mar 4, 2026 | Scott Michael Kernan Director | sell (plan) | $101K |
Who owns it
Large shareholders (13G filings)
| Pentwater Capital Management LP | 7.2% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.71% | Mar 31, 2026 |
| Vanguard Capital Management | 5.11% | Mar 31, 2026 |
| CONTINENTAL GENERAL INSURANCE CO | 3.7% | Jun 30, 2026 |
| Wolf Hill Capital Management, LP | 2.3% | Jun 30, 2025 |
| FMR LLC | 2% | Jun 30, 2025 |
ETFs with the most weight in GEO
| MGMT Ballast Small/Mid Cap ETF | 2.78% |
| PSCI Invesco S&P SmallCap Industrials ETF | 1.77% |
| XSMO Invesco S&P SmallCap Momentum ETF | 1.52% |
| VIOG Vanguard S&P Small-Cap 600 Growth ETF | 0.55% |
| RZG Invesco S&P SmallCap 600® Pure Growth ETF | 0.52% |
| JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF | 0.38% |
| FFSM Fidelity Fundamental Small-Mid Cap ETF | 0.37% |
| XJR iShares ESG Select Screened S&P Small-Cap ETF | 0.37% |
What could go wrong
- Reliance on ICE and a few customers. GEO depends on a few government customers, and many of its contracts are with U.S. Immigration and Customs Enforcement (ICE). Losing a major contract, or lower occupancy or monitoring enrollment, could sharply cut revenue.
- ICE could run more detention itself. GEO's annual report (10-K) warns that ICE has expanded its use of non-traditional detention space and taken ownership of some such facilities. That could divert future demand away from GEO's beds.
- Political opposition to private prisons. Public and political pushback against governments hiring private operators could cost GEO contracts. Negative publicity can also make it harder to keep existing contracts or win new ones.
- Detention growth may not meet expectations. Investors expect more federal use of detention beds. If that doesn't happen, the 10-K warns, the stock could fall. Its price already swings widely: down 42% in 2025 after a 158% gain in 2024.
- Heavy debt and big building costs. Total debt was about $1.54 billion against roughly $55 million of cash and investments as of June 30, 2026. Building projects add borrowing, and some debt has floating rates, so rising rates raise costs.
- Dependence on government budgets. GEO is paid from government appropriations, the money lawmakers set aside for spending. Federal efforts to cut the deficit or tight state budgets could reduce spending on its services, hurting revenue and cash flow.
Recent events
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement; Other company announcement
- Major agreement signed; Acquisition or sale of assets completed; Investor presentation or announcement; Other company announcement
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Executive or board change; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement
- Other company announcement
For income and retirement investors
GEO does not pay a dividend, and its yield was 0% as of October 28, 2026. It paid $1.78 per share in fiscal 2020, cut that to $0.25 in fiscal 2021, and has paid none since, so it has no streak of increases. For an income investor, any cash drawn from the stock would have to come from trimming shares. GEO repurchased about $91 million of stock in fiscal 2025, yet the share count still grew 7.4% between November 2021 and August 2026. Free cash flow (cash left after capital spending) was negative $125 million in fiscal 2025.
The stock has fallen hard in downturns. It dropped 64.7% in the 2008 financial crisis and took about 45 months from the low to recover. It fell 42% in the 2020 COVID crash and did not recover until April 2024. In the 2022 bear market it fell 34.6% but recovered within about five months. Single stocks carry more risk than diversified funds.
Questions investors ask
How does GEO Group make money?
GEO earns most of its money from government contracts to run prisons, immigration processing centers and reentry centers, many of which it owns or leases. Revenue was $2.63 billion in fiscal 2025. U.S. secure services supplied 69.4%, electronic monitoring and supervision 12.2%, reentry services 10.9%, and operations in Australia and South Africa 7.5%. GEO also tracks people outside facilities with GPS, radio-frequency and alcohol-monitoring devices. It provides secure transportation too, including in the UK through its GEOAmey joint venture.
Does GEO Group pay a dividend?
No. GEO's dividend yield was 0% as of October 28, 2026. It paid $1.78 per share in fiscal 2020 and $0.25 in fiscal 2021, then stopped, and has paid nothing since fiscal 2022. Instead, the company spent about $91 million repurchasing its own shares in fiscal 2025. Investors who depend on income from their portfolio would receive none from GEO. They would have to trim shares to raise cash.
Does GEO Group work for ICE?
Yes. U.S. Immigration and Customs Enforcement (ICE) is a major GEO customer. In 2025, GEO won a 15-year ICE contract for its 1,000-bed Delaney Hall facility in Newark, New Jersey. A court settlement allowed full intake again at its 1,940-bed Adelanto center in California. GEO also opened ICE processing centers at company-owned sites in Michigan and Georgia. It provides monitoring and case management for ICE under the Intensive Supervision and Appearance Program (ISAP). Its annual report warns that GEO relies on a limited number of customers.
Who is the CEO of GEO Group?
George C. Zoley, GEO's founder and executive chairman, became chief executive effective March 1, 2026. He replaced J. David Donahue, who retired effective February 28, 2026. Donahue stays on as a consultant through February 2028 at $104,167 a month. Zoley's new terms include a $1.2 million base salary and a target annual bonus of 200% of salary. He also receives yearly restricted stock worth at least 300% of salary.
How volatile is GEO Group stock?
Very volatile. As of October 28, 2026, its one-year volatility (a measure of how much the price swings) was 49.1%. In the prior three years the shares fell as much as 62.5% from a high. Over about 21 years of price history, the worst fall was 77.7%. Calendar-year returns have swung widely: up 158% in 2024, down 42% in 2025 and up 71% in 2026 through October 28. The stock returned about 27.8% a year over five years and about 10.3% a year over 10 years.