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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to_______

Commission file number: 1-14260

The GEO Group, Inc.

(Exact name of registrant as specified in its charter)


Florida		65-0043078
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

4955 Technology Way Boca Raton, Florida		33431
(Address of principal executive offices)		(Zip Code)

(561) 893-0101

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value per share	GEO	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☑	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of November 4, 2025, the registrant had 139,197,249 shares of common stock outstanding.

TABLE OF CONTENTS


PART I - FINANCIAL INFORMATION	3
ITEM 1. FINANCIAL STATEMENTS	3
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024	3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024	4
CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2025 (UNAUDITED) AND DECEMBER 31, 2024	5
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024	6
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS	7
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	35
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	54
ITEM 4. CONTROLS AND PROCEDURES	54
PART II - OTHER INFORMATION	55
ITEM 1. LEGAL PROCEEDINGS	55
ITEM 1A. RISK FACTORS	58
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	58
ITEM 3. DEFAULTS UPON SENIOR SECURITIES	58
ITEM 4. MINE SAFETY DISCLOSURES	58
ITEM 5. OTHER INFORMATION	58
ITEM 6. EXHIBITS	59
SIGNATURES	60

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

THE GEO GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

FOR THE THREE AND NINE MONTHS ENDED

SEPTEMBER 30, 2025 AND 2024

(In thousands, except per share data)


	Three Months Ended						Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Revenues	$	682,341		$	603,125		$	1,923,854		$	1,815,982
Operating expenses		508,881			441,917			1,438,574			1,327,121
Depreciation and amortization		33,039			31,756			97,907			94,434
General and administrative expenses		62,121			47,081			176,116			152,349
Contingent litigation reserve		37,600			—			37,600			—
Operating income		40,700			82,371			173,657			242,078
Interest income		2,558			3,168			7,021			7,634
Interest expense		(38,234	)		(45,498	)		(122,582	)		(147,437	)
Loss on extinguishment of debt		(7,851	)		(2,920	)		(8,446	)		(85,298	)
Other income		—			—			5,514			—
Gain (loss) on asset divestitures/impairment		232,381			—			232,381			(2,907	)
Income before income taxes and equity in earnings of affiliates		229,554			37,121			287,545			14,070
Provision for (benefit from) income taxes		56,391			11,664			68,771			(644	)
Equity in earnings of affiliates, net of income tax provision of $219, $197, $618 and $512, respectively		759			832			3,764			1,671
Net income		173,922			26,289			222,538			16,385
Net loss attributable to noncontrolling interests		18			31			68			90
Net income attributable to The GEO Group, Inc.	$	173,940		$	26,320		$	222,606		$	16,475

Weighted-average common shares outstanding:
Basic		138,283			135,961			137,992			129,682
Diluted		139,992			138,130			140,509			132,022
Net income per common share attributable to The GEO Group, Inc.:
Basic:
Net income per common share attributable to The GEO Group Inc.-basic	$	1.26		$	0.19		$	1.61		$	0.12
Diluted:
Net income per common share attributable to The GEO Group, Inc.-diluted	$	1.24		$	0.19		$	1.58		$	0.11

The accompanying notes are an integral part of these unaudited consolidated financial statements.

THE GEO GROUP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

FOR THE THREE AND NINE MONTHS ENDED

SEPTEMBER 30, 2025 AND 2024

(In thousands)


	Three Months Ended						Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Net income	$	173,922		$	26,289		$	222,538		$	16,385
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments		766			4,923			6,787			3,753
Change in marketable securities, net of tax provision of $23, $131, $132 and $131, respectively		86			495			496			495
Pension liability adjustment, net of tax provision (benefit) of $(13), $3, $(39) and $9, respectively		(50	)		12			(148	)		36
Change in fair value of derivative instrument classified as cash flow hedge, net of tax benefit of $(45), $(373), $(315) and $(156), respectively		(169	)		(1,404	)		(1,184	)		(589	)
Total other comprehensive income, net of tax		633			4,026			5,951			3,695
Total comprehensive income		174,555			30,315			228,489			20,080
Comprehensive loss attributable to noncontrolling interests		32			59			114			121
Comprehensive income attributable to The GEO Group, Inc.	$	174,587		$	30,374		$	228,603		$	20,201

The accompanying notes are an integral part of these unaudited consolidated financial statements.

THE GEO GROUP, INC.

CONSOLIDATED BALANCE SHEETS

SEPTEMBER 30, 2025 AND DECEMBER 31, 2024

(In thousands, except share data)


	September 30, 2025			December 31, 2024
	(Unaudited)
ASSETS
Current Assets
Cash and cash equivalents	$	183,945		$	76,896
Restricted cash and cash equivalents		—			2,785
Accounts receivable, net of credit loss reserve of $665 and $685, respectively		452,918			376,013
Prepaid expenses and other current assets		48,461			44,485
Total current assets		685,324			500,179
Restricted Cash and Investments		169,956			145,366
Property and Equipment, Net		1,884,668			1,899,690
Operating Lease Right-of-Use Assets, Net		73,713			95,327
Deferred Income Tax Assets		9,522			9,522
Goodwill		756,024			756,001
Intangible Assets, Net		119,643			126,576
Other Non-Current Assets		110,423			99,419
Total Assets	$	3,809,273		$	3,632,080
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	68,719		$	67,464
Accrued payroll and related taxes		99,258			68,044
Accrued expenses and other current liabilities		235,454			177,768
Operating lease liabilities, current portion		17,781			25,335
Current portion of finance lease liabilities and long-term debt		1,422			1,612
Total current liabilities		422,634			340,223
Deferred Income Tax Liabilities		87,497			78,198
Other Non-Current Liabilities		167,987			95,410
Operating Lease Liabilities		58,562			73,638
Long-Term Debt, Net		1,552,613			1,711,197
Commitments, Contingencies and Other Matters (Note 11)
Shareholders’ Equity
Preferred stock, $0.01 par value, 30,000,000 shares authorized, none issued or outstanding		—			—
Common stock, $0.01 par value, 225,000,000 shares authorized, 141,162,782 and 140,181,318 issued and 139,196,003 and 140,181,318 outstanding, respectively		1,412			1,402
Additional paid-in capital		1,314,953			1,315,256
Retained earnings		262,486			39,880
Accumulated other comprehensive loss		(15,605	)		(21,602	)
Treasury stock, 1,966,779 and 0 shares, at cost, respectively		(41,630	)		—
Total shareholders’ equity attributable to The GEO Group, Inc.		1,521,616			1,334,936
Noncontrolling interests		(1,636	)		(1,522	)
Total shareholders’ equity		1,519,980			1,333,414
Total Liabilities and Shareholders’ Equity	$	3,809,273		$	3,632,080

The accompanying notes are an integral part of these unaudited consolidated financial statements.

THE GEO GROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

FOR THE NINE MONTHS ENDED

SEPTEMBER 30, 2025 AND 2024

(In thousands)


	Nine Months Ended
	September 30, 2025			September 30, 2024
Cash Flow from Operating Activities:
Net income	$	222,538		$	16,385
Net loss attributable to noncontrolling interests		68			90
Net income attributable to The GEO Group, Inc.		222,606			16,475
Adjustments to reconcile net income attributable to The GEO Group, Inc. to net cash provided by operating activities:
Depreciation and amortization expense		97,907			94,434
Stock-based compensation		19,621			12,322
Loss on extinguishment of debt		8,446			85,298
Amortization of debt issuance costs, discount and/or premium and other non-cash interest		4,671			6,597
Equity in earnings of affiliates, net of tax		(3,764	)		(1,671	)
Dividends received from unconsolidated joint ventures		1,440			4,586
Gain on early lease termination		(828	)		—
Realized/unrealized gain on investments		(7,157	)		(7,586	)
Gain on sale of property and equipment, net		—			(581	)
(Gain) loss on asset divestitures/impairment		(232,381	)		2,907
Changes in assets and liabilities, net of effects of acquisitions:
Changes in accounts receivable, prepaid expenses and other assets		(63,378	)		7,349
Changes in accounts payable, accrued expenses and other liabilities		142,765			3,642
Net cash provided by operating activities		189,948			223,772
Cash Flow from Investing Activities:
Proceeds from sale of real estate and other assets		321,050			—
Purchases of marketable securities		(18,799	)		(31,747	)
Proceeds from sale of marketable securities		2,810			9,399
Capital expenditures		(161,286	)		(57,909	)
Net cash provided by (used in) investing activities		143,775			(80,257	)
Cash Flow from Financing Activities:
Payments on long-term debt		(321,870	)		(1,873,874	)
Proceeds from issuance of long-term debt		—			1,720,500
Payments on revolver		(30,000	)		—
Proceeds from revolver		182,583			40,000
Payments for call premiums		(1,320	)		(35,558	)
Taxes paid related to net share settlements of equity awards		(24,431	)		(7,464	)
Proceeds from issuance of common stock in connection with ESPP		127			115
Payment for repurchases of common stock		(41,630	)		—
Debt issuance costs		—			(30,621	)
Proceeds from the exercise of stock options		4,390			785
Net cash used in financing activities		(232,151	)		(186,117	)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash and Cash Equivalents		4,136			1,138
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash and Cash Equivalents		105,708			(41,464	)
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, beginning of period		125,864			159,867
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, end of period	$	231,572		$	118,403
Supplemental Disclosures:
Non-cash Investing and Financing activities:
Right-of-use assets obtained from operating lease liabilities	$	9,793		$	6,038
Right-of-use asset written off due to early termination of lease	$	16,021		$	—
Right-of-use liability written off due to early termination of lease	$	16,849		$	—
Debt issuance costs in accrued expenses	$	—		$	5,127
Capital expenditures in accounts payable and accrued expenses	$	2,663		$	4,922

The accompanying notes are an integral part of these unaudited consolidated financial statements.

THE GEO GROUP, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

1. BASIS OF PRESENTATION

The GEO Group, Inc., a Florida corporation, and subsidiaries (the “Company” or “GEO”) specialize in the ownership, leasing and management of secure facilities, processing centers and community reentry centers in the United States, Australia and South Africa. The Company owns, leases and operates a broad range of facilities including maximum, medium and minimum security facilities, processing centers, as well as community-based reentry facilities and offers an expanded delivery of rehabilitation services under its 'GEO Continuum of Care' platform. The 'GEO Continuum of Care' platform integrates enhanced rehabilitative programs, which are evidence-based and include cognitive behavioral treatment and post-release services, and provides academic and vocational classes in life skills and treatment programs while helping individuals reintegrate into their communities. The Company develops new facilities based on contract awards, using its project development expertise and experience to design, construct and finance what it believes are state-of-the-art facilities that maximize security and efficiency. The Company provides innovative compliance technologies, industry-leading monitoring services, and evidence-based supervision and treatment programs for community-based parolees, probationers and pretrial defendants. The Company also provides secure transportation services for individuals as contracted domestically and in the United Kingdom through its joint venture GEOAmey Ltd. (“GEOAmey”). At September 30, 2025, the Company’s worldwide operations include the management and/or ownership of approximately 75,000 beds at 95 facilities, including idle facilities, and also includes the provision of reentry and electronic monitoring and supervision services for thousands of individuals, including an array of technology products including radio frequency, GPS, and alcohol monitoring devices.

The Company's unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and the instructions to Form 10-Q and consequently do not include all disclosures required by Form 10-K. The accounting policies followed for quarterly financial reporting are the same as those disclosed in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 28, 2025 for the year ended December 31, 2024. The accompanying December 31, 2024 consolidated balance sheet has been derived from those audited financial statements. Additional information may be obtained by referring to the Company’s Form 10-K for the year ended December 31, 2024. In the opinion of management, all adjustments (consisting only of normal recurring items) necessary for a fair presentation of the financial information for the interim periods reported in this Quarterly Report on Form 10-Q have been made. Results of operations for the nine months ended September 30, 2025 are not necessarily indicative of the results for the entire year ending December 31, 2025, or for any other future interim or annual periods.

2. GOODWILL AND OTHER INTANGIBLE ASSETS

The Company has recorded goodwill as a result of its various business combinations. Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the tangible assets and intangible assets acquired net of liabilities assumed, including noncontrolling interests. Changes in the Company's goodwill balances from January 1, 2025 to September 30, 2025 are as follows (in thousands):


	January 1, 2025		Foreign Currency Translation		September 30, 2025
U.S. Secure Services	$	316,366	$	—	$	316,366
Electronic Monitoring and Supervision Services		289,570		—		289,570
Reentry Services		148,873		—		148,873
International Services		1,192		23		1,215
Total Goodwill	$	756,001	$	23	$	756,024

The Company has also recorded other finite and indefinite-lived intangible assets as a result of its various business combinations. The Company's intangible assets include facility management contracts and trade names and technology, as follows (in thousands):


	September 30, 2025									December 31, 2024
	Weighted Average Useful Life (years)		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Facility management contracts		16.3	$	223,770	$	(149,327	)	$	74,443	$	223,790	$	(142,414	)	$	81,376
Trade names	Indefinite			45,200		—			45,200		45,200		—			45,200
Total acquired intangible assets			$	268,970	$	(149,327	)	$	119,643	$	268,990	$	(142,414	)	$	126,576

Amortization expense was $2.3 million for each of the three months ended September 30, 2025 and 2024. Amortization expense was $6.9 million and $7.0 million for the nine months ended September 30, 2025 and 2024, respectively. The Company records the costs associated with renewal and extension of facility management contracts as expenses in the period they are incurred. As of September 30, 2025, the weighted average period before the next contract renewal or extension for the acquired facility management contracts was approximately 1.5 years.

Estimated amortization expense related to the Company's finite-lived intangible assets for the remainder of 2025 through 2029 and thereafter is as follows (in thousands):


Fiscal Year	Total Amortization Expense
Remainder of 2025	$	2,300
2026		7,197
2027		6,854
2028		6,854
2029		6,854
Thereafter		44,384
	$	74,443

3. FINANCIAL INSTRUMENTS

The following tables provide a summary of the Company’s significant financial assets and liabilities carried at fair value and measured on a recurring basis as of September 30, 2025 and December 31, 2024 (in thousands):


			Fair Value Measurements at September 30, 2025
	Carrying Value at September 30, 2025		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Restricted investment:
Rabbi Trusts	$	64,382	$	13,032	$	51,350	$	—
Marketable equity and fixed income securities		72,616		1,637		70,979		—
Other non-current assets		20,026		—		20,026		—
Interest rate swap derivatives		3,352		—		3,352		—


			Fair Value Measurements at December 31, 2024
	Carrying Value at December 31, 2024		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Restricted investments:
Rabbi Trusts	$	59,495	$	12,635	$	46,860	$	—
Marketable equity and fixed income securities		54,392		2,069		52,323		—
Other non-current assets		19,345		—		19,345		—
Interest rate swap derivatives		4,851		—		4,851		—

The Company’s Level 2 financial instruments included in the tables above as of September 30, 2025 and December 31, 2024 consist of interest rate swap derivative assets/liabilities held by GEO, investments in equity and fixed income securities held in the Company’s captive insurance subsidiary, Florina Insurance Company, Inc. ("Florina"), the Company's rabbi trust established for employer contributions to The GEO Group, Inc. Non-qualified Deferred Compensation Plan and other non-current assets which include the cash surrender value of company-owned life insurance policies. The Company's Level 1 financial instruments included in the table above as of September 30, 2025 consist of money market funds held in Florina and money market funds held in the Company's rabbi trust established for its Executive Chairman's retirement account.

The interest rate swap derivative assets are valued using a discounted cash flow model based on projected borrowing rates. The Company's restricted investment in the rabbi trust for The GEO Group, Inc. Non-qualified Deferred Compensation Plan is invested in Company-owned life insurance policies which are recorded at their cash surrender values. These investments are valued based on the underlying investments held in the policies' separate accounts. The underlying assets are equity and fixed income pooled funds. The marketable equity and fixed income securities are valued using quoted rates. The company-owned life insurance policies included in other non-current assets are valued at their cash surrender values.

4. FAIR VALUE OF ASSETS AND LIABILITIES

The Company’s consolidated balance sheets reflect certain financial assets and liabilities at carrying value. The carrying value of certain debt instruments, if applicable, is net of unamortized discount. The following tables present the carrying values of those financial instruments and the estimated corresponding fair values at September 30, 2025 and December 31, 2024 (in thousands):


			Estimated Fair Value Measurements at September 30, 2025
	Carrying Value as of September 30, 2025		Total Fair Value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	183,945	$	183,945	$	183,945	$	—	$	—
Restricted cash		32,958		32,958		32,958		—		—
Liabilities:
Borrowings under credit agreement	$	262,583	$	262,583	$	—	$	262,583	$	—
8.625% Senior Secured Notes due 2029		650,000		688,844		—		688,844		—
10.250% Senior Notes due 2031		625,000		688,131		—		688,131		—


			Estimated Fair Value Measurements at December 31, 2024
	Carrying Value as of December 31, 2024		Total Fair Value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	76,896	$	76,896	$	76,896	$	—	$	—
Restricted cash		48,968		48,968		48,968		—		—
Liabilities:
Borrowings under credit agreement	$	430,823	$	436,838	$	—	$	436,838	$	—
8.625% Senior Secured Notes due 2029		650,000		687,239		—		687,239		—
10.250% Senior Notes due 2031		625,000		682,281		—		682,281		—
6.50% Exchangeable Senior Notes due 2026		100		314		—		314		—

The fair values of the Company’s cash and cash equivalents, and restricted cash and investments approximates the carrying values of these assets at September 30, 2025 and December 31, 2024. Restricted cash consists of money market funds, bank deposits, commercial paper and time deposits used for asset replacement funds and other funds contractually required to be maintained at the Company's Australian subsidiary. It also includes cash on hand in the Company’s captive insurance subsidiary, Florina. The fair value of the money market funds and bank deposits is based on quoted market prices (Level 1).

As of September 30, 2025 and December 31, 2024, the recurring fair values of the Company's 8.625% Secured Notes due 2029 and the 10.250% Senior Notes due 2031 are based on Level 2 inputs using quotations by major market news services, such as Bloomberg. The fair value of the Company's Credit Agreement was also based on quotations by major market news services and also estimates of trading value considering the Company's borrowing rate, the undrawn spread and similar instruments.

As of December 31, 2024, the fair values of the Company's 6.50% Exchangeable Senior Notes due 2026 are based on Level 2 inputs by major market news services. During the first quarter of 2025, the Company retired the remaining principal balance of its 6.50% Exchangeable Senior Notes due 2026.

5. RESTRICTED CASH AND CASH EQUIVALENTS

The following table provides a reconciliation of cash, cash equivalents and restricted cash and cash equivalents reported on the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows:


	September 30, 2025			September 30, 2024
Cash and cash equivalents	$	183,945		$	70,635
Restricted cash and investments - non-current		169,956			147,774
Less Restricted investments - non-current		(122,329	)		(100,006	)
Total cash, cash equivalents and restricted cash and cash equivalents shown in the statement of cash flows	$	231,572		$	118,403

Amounts included in restricted cash and cash equivalents are attributable to certain contractual cash restriction requirements at the Company's wholly owned Australian subsidiary, asset replacement funds contractually required to be maintained and other guarantees and cash on hand in the Company’s captive insurance subsidiary, Florina. Restricted investments - non-current (included in Restricted Cash and Investments in the accompanying consolidated balance sheets) consists of the Company's rabbi trust established for employee and employer contributions to The GEO Group, Inc. Non-qualified Deferred Compensation Plan, its rabbi trust established for its Executive Chairman's retirement account held in a money market fund, investments in equity and fixed income securities and money market funds held in the Company’s captive insurance subsidiary, Florina, and certain contractual cash requirements at the Company’s wholly owned Australian subsidiary related to certain performance guarantees at its Ravenhall facility. The investments held in the rabbi trust related to The GEO Group, Inc. Non-Qualified Deferred Compensation Plan and the investments in equity and fixed income mutual funds held in Florina are restricted investments that are not considered to be restricted cash and cash equivalents in the accompanying consolidated statements of cash flows. Refer to Note 3 - Financial Instruments.

6. SHAREHOLDERS’ EQUITY

The following tables present the changes in shareholders’ equity that are attributable to the Company’s shareholders and to noncontrolling interests for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Common shares						Additional Paid-In					Accumulated Other Comprehensive			Treasury shares					Noncontrolling			Total Shareholders'
	Shares			Amount			Capital			Retained Earnings		Loss			Shares		Amount			Interests			Equity
For the Three Months Ended September 30, 2025
Balance, July 1, 2025		141,245		$	1,413		$	1,309,317		$	88,546	$	(16,254	)		—	$	—		$	(1,602	)	$	1,381,420
Proceeds from exercise of stock options		19			—			222			—		—			—		—			—			222
Stock-based compensation expense		—			—			7,627			—		—			—		—			—			7,627
Restricted stock canceled		(12	)		—			—			—		—			—		—			—			—
Purchase of treasury shares [3]		(1,967	)		—			—			—		—			1,967		(41,630	)		—			(41,630	)
Shares withheld for net settlements of share- based awards [1]		(91	)		(1	)		(2,253	)		—		—			—		—			—			(2,254	)
Issuance of common stock - ESPP		2			—			40					—			—		—			—			40
Net income		—			—			—			173,940		—			—		—			(18	)		173,922
Other comprehensive income (loss)		—			—			—			—		649			—		—			(16	)		633
Balance, September 30, 2025		139,196		$	1,412		$	1,314,953		$	262,486	$	(15,605	)		1,967	$	(41,630	)	$	(1,636	)	$	1,519,980


	Common shares						Additional Paid-In						Accumulated Other Comprehensive			Treasury shares				Noncontrolling			Total Shareholders'
	Shares			Amount			Capital			Retained Earnings (Accumulated Deficit)			Loss			Shares		Amount		Interests			Equity
For the Three Months Ended September 30, 2024
Balance, July 1, 2024		139,551		$	1,396		$	1,299,558		$	(1,931	)	$	(16,970	)		—	$	—	$	(1,516	)	$	1,280,537
Proceeds from exercise of stock options		16			—			118			—			—			—		—		—			118
Stock-based compensation expense		—			—			3,534			—			—			—		—		—			3,534
Restricted stock granted		158			1			(1	)		—			—			—		—		—			-
Restricted stock canceled		(21	)		—						—			—			—		—		—			-
Issuance of common shares [2]		16			1			(1	)		—			—			—		—		—			-
Shares withheld for net settlements of share- based awards [1]		(1	)		(1	)		(1	)		—			—			—		—		—			(2	)
Issuance of common stock - ESPP		3			—			36			—			—			—		—		—			36
Net loss		—			—			—			26,320			—			—		—		(31	)		26,289
Other comprehensive income (loss)		—			—			—			—			4,054			—		—		(28	)		4,026
Balance, September 30, 2024		139,722		$	1,397		$	1,303,243		$	24,389		$	(12,916	)		—	$	—	$	(1,575	)	$	1,314,538


	Common shares						Additional Paid-In					Accumulated Other Comprehensive			Treasury shares					Noncontrolling			Total Shareholders'
	Shares			Amount			Capital			Retained Earnings		Loss			Shares		Amount			Interests			Equity
For the Nine Months Ended September 30, 2025
Balance January 1, 2025		140,181		$	1,402		$	1,315,256		$	39,880	$	(21,602	)		—	$	—		$	(1,522	)	$	1,333,414
Proceeds from exercise of stock options		293			3			4,387			—		—			—		—			—			4,390
Stock-based compensation expense		—			—			19,621			—		—			—		—			—			19,621
Restricted stock granted		1,827			18			(18	)		—		—			—		—			—			—
Restricted stock canceled		(146	)		(1	)		1			—		—			—		—			—			—
Shares withheld for net settlements of share- based awards [1]		(997	)		(10	)		(24,421	)		—		—			—		—			—			(24,431	)
Issuance of common stock - ESPP		5			—			127			—		—			—		—			—			127
Purchase of treasury shares [3]		(1,967	)		—			—					—			1,967		(41,630	)		—			(41,630	)
Net income		—			—			—			222,606		—			—		—			(68	)		222,538
Other comprehensive income (loss)		—			—			—			—		5,997			—		—			(46	)		5,951
Balance, September 30, 2025		139,196		$	1,412		$	1,314,953		$	262,486	$	(15,605	)		1,967	$	(41,630	)	$

GEO GROUP INC 10-Q