Directors elected and governance votes passed: Shareholders (preliminary tally) elected the board nominees by majority vote and approved the ratification of Grant Thornton LLP as auditors and the advisory vote on executive compensation; final results will be filed on Form 8‑K.
Record 2025 contract wins: GEO reported up to approximately $520 million of new incremental annualized revenue in 2025—the largest in company history—including activation of five facilities (~$300M), expanded secure transportation (~$60M), and new state contracts (~$100M).
Solid 2025 financials and capital moves: Full‑year 2025 revenue was $2.6 billion with net income of $254 million and adjusted EBITDA of $464 million; GEO reduced net debt to about $1.65 billion after asset sales (Lawton $312M) and expanded a share repurchase program to $500M, having bought back ~5 million shares for ~$91M.
The GEO Group, Geo Group (NYSE:GEO), held its annual shareholders meeting at 10:00 a.m. and outlined a slate of director nominees, the results of shareholder votes, and a company report detailing 2025 contract wins, operational activity, and financial performance.
Annual meeting proceedings and proposals
George C. Zoley, Chairman, Chief Executive Officer, and Founder of The GEO Group, opened the meeting and introduced Scott Shipma, General Counsel and Secretary, and Kelly Phillips, an audit partner with Grant Thornton, who was available to address shareholder questions directed to the company’s auditors.
Wayne H. Calabrese said the company received proof by affidavit from Broadridge Financial Solutions that the notice of the annual meeting was mailed and the proxy statement was made available beginning March 19, 2026, to holders of record as of March 3, 2026. Calabrese also stated that, as of the record date, GEO had 132,707,287 shares of common stock outstanding, and that a quorum was present online or by proxy. Michael Barbera was appointed inspector of elections.
The meeting agenda included three proposals described in the 2026 proxy statement:
Election of directors for terms expiring at the next annual meeting (or until successors are elected and qualified)
Ratification of Grant Thornton LLP as independent registered public accountants for fiscal year 2026
An advisory vote on named executive officer compensation
Calabrese said the board, upon recommendation of the nomination and corporate governance committee, nominated the following individuals for election to the board: Thomas C. Bartzokis, Jack Brewer, Donna Arduin Kauranen, Scott Kernan, Lindsay L. Koren, Julie Myers Wood, and George C. Zoley. He added that no other nominations were received under the company’s bylaws.
Voting results to be finalized in an 8-K
After the presentation of proposals, online balloting closed at 10:08 a.m., Calabrese said. Based on a preliminary tally, he reported that shareholders elected the director nominees by a majority of votes cast. He also said votes in favor exceeded votes against both the ratification of Grant Thornton LLP and the advisory resolution to approve named executive officer compensation.
Calabrese said GEO plans to provide final voting results in a Form 8-K filing with the Securities and Exchange Commission within four business days.
Management’s report highlights 2025 contract awards and facility activity
In the company report for 2025, Zoley said GEO made “significant progress toward meeting our financial and strategic objectives” and reported that, during 2025, the company was awarded new or expanded contracts totaling up to approximately $520 million in new incremental annualized revenues, which he described as the largest amount of new business wins in a single year in GEO’s history.
Within the GEO Secure Services segment, Zoley said the company entered into new contracts to house ICE detainees at four facilities totaling approximately 6,000 beds, including three previously idle, company-owned facilities: the 1,000-bed Delaney Hall facility in New Jersey, the 1,800-bed North Lake facility in Michigan, and the 1,868-bed D. Ray James facility in Georgia. He also cited a joint venture agreement to provide management services at the state-owned 1,310-bed North Florida Detention Facility.
Zoley said GEO reactivated the company-owned 1,940-bed Adelanto ICE Processing Center in California during the third quarter of 2025 after it had been underutilized due to a COVID-related court case. He said the activation of these five facilities represented the largest startup activity in the company’s history, with a combined annualized revenue value of approximately $300 million, and required recruiting, hiring, and training approximately 2,000 new employees.
He also said GEO expanded secure transportation services for ICE and the U.S. Marshals Service, representing approximately $60 million in incremental annualized revenue. Zoley said GEO entered into new or amended contracts to expand secure ground transportation at seven ICE facilities, and that support services under its ICE air transportation subcontract “continue to steadily increase.” He added that GEO signed a new five-year contract with the U.S. Marshals Service covering 26 federal judicial districts spanning 14 states.
At the state level, Zoley said GEO was awarded two new managed-only contracts from the Florida Department of Corrections for the 1,884-bed Graceville facility and the 985-bed Bay facility. The facilities are scheduled to transition to GEO management on July 1, 2026, and have a combined annualized revenue value of approximately $100 million, he said.
Financial results, asset sales, and capital allocation
Zoley reported full-year 2025 total revenues of $2.6 billion, net income of $254 million, adjusted net income of $120 million, and adjusted EBITDA of $464 million. He said the company reduced total net debt and continued deleveraging, supported by the sale of the Lawton, Oklahoma facility for $312 million and the Hector Garza facility in Texas for $10 million.
He said GEO used approximately $60 million of the Lawton sale proceeds to purchase the 770-bed Western Region Detention Facility in downtown San Diego, California, which GEO has operated for the U.S. Marshals Service for 25 years. Zoley characterized the Lawton sale as “a transformative event” that helped GEO significantly reduce debt, and said GEO closed 2025 with approximately $1.65 billion in total net debt.
Zoley also said GEO began returning capital to shareholders through a share repurchase program approved in August 2025 and expanded to $500 million in November 2025. As of year-end, he said GEO had repurchased approximately 5 million shares for approximately $91 million, leaving total shares outstanding at approximately 136 million.
In closing remarks, Zoley said GEO expects continued activity and believes it has “upside potential across our diversified business segments,” citing approximately 6,000 idle high-security beds that could generate approximately $300 million in annualized revenues at full occupancy, along with continued opportunities in electronic monitoring and case management services and secure transportation offerings. No shareholder questions were submitted during the meeting, and the meeting was adjourned shortly thereafter.
About Geo Group (NYSE:GEO)
The GEO Group (NYSE:GEO) is a leading provider of correctional, detention and community reentry services to government agencies around the world. As a real estate investment trust, the company specializes in the design, financing, development and operation of secure facilities for adult and juvenile offenders, immigration detainees and individuals requiring mental health treatment or substance abuse programming. GEO’s integrated service model also encompasses electronic monitoring, rehabilitative programming and post-release supervision aimed at reducing recidivism and enhancing public safety.
GEO’s portfolio spans a range of facility types, including medium- and maximum-security correctional institutions, residential reentry centers, mental health treatment units and immigration detention centers.
