CoreCivic Sees Stabilized Occupancy Across Newly Reactivated Facilities

Private prison operator expects $2.5 billion in annual revenue and $450 million in EBITDA by mid-2026 as ICE detention levels hit record highs.

Published on Feb. 15, 2026

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CoreCivic executives said the company is working toward 'stabilized occupancy' across several recently reactivated or newly awarded facilities by mid-2026, as demand from federal partners—particularly U.S. Immigration and Customs Enforcement (ICE)—continued to climb during the fourth quarter of 2025. The company expects those facilities to reach stabilized occupancy during the first half of 2026, which would generate an annual revenue run rate of approximately $2.5 billion and an annual EBITDA run rate of about $450 million—nearly $100 million higher year over year.

Why it matters

As one of the largest private prison operators in the U.S., CoreCivic's performance is closely tied to federal immigration enforcement policies and detention levels. The company's ability to rapidly reactivate and fill idle facilities highlights the ongoing demand for detention capacity, even as the U.S. Marshals Service population has declined.

The details

Three of four previously idle facilities tied to awards announced in the second half of 2025 are taking in additional populations, with the fourth, the Midwest Regional Reception Center, remaining delayed as CoreCivic awaits the outcome of a special use permit application. Management expects those facilities to reach stabilized occupancy during the first half of 2026. ICE detention levels reached a historic high of around 69,900 individuals nationwide in early January 2026, up almost 10,000 from the end of the third quarter. CoreCivic's ICE populations grew by 5,903 individuals from the end of 2024 through the end of 2025 to just over 16,000, a 58% increase.

  • In the fourth quarter of 2025, CoreCivic's average daily population across all managed facilities was 56,380 individuals, compared with 50,202 in the year-ago quarter.
  • On July 1, 2025, CoreCivic acquired the Farmville Detention Center.
  • In the third quarter of 2025, the 2,400-bed Dilley Immigration Processing Facility was fully activated after being idle following a prior funding termination in 2024.
  • California City and Diamondback, both idle at the start of 2025, are expected to reach stabilized occupancy in the first and second quarters of 2026, respectively, and projected to reach profitability in the first quarter of 2026.

The players

CoreCivic

A real estate investment trust specializing in the ownership, management and operation of private correctional and detention facilities in the United States.

Patrick Swindle

President and CEO of CoreCivic.

David Garfinkle

CFO of CoreCivic.

U.S. Immigration and Customs Enforcement (ICE)

CoreCivic's largest customer for more than a decade, with ICE populations in CoreCivic's care growing by 58% from the end of 2024 through the end of 2025.

U.S. Marshals Service

CoreCivic's average daily Marshals population declined by 1,235 individuals from the fourth quarter of 2024.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

What’s next

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The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.