cross-posted from: https://sh.itjust.works/post/55244274
Private prison company GEO Group’s net income rose 800 percent during fiscal year 2025, the company announced Thursday, thanks mainly to the Trump administration’s multibillion-dollar project to create a network of concentration camps across the country.
GEO Group’s net income for fiscal year 2025 was $254.3 million, compared to $31.9 million for the year before, executives said.
The earnings report comes as GEO Group’s stock price has plummeted by more than 60 percent after it rose sharply the day after Trump won the 2024 election. On Thursday, it fell by more than 14 percent to end trading at around $13.50 a share, partially due to fears of a backlash against Trump’s deportation surge.
But a company’s stock prices and its profits are not perfectly correlated. Stock prices can reflect that investors are confident about a company because its profits are high; they can also reflect how investors feel about a company’s activities, the tendency for some to follow trading trends or the activities of major investors, and their expectations about the future. Those factors do not necessarily have bearing on whether a company wins millions of dollars’ worth of government contracts, as GEO Group has.
Executives said they expect revenue in 2026 to hit between $2.9 billion and $3.1 billion.
GEO chief executive George Zoley said he was “pleased” with the results and that the year was “the most successful period for new business wins in our company’s history. We expect ’26 to be as active as ’25.” He noted that the company still has 6,000 idle beds that the government could use in its effort to deport one million people annually. Executives said they expect the government will increase its prisoner capacity to “100,000 or more,” and prefers to run fewer but larger facilities.
THE EARNINGS CALL ALSO COMES JUST DAYS after prisoners said that GEO employees had routinely assaulted and sexually assaulted them at an immigration prison in Washington state, and that the company responded by covering it up.
To the surprise of no one, slavery is profitable.