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Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2025

Changes in Shareholders' Equity that are Attributable to the Company's Shareholders and to Noncontrolling Interests

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	)	$	(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 Nine Months Ended September 30, 2024
Balance, January 1, 2024		126,087		$	1,303		$	1,299,193		$	103,089		$	(16,642	)		4,210		$	(95,175	)	$	(1,454	)	$	1,290,314
Proceeds from exercise of stock options		163			2			783			—			—			—			—			—			785
Stock-based compensation expense		—			—			12,322			—			—			—			—			—			12,322
Restricted stock granted		1,712			17			(17	)		—			—			—			—			—			-
Restricted stock canceled		(61	)		(1	)		1			—			—			—			—			—			-
Shares withheld for net settlements of share- based awards [1]		(618	)		(6	)		(7,458	)		—			—			—			—			—			(7,464	)
Issuance of common stock - ESPP		9			—			115			—			—			—			—			—			115
Reissuance of treasury shares [2]		4,210			—			—			(95,175	)		—			(4,210	)		95,175			—			-
Issuance of common shares [2]		8,220			82			(1,696	)		—			—			—			—			—			(1,614	)
Net loss		—			—			—			16,475			—			—			—			(90	)		16,385
Other comprehensive income (loss)		—			—			—			—			3,726			—			—			(31	)		3,695
Balance, September 30, 2024		139,722		$	1,397		$	1,303,243		$	24,389		$	(12,916	)		—		$	-		$	(1,575	)	$	1,314,538

[1] The Company withheld shares through net settlements to satisfy statutory tax withholding requirements upon the vesting of shares

of restricted stock held by employees.

[2] During the second quarter of 2024, the Company retired $229.4 million in aggregate principal amount of its outstanding 6.50%

Exchangeable Senior Notes in private exchange transactions for an exchange value of approximately $410 million. The consideration

consisted of cash of $229.4 million and 12,414,455 shares of GEO common stock. Of the total amount of shares issued, the Company

issued 4,209,847 shares that were previously held in treasury. Refer to Note 10 - Debt for further information.

[3] During the third quarter of 2025, the Company repurchased 1,966,779 shares of its common stock in the open market.

Schedule of Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss attributable to GEO within shareholders' equity are as follows:


	Nine Months Ended September 30, 2025
	(In thousands)
	Foreign currency translation adjustments, net of tax (1)			Change in fair value of derivatives, net of tax			Change in marketable securities, net of tax			Pension adjustments, net of tax			Total
Balance, January 1, 2025	$	(26,939	)	$	3,833		$	(15	)	$	1,519		$	(21,602	)
Current-period other comprehensive income (loss)		6,833			(1,184	)		496			(148	)		5,997
Balance, September 30, 2025	$	(20,106	)	$	2,649		$	481		$	1,371		$	(15,605	)


	Nine Months Ended September 30, 2024
	(In thousands)
	Foreign currency translation adjustments, net of tax (1)			Change in fair value of derivatives, net of tax			Change in marketable securities, net of tax		Pension adjustments, net of tax		Total
Balance, January 1, 2024	$	(19,755	)	$	3,041		$	-	$	72	$	(16,642	)
Current-period other comprehensive income (loss)		3,784			(589	)		495		36		3,726
Balance, September 30, 2024	$	(15,971	)	$	2,452		$	495	$	108	$	(12,916	)

(1)

The foreign currency translation related to noncontrolling interests was not significant at September 30, 2025 or 2024.