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Shareholders' Equity
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Shareholders' Equity

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

)

 

$

(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.

 

Share Repurchase Program

 

On August 4, 2025, the Company's Board of Directors ("Board") authorized and approved a Share Repurchase Program covering the repurchase of up to $300 million of shares of the Company's common stock through an expiration date of June 30, 2028. Repurchases of the Company's common stock will be made in accordance with applicable securities laws and may be made at senior management’s discretion from time to time in the open market, by block purchase, through privately negotiated transactions, pursuant to a trading plan, or otherwise in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The authorization for the share repurchase program may be extended, increased, decreased, suspended or terminated by the Board of Directors in its discretion at any time. Repurchases of the Company's common stock (and the timing thereof) will depend upon market conditions, regulatory requirements, the Company's existing obligations, including its Credit Agreement, other corporate liquidity requirements and priorities and other factors as may be considered in the Company's sole discretion. The authorization for the share repurchase program does not obligate the Company to purchase any particular amount of the Company’s common stock. During the third quarter of 2025, the Company repurchased 1,966,779 shares of its common stock under the program.

 

On November 4, 2025, the Board authorized and approved an increase to the size of the Share Repurchase Program from $300 million to $500 million and also extended the expiration date from June 30, 2028 to December 31, 2029.

 

Automatic Shelf Registration on Form S-3

On October 30, 2023, the Company filed an automatic shelf registration statement on Form S-3 with the Securities and Exchange Commission (the “SEC”) that enables the Company to offer for sale, from time to time and as the capital markets permit, an unspecified amount of common stock, preferred stock, debt securities, guarantees of debt securities, warrants and units. The shelf registration statement became automatically effective upon filing and is valid for three years.

 

Prospectus Supplement

On December 28, 2023, in connection with the shelf registration, the Company filed with the SEC a prospectus supplement related to the offer and sale from time to time of our common stock at an aggregate offering price of up to $300 million through sales agents. Sales of shares of GEO's common stock under the prospectus supplement and equity distribution agreements entered into with the sales agents, if any, will be made in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933. There were no shares of common stock sold under this prospectus supplement during the nine months ended September 30, 2025 or 2024.

 

Comprehensive Income (Loss)

Comprehensive income (loss) represents the change in shareholders' equity from transactions and other events and circumstances arising from non-shareholder sources. The Company's total comprehensive income (loss) is comprised of net income (loss) attributable to GEO, net loss attributable to noncontrolling interests, foreign currency translation adjustments that arise from consolidating foreign operations that do not impact cash flows, net unrealized gains and/or losses on derivative instruments, marketable securities and pension liability adjustments within shareholders' equity and comprehensive income (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.