---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-130595"
form_type: "8-K"
ticker: "GEO"
cik: "0000923796"
company_name: "GEO GROUP INC"
filed_at: "2023-05-01T23:59:59+00:00"
generated_at: "2026-06-16T05:57:59.416625+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# GEO Group Q1 2023 revenue $608.2M, net income $28M, adjusted EBITDA $130.9M; cuts net debt $70M

## Summary
- Q1 revenue $608.2M (up from $551.2M YoY); net income $28.0M ($0.19 diluted EPS); adjusted EPS $0.22.
- Adjusted EBITDA $130.9M versus $125.2M in Q1 2022; interest expense rose $22.6M YoY due to debt restructuring.
- Reduced net debt by ~$70M in Q1; target net leverage below 3.5x by end of 2023 and below 3x by end of 2024.
- New lease with Oklahoma for 1,900-bed Great Plains facility, 5.5-year term from May 2023, expected annual lease revenue ~$8.5M.
- FY2023 guidance: revenue $2.38B-$2.46B, net income $105M-$125M, adjusted EBITDA $507M-$537M; Q2 guidance also provided.

## SEC filing metadata
- accession: 0001193125-23-130595
- form_type: 8-K
- ticker: GEO
- cik: 0000923796
- company_name: GEO GROUP INC
- filed_at: 2023-05-01T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/923796/000119312523130595/0001193125-23-130595-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/923796/000119312523130595/d475612d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-130595
- JSON: https://secwatch.observer/filing/0001193125-23-130595.json
- Plain text: https://secwatch.observer/filing/0001193125-23-130595.txt

## Key facts
- Earnings Releases
  GEO GROUP INC reported second quarter 2023 results: revenue $585 million to $590 million, net income $24 million and $26 million. Guidance initiated.
  - Period: second quarter 2023
  - Revenue: $585 million to $590 million
  - Net income: $24 million and $26 million
  - Guidance: initiated
  - Result: guidance update
  source text: For the second quarter of 2023, we expect Net Income to be between $24 million and $26 million on quarterly revenues of $585 million to $590 million
  evidence_url: https://www.sec.gov/Archives/edgar/data/923796/000119312523130595/0001193125-23-130595-index.htm
- Earnings Releases
  GEO GROUP INC reported first quarter ended March 31, 2023 results: revenue $608.2 million, net income $28.0 million, EPS $0.19 per diluted share.
  - Period: first quarter ended March 31, 2023
  - Revenue: $608.2 million
  - Net income: $28.0 million
  - EPS: $0.19 per diluted share
  - Result: reported results
  source text: post-release support, and electronic monitoring programs, reported today its financial results for the first quarter 2023. First Quarter 2023 Highlights • Total revenues of $608.2 million • Net Income of $28.0 million • Net Income Attributable to GEO of $0.19 per diluted share • Adjusted Net Income of $0.22 per diluted share • Adjusted EBITDA of $130.9 million •
  evidence_url: https://www.sec.gov/Archives/edgar/data/923796/000119312523130595/0001193125-23-130595-index.htm
- Earnings Releases
  GEO GROUP INC reported full year 2023 results: revenue $2.38 billion and $2.46 billion, net income $105 million and $125 million.
  - Period: full year 2023
  - Revenue: $2.38 billion and $2.46 billion
  - Net income: $105 million and $125 million
  - Result: guidance update
  source text: We updated our financial guidance for 2023. We expect full year 2023 Net Income to be between $105 million and $125 million on annual revenues of between $2.38 billion and $2.46 billion.
  evidence_url: https://www.sec.gov/Archives/edgar/data/923796/000119312523130595/0001193125-23-130595-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.