GEO Group owns, leases, and manages secure detention and correctional facilities, primarily for U.S. federal agencies. GEO's core business is providing bed space — secure residential housing for detainees and inmates — along with security staffing, food, healthcare, and legal access services. U.S. Immigration and Customs Enforcement (ICE) and the U.S. Marshals Service are GEO's largest customers, with federal agencies collectively accounting for roughly 67% of revenue. State governments make up most of the remainder. GEO wins business by bidding on government RFPs, and contracts typically run 1–5 years with renewal options; many relationships span decades. GEO earns revenue on a per diem per bed basis — daily rates for each occupied bed — so revenue scales with beds under contract, occupancy, and negotiated pricing. GEO owns roughly 50,000 beds across 70 facilities, which carry higher margins than managed-only contracts where the government owns the facility. Beyond detention, GEO operates three other segments: Electronic Monitoring and Supervision Services (GPS ankle monitors and case management for ICE's alternative-to-detention program, operated through subsidiary BI), Reentry Services (residential reentry centers and day reporting centers for individuals transitioning out of incarceration), and International Services (facilities in Australia and South Africa, plus a secure transportation joint venture in the U.K.). Near-term growth is driven by expanded U.S. federal immigration enforcement, including reactivating idle owned beds, expanding electronic monitoring under a new ICE contract, and growing transportation and skip-tracing services for federal agencies.