The St. Joe Company reported a strong finish to 2025, with significant year-over-year growth in revenue and net income driven by robust performance across its real estate and hospitality segments. The company highlighted its strategic land ownership and execution capabilities as key drivers for multi-generational growth, while also detailing a measured capital allocation strategy focused on growth, shareholder returns, and debt repayment.
Total consolidated revenue for the fourth quarter of 2025 increased by 24% to $128.9 million, as compared to $104.3 million for the fourth quarter of 2024.
positiveNet income attributable to the Company for the fourth quarter of 2025 increased by 58% to $29.9 million, or $0.52 per share, as compared to net income of $18.9 million, or $0.32 per share, for the same period in 2024.
positiveFor the full year 2025, total consolidated revenue increased by 27% to $513.2 million, as compared to $402.7 million for the full year 2024.
positiveReal estate revenue increased by 47% to $68.2 million in Q4 2025 and by 64% to $234.2 million for the full year 2025.
positiveHospitality revenue increased by 10% to a fourth quarter record of $46.5 million in 2025 and by 8% to a Company record of $215.4 million for the full year 2025.
positiveCash and cash equivalents balance increased by $40.8 million to $129.6 million as of December 31, 2025, as compared to $88.8 million as of December 31, 2024.
positiveLeasing revenue decreased by 9% to $14.2 million for the fourth quarter of 2025, as compared to $15.6 million for the same period in 2024, due to the sale of the Watercrest joint venture senior living property.
attentionCorporate and other operating expenses for the full year 2025 increased by $2.1 million to $27.3 million, as compared to $25.2 million in 2024.
attentionThe unconsolidated joint ventures had lower revenue in 2025 ($345.3 million) compared to 2024 ($378.2 million).
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Real estate revenue | N/A | — | — | — |
Hospitality revenue | N/A | — | — | — |
Leasing revenue | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
We completed a strong year with 58% growth in net income and 24% growth in revenue in the fourth quarter compared to the same period in 2024.
We are not just a ‘land bank’ company. In addition to having the unique competitive advantage of owning 165,000 acres of land in a fast-growing area of Florida, we have demonstrated the ability to execute by consistently growing revenue and profitability in an efficient and thoughtful manner.
Our capital allocation strategy is measured and multi-faceted. During 2025, 33% of our capital allocation was for distributions to shareholders through dividends and share repurchases, 47% was for capital expenditures, primarily for growth, and the remaining 20% was for debt repayment.
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Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.