ST JOE Co

Listed Company

JOECIK 0000745308NYSELarge AcceleratedLand Subdividers & Developers (No Cemeteries)FloridaFY ends Dec 31

Period

FY 2025

Revenue

$513.25M

Net Income

$115.63M

Total Assets

$1.52B

Equity

$766.29M

Shares Out

57.41M

Op. Cash Flow

$190.70M

Business

ST JOE Co is a diversified real estate development, asset management and operating company that develops, manages and operates real estate and lifestyle assets. It offers residential homesites, hospitality services (including club memberships, hotels, food and beverage, vacation rentals, marinas and entertainment), and commercial real estate products and forestry/timber sales. Its operations are reported in three segments: residential, hospitality and commercial, and it also invests in and operates through unconsolidated joint ventures. The company’s properties and development activities are concentrated in Northwest Florida and distributed through direct sales, leasing, club memberships and JV partnerships.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Leasing revenue	64	60	51	39	27
Total revenue	513	403	389	252	267
Cost of revenue	292	236	236	146	131
Corporate and other operating expenses	27	25	24	22	23
Depreciation, depletion and amortization	47	46	39	23	18
Total expenses	367	307	299	191	173
Operating income	146	96	91	61	94
Investment income, net	13	14	13	10	7
Interest expense	−30	−34	−31	−18	—
Equity in income from unconsolidated joint ventures	26	24	23	26	−865,000
Other income (expense), net	580,000	−736,000	4	13	10
Total other income, net	9	3	9	33	4
Income before income taxes	155	98	100	95	99
Income tax expense	−39	−26	−26	−24	−25
Net income	116	72	74	70	74
Net (income) loss attributable to non-controlling interest	−255,000	2	4	699,000	804,000
Net income attributable to the Company	116	74	78	71	75
Basic (in dollars per share)	2	1.27	1.33	1.21	1.27
Diluted (in dollars per share)	1.99	1.27	1.33	1.21	1.27
Basic (in shares)	58	58	58	59	59
Diluted (in shares)	58	58	58	59	59

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Investment in real estate, net	1,005	1,040	1,019	996	690
Investment in unconsolidated joint ventures	66	66	66	50	52
Cash and cash equivalents	130	89	86	38	70
Other assets	74	80	82	62	70
Property and equipment, net	41	59	66	40	31
Investments held by special purpose entities	203	204	204	205	206
Total assets	1,518	1,539	1,524	1,431	1,208
Debt, net	391	438	454	386	223
Accounts payable and other liabilities	48	54	59	94	—
Deferred revenue	59	59	63	39	36
Deferred tax liabilities, net	66	72	72	83	77
Senior Notes held by special purpose entity	179	178	178	178	178
Total liabilities	743	802	825	780	582
Commitments and contingencies (Note 19)	—	—	—	—	—
Common stock, no par value; 180,000,000 shares authorized; 57,547,307 and 58,326,521 issued and outstanding at December 31, 2025 and December 31, 2024, respectively	230	269	271	270	297
Retained earnings	536	454	410	358	311
Accumulated other comprehensive income	594,000	1	2	2	−389,000
Total stockholders' equity	766	724	683	631	607
Non-controlling interest	9	12	15	20	19
Total equity	776	737	698	651	626
Total liabilities and equity	1,518	1,539	1,524	1,431	1,208

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock based compensation	1	1	820,000	364,000	—
Distribution of earnings from unconsolidated joint ventures	36	27	11	23	—
Deferred income tax	−6	−803,000	−11	4	16
Cost of real estate sold	105	65	83	46	56
Expenditures for and acquisition of real estate to be sold	−84	−79	−78	−98	−47
Accretion income and other	−2	−2	−5	−2	−810,000
Amortization of debt issuance costs	875,000	982,000	1	1	—
(Gain) loss on disposal of property and equipment	−2	615,000	16,000	181,000	270,000
Gain on contributions to unconsolidated joint ventures	—	−10,000	−718,000	—	—
Gain on insurance for damage to property and equipment, net	—	−178,000	—	−10	−5
Loss on extinguishment of debt	421,000	—	133,000	130,000	—
Other assets	3	10	−9	15	−6
Deferred revenue	−431,000	−3	11	3	9
Accounts payable and other liabilities	2	−7	10	−331,000	−1
Net cash provided by operating activities	191	108	104	48	112
Expenditures for operating property	−20	−42	−134	−252	−149
Expenditures for property and equipment	−4	−8	−6	−7	−4
Proceeds from the disposition of assets	5	88,000	71,000	49,000	34,000
Proceeds from insurance claims	—	178,000	—	10	5
Purchases of investments - debt securities	—	—	−37	−97	−158
Maturities of investments - debt securities	—	0	79	92	117
Capital contributions to unconsolidated joint ventures	−8	−2	−2	−3	−9
Capital distributions from unconsolidated joint ventures	—	225,000	676,000	12	1
Maturities of assets held by special purpose entities	788,000	798,000	787,000	785,000	787,000
Net cash used in investing activities	−26	−50	−99	−190	−196
Capital contributions from non-controlling interest	—	—	1	4	3
Capital distributions to non-controlling interest	−3	−972,000	−2	−2	−1
Repurchase of common stock, including excise tax	−40	−3	—	−20	—
Dividends paid	−34	−30	−26	−23	−19
Borrowings on debt	68	1	122	184	69
Principal payments for debt	−114	−18	−53	−20	−2
Principal payments for finance leases	−175,000	−163,000	−153,000	−121,000	−104,000
Debt issuance costs	−651,000	−148,000	−958,000	−2	−1
Net cash (used in) provided by financing activities	−124	−52	41	112	49
Net increase in cash, cash equivalents and restricted cash	40	6	45	−29	−36

Filings

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