ST JOE Co (JOE) FY2025 10-K Annual Report
ST JOE Co (JOE) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 25, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
ST JOE Co FY2025 10-K Analysis
Business Overview
- • Core business model: Real estate development and property management across residential, hospitality, and commercial segments in Northwest Florida
- • Emphasis on joint ventures for property investments, notably Latitude Margaritaville Watersound community and multiple retail/commercial projects
- • Strategic focus on expanding hospitality portfolio with ownership of multiple branded hotels and golf courses near residential communities
- • Operational scale includes 22 residential communities with homesites completed or in various development stages as of Dec 31, 2025
- • Noteworthy: Diverse property types under ownership including two marinas, multiple hotels, and commercial spaces highlighting integrated community development approach
Management Discussion & Analysis
- • Total real estate revenue $234.2M in 2025, up $91.0M or 63.6% YoY from $143.2M in 2024
- • Gross profit margin stable at 50.8% in 2025 vs 50.9% in 2024 (gross profit $118.9M vs $72.9M)
- • Best segment Residential: revenue $165.0M (+41.3%), gross margin 49.4% vs 46.9%, gross profit $81.5M (+$26.7M)
- • Worst segment Commercial real estate: revenue $57.1M (+217.2%), gross margin down to 56.6% from 72.8%, gross profit $32.3M (+$19.2M)
- • Hospitality revenue $215.4M (+8.1%), gross margin 31.1% vs 31.5%, gross profit $66.9M (+$4.1M)
- • Leasing revenue $63.6M (+5.5%), margin increased to 55.3% from 52.2%, gross profit $35.2M (+$3.7M)
- • Cash flow: interest expense down 9.2% to $30.5M; no explicit buybacks or dividends info provided; capex implied by increased depreciation (+$1.1M)
- • Management outlook: growth in residential sales supported by mix and homebuilder closings; hospitality growth driven by new golf course and clubhouse reopening; risks from variable commercial property sales and operating cost pressures in hospitality segment
Risk Factors
- • Regulatory risk: Adoption of FASB ASU 2025-05 on credit loss measurement in July 2025, applied prospectively, with no current financial impact disclosed
- • Geopolitical/macroeconomic risk: Cash deposits exceed FDIC insurance by $60.4 million as of December 31, 2025, exposing to potential institutional credit risk
- • Operational risk: Dependency on three homebuilder customers accounting for 45.1% of receivables as of December 31, 2025, concentration risk in receivables portfolio
- • Competitive risk: Increased hospitality segment revenue to $220.7 million in 2025 driven by club and hotel operations facing competition from local resorts and entertainment venues
- • Financial risk: Outstanding debt principal of unconsolidated joint ventures declined from $131.2 million in 2024 to $79.7 million in 2025, indicating refinancing or repayment pressures
ST JOE Co FY2025 Key Financial MetricsXBRL
Revenue
$513M
▲ +27.4% YoY
Net Income
$116M
▲ +55.9% YoY
Gross Margin
43.1%
▲ +153bp YoY
Operating Margin
28.5%
▲ +476bp YoY
Net Margin
22.5%
▲ +411bp YoY
ROE
15.1%
▲ +485bp YoY
Total Assets
$1.5B
▼ -1.3% YoY
EPS (Diluted)
$1.99
▲ +56.7% YoY
Operating Cash Flow
$191M
▲ +76.6% YoY
Source: XBRL data from ST JOE Co FY2025 10-K filing on SEC EDGAR. All figures in USD.
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