Short answer
ST JOE Co (JOE) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $513M (+27.4% year over year) and net income of $116M.
- Top risk flagged: Regulatory risk: Adoption of FASB ASU 2025-05 on credit loss measurement in July 2025, applied prospectively, with no current financial impact disclosed
FY2025 key financial metrics · XBRL
- Revenue
- $513M
- +27.4% YoY
- Net income
- $116M
- +55.9% YoY
- Operating margin
- 28.5%
- +4.8 pp YoY
- Gross margin
- 43.1%
- +1.5 pp YoY
- EPS (diluted)
- $1.99
- +56.7% YoY
- ROE
- 15.1%
- +4.8 pp YoY
- Operating cash flow
- $191M
- +76.6% YoY
Source: XBRL data from the ST JOE Co (JOE) FY2025 10-K on SEC EDGAR. USD.
ST JOE Co FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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