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Sep 30
St. Joe Q3 2025 Earnings Report
The St. Joe Company reported strong third quarter 2025 results with significant increases in net income and revenue, driven by robust performance across all segments, particularly real estate.
Key Takeaways
The St. Joe Company delivered an exceptional third quarter in 2025, with net income attributable to the company surging by 130% to $38.7 million and total revenue increasing by 63% to $161.1 million. This growth was primarily fueled by a 199% increase in real estate revenue, including a significant senior living community sale, alongside record-breaking hospitality and leasing revenues. The company also increased its quarterly dividend by 14% and continued its capital allocation strategy through capital expenditures, debt repayment, and stock repurchases.
Net income attributable to the Company increased by 130% to $38.7 million, or $0.67 per share, compared to $16.8 million, or $0.29 per share, in Q3 2024.
Total revenue grew by 63% to $161.1 million, up from $99.0 million in the prior year's third quarter, with all segments showing organic growth.
Real estate revenue saw a substantial 199% increase to $83.8 million, significantly boosted by the $41.0 million sale of the Watercrest senior living community.
The company increased its quarterly dividend by 14% to $0.16 per share, reflecting confidence in its financial performance and capital allocation strategy.
St. Joe
St. Joe
St. Joe Revenue by Segment
Revenue by Segment
Real Estate Revenue
CapyFin.comResidential Real Estate Revenue
CapyFin.comHospitality Revenue
CapyFin.comLeasing Revenue
CapyFin.com Forward Guidance
The St. Joe Company anticipates continued asset value creation through developing operating properties, which may be held for recurring revenue or monetized. The company is poised to leverage new flight schedules to Northwest Florida Beaches International Airport to promote the Watersound lifestyle to a larger population base, particularly from New York City. While senior living communities are not a growth area for the portfolio, the company will continue to develop other operating properties.
Positive Outlook
- Anticipates continuing to create asset value by developing successful operating properties.
- May monetize developed operating properties under the right conditions and circumstances.
- Poised to leverage new daily non-stop flights from New York City (LGA) to Northwest Florida Beaches International Airport (ECP).
- Plans to promote the quality of the Watersound lifestyle to the large New York City metropolitan area population.
- ECP will have non-stop flights to seven of the ten largest metropolitan areas in the country, enhancing regional accessibility.
Challenges Ahead
- Senior living communities are not an asset type the company plans to grow as part of its portfolio.
- Senior living communities take longer to lease up compared to multi-family communities.
- Senior living communities involve considerable operational intensity.
- The specifics of the capital allocation strategy may vary from quarter to quarter, requiring evaluation over a longer period.
- Unconsolidated joint venture revenue decreased primarily due to the timing and number of homes completed by the Latitude Margaritaville Watersound joint venture.