The St. Joe Company (JOE) Q1 2025 earnings summary

Executive summary

• Net income attributable to the company rose 25.9% to $17.5M for Q1 2025, or $0.30 per share, on revenue of $94.2M, up 7.3% year-over-year.

• Real estate, hospitality, and leasing segments all posted revenue growth, with leasing revenue reaching a quarterly record.

• $32.7M was invested in capital expenditures, $8.2M paid in dividends, $5.7M in share repurchases, and $2.5M net debt repaid in Q1 2025.

• Cash and cash equivalents stood at $94.5M as of March 31, 2025.

• The company declared a $0.14 per share dividend payable June 26, 2025.

Financial highlights

• Operating income was $16.9M, up from $16.0M year-over-year.

• Gross margin for real estate was 50.9%, hospitality 18.2%, and leasing 54.6%.

• Equity in income from unconsolidated JVs increased to $10.2M, mainly from the Latitude Margaritaville Watersound JV.

• EBITDA rose 14% to $39.8M from $34.9M year-over-year.

• Effective tax rate was 25.8% for Q1 2025.

Outlook and guidance

• Management expects strong demand to continue across all segments, supported by migration trends and limited housing supply.

• Management remains optimistic about future growth, citing strong execution and new asset-light business initiatives.

• Announced plans for a new boutique real estate brokerage and highlighted a $414M FSU Health hospital project expected to be transformative.