The St. Joe Company (JOE) Q3 2025 earnings summary

Executive summary

• Net income attributable to the company rose 130% year-over-year to $38.7 million ($0.67 per share) for Q3 2025, with revenue up 63% to $161.1 million, driven by strong performance in residential, hospitality, and leasing segments.

• Real estate revenue surged 199% to $83.8 million, with residential real estate up 94% to $36.8 million and average homesite price at $150,000.

• Hospitality and leasing revenues reached Q3 records at $60.6 million and $16.7 million, respectively.

• Sale of Watercrest Senior Living for $41 million generated $19.4 million gross profit and a $19.1 million cash distribution.

• The company continues to expand recurring revenue streams and development pipeline, with 1,992 homesites under contract and over 24,000 entitled units in progress.

Financial highlights

• Q3 2025 revenue: $161.1 million (+63% YoY); net income: $38.7 million (+130% YoY); EPS: $0.67 (+131% YoY).

• Gross margin for Q3 2025: real estate 49.3%, hospitality 34.5%, leasing 55.7%; residential gross margin at 53%, up from 39% YoY.

• Operating income for Q3 2025: $52.9 million (+149% YoY); EBITDA for Q3: $68.8 million (+72% YoY).

• Hospitality revenue for nine months reached $169 million, up from $157 million; leasing revenue at $49.4 million, up from $44.7 million.

• Cash and cash equivalents at September 30, 2025: $126 million.

Outlook and guidance

• Management expects continued growth in recurring revenue and long-term value, supported by net migration to Northwest Florida and a robust residential and commercial pipeline.

• The company anticipates sufficient liquidity for capital expenditures, debt service, dividends, and share repurchases over the next twelve months.

• Pipeline includes 1,992 homesites under contract, expected to generate $146.2 million+ in future revenue, and over 24,000 homesites in development.

• Hospitality and leasing segments expected to expand further, with new concepts and town center developments in the pipeline.

• New direct flights to NYC and hospital developments are expected to boost demand and regional attractiveness.