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The St. Joe Company (JOE) investor relations material

The St. Joe Company Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary24 Jul, 2025

Executive summary

  • Net income rose 20.4% year-over-year to $29.5M ($0.51/share) in Q2 2025; revenue up 16% to $129.1M, driven by 27% growth in real estate revenue and strong performance across all segments.

  • Recurring revenue streams represented 63% of total revenue for the first six months of 2025.

  • Strategic transformation continues from land sales to a diversified real estate operating company.

  • Six-month net income increased 22% to $47.0M; revenue up 12% to $223.3M compared to 2024.

  • Demand remained strong despite macroeconomic headwinds such as inflation, elevated interest rates, and higher insurance costs, supported by net migration and limited housing supply.

Financial highlights

  • Q2 2025 revenue: $129.1M (Q2 2024: $111.6M); net income: $29.8M (Q2 2024: $24.5M); operating income: $37.0M (Q2 2024: $32.6M); EBITDA: $56.0M, up 14% year-over-year.

  • Diluted EPS for Q2 2025: $0.51 (Q2 2024: $0.42); gross margin for Q2 2025: 45.7% for real estate, 38.5% for hospitality, 53.9% for leasing.

  • Q2 2025 capital expenditures: $36.5M; $10.1M for share repurchase, $8.1M for dividends, $7.7M for debt reduction.

  • Cash and equivalents stood at $88.2M at quarter-end; total debt $432.4M with a weighted average interest rate of 4.8% and average remaining life of 18.7 years.

  • Share repurchases accelerated to $16.2M in the first half of 2025, reducing outstanding shares below 58M for the first time since 1996.

Outlook and guidance

  • Management expects continued strong demand and growth, supported by migration trends, robust homesite pipeline, and new project approvals, but notes ongoing macroeconomic headwinds.

  • 1,209 homesites under contract as of June 30, 2025, expected to generate $121.7M+ in future revenue.

  • Ongoing development in only 3 of 10 approved DSAPs, providing a long runway for expansion.

  • Capital commitments for future projects will be funded with cash from operations, existing cash, partner capital, and financing arrangements.

  • No exact timeline for breaking ground on major projects like the second phase of Margaritaville or the West Bay Bridge, but planning and discussions are ongoing.

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Frequently asked questions

The St. Joe Company is a real estate development, investment, and management company primarily focused on residential, commercial, and hospitality properties. The company engages in the development of master-planned communities, resorts, and commercial ventures, particularly in Northwest Florida. Its operations include residential homebuilding, commercial leasing, and hospitality management, with a significant emphasis on coastal resort properties, hotels, and golf courses. The company is headquartered in Panama City Beach, Florida, and its shares are listed on the NYSE.

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