The St. Joe Company (JOE) Q3 2026 earnings summary

Executive summary

• Q3 revenue fell 3.0% to $156.2M and net income attributable to shareholders fell 5% to $36.9M, while operating income rose 16.3% to $61.5M; results reflected the prior-year Watercrest sale.

• 9M revenue rose 8% to $414.1M, operating income rose 26% to $134.5M, and net income attributable to shareholders rose 7% to $91.3M.

Financial highlights

• Q3 diluted EPS was $0.65 vs. $0.67; 9M diluted EPS was $1.60 vs. $1.48.

• Q3 real estate revenue decreased 9% to $76.1M and leasing revenue decreased 16% to $14.1M; hospitality revenue increased 8.9% to a record $66.0M.

• 9M real estate revenue increased 12% to $185.4M and hospitality revenue increased 9% to a record $184.9M; leasing revenue decreased 11% to $43.8M.

• 9M operating cash flow was $143.9M vs. $146.3M; investing cash outflow was $29.6M vs. $17.3M and financing cash outflow was $125.4M vs. $91.8M.

Outlook and guidance

• Growth capex is expected to increase over the next one to two years as leasing demand grows, particularly from national tenants at Watersound Town Center and West Bay Center.

• Latitude Margaritaville Watersound plans to add ~3,500 homes, bringing the planned total to ~7,200; PulteGroup's Pigeon Creek community is planned for ~3,000 homes, with groundbreaking expected in early 2027.

• Watersound West Bay Center is planned for at least 500,000 sq. ft.; 69,134 sq. ft. was under construction, in addition to 33,182 sq. ft. already existing.

• Residential homesite pipeline exceeds 23,000 across development, engineering, permitting, or concept planning stages.

• Available cash, financing arrangements and operating cash generation are expected to cover anticipated needs for the next 12 months.