ST JOE Co (JOE)·Q1 2025 Earnings Summary

Executive Summary

• Q1 2025 revenue rose 7% to $94.2M, with net income up 26% to $17.5M ($0.30 EPS); leasing posted a quarterly record and hospitality remained resilient, driving 59% of total revenue .
• Mix shift toward recurring revenues continued: leasing +14% to $16.3M (record) and hospitality +1% to $39.6M; real estate +12% to $38.3M with 249 homesites closed (+15% YoY) .
• Capital allocation remained active: $32.7M capex, $8.2M dividends, $5.7M buybacks, and $2.5M net debt repaid; Board declared a $0.14 quarterly dividend payable June 26, 2025 .
• Strategic catalysts strengthened regional demand: FSU plans a $414M “FSU Health” hospital on JOE’s medical campus and ECP’s first-ever nonstop flight from NYC enhances tourism/residential pipeline .
• No earnings call transcript was available for Q1 2025; estimate comparisons were limited due to lack of S&P Global consensus coverage for EPS and revenue (see Estimates Context) [List: earnings-call-transcript none].

What Went Well and What Went Wrong

• What Went Well

  • Record leasing performance and continued hospitality strength: “14% growth in leasing revenue to a single quarterly record of $16.3 million and continued growth in hospitality revenue to $39.6 million. Hospitality and leasing revenue made up 59% of the total revenue for the quarter.” — CEO Jorge Gonzalez .
  • Real estate momentum: homesite volume +15% to 249; unconsolidated JV activity robust with $123.2M JV revenue and $10.2M equity income (vs. $95.8M and $7.4M in Q1’24) .
  • Capital discipline and liquidity: capex $32.7M; cash increased to $94.5M; weighted average effective interest rate fell to 4.8% and average debt life extended to 18.8 years .

• What Went Wrong

  • Hospitality impacted by timing of holidays and school breaks, muting sequential growth despite club membership expansion (+65 net new members YoY) .
  • Residential homesites under contract declined YoY (952 homesites for ~$94.4M vs. 1,335 for ~$119.8M), reflecting phases/mix dynamics and prior closings .
  • Consolidated operating income growth modest (+6% YoY to $16.9M) while interest expense remained elevated ($7.8M), partially offsetting JV upside .

Financial Results

Quarterly trajectory (oldest → newest):

Year-over-year comparison (Q1 2024 vs Q1 2025):

Segment revenue breakdown (oldest → newest):

Key performance indicators (oldest → newest):

Versus estimates:

Guidance Changes

Note: The company did not provide quantitative forward guidance beyond the dividend declaration in its press release/8‑K .

Earnings Call Themes & Trends

(No Q1 2025 earnings call transcript was available; themes reflect management commentary from press releases.)

Management Commentary

• “St. Joe continues to show solid organic growth… highest first quarter revenue outside of the one-off timberland sale in 2014… leasing revenue to a single quarterly record of $16.3 million and continued growth in hospitality revenue to $39.6 million.” — Jorge Gonzalez, Chairman, President & CEO .
• “We continue to leverage our existing assets to build a diverse portfolio of supplemental asset-light businesses… Watersound Real Estate… synergistic with Watersound Insurance Agency and Watersound Title Agency.” — Jorge Gonzalez .
• “FSU Health… plans to make a $414 million investment to build a new state-of-the-art teaching and research hospital… transformative for the region.” — Jorge Gonzalez .
• “We funded $32.7 million in capital expenditures, paid $8.2 million in cash dividends, repurchased $5.7 million… and repaid $2.5 million net amount of debt.” — Jorge Gonzalez .

Q&A Highlights

• No Q1 2025 earnings call transcript was available in the document set; no Q&A themes to report [List: earnings-call-transcript none].

Estimates Context

• S&P Global consensus coverage for Q1 2025 EPS and revenue was unavailable; as a result, beat/miss analysis versus Street is not included. Values retrieved from S&P Global.*
• Actual results: Revenue $94.2M and EPS $0.30 per press release/8-K .

Key Takeaways for Investors

• Recurring revenue mix is rising and resilient: leasing and hospitality contributed 59% of total Q1 revenue, supporting more predictable cash generation amid residential timing variability .
• Real estate momentum remains healthy with 249 homesites closed (+15% YoY) and JV performance strong ($123.2M JV revenue; $10.2M equity income), reinforcing multi-channel earnings power .
• Capital allocation remains disciplined (capex, dividends, buybacks, net debt paydown), while interest costs trend lower and maturities extend, improving financial flexibility .
• Strategic regional catalysts (FSU Health $414M hospital; NYC–ECP nonstop flight) should support hospitality demand, leasing activity, and residential conversion funnel over the medium term .
• Near-term watch items: hospitality seasonality/timing impacts, homesites-under-contract decline vs. prior year (phase/mix), and maintaining high leasing occupancy as footprint expands .
• With limited Street estimate coverage, stock reaction likely centers on narrative catalysts (recurring revenue share growth, JV profitability, regional development news) rather than headline beats/misses .
• Dividend maintained at $0.14 per share with sustained cash build; ongoing buyback authorization provides optionality if valuation dislocation occurs .

Additional Supporting Press Releases (Q1 2025)

• FSU Health hospital plan announced for Panama City Beach medical campus .
• First-ever NYC–ECP nonstop flight supports tourism and potential residential conversion .
• Watersound Club “The Third” golf course opening enhances amenity-driven membership growth .
• Residential communities benefit from Walton County school ranking tailwinds; strong demand narrative .