St. Joe Posts 27% Revenue Growth to $513.2M, EPS Hits $2.00
St. Joe’s 2025 revenue rose 27% to $513.2 million with net income up 56% to $115.6 million and EPS of $2.00, first time above $2 in 23 years. Recurring revenue reached 56%, while hospitality gross margin slipped to 31% due to new golf course and clubhouse renovation costs.
1. Strong Full-Year 2025 Financials
St. Joe reported 2025 revenue of $513.2 million, a 27% increase from $402.7 million, while net income rose 56% to $115.6 million and EPS reached $2.00, the first above $2.00 in 23 years.
2. Margin and Recurring Revenue Shift
Hospitality gross margin narrowed to 31% from 32% as opening costs for the Third golf course and Shark’s Tooth clubhouse renovations weighed on results, while recurring revenue expanded to 56% of total revenue versus 15% two decades ago.
3. Capital Allocation Strategy
The company allocated 47% of capital to growth spending, 33% to dividends and share repurchases (including 798,622 shares bought at an average $50.10), and 20% to project debt reduction, marking the most active buyback quarter in 2025.
4. Development Pipeline Growth
Management holds approvals for 10 Detailed Specific Area Plans covering at least 1,000 acres each, 23,900 home sites in development, and 94,500 square feet of commercial space (76% pre-leased), with plans for additional commercial buildings, multifamily units and new anchors at Pier Park East.