Revenue growth has exhibited extreme volatility, peaking at 62.7% in 2025Q3 before decelerating to 5.1% in 2026Q1, while NOI margins fluctuated widely between 26.3% and 169.1% due to the irregular recognition of land sales.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 518.1M | 513.32M | 402.74M | 389.29M | 252.3M | 267M | 160.56M | 127.08M | 110.3M | 98.8M | 95.7M | 103.9M | 701.9M | 131.2M | 139.4M | 145.28M | 99.5M | 138.26M | 264M | 377.04M | 748.19M | 938.19M | 951.5M | 760.63M | 646.35M | 868.41M | 880.83M | 750.41M | 392.2M | 346.3M | 431.2M |
| Revenue Growth % | 26.63% | 27.46% | 3.46% | 54.29% | -5.5% | 66.3% | 26.34% | 15.22% | 11.64% | 3.24% | -7.89% | -85.2% | 434.98% | -5.88% | -4.05% | 46.02% | -28.03% | -47.63% | -29.98% | -49.61% | -20.25% | -1.4% | 25.09% | 17.68% | -25.57% | -1.41% | 17.38% | 91.33% | 13.25% | -19.69% | 28.75% |
| Property Operating Expenses | 38.32M | 35.81M | 235.52M | 235.98M | 146.6M | 131.31M | 77.78M | 64.09M | 51.3M | 66.4M | 61.3M | 67.1M | 136.8M | 86.9M | 91.3M | 71.47M | 62.3M | 114.11M | 120.1M | 210.93M | 487.56M | 671.34M | 726.14M | 458.62M | 474.63M | 702.42M | 638.6M | 589.59M | 287M | 216.7M | 83.4M |
| Net Operating Income (NOI) | 479.78M | 477.51M | 167.22M | 153.31M | 105.7M | 135.68M | 82.78M | 63M | 59M | 32.4M | 34.4M | 36.8M | 565.1M | 44.3M | 48.1M | 73.81M | 37.2M | 24.15M | 143.9M | 166.1M | 260.63M | 266.85M | 225.36M | 302.01M | 171.72M | 165.99M | 242.23M | 160.82M | 105.2M | 129.6M | 347.8M |
| NOI Margin % | 92.6% | 93.02% | 41.52% | 39.38% | 41.89% | 50.82% | 51.56% | 49.57% | 53.49% | 32.79% | 35.95% | 35.42% | 80.51% | 33.77% | 34.51% | 50.81% | 37.39% | 17.47% | 54.51% | 44.06% | 34.84% | 28.44% | 23.68% | 39.71% | 26.57% | 19.11% | 27.5% | 21.43% | 26.82% | 37.42% | 80.66% |
| Operating Expenses | 332.32M | 331.26M | 71.64M | 62.57M | 44.96M | 41.23M | 35.69M | 31.68M | 29.6M | 29.3M | 31.7M | 42.9M | 51.8M | 38.4M | 43.4M | 71.75M | 78.7M | 125.44M | 104.9M | 134.17M | 168.99M | 86.06M | 80.81M | 172.02M | 50.31M | 48.91M | 83.35M | 65.73M | 45.5M | 76.7M | 199.6M |
| G&A Expenses | 14.82M | 6.58M | 25.25M | 0 | 14.4M | 0 | 0 | 0 | 20.6M | 20.4M | 23.1M | 33.4M | 17.2M | 17M | 2.1M | 55.91M | 30.3M | 110.33M | 34.1M | 101.17M | 128.65M | 48.01M | 43.76M | 126.16M | 27.53M | 18.79M | 31.57M | 16.36M | 6.6M | 44.2M | 170.8M |
| EBITDA | 194.25M | 193.71M | 141.97M | 129.51M | 84.36M | 112.66M | 59.87M | 41.61M | 113.31M | 98.76M | 95.68M | 3.39M | 521.72M | 9.93M | 12.21M | -370.97M | -38M | -193.23M | -8.4M | 46.98M | 118.59M | 221.56M | 181.39M | 161.5M | 145.26M | 146.69M | 210.66M | 144.46M | 98.6M | 85.4M | 177M |
| EBITDA Margin % | 37.49% | 37.74% | 35.25% | 33.27% | 33.43% | 42.2% | 37.29% | 32.74% | 102.73% | 99.96% | 99.98% | 3.26% | 74.33% | 7.57% | 8.76% | -255.34% | -38.19% | -139.76% | -3.18% | 12.46% | 15.85% | 23.62% | 19.06% | 21.23% | 22.47% | 16.89% | 23.92% | 19.25% | 25.14% | 24.66% | 41.05% |
| Depreciation & Amortization | 46.73M | 47.45M | 46.38M | 38.78M | 22.89M | 18.2M | 12.79M | 10.29M | 83.91M | 96.46M | 93.78M | 9.49M | 8.42M | 9.13M | 10.11M | 15.84M | 13.6M | 16.11M | 17.3M | 23.93M | 40.36M | 40.77M | 36.84M | 31.5M | 23.84M | 29.62M | 51.78M | 49.37M | 38.9M | 32.5M | 28.8M |
| D&A / Revenue % | 9.02% | 9.24% | 11.52% | 9.96% | 9.07% | 6.82% | 7.96% | 8.09% | 76.07% | 97.63% | 98% | 9.13% | 1.2% | 6.96% | 7.25% | 10.9% | 13.67% | 11.65% | 6.55% | 6.35% | 5.39% | 4.35% | 3.87% | 4.14% | 3.69% | 3.41% | 5.88% | 6.58% | 9.92% | 9.38% | 6.68% |
| Operating Income | 147.51M | 146.25M | 95.59M | 90.73M | 61.47M | 94.46M | 47.09M | 31.32M | 29.4M | 2.3M | 1.9M | -6.1M | 513.3M | 800K | 2.1M | -386.81M | -51.6M | -209.34M | -25.7M | 23.06M | 78.23M | 180.79M | 144.55M | 129.99M | 121.42M | 117.08M | 158.87M | 95.09M | 59.7M | 52.9M | 148.2M |
| Operating Margin % | 28.47% | 28.49% | 23.73% | 23.31% | 24.36% | 35.38% | 29.33% | 24.65% | 26.65% | 2.33% | 1.99% | -5.87% | 73.13% | 0.61% | 1.51% | -266.24% | -51.86% | -151.42% | -9.73% | 6.12% | 10.46% | 19.27% | 15.19% | 17.09% | 18.78% | 13.48% | 18.04% | 12.67% | 15.22% | 15.28% | 34.37% |
| Interest Expense | 4M | 77.11M | 33.58M | 30.62M | 18.4M | 15.85M | 13.56M | 12.3M | 11.8M | 12.2M | 12.29M | 11.43M | 8.61M | 2.04M | 2.82M | 3.92M | 8.61M | 1.16M | 4.48M | 20.04M | 13.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 3.01x | 2.85x | 4.27x | 3.34x | 7.23x | 5.41x | 3.94x | 3.62x | 4.39x | 2.84x | 0.90x | 61.62x | 3.18x | 3.28x | -97.41x | -5.44x | -176.30x | -12.70x | 1.97x | 4.81x | - | - | - | - | - | - | - | - | - | - |
| Non-Operating Income | -15.49M | -85.88M | 0 | -39.95M | 0 | -20.13M | -26.3M | -17.16M | -13.3M | -49.92M | -31.83M | -16.4M | -17.18M | -5.71M | -7.11M | 51.64M | -3.28M | -5.36M | 31.21M | -15.33M | 11.24M | 13.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.02M | 5.3M |
| Pretax Income | 150.43M | 155.11M | 98.35M | 100.06M | 94.6M | 98.73M | 59.15M | 36.19M | 30.9M | 41.3M | 22.6M | -1.1M | 521.8M | 4.5M | 6.4M | -385.87M | -55.4M | -205.13M | -62.3M | 11.98M | 62.27M | 173.1M | 135.34M | 121.26M | 242.06M | 113.07M | 156.97M | 101.6M | 62.3M | 76M | 175M |
| Pretax Margin % | 29.04% | 30.22% | 24.42% | 25.7% | 37.5% | 36.98% | 36.84% | 28.47% | 28.01% | 41.8% | 23.62% | -1.06% | 74.34% | 3.43% | 4.59% | -265.6% | -55.68% | -148.37% | -23.6% | 3.18% | 8.32% | 18.45% | 14.22% | 15.94% | 37.45% | 13.02% | 17.82% | 13.54% | 15.88% | 21.95% | 40.58% |
| Income Tax | 37.93M | 39.23M | 25.95M | 26.01M | 24.4M | 24.98M | 13.67M | 9.45M | -700K | -17.9M | 7.1M | 800K | 115.5M | -400K | 400K | -55.66M | -23.8M | -81.22M | -26.9M | -869K | 25.16M | 64.33M | 53.26M | 42.63M | 89.56M | 42.34M | 56.64M | 23.96M | 36.2M | 40.5M | 83.1M |
| Effective Tax Rate % | 25.22% | 25.29% | 26.39% | 25.99% | 25.79% | 25.3% | 23.11% | 26.11% | -2.27% | -43.34% | 31.42% | -72.73% | 22.13% | -8.89% | 6.25% | 14.42% | 42.96% | 39.6% | 43.18% | -7.25% | 40.4% | 37.16% | 39.35% | 35.15% | 37% | 37.45% | 36.09% | 23.58% | 58.11% | 53.29% | 47.49% |
| Net Income | 112.1M | 115.63M | 74.19M | 77.71M | 70.93M | 74.55M | 45.2M | 26.77M | 32.4M | 59.5M | 15.9M | -1.7M | 406.5M | 5M | 6M | -330.28M | -35.9M | -130.02M | -35.9M | 39.21M | 51.02M | 126.66M | 90.1M | 75.92M | 174.36M | 70.2M | 100.32M | 124.36M | 28.8M | 35.5M | 176M |
| Net Margin % | 21.64% | 22.53% | 18.42% | 19.96% | 28.11% | 27.92% | 28.15% | 21.07% | 29.37% | 60.22% | 16.61% | -1.64% | 57.91% | 3.81% | 4.3% | -227.33% | -36.08% | -94.04% | -13.6% | 10.4% | 6.82% | 13.5% | 9.47% | 9.98% | 26.98% | 8.08% | 11.39% | 16.57% | 7.34% | 10.25% | 40.82% |
| Net Income Growth % | 44.21% | 55.85% | -4.53% | 9.57% | -4.86% | 64.93% | 68.83% | -17.36% | -45.55% | 274.21% | 1035.29% | -100.42% | 8030% | -16.67% | 101.82% | -820% | 72.39% | -262.17% | -191.57% | -23.15% | -59.72% | 40.57% | 18.69% | -56.46% | 148.36% | -30.02% | -19.33% | 331.8% | -18.87% | -79.83% | 138.16% |
| Funds From Operations (FFO) | 158.83M | 163.08M | 120.57M | 116.49M | 93.81M | 92.75M | 57.99M | 37.06M | 116.31M | 155.96M | 109.68M | 7.79M | 414.92M | 14.13M | 16.11M | -314.44M | -22.3M | -113.91M | -18.6M | 63.13M | 91.38M | 167.43M | 126.94M | 107.42M | 198.21M | 99.82M | 152.11M | 173.72M | 67.7M | 68M | 204.8M |
| FFO Margin % | 30.66% | 31.77% | 29.94% | 29.92% | 37.18% | 34.74% | 36.12% | 29.16% | 105.45% | 157.86% | 114.61% | 7.49% | 59.11% | 10.77% | 11.56% | -216.43% | -22.41% | -82.39% | -7.05% | 16.74% | 12.21% | 17.85% | 13.34% | 14.12% | 30.67% | 11.49% | 17.27% | 23.15% | 17.26% | 19.64% | 47.5% |
| FFO Growth % | 111.59% | 35.25% | 3.51% | 24.17% | 1.14% | 59.95% | 56.47% | -68.13% | -25.43% | 42.19% | 1308.73% | -98.12% | 2836.25% | -12.28% | 105.12% | -1310.04% | 80.42% | -512.4% | -129.46% | -30.91% | -45.42% | 31.9% | 18.17% | -45.8% | 98.56% | -34.37% | -12.44% | 156.61% | -0.44% | -66.8% | 99.8% |
| FFO per Share | 2.76 | 2.83 | 2.07 | 2.00 | 1.60 | 1.58 | 0.98 | 0.62 | 1.85 | 2.21 | 1.47 | 0.09 | 4.50 | 0.15 | 0.17 | -3.41 | -0.24 | -1.25 | -0.21 | 0.85 | 1.23 | 2.20 | 1.65 | 1.39 | 2.43 | 1.18 | 1.74 | 1.96 | 0.73 | 0.73 | 2.23 |
| FFO Payout Ratio % | 20.72% | 20.61% | 25.17% | 22.03% | 25.05% | 20.32% | 7.11% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 56.45% | 52.2% | 27.38% | 31.45% | 22.84% | 3.32% | 6.89% | 5.13% | 1.98% | 13.15% | 506.76% | 2.98% |
| EPS (Diluted) | 1.95 | 2.00 | 1.27 | 1.33 | 1.21 | 1.27 | 0.77 | 0.45 | 0.52 | 0.84 | 0.21 | -0.02 | 4.40 | 0.05 | 0.07 | -3.58 | -0.39 | -1.42 | -0.40 | 0.53 | 0.69 | 1.66 | 1.17 | 0.98 | 2.14 | 0.83 | 1.15 | 1.40 | 0.31 | 0.38 | 1.92 |
| EPS Growth % | 45.86% | 57.48% | -4.51% | 9.92% | -4.72% | 64.94% | 71.11% | -13.46% | -38.1% | 300% | 1182.47% | -100.44% | 8700% | -28.57% | 101.96% | -817.95% | 72.54% | -255% | -175.47% | -23.19% | -58.43% | 41.88% | 19.39% | -54.21% | 157.83% | -27.83% | -17.86% | 351.61% | -18.42% | -80.21% | 137.04% |
| EPS (Basic) | - | 2.00 | 1.27 | 1.33 | 1.21 | 1.27 | 0.77 | 0.45 | 0.52 | 0.84 | 0.21 | -0.02 | 4.40 | 0.05 | 0.07 | -3.58 | -0.39 | -1.42 | -0.40 | 0.53 | 0.69 | 1.69 | 1.19 | 1.00 | 2.22 | 0.87 | 1.18 | 1.42 | 0.32 | 0.39 | 1.92 |
| Diluted Shares Outstanding | 57.51M | 57.64M | 58.35M | 58.32M | 58.72M | 58.88M | 59.01M | 59.99M | 62.73M | 70.55M | 74.46M | 87.83M | 92.3M | 92.29M | 92.26M | 92.24M | 91.67M | 91.41M | 89.55M | 74.3M | 74.42M | 76.21M | 76.91M | 77.46M | 81.48M | 84.58M | 87.24M | 88.83M | 92.9M | 93.42M | 91.67M |
Geographic concentration and seasonality
As reported in financial statements, The St. Joe Company experienced significant revenue fluctuations, with quarterly growth peaking at 62.7% in 2025Q3 before decelerating to 5.1% in 2026Q1, highlighting the inherent lumpiness of land-based development cycles compared to more stable, recurring hospitality and commercial income streams.
The wide variance in top-line performance suggests that the company remains heavily reliant on the timing of large-scale land transactions rather than consistent operational output. Investors should monitor whether the ongoing pivot toward hospitality and multi-family assets can effectively smooth these revenue swings over the coming fiscal years.
Based on reported figures, NOI margins have demonstrated extreme volatility, ranging from a low of 26.3% in 2024Q1 to a high of 169.1% in 2025Q4, which likely reflects the irregular recognition of high-margin land sales versus the lower-margin operational costs of the hospitality and commercial segments.
The massive margin expansion observed in late 2025 appears to be an outlier driven by specific land divestment events rather than sustainable operational efficiency. Analysts should interpret these figures with caution, as the underlying cost structure of the hospitality business likely exerts downward pressure on margins during periods of lower land sales volume.
According to recent SEC filings, FFO per share has shown inconsistent performance, declining by 14.4% in 2026Q1 after a period of volatility, which suggests that the company's earnings quality is currently tied more to transactional land gains than to a predictable, recurring cash flow base.
The divergence between FFO and AFFO in several periods indicates that recurring maintenance CAPEX and other adjustments are significant factors in assessing true cash generation. The lack of a clear upward trajectory in FFO per share warrants further investigation into the scalability of the company's current development model.
As indicated by the provided data, the company's reliance on land sales creates a disconnect between GAAP net income and cash-based performance, with AFFO occasionally dipping significantly below FFO, as seen in 2023Q4 when AFFO turned negative at -$3.7M despite positive net income.
This discrepancy suggests that the company's reported earnings may be inflated by non-cash items or accounting gains that do not translate into immediate liquidity. Investors should be wary of the potential for capitalized development costs to mask the true cash burn required to maintain the company's extensive land bank.
Quick answers to the most common questions about buying JOE stock.
For fiscal year 2025, The St. Joe Company (JOE) reported total revenue of $513.3M. This represents a 19.0% increase compared to $431.2M in 1996.
The St. Joe Company (JOE) is profitable, generating $115.6M in net income for the fiscal year ending 2025 with a net profit margin of 22.5%.
The St. Joe Company (JOE) reported an operating income of $146.3M, resulting in an operating profit margin of 28.5%. This margin reflects the operational efficiency of the business before interest and taxes.
The St. Joe Company (JOE) generated $477.5M in gross profit for the year, representing a gross profit margin of 93.0%. This demonstrates the company's core pricing power and production efficiency.