# ST JOE Co (JOE) Informational only - not investment advice. CIK: 0000745308 SIC: 6552 Land Subdividers & Developers (No Cemeteries) SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Real Estate](/major-group/65/) > [SIC 6552 Land Subdividers & Developers (No Cemeteries)](/industry/6552/) Latest 10-K filed: 2026-02-25 SEC page: https://www.sec.gov/edgar/browse/?CIK=745308 Filing source: https://www.sec.gov/Archives/edgar/data/745308/000110465926019676/joe-20251231x10k.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-25 · accession 0001104659-26-019676 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000745308.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 513,246,000 USD | 2025 | verified | | Net income | 115,627,000 USD | 2025 | verified | | Assets | 1,518,426,000 USD | 2025 | verified | | Free cash flow | 186,638,000 USD | 2025 | computed | | Net margin | 22.53% | 2025 | computed | | Operating margin | 28.49% | 2025 | computed | | Revenue YoY | +27.44% | 2025 | computed | | ROE | 15.09% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | JOE | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 22.5% | 4.2% | 76 | 34 | | Operating margin | 28.5% | 4.4% | 84 | 20 | | Revenue growth | 27.4% | 6.1% | 84 | 33 | | FCF margin | 36.4% | 2.3% | 90 | 21 | | ROE | 15.1% | 3.7% | 97 | 34 | | ROA | 7.6% | 1.5% | 100 | 34 | | Liabilities / equity | 0.97 | 1.35 | 42 | 34 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 65 Real Estate, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 513246000 | USD | 2025 | 2026-02-25 | | Net income | 115627000 | USD | 2025 | 2026-02-25 | | Assets | 1518426000 | USD | 2025 | 2026-02-25 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-25. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000745308.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2009 | 2010 | 2011 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | | | 96,862,000 | 100,038,000 | 110,276,000 | 127,085,000 | 160,555,000 | 266,996,000 | 252,321,000 | 389,285,000 | 402,737,000 | 513,246,000 | | Net income | | | | | | 15,895,000 | 59,578,000 | 32,369,000 | 26,775,000 | 45,203,000 | 74,553,000 | 70,927,000 | 77,712,000 | 74,189,000 | 115,627,000 | | Operating income | | | | | | 3,078,000 | 3,577,000 | 29,404,000 | 31,323,000 | 47,085,000 | 94,457,000 | 61,467,000 | 90,733,000 | 95,586,000 | 146,231,000 | | Gross profit | | | | | | | | | | | | 106,423,000 | 153,306,000 | 167,221,000 | 220,970,000 | | Diluted EPS | -1.42 | -0.39 | -3.58 | | | | | | 0.45 | 0.77 | 1.27 | 1.21 | 1.33 | 1.27 | 1.99 | | Operating cash flow | | | | | | 10,662,000 | 53,706,000 | 41,420,000 | 30,393,000 | 37,331,000 | 111,797,000 | 48,221,000 | 103,849,000 | 107,993,000 | 190,696,000 | | Capital expenditures | | | | | | 1,297,000 | 3,005,000 | 2,615,000 | 9,354,000 | 5,689,000 | 4,302,000 | 7,348,000 | 6,182,000 | 7,746,000 | 4,058,000 | | Dividends paid | | | | | | | | | 0.00 | 4,122,000 | 18,844,000 | 23,497,000 | 25,664,000 | 30,347,000 | 33,618,000 | | Share buybacks | | | | 0.00 | 305,004,000 | 14,820,000 | 147,422,000 | 93,369,000 | 20,845,000 | 8,803,000 | | 19,972,000 | | 3,364,000 | 40,269,000 | | Assets | | | | | | 1,027,945,000 | 920,993,000 | 870,962,000 | 909,233,000 | 1,037,324,000 | 1,208,151,000 | 1,430,839,000 | 1,523,530,000 | 1,538,574,000 | 1,518,426,000 | | Liabilities | | | | | | 341,146,000 | 328,409,000 | 337,851,000 | 379,563,000 | 469,154,000 | 582,051,000 | 779,730,000 | 825,040,000 | 801,839,000 | 742,801,000 | | Stockholders' equity | | | | | | 669,293,000 | 577,557,000 | 518,171,000 | 519,521,000 | 550,617,000 | 607,409,000 | 630,802,000 | 683,062,000 | 724,280,000 | 766,290,000 | | Cash and cash equivalents | | | | | | 241,111,000 | 192,083,000 | 195,155,000 | 185,716,000 | 106,794,000 | 70,162,000 | 37,747,000 | 86,068,000 | 88,756,000 | 129,614,000 | | Free cash flow | | | | | | 9,365,000 | 50,701,000 | 38,805,000 | 21,039,000 | 31,642,000 | 107,495,000 | 40,873,000 | 97,667,000 | 100,247,000 | 186,638,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2009 | 2010 | 2011 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | | | 16.41% | 59.56% | 29.35% | 21.07% | 28.15% | 27.92% | 28.11% | 19.96% | 18.42% | 22.53% | | Operating margin | | | | | | 3.18% | 3.58% | 26.66% | 24.65% | 29.33% | 35.38% | 24.36% | 23.31% | 23.73% | 28.49% | | Return on equity | | | | | | 2.37% | 10.32% | 6.25% | 5.15% | 8.21% | 12.27% | 11.24% | 11.38% | 10.24% | 15.09% | | Return on assets | | | | | | 1.55% | 6.47% | 3.72% | 2.94% | 4.36% | 6.17% | 4.96% | 5.10% | 4.82% | 7.61% | | Liabilities / equity | | | | | | 0.51 | 0.57 | 0.65 | 0.73 | 0.85 | 0.96 | 1.24 | 1.21 | 1.11 | 0.97 | ## As-reported value updates 7 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/JOE/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-29. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000745308.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 0.21 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.18 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 0.60 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 101,390,000 | 19,409,000 | 0.33 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 86,738,000 | 13,185,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 87,787,000 | 13,915,000 | 0.24 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 111,606,000 | 24,518,000 | 0.42 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 99,011,000 | 16,835,000 | 0.29 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 104,334,000 | 18,920,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 94,197,000 | 17,461,000 | 0.30 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 129,082,000 | 29,524,000 | 0.51 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 161,076,000 | 38,707,000 | 0.67 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 128,891,000 | 29,934,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 99,044,000 | 13,934,000 | 0.24 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 158,829,000 | 40,473,000 | 0.71 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from JOE's latest 10-K: [/company/JOE/business/](/company/JOE/business/). ## Risk Factors Verbatim Item 1A Risk Factors from JOE's latest 10-K: [/company/JOE/risk-factors/](/company/JOE/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/745308/000110465926088152/joe-20260630x10q.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-07-29 Report date: 2026-06-30 Item 2.         Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the accompanying unaudited condensed consolidated financial statements and related notes in Item 1 and with the audited consolidated financial statements and the related notes included in our Annual Report on Form 10-K. The statements in this discussion regarding industry outlook, our expectations regarding our future performance, liquidity and capital resources and other non-historical statements are forward-looking statements. These forward-looking statements are subject to risks and uncertainties, including the risks and uncertainties described in “Forward-Looking Statements” below and “Risk Factors” beginning on page 7 of our Annual Report on Form 10-K. Our actual results may differ materially from those contained in or implied by any forward-looking statements. We assume no obligation to revise or publicly release any revision to any forward-looking statements contained in this Quarterly Report on Form 10-Q, unless required by law. Business Overview St. Joe is a diversified Florida real estate development, asset management and operating company with all of its real estate assets and operations in Northwest Florida. We intend to use existing assets for residential, hospitality and commercial ventures. We have significant residential and commercial land-use entitlements. We actively seek higher and better uses for our real estate assets through a range of development activities. As part of our core business strategy, we have created a meaningful portion of our business through JVs. We enter into these arrangements for the purposes of developing real estate and other business activities, which we believe allows us to complement our growth strategy, leverage industry expertise and diversify our business. We may partner with or explore the sale of discrete assets, such as our sale of a senior living community property in September 2025, in order to optimize resource allocation and maximize value. See Note 4. Joint Ventures for additional information. We seek to continue to enhance the value of our owned real estate assets by developing residential, hospitality and commercial projects to meet market demand. Approximately 87% of our real estate is located in Florida’s Bay, Gulf, and Walton counties. Approximately 90% of our real estate land holdings are located within fifteen miles of the Gulf. We believe our present capital structure, liquidity and land provide us with years of opportunities to increase recurring revenue and long-term value for our shareholders. We intend to continue to focus on our core business activity of real estate development, asset management and operations by developing long-term, scalable residential communities, growing our hospitality offerings and expanding our portfolio of income producing commercial properties. In addition, we operate a real estate brokerage business, title insurance agency and insurance agency business. We continue to develop a broad range of asset types that we believe will provide acceptable rates of return, grow recurring revenues and support future business. Capital commitments will be funded with cash proceeds from completed projects, existing cash, owned-land, partner capital and financing arrangements. These investments are made with a long-term value creation perspective. Timing of projects may be subject to delays caused by factors beyond our control. We may also choose to operate rather than lease assets, lease rather than sell assets, or sell improved rather than unimproved land that may delay revenue and profits. Our real estate investment strategy focuses on projects that meet long-term risk-adjusted return criteria. Our practice is to only incur such expenditures when our analysis indicates that a project will generate a return equal to or greater than the threshold return over its life. Highlights for the second quarter of 2026 compared to the second quarter of 2025 include: [[GREPCENT_TABLE]] [["","\u25cf","Quarterly net income increased by 37.3% to $40.5 million, or $0.71 per share, during the three months ended June 30, 2026, from $29.5 million, or $0.51 per share in the same period in 2025, our highest second quarter net income in 30 years since a one-off gain on sale of discontinued operations in 1996."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Toal quarterly revenue increased by 23.0% to $158.8 million during the three months ended June 30, 2026, from $129.1 million in the same period in 2025, our highest second quarter revenue in 20 years."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Real estate revenue increased by 58.9% to $69.6 million during the three months ended June 30, 2026, from $43.8 million in the same period in 2025."]] [[/GREPCENT_TABLE]] 47 Table of Contents [[GREPCENT_TABLE]] [["","\u25cf","Hospitality revenue increased by 7.8% to a quarterly record of $74.2 million during the three months ended June 30, 2026, from $68.8 million in the same period in 2025."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","In the second quarter of 2026, we funded $24.0 million in capital expenditures, repurchased $32.7 million of our common stock (499,700 shares), paid $9.1 million in cash dividends and repaid $10.9 million of debt."]] [[/GREPCENT_TABLE]] ​ Market Conditions While macroeconomic factors such as uncertainty over tariffs, continued inflation, geopolitical conflicts, elevated interest rates and higher insurance costs for consumers and overall consumer confidence, among other things, continued to produce economic headwinds and impacted buyer sentiment in many parts of the country, our segments continued to generate positive financial results through the first six months of 2026. We believe this is primarily due to the continued growth of Northwest Florida as a result of net migration, which we attribute to the region’s high quality of life, natural beauty and outstanding amenities. Elevated interest rates, market conditions in home states, and higher insurance costs have negatively impacted or delayed the ability of some buyers to obtain financing or sell their existing homes in their home states. The negative impact has been partially offset by the net migration into our markets and the number of cash buyers. In addition, we have not experienced an increase in cancellation rates as homebuilders have continued to perform on their contractual obligations with us. Given our diverse portfolio of residential holdings, the mix of sales and pricing from different communities may impact revenue and margins period over period, as discussed in more detail below. Reportable Segments We conduct primarily all of our business in the following three reportable segments: (1) residential, (2) hospitality and (3) commercial. The following table sets forth the relative contribution of these reportable segments to our consolidated revenue: [[GREPCENT_TABLE]] [["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b \u200b \u200b","Three Months Ended June 30,","\u200b","Six Months Ended June 30,","\u200b","\u200b"],["\u200b","\u200b","2026","\u200b \u200b \u200b","2025","\u200b \u200b \u200b","2026","\u200b \u200b \u200b","2025","","\u200b"],["Revenue","","\u200b","","\u200b","","\u200b","","\u200b","","\u200b"],["Residential","","33.3","%","29.5","%","31.5","%","31.9","%","\u200b"],["Hospitality","","49.7","%","55.1","%","49.6","%","50.0","%","\u200b"],["Commercial","","13.6","%","14.4","%","15.2","%","17.0","%","\u200b"],["Other","","3.4","%","1.0","%","3.7","%","1.1","%","\u200b"],["Consolidated revenue","","100.0","%","100.0","%","100.0","%","100.0","%","\u200b"]] [[/GREPCENT_TABLE]] ​ For more information regarding our reportable segments see Note 16. Segment Information. Residential Segment Our residential segment primarily plans and develops residential communities of various sizes across a wide range of price points and sells homesites to homebuilders or retail consumers. Our residential segment also evaluates opportunities to enter into JV agreements for specific communities such as Latitude Margaritaville Watersound. The residential segment generates revenue from sales of homesites, homes and other residential land and certain homesite residuals from homebuilder sales that provide us a percentage of the sale price of the completed home if the home price exceeds a negotiated threshold. Revenue is recognized at the point in time when a sale is closed and title and control have been transferred to the buyer. The residential segment also generates revenue from the sale of tap and impact fee credits, marketing fees and other fees on certain transactions. Certain homesite residuals and other revenue related to homebuilder homesite sales are recognized in revenue at the point in time of the closing of the sale. The 48 Table of Contents residential segment incurs costs from direct costs (e.g., development and construction costs), selling costs and other indirect costs. Cost of real estate revenue excludes depreciation, depletion and amortization expense. Our residential segment includes the Bayside at Ward Creek, Breakfast Point East, Breakwater at Ward Creek, College Station, Park Place, Salt Creek at Mexico Beach, Salt Grass at Ward Creek, Titus Park, Watersound Camp Creek, Watersound Origins, Watersound Origins West and WindMark Beach communities, which are large scale, multi-phase communities with current development activity, sales activity or future phases. Homesites in these communities are developed based on market demand and sold primarily to homebuilders and on a limited basis to retail customers. The East Lake Creek, East Lake Powell, Lake Powell, Lake Powell Estates, Park Place East, Pigeon Creek, Teachee, West Bay Creek and West Laird projects have phases of homesites in preliminary planning or permitting. Homesites in these projects will be developed based on market demand. The SummerCamp Beach community has homesites available for sale and along with the RiverCamps and SouthWood communities, have additional lands for future development. The Latitude Margaritaville Watersound community is a 55+ active adult residential community in Bay County, Florida. The community is located near the Intracoastal Waterway with convenient access to the Northwest Florida Beaches International Airport. The community is being developed through our unconsolidated Latitude Margaritaville Watersound JV with our partner Minto Communities USA, a homebuilder and community developer, and is estimated to include approximately 3,700 residential homes, which are being developed in smaller increments of discrete neighborhoods. As of June 30, 2026, the unconsolidated Latitude Margaritaville Watersound JV had completed 2,359 home sale transactions of the total estimated 3,700 homes planned in the community and had 183 homes under contract, which are expected to result in a sales value to the JV of approximately $115.1 million at closing of the homes. See Note 4. Joint Ventures for additional information. The residential homesite pipeline by community/project is as follows: [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/745308/000110465926019676/joe-20251231x10k.htm Complete FY 2025 MD&A: /company/JOE/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-25 Report date: 2025-12-31 Item 7.    Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the accompanying audited consolidated financial statements and the related notes included in this Form 10-K. The statements in this discussion regarding industry outlook, our expectations regarding our future performance, liquidity and capital resources and other non-historical statements are forward-looking statements. These forward-looking statements are subject to risks and uncertainties, including the risks and uncertainties described in “Risk Factors” in this Form 10-K. Our actual results may differ materially from those contained in or implied by any forward-looking statements. We assume no obligation to revise or publicly release any revision to any forward-looking statements contained in this Form 10-K, unless required by law. Business Overview St. Joe is a diversified real estate development, asset management and operating company with all of its real estate assets and operations in Northwest Florida. We intend to use existing assets for residential, hospitality and commercial ventures. We have significant residential and commercial land-use entitlements. We actively seek higher and better uses for our real estate assets through a range of development activities. As part of our core business strategy, we have created a meaningful portion of our business through JVs. We enter into these arrangements for the purposes of developing real estate and other business activities, which we believe allows us to complement our growth strategy, leverage industry expertise and diversify our business. We may partner with or explore the sale of discrete assets, such as our sale of a senior living community property in September 2025, in order to optimize resource allocation and maximize value. See Note 4. Joint Ventures included in Item 15 of this Form 10-K for additional information. We seek to continue to enhance the value of our owned real estate assets by developing residential, hospitality and commercial projects to meet market demand. Approximately 87% of our real estate is located in Florida’s Bay, Gulf, and Walton counties. Approximately 90% of our real estate land holdings are located within fifteen miles of the Gulf. We believe our present capital structure, liquidity and land provide us with years of opportunities to increase recurring revenue and long-term value for our shareholders. We intend to continue to focus on our core business activity of real estate development, asset management and operations by developing long-term, scalable residential communities, growing our hospitality offerings and expanding our portfolio of income producing commercial properties. We continue to develop a broad range of asset types that we believe will provide acceptable rates of return, grow recurring revenues and support future business. Capital commitments will be funded with cash proceeds from completed projects, existing cash, owned-land, partner capital and financing arrangements. These investments are made with a long-term value creation perspective. Timing of projects may be subject to delays caused by factors beyond our control. We may also choose to operate rather than lease assets, lease rather than sell assets, or sell improved rather than unimproved land that may delay revenue and profits. Our real estate investment strategy focuses on projects that meet long-term risk-adjusted return criteria. Our practice is to only incur such expenditures when our analysis indicates that a project will generate a return equal to or greater than the threshold return over its life. Highlights for the year ended December 31, 2025 compared to the year ended December 31, 2024 include: [[GREPCENT_TABLE]] [["","\u25cf","Net income attributable to the Company increased by 55.8% to $115.6 million, or $2.00 per share, during 2025, from $74.2 million, or $1.27 per share, in 2024."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Total revenue in 2025 increased by 27.4%, to $513.2 million from $402.7 million in 2024. Real estate revenue increased by 63.5% to $234.2 million during 2025. Hospitality revenue increased by 8.1% to a record of $215.4 million during 2025. Leasing revenue increased by 5.5% to a record of $63.6 million during 2025."]] [[/GREPCENT_TABLE]] 24 Table of Contents [[GREPCENT_TABLE]] [["","\u25cf","In 2025, we funded $108.1 million in capital expenditures, paid $33.6 million in cash dividends, repurchased $40.0 million of our common stock and repaid a net amount of $46.6 million of debt."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Cash and cash equivalents balance increased by $40.8 million to $129.6 million as of December 31, 2025, as compared to $88.8 as of December 31, 2024."]] [[/GREPCENT_TABLE]] Market Conditions While macroeconomic factors such as uncertainty over tariffs, inflation, elevated interest rates and higher insurance costs for consumers and overall consumer confidence, among other things, continued to produce economic headwinds and impacted buyer sentiment in many parts of the country, our segments continued to generate positive financial results throughout 2025. We believe this is primarily due to the continued growth of Northwest Florida as a result of net migration, which we attribute to the region’s high quality of life, natural beauty and outstanding amenities. While elevated interest rates, market conditions in their home states and higher insurance costs have negatively impacted or delayed the ability of some buyers to obtain financing or sell their existing home in their home state, the impact has been partially offset by the net migration into our markets and the number of cash buyers. Market conditions have also not caused an increase in cancellation rates as homebuilders have continued to perform on their contractual obligations with us. Given our diverse portfolio of residential holdings, the mix of sales and pricing from different communities may impact revenue and margins period over period, as discussed in more detail below. Further discussion of the potential impacts on our business from the current macroeconomic environment are included in Part I. Item 1A. Risk Factors. Reportable Segments We conduct primarily all of our business in the following three reportable segments: 1) residential, 2) hospitality and 3) commercial. The following table sets forth the relative contribution of these reportable segments to our consolidated operating revenue: [[GREPCENT_TABLE]] [["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b \u200b \u200b","\u200b","Year Ended December 31,"],["\u200b","\u200b","\u200b","2025","\u200b \u200b \u200b","2024","\u200b \u200b \u200b","2023","\u200b"],["Segment Operating Revenue","","\u200b","\u200b","","\u200b","","\u200b","\u200b"],["Residential","","\u200b","32.2","%","29.1","%","40.0","%"],["Hospitality","","\u200b","43.0","%","50.3","%","39.7","%"],["Commercial","","\u200b","23.2","%","19.5","%","19.1","%"],["Other","","\u200b","1.6","%","1.1","%","1.2","%"],["Consolidated operating revenue","","\u200b","100.0","%","100.0","%","100.0","%"]] [[/GREPCENT_TABLE]] ​ For more information regarding our reportable segments, see Note 18. Segment Information included in Item 15 of this Form 10-K for additional information. Residential Segment Our residential segment typically plans and develops residential communities of various sizes across a wide range of price points and sells homesites to homebuilders or retail consumers. Our residential segment also evaluates opportunities to enter into JV agreements for specific communities such as Latitude Margaritaville Watersound. The residential segment generates revenue from sales of homesites, homes and other residential land and certain homesite residuals from homebuilder sales that provide us a percentage of the sale price of the completed home if the home price exceeds a negotiated threshold. Revenue is recognized at the point in time when a sale is closed and title and control has been transferred to the buyer. The residential segment also generates revenue from the sale of tap and impact fee credits, marketing fees and other fees on certain transactions. Certain homesite residuals and other revenue related to 25 Table of Contents homebuilder homesite sales are recognized in revenue at the point in time of the closing of the sale. The residential segment incurs cost from direct costs (e.g., development and construction costs), selling costs and other indirect costs. Cost of real estate revenue excludes depreciation, depletion and amortization expense. Our residential segment includes the Bayside at Ward Creek, Breakfast Point East, Breakwater at Ward Creek, College Station, Park Place, Salt Creek at Mexico Beach, Salt Grass at Ward Creek, Titus Park, Watersound Camp Creek, Watersound Origins, Watersound Origins West and WindMark Beach communities, which are large scale, multi-phase communities with current development activity, sales activity or future phases. Homesites in these communities are developed based on market demand and sold primarily to homebuilders and on a limited basis to retail customers. The East Lake Creek, East Lake Powell, Lake Powell, Pigeon Creek, Teachee, West Bay Creek and West Laird communities have phases of homesites in preliminary planning or permitting. Homesites in these communities will be developed based on market demand. The SummerCamp Beach community has homesites available for sale and along with the RiverCamps and SouthWood communities, have additional lands for future development. The Latitude Margaritaville Watersound community is a planned 55+ active adult residential community in Bay County, Florida. The community is located near the Intracoastal Waterway with convenient access to the Northwest Florida Beaches International Airport. The community is being developed through our unconsolidated Latitude Margaritaville Watersound JV with our partner Minto Communities USA, a homebuilder and community developer, and is estimated to include approximately 3,700 residential homes, which are being developed in smaller increments of discrete neighborhoods. As of December 31, 2025, the unconsolidated Latitude Margaritaville Watersound JV has completed 2,190 home sale transactions of the total estimated 3,700 homes planned in the community and had 149 homes under contract, which are expected to result in a sales value to the JV of approximately $88.8 million at closing of the homes. See Note 4. Joint Ventures included in Item 15 of this Form 10-K for additional information. 26 Table of Contents The residential homesite pipeline by community/project are as follows: [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/JOE/mda/fy2025/ All MD&A years: /company/JOE/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/JOE/mda/fy2024/): filed 2025-02-26; accession 0001558370-25-001603 (https://www.sec.gov/Archives/edgar/data/745308/000155837025001603/joe-20241231x10k.htm) - [FY 2023 MD&A](/company/JOE/mda/fy2023/): filed 2024-02-21; accession 0001558370-24-001435 (https://www.sec.gov/Archives/edgar/data/745308/000155837024001435/joe-20231231x10k.htm) - [FY 2022 MD&A](/company/JOE/mda/fy2022/): filed 2023-02-22; accession 0001558370-23-001760 (https://www.sec.gov/Archives/edgar/data/745308/000155837023001760/joe-20221231x10k.htm) - [FY 2021 MD&A](/company/JOE/mda/fy2021/): filed 2022-02-23; accession 0001558370-22-001751 (https://www.sec.gov/Archives/edgar/data/745308/000155837022001751/joe-20211231x10k.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 6552 Land Subdividers & Developers (No Cemeteries)) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Housing & construction](/thread/housing-construction/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/JOE.md · JSON record: /company/JOE.json · verified financials: /company/JOE/financials.json / /company/JOE/financials.csv · machine TOC for the whole site: /llms.txt