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Real estate development · Real Estate · Fiscal year ends Dec 31
ST JOE reported revenue of $513M in the fiscal year ended Dec 2025, up 27.4% from the year before. Operating income was $146M, an operating margin of 28.5%, and net income was $116M. Operating cash flow of $191M less capital expenditure of $4M left free cash flow of $187M. Net debt was $262M.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 267 | 252 | 389 | 403 | 513 |
| Cost of revenue | 131 | 146 | 236 | 236 | 292 |
| Gross profit | 136 | 106 | 153 | 167 | 221 |
| Operating income | 94.5 | 61.5 | 90.7 | 95.6 | 146 |
| Interest expense | 15.9 | 18.4 | 30.6 | 33.6 | 30.5 |
| Pre-tax income | 98.7 | 94.6 | 100 | 98.3 | 155 |
| Income tax | 25.0 | 24.4 | 26.0 | 26.0 | 39.2 |
| Net income | 74.6 | 70.9 | 77.7 | 74.2 | 116 |
| Diluted EPS | 1.27 | 1.21 | 1.33 | 1.27 | 1.99 |
| Diluted shares | 58.9 | 58.7 | 58.3 | 58.3 | 58.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 70.2 | 37.7 | 86.1 | 88.8 | 130 |
| Inventory | 2.8 | 4.0 | 4.3 | 4.0 | 3.3 |
| Net PP&E | 31.1 | 39.6 | 66.0 | 59.1 | 41.3 |
| Total assets | 1,208 | 1,431 | 1,524 | 1,539 | 1,518 |
| Deferred revenue | 36.2 | 38.9 | 62.8 | 59.3 | 58.7 |
| Long-term debt | 223 | 386 | 454 | 438 | 391 |
| Total liabilities | 582 | 780 | 825 | 802 | 743 |
| Shareholders' equity | 607 | 631 | 683 | 724 | 766 |
| Backlog (remaining obligations) | 22.8 | 25.1 | 48.7 | 45.9 | 45.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 112 | 48.2 | 104 | 108 | 191 |
| Capital expenditure | 4.3 | 7.3 | 6.2 | 7.7 | 4.1 |
| Free cash flow | 107 | 40.9 | 97.7 | 100 | 187 |
| Depreciation & amortisation | 18.2 | 22.9 | 38.8 | 46.4 | 47.5 |
| Stock-based compensation | – | 0.4 | 0.8 | 1.2 | 1.2 |
| Share buybacks | – | 20.0 | – | 3.4 | 40.3 |
| Dividends paid | 18.8 | 23.5 | 25.7 | 30.3 | 33.6 |
| Dividend per share | 0.32 | 0.40 | 0.44 | 0.52 | 0.58 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −5.5% | 54.3% | 3.5% | 27.4% |
| Operating income growth (YoY) | – | −34.9% | 47.6% | 5.3% | 53.0% |
| EPS growth (YoY) | – | −4.7% | 9.9% | −4.5% | 56.7% |
| Gross margin | 50.8% | 42.2% | 39.4% | 41.5% | 43.1% |
| Operating margin | 35.4% | 24.4% | 23.3% | 23.7% | 28.5% |
| Net margin | 27.9% | 28.1% | 20.0% | 18.4% | 22.5% |
| Return on equityBlank when equity is negative | 12.3% | 11.2% | 11.4% | 10.2% | 15.1% |
| Free cash flow margin | 40.3% | 16.2% | 25.1% | 24.9% | 36.4% |
| Cash conversion (CFO ÷ net income) | 1.50x | 0.68x | 1.34x | 1.46x | 1.65x |
| Inventory days | 8 | 10 | 7 | 6 | 4 |
| Interest cover | 5.96x | 3.34x | 2.96x | 2.85x | 4.80x |
| Debt ÷ equity | 0.37x | 0.61x | 0.66x | 0.60x | 0.51x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 153 | 348 | 368 | 349 | 262 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.