The Q3 headline decline is entirely attributable to the prior-year Watercrest sale, while underlying operations showed organic growth in hospitality and operating income. The 13% dividend increase and aggressive share repurchase ($64.9M YTD) signal management confidence. Watch the Q4 2026 earnings for the full-year organic growth trajectory and the pace of homesite closings in the Latitude Margaritaville JV.
Price Chart
Executive Summary
St. Joe reported Q3 2026 revenue of $156.2M (down 3% YoY) and net income of $36.9M (down 5% YoY), with the decline driven by the absence of the $41.0M Watercrest property sale that boosted Q3 2025. Operating income grew 16% to $61.5M and hospitality revenue hit a Q3 record of $66.0M, up 9%. The board increased the quarterly dividend by 13% to $0.18 per share.
Key Financial Metrics
Key Facts
- Q3 2026 total revenue decreased 3% YoY to $156.2M from $161.1M, primarily due to the absence of the $41.0M Watercrest senior living property sale in Q3 2025
- Operating income increased 16% to $61.5M from $52.9M
- Net income attributable to the Company decreased 5% to $36.9M ($0.65/share) from $38.7M ($0.67/share)
- Hospitality revenue grew 9% to a Q3 record of $66.0M with gross margins improving to 37% from 35%
- Real estate revenue decreased 9% to $76.1M, including $31.4M NPV from additional land sale to Latitude Margaritaville Watersound JV
- Quarterly dividend increased 13% to $0.18 per share from $0.16
- Company repurchased $27.2M of stock (412,800 shares) in Q3 2026
- First nine months 2026 revenue up 8% to $414.1M and net income up 7% to $91.3M
- Cash and cash equivalents of $117.9M as of September 30, 2026, down from $129.6M at year-end 2025
- Debt reduced to $361.7M from $391.2M at year-end 2025; weighted average interest rate 4.7%
Financial Impact
Q3 revenue decline of $4.9M YoY; net income decline of $1.8M YoY; dividend increase adds approximately $1.1M per quarter in cash outflows based on current share count
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Real Estate | $76.1M | -9.2% |
| Hospitality | $66.0M | +8.9% |
| Leasing | $14.1M | -15.6% |
Risk Factors
- Comparability remains distorted by the Watercrest sale until Q4 2026 laps the event
- Residential homesite closings declined to 80 in Q3 2026 from 189 in Q3 2025, though this was partially offset by the $31.4M land sale to the JV
- Leasing revenue declined 16% due to property sales, reducing recurring income base
- Concentrated ownership by largest shareholder limits minority influence
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-119626 |
| Document: joe-20261028x8k.htm | 0001104659-26-119626 |
| Document: 0001104659-26-119626-index-headers.html | 0001104659-26-119626 |
| Document: 0001104659-26-119626-index.html | 0001104659-26-119626 |
| Document: 0001104659-26-119626.txt | 0001104659-26-119626 |
| 8-K Data (Synthetic) | 0001104659-26-119626 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 28, 2026 2d ago | 8-K | $71.80 | awaiting T+60 | awaiting T+60 | $70.02 (−2.48%) |
May 4, 2026 25w ago | 8-K | $65.00 $63.07 | ▼ −2.97% | ▼ −5.71% | $70.02 (+7.72%) |
Feb 25, 2026 35w ago | 8-K | $69.73 $63.81 | ▼ −8.49% | ▼ −16.66% | $70.02 (+0.42%) |
US Market Status
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