ST JOE Co

For the period ended Dec 31, 2025. Filed Feb 25, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 25, 2026

JOE$72.91-3.0%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS



· · Year Ended December 31,
· · 2025 · · 2024 · · 2023
Cash flows from operating activities:
Net income	$115,882	$72,396	$74,052
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	47,471	46,385	38,776
Stock based compensation	1,232	1,209	820
Equity in income from unconsolidated joint ventures	(25,626)	(23,578)	(22,701)
Distribution of earnings from unconsolidated joint ventures	35,594	26,790	11,464
Deferred income tax	(6,216)	(803)	(10,677)
Cost of real estate sold	104,526	65,151	82,610
Expenditures for and acquisition of real estate to be sold	(84,291)	(79,435)	(77,796)
Accretion income and other	(1,530)	(1,765)	(5,193)
Amortization of debt issuance costs	875	982	1,004
(Gain) loss on disposal of property and equipment	(2,489)	615	16
Gain on contributions to unconsolidated joint ventures	—	(10)	(718)
Gain on insurance for damage to property and equipment, net	—	(178)	—
Loss on extinguishment of debt	421	—	133
Changes in operating assets and liabilities:
Other assets	2,817	9,669	(9,178)
Deferred revenue	(431)	(2,899)	11,149
Accounts payable and other liabilities	2,461	(6,536)	10,088
Net cash provided by operating activities	190,696	107,993	103,849
Cash flows from investing activities:
Expenditures for operating property	(19,755)	(42,188)	(133,783)
Expenditures for property and equipment	(4,058)	(7,746)	(6,182)
Proceeds from the disposition of assets	4,627	88	71
Proceeds from insurance claims	—	178	—
Purchases of investments - debt securities	—	—	(37,407)
Maturities of investments - debt securities	—	—	79,000
Capital contributions to unconsolidated joint ventures	(7,823)	(1,734)	(2,305)
Capital distributions from unconsolidated joint ventures	—	225	676
Maturities of assets held by special purpose entities	788	798	787
Net cash used in investing activities	(26,221)	(50,379)	(99,143)
Cash flows from financing activities:
Capital contributions from non-controlling interest	—	—	1,430
Capital distributions to non-controlling interest	(2,945)	(972)	(2,242)
Repurchase of common stock, including excise tax	(40,269)	(3,364)	—
Dividends paid	(33,618)	(30,347)	(25,664)
Borrowings on debt	67,830	1,096	121,839
Principal payments for debt	(114,452)	(18,170)	(53,491)
Principal payments for finance leases	(175)	(163)	(153)
Debt issuance costs	(651)	(148)	(958)
Net cash (used in) provided by financing activities	(124,280)	(52,068)	40,761
Net increase in cash, cash equivalents and restricted cash	40,195	5,546	45,467
Cash, cash equivalents and restricted cash at beginning of the year	96,316	90,770	45,303
Cash, cash equivalents and restricted cash at end of the year	$136,511	$96,316	$90,770

F 8

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the amounts shown in the consolidated statements of cash flows.

· · · · · · · · · ·
· · · · · · · · · ·
· · · Year Ended December 31,
· · · 2025 · · 2024 · 2023
Cash and cash equivalents	$129,614	$88,756	$86,068
Restricted cash included in other assets	6,897	7,560	4,702
Total cash, cash equivalents and restricted cash shown in the accompanying consolidated statements of cash flows	$136,511	$96,316	$90,770

Restricted cash includes amounts reserved as a requirement of financing, development for certain of the Company’s projects, advance draws on construction loans or long-term mitigation bank management.



· · Year Ended December 31,
· · 2025 · · 2024 · · 2023
Cash paid during the period for:
Interest, net of interest rate swap	$29,659	$32,690	$29,602
Federal income taxes, net	$37,020	$29,244	$26,400
State income taxes, net	$8,650	$4,900	$4,518

Non-cash investing and financing activities:
Non-cash contributions to unconsolidated joint ventures	$—	$—	$(1,844)
Right-of-use assets obtained in exchange for new or modified finance lease liabilities, net of terminations	$299	$284	$151
Right-of-use assets obtained in exchange for new or modified operating lease liabilities, net of terminations	$(120)	$5,117	$545
(Decrease) increase in Community Development District debt, net	$(86)	$569	$(539)
Transfers of expenditures for operating property to property and equipment	$580	$4,333	$35,812
Increase (decrease) in expenditures for operating properties and property and equipment financed through accounts payable	$1,812	$(6,984)	$(30,325)
Unrealized (loss) gain on cash flow hedges	$(152)	$1,090	$(215)
Excise tax payable on repurchase of common stock	$125	$26	$—
Issuance of restricted stock	$897	$1,433	$1,439

F 9

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