FRPH on Nasdaq

Patriot Transportation

American trucking and real estate company

Patriot Transportation is an American trucking and real estate holding company based in Jacksonville, Florida. Through its affiliates, Patriot specializes in moving freight consisting mainly of petroleum products and other liquids and also dry bulk commodities.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 18, 2026.

Overview

1988Founded1

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  • TickerFRPH on Nasdaq1
  • Industrytransport1
  • HeadquartersJacksonville1
  • Websitewww.patriottrans.com
  • Incorporated inFL4
  • Business address200 W. Forsyth St., 7Th Floor, Jacksonville, Fl 322024
  • Filer categoryNon-accelerated filer, Smaller reporting company4

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Patriot Transportation is an American trucking and real estate holding company based in Jacksonville, Florida. Through its affiliates, Patriot specializes in moving freight consisting mainly of petroleum products and other liquids and also dry bulk commodities.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

16.4%Operating margin5
7.8%Net margin5
2.6%Revenue growth, 20255
0.8%Return on equity5
0.45×Debt to equity5
-$21.5MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Multifamily brought in 51% of the revenue Patriot Transportation broke down this way in fiscal 2025.

  1. Multifamily$21.9M551%down 1% from 2024
  2. Mining Properties$14.4M534%up 12% from 2024
  3. Industrial Commercial$5.2M512%down 8% from 2024
  4. Development$1.5M53%up 21% from 2024
Business segments by year
Business segments202320242025
Multifamily$21.8M$22.1M$21.9M
Mining Properties$12.5M$12.9M$14.4M
Industrial Commercial$5.4M$5.6M$5.2M
Development$1.8M$1.2M$1.5M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs90¢$38.7M
  • Income tax2¢$818.0K
  • Profit8¢$3.3M

Out of $42.8M in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Capital spending99¢$51.1M
  • Share buybacks1¢$464.0K

Out of $29.7M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.5

Financial statements

Revenue67895$42.8M in 2025+80% since 2019
0$20.0M$40.0M$60.0M2019: $23.8M$23.8M20192020: $23.6M$23.6M2020−1%2021: $31.2M$31.2M2021+32%2022: $37.5M$37.5M2022+20%2023: $41.5M$41.5M2023+11%2024: $41.8M$41.8M2024+1%2025: $42.8M$42.8M2025+3%
Operating income67895$7.0M in 2025+22% since 2019
0$5.0M$10.0M$15.0M2019: $5.8M$5.8M20192020: $5.1M$5.1M2020−11%2021: $2.3M$2.3M2021−56%2022: $8.0M$8.0M2022+252%2023: $11.7M$11.7M2023+46%2024: $11.7M$11.7M2024+0%2025: $7.0M$7.0M2025−40%
Net income67895$3.3M in 2025−79% since 2019
0$10.0M$20.0M$30.0M2019: $16.2M$16.2M20192020: $12.7M$12.7M2020−21%2021: $28.2M$28.2M2021+122%2022: $4.6M$4.6M2022−84%2023: $5.3M$5.3M2023+16%2024: $6.4M$6.4M2024+20%2025: $3.3M$3.3M2025−48%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Lease revenue$28.3M$28.9M$29.0M
Mining royalty and rents$14.4M$12.9M$12.5M
Joint venture management fee revenue$214.0K$0$0
Total revenues$42.8M$41.8M$41.5M
Depreciation, depletion and amortization$11.0M$10.2M$10.8M
Operating expenses$10.3M$7.2M$7.4M
Property taxes$3.9M$3.4M$3.6M
General and administrative$10.7M$9.3M$8.0M
Total cost of operations$35.8M$30.1M$29.8M
Total operating profit$7.0M$11.7M$11.7M
Net investment income$8.8M$11.1M$10.9M
Interest expense-$3.0M-$3.1M-$4.3M
Equity in loss of joint ventures-$9.1M-$11.4M-$11.9M
Gain on sale of real estate and other income$0$182.0K$53.0K
Income before income taxes$3.8M$8.5M$6.4M
Provision for income taxes$818.0K$2.0M$1.5M
Net income$3.0M$6.5M$4.9M
(Loss) gain attributable to noncontrolling interest-$368.0K$75.0K-$420.0K
Net income attributable to the Company$3.3M$6.4M$5.3M
Net income attributable to the Company- Basic (usd per share)$0.18$0.34$0.28
Net income attributable to the Company- Diluted (usd per share)$0.18$0.34$0.28
Number of shares (in thousands) used in computing basic earnings per common shares (in shares)19.0M shares18.9M shares18.8M shares
Number of shares (in thousands) used in computing basic earnings per common shares (in shares)19.0M shares19.0M shares18.9M shares

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Leadership

Who has led Patriot Transportation, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Robert E. Sandlin2006–2014
  2. Thompson S. Baker Ii.2010–2016
  3. Thompson S. Baker Ii.2015–2016
  4. Robert E. Sandlin2015–2023

Chair

  1. Edward L. Baker2010
  2. Edward L. Baker2016

President

  1. Terry S. Phipps2006–2008
  2. David H. Devilliers Jr.2008–2024
  3. Robert E. Sandlin2009–2014
  4. Thompson S. Baker Ii.2010–2015
  5. Thompson S. Baker Ii.2015–2016
  6. Robert E. Sandlin2015–2023

Chief financial officer

  1. John D. Milton Jr.2008–2020
  2. John D. Milton Jr.2015–2016
  3. Matthew C. McNulty2017–2023
  4. Matthew C. McNulty2024–now

Chief operating officer

  1. David H. Devilliers Jr.2025–now
19901995200020052010201520202025
Board members and other officers (27)

Former names

  • PATRIOT TRANSPORTATION HOLDING INCMay 9, 2001 to Dec 5, 20144
  • FRP PROPERTIES INCFeb 13, 1995 to Feb 5, 20014

Timeline

  1. Nov 20, 2015New chief executive Robert E. Sandlin becomes CEO17
  2. Sep 16, 2010New chief executive Thompson S. Baker Ii. becomes CEO18
  3. Feb 2, 2006New chief executive Robert E. Sandlin becomes CEO19
  4. 1988Founded Founded1

Filings

437 filings to the SEC since October 2021: 8 annual reports, 21 quarterly reports, 59 major events, 248 insider forms, 35 large holders, 66 other. The latest 20:

  1. Aug 18, 20264 EDGAR
  2. Aug 11, 20264 EDGAR
  3. Aug 6, 202610-Q EDGAR
  4. Aug 4, 20268-K EDGAR
  5. May 20, 20264 PRIMARY DOCUMENT EDGAR
  6. May 15, 20264 PRIMARY DOCUMENT EDGAR
  7. May 15, 20264 PRIMARY DOCUMENT EDGAR
  8. May 15, 20264 PRIMARY DOCUMENT EDGAR
  9. May 15, 20264 PRIMARY DOCUMENT EDGAR
  10. May 15, 20264 PRIMARY DOCUMENT EDGAR
  11. May 15, 20268-K 8-K AUDITOR EDGAR
  12. May 14, 202610-Q EDGAR
  13. May 14, 2026S-8 S-8 EQUITY INCENTIVE PLAN EDGAR
  14. May 13, 20268-K 8-K VOTE EDGAR
  15. May 12, 20268-K 8-K PRESS RELEASE MAR26 EDGAR
  16. Apr 23, 2026DEFR14A DEFA14A EDGAR
  17. Apr 16, 2026DEF 14A EDGAR
  18. Apr 15, 2026ARS EDGAR
  19. Apr 15, 202610-K EDGAR
  20. Apr 10, 20268-K EDGAR

The 437 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 35 such filings since October 2021, the latest 10:

  1. Mar 25, 2026SCHEDULE 13D/A
  2. Nov 19, 2024SC 13D/A
  3. Nov 13, 2024SC 13G
  4. Feb 13, 2024SC 13G
  5. Feb 13, 2024SC 13G/A
  6. Feb 9, 2024SC 13G/A
  7. Jan 29, 2024SC 13G/A
  8. Dec 21, 2023SC 13G/A
  9. Dec 21, 2023SC 13D/A
  10. Dec 21, 2023SC 13D/A

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
HighTower Advisors, LLC1,931,562$48.3M0.0%+4,695
BlackRock, Inc.1,110,253$27.7M0.0%+49,186
Dimensional Fund Advisors LP1,098,484$27.5M0.0%−37,604
Vanguard Capital Management LLC519,009$13.0M0.0%+8,964
Geode Capital Management, LLC322,153$8.1M0.0%+34,996
State Street Corp313,797$7.8M0.0%+17,463
Morgan Stanley289,588$7.2M0.0%+134,308
Royce & Associates LP284,690$7.1M0.1%+798
Sprott Inc.284,340$7.1M0.2%No change
Northern Trust Corp222,917$5.6M0.0%+129,675
SCS Capital Management LLC205,808$5.1M0.0%No change
Intrepid Capital Management Inc176,483$4.4M1.9%No change
Two Sigma Investments, LP156,211$3.9M0.0%−25,292
Oppenheimer & Close, LLC136,447$3.4M2.2%+24,157
Estabrook Capital Management122,581$3.1M0.4%+8,300
Salem Investment Counselors Inc113,934$2.8M0.1%−400
Citigroup Inc108,853$2.7M0.0%+4,629
Third Avenue Management LLC107,160$2.7M0.4%No change
Charles Schwab Investment Management Inc101,180$2.5M0.0%+2,855
Creative Planning90,468$2.3M0.0%+15,937
Raymond James Financial Inc85,464$2.1M0.0%−3,797
HB Wealth Management, LLC84,751$2.1M0.0%+633
Vanguard Fiduciary Trust Co80,646$2.0M0.0%−1,209
Vanguard Portfolio Management LLC78,660$2.0M0.0%+11,564
Guardian Wealth Management, Inc.77,953$1.9M1.0%−15,177

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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