Gisele Bündchen and Joaquim Valente Ride Jet Skis in Florida

Gisele Bündchen and Joaquim Valente aren't sipping cocoa and warming by the fire this holiday season ... they're enjoying the sun and surf off the coast of Florida.

The happy couple hopped on jet skis and carved up the clear water near their home in Surfside, FL ... life jackets and sunglasses on as they whipped around the area.

Bündchen showed off those long, supermodel legs of hers ... strengthened by all that jiu jitsu she's practiced with her beau of more than 2 years.

It's been a milestone year for the GB and JV ... who welcomed their first child together back in February -- a son whose name and face the couple's keeping under wraps.

Gisele's wrapping up her busy year with tons of hours by the water ... taking part in a photoshoot earlier this week while showing off her toned bod in a cheeky one-piece bathing suit.

She was posing as a sexy surfer ... though, with the amount of jet skiing we've seen her do over the years, we'd guess extreme watersports are more her vibe.