No <p>Formatting With the_content()

Hi guys, I’m using <?php the_content(); ?> to call my latest post to the front page and show it without being an excerpt. All the HTML formatting is working except the <p> code, so the entries end up looking like one messy paragraph. When the permalink is clicked on, the <p> formatting is there, it’s just not showing on the front page.

For example, check my site: http://heartstation.org

Can anyone help me out? Thanks!