Douglas Elliman Inc. Reports Third Quarter 2025 Financial Results
Company reports
“We are emboldened by the momentum we’ve experienced in the first nine months of the year and believe we are strongly positioned for the future,” said Michael S. Liebowitz, President and Chief Executive Officer of Douglas Elliman Inc. “The recent sale of Douglas Elliman Property Management, which we believe will result in an after-tax gain of approximately
Bryant Kirkland, Chief Financial Officer of Douglas Elliman, added, “Our 2025 initiatives are already producing tangible results: we increased revenue, significantly reduced operating losses, and improved Adjusted EBITDA compared to the first nine months of 2024. In October 2025, we further strengthened our financial position by redeeming our convertible notes, which eliminated the associated overhang on our common stock. With a robust cash balance of approximately
GAAP Financial Results
Three months ended September 30, 2025
Third quarter 2025 revenues were
Nine months ended September 30, 2025
For the nine months ended September 30, 2025, revenues were
Non-GAAP Financial Measures
Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial results for the three and nine months ended September 30, 2025 and 2024 are included in Tables 2 and 3, and for the last twelve months (“LTM”) ended September 30, 2025 and year ended December 31, 2024 are included in Table 2.
Three months ended September 30, 2025 compared to the three months ended September 30, 2024
Adjusted EBITDA attributed to Douglas Elliman (as described in Table 2 attached hereto) was
Adjusted Net Income attributed to Douglas Elliman (as described in Table 3 attached hereto) was
Nine months ended September 30, 2025 compared to the nine months ended September 30, 2024
Adjusted EBITDA attributed to Douglas Elliman (as described in Table 2 attached hereto) was
Adjusted Net Loss attributed to Douglas Elliman (as described in Table 3 attached hereto) was
Gross Transaction Value
For the third quarter of 2025, Douglas Elliman’s subsidiary, Douglas Elliman Realty, LLC, achieved gross transaction value of approximately
For the nine months ended September 30, 2025, Douglas Elliman Realty, LLC achieved gross transaction value of approximately
Consolidated Balance Sheet
Douglas Elliman maintained a strong balance sheet with cash and cash equivalents of
Conference Call to Discuss Third Quarter 2025 Results
As previously announced, the Company will host a conference call and webcast to discuss its third quarter 2025 results on Tuesday, November 4, 2025 at 8:00 AM (ET). Investors may access the call via live webcast at https://join.eventcastplus.com/eventcastplus/Douglas-Elliman-Inc-Third-Quarter-2025-Earnings-Call. Please join the webcast at least 10 minutes prior to the start time.
A replay of the webcast will be available shortly after the call ends on November 4, 2025 through November 18, 2025 at https://join.eventcastplus.com/eventcastplus/Douglas-Elliman-Inc-Third-Quarter-2025-Earnings-Call.
Non-GAAP Financial Measures
Adjusted EBITDA attributed to Douglas Elliman, Adjusted Net Loss attributed to Douglas Elliman and financial measures for the last twelve months (“LTM”) ended September 30, 2025 (referred to as the “Non-GAAP Financial Measures”) are financial measures not prepared in accordance with generally accepted accounting principles (“GAAP”). The Company believes that the Non-GAAP Financial Measures are important measures that supplement discussion and analysis of its results of operations and enhance an understanding of its operating performance.
The Company believes the Non-GAAP Financial Measures provide investors and analysts with a useful measure of operating results unaffected by differences in capital structures and ages of related assets among otherwise comparable companies.
Management uses the Non-GAAP Financial Measures as measures to review and assess the operating performance of the Company’s business, and management does and investors should review both the overall performance (GAAP net income/loss) and the operating performance (the Non-GAAP Financial Measures) of the Company’s business. While management considers the Non-GAAP Financial Measures to be important, they should be considered in addition to, but not as substitutes for or superior to, other measures of financial performance prepared in accordance with GAAP, such as operating income/loss, net income/loss and cash flows from operations. In addition, the Non-GAAP Financial Measures are susceptible to varying calculations and the Company’s measurement of the Non-GAAP Financial Measures may not be comparable to those of other companies. Attached hereto as Tables 2 and 3 is information relating to the Company’s Non-GAAP Financial Measures for the three and nine months ended September 30, 2025 and 2024, the LTM ended September 30, 2025 and the year ended December 31, 2024.
About Douglas Elliman Inc.
Douglas Elliman Inc. (NYSE: DOUG, “Douglas Elliman”) owns Douglas Elliman Realty, LLC, which is one of the largest residential brokerage companies in
Investors and others should note that we may post information about Douglas Elliman on our website at investors.elliman.com or, if applicable, on our accounts on Facebook, Instagram, LinkedIn, TikTok, X, YouTube or other social media platforms. It is possible that the postings or releases could include information deemed to be material information. Therefore, we encourage investors, the media and others interested in Douglas Elliman to review the information we post on our website at investors.elliman.com and on our social media accounts.
Forward-Looking and Cautionary Statements
This press release includes forward-looking statements within the meaning of the federal securities law. All statements other than statements of historical or current facts made in this press release are forward-looking. We identify forward-looking statements in this press release by using words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may be,” “continue” “could,” “potential,” “objective,” “plan,” “seek,” “predict,” “project” and “will be” and similar words or phrases or their negatives. Forward-looking statements reflect our current expectations and are inherently uncertain. Actual results could differ materially for a variety of reasons.
Risks and uncertainties that could cause our actual results to differ significantly from our current expectations are described in our Annual Report on Form 10-K for the year ended December 31, 2024 and, when filed, our Quarterly Reports on Form 10-Q filed thereafter. We undertake no responsibility to publicly update or revise any forward-looking statement except as required by applicable law.
[Financial Tables Follow]
TABLE 1 |
|||||||||||||||
DOUGLAS ELLIMAN INC. AND SUBSIDIARIES |
|||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
(Unaudited) |
|||||||||||||||
(Dollars in Thousands, Except Per Share Amounts) |
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
September 30, |
|
September 30, |
||||||||||||
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||
Revenues: |
|
|
|
|
|
|
|
||||||||
Commissions and other brokerage income |
$ |
250,354 |
|
|
$ |
254,074 |
|
|
$ |
749,513 |
|
|
$ |
714,652 |
|
Property management |
|
9,438 |
|
|
|
8,960 |
|
|
|
29,395 |
|
|
|
27,701 |
|
Other ancillary services |
|
3,046 |
|
|
|
3,282 |
|
|
|
8,699 |
|
|
|
9,953 |
|
Total revenues |
|
262,838 |
|
|
|
266,316 |
|
|
|
787,607 |
|
|
|
752,306 |
|
|
|
|
|
|
|
|
|
||||||||
Expenses: |
|
|
|
|
|
|
|
||||||||
Real estate agent commissions |
|
192,771 |
|
|
|
199,133 |
|
|
|
583,890 |
|
|
|
564,606 |
|
Sales and marketing |
|
19,711 |
|
|
|
19,240 |
|
|
|
59,519 |
|
|
|
62,691 |
|
Operations and support |
|
17,575 |
|
|
|
18,774 |
|
|
|
53,078 |
|
|
|
55,572 |
|
General and administrative |
|
32,220 |
|
|
|
28,659 |
|
|
|
85,722 |
|
|
|
80,530 |
|
Technology |
|
5,964 |
|
|
|
6,025 |
|
|
|
17,265 |
|
|
|
17,301 |
|
Depreciation and amortization |
|
2,183 |
|
|
|
1,898 |
|
|
|
6,302 |
|
|
|
5,808 |
|
Litigation settlement |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
17,750 |
|
Impairment of fixed assets |
|
2,275 |
|
|
|
— |
|
|
|
2,275 |
|
|
|
— |
|
Restructuring |
|
794 |
|
|
|
18 |
|
|
|
1,092 |
|
|
|
616 |
|
Operating loss |
|
(10,655 |
) |
|
|
(7,431 |
) |
|
|
(21,536 |
) |
|
|
(52,568 |
) |
|
|
|
|
|
|
|
|
||||||||
Other income (expenses): |
|
|
|
|
|
|
|
||||||||
Interest expense |
|
(1,573 |
) |
|
|
(1,461 |
) |
|
|
(4,648 |
) |
|
|
(1,475 |
) |
Interest income |
|
1,366 |
|
|
|
1,551 |
|
|
|
3,986 |
|
|
|
3,989 |
|
Equity in (losses) earnings from equity-method investments |
|
(23 |
) |
|
|
62 |
|
|
|
178 |
|
|
|
49 |
|
Change in fair value of derivative embedded within convertible debt |
|
(15,445 |
) |
|
|
(20,166 |
) |
|
|
(33,160 |
) |
|
|
(20,166 |
) |
Investment and other gains (losses) |
|
1,399 |
|
|
|
(4 |
) |
|
|
1,340 |
|
|
|
625 |
|
Loss before provision for income taxes |
|
(24,931 |
) |
|
|
(27,449 |
) |
|
|
(53,840 |
) |
|
|
(69,546 |
) |
Income tax expense |
|
11 |
|
|
|
— |
|
|
|
11 |
|
|
|
1,368 |
|
|
|
|
|
|
|
|
|
||||||||
Net loss |
|
(24,942 |
) |
|
|
(27,449 |
) |
|
|
(53,851 |
) |
|
|
(70,914 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss attributed to non-controlling interest |
|
251 |
|
|
|
269 |
|
|
|
502 |
|
|
|
595 |
|
|
|
|
|
|
|
|
|
||||||||
Net loss attributed to Douglas Elliman Inc. |
$ |
(24,691 |
) |
|
$ |
(27,180 |
) |
|
$ |
(53,349 |
) |
|
$ |
(70,319 |
) |
|
|
|
|
|
|
|
|
||||||||
Per basic common share: |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net loss applicable to common shares attributed to Douglas Elliman Inc. |
$ |
(0.29 |
) |
|
$ |
(0.33 |
) |
|
$ |
(0.63 |
) |
|
$ |
(0.84 |
) |
|
|
|
|
|
|
|
|
||||||||
Per diluted common share: |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net loss applicable to common shares attributed to Douglas Elliman Inc. |
$ |
(0.29 |
) |
|
$ |
(0.33 |
) |
|
$ |
(0.63 |
) |
|
$ |
(0.84 |
) |
TABLE 2 |
|||||||||||||||||||||||
DOUGLAS ELLIMAN INC. AND SUBSIDIARIES |
|||||||||||||||||||||||
RECONCILIATION OF ADJUSTED EBITDA |
|||||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||||
(Dollars in Thousands) |
|||||||||||||||||||||||
|
LTM |
|
Year Ended |
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
September 30, |
|
December 31, |
|
September 30, |
|
September 30, |
||||||||||||||||
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||
Net loss attributed to Douglas Elliman Inc. |
$ |
(59,346 |
) |
|
$ |
(76,316 |
) |
|
$ |
(24,691 |
) |
|
$ |
(27,180 |
) |
|
$ |
(53,349 |
) |
|
$ |
(70,319 |
) |
Interest expense |
|
6,112 |
|
|
|
2,939 |
|
|
|
1,573 |
|
|
|
1,461 |
|
|
|
4,648 |
|
|
|
1,475 |
|
Interest income |
|
(5,530 |
) |
|
|
(5,533 |
) |
|
|
(1,366 |
) |
|
|
(1,551 |
) |
|
|
(3,986 |
) |
|
|
(3,989 |
) |
Income tax (benefit) expense |
|
(240 |
) |
|
|
1,117 |
|
|
|
11 |
|
|
|
— |
|
|
|
11 |
|
|
|
1,368 |
|
Net loss attributed to non-controlling interest |
|
(593 |
) |
|
|
(686 |
) |
|
|
(251 |
) |
|
|
(269 |
) |
|
|
(502 |
) |
|
|
(595 |
) |
Depreciation and amortization |
|
8,230 |
|
|
|
7,736 |
|
|
|
2,183 |
|
|
|
1,898 |
|
|
|
6,302 |
|
|
|
5,808 |
|
EBITDA |
$ |
(51,367 |
) |
|
$ |
(70,743 |
) |
|
$ |
(22,541 |
) |
|
$ |
(25,641 |
) |
|
$ |
(46,876 |
) |
|
$ |
(66,252 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity in (earnings) losses from equity-method investments (a) |
|
(165 |
) |
|
|
(36 |
) |
|
|
23 |
|
|
|
(62 |
) |
|
|
(178 |
) |
|
|
(49 |
) |
Change in fair value of derivative embedded within convertible debt |
|
27,972 |
|
|
|
14,978 |
|
|
|
15,445 |
|
|
|
20,166 |
|
|
|
33,160 |
|
|
|
20,166 |
|
Stock-based compensation(b) |
|
2,178 |
|
|
|
6,574 |
|
|
|
2,162 |
|
|
|
3,887 |
|
|
|
6,321 |
|
|
|
10,717 |
|
Litigation, settlement and related expenses, net (c) |
|
19,343 |
|
|
|
33,333 |
|
|
|
5,755 |
|
|
|
3,774 |
|
|
|
8,713 |
|
|
|
22,703 |
|
Executive severance and separation expense (benefit)(d) |
|
1,517 |
|
|
|
2,010 |
|
|
|
— |
|
|
|
— |
|
|
|
(493 |
) |
|
|
— |
|
Impairment of fixed assets |
|
2,275 |
|
|
|
— |
|
|
|
2,275 |
|
|
|
— |
|
|
|
2,275 |
|
|
|
— |
|
Restructuring |
|
1,517 |
|
|
|
1,041 |
|
|
|
794 |
|
|
|
18 |
|
|
|
1,092 |
|
|
|
616 |
|
Investment and other (gains) losses |
|
(6,004 |
) |
|
|
(5,289 |
) |
|
|
(1,399 |
) |
|
|
4 |
|
|
|
(1,340 |
) |
|
|
(625 |
) |
Adjusted EBITDA |
|
(2,734 |
) |
|
|
(18,132 |
) |
|
|
2,514 |
|
|
|
2,146 |
|
|
|
2,674 |
|
|
|
(12,724 |
) |
Adjusted EBITDA attributed to non-controlling interest |
|
280 |
|
|
|
349 |
|
|
|
175 |
|
|
|
182 |
|
|
|
275 |
|
|
|
344 |
|
Adjusted EBITDA attributed to Douglas Elliman Inc. |
$ |
(2,454 |
) |
|
$ |
(17,783 |
) |
|
$ |
2,689 |
|
|
$ |
2,328 |
|
|
$ |
2,949 |
|
|
$ |
(12,380 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|||||||||||||||||||||||
a. |
Represents equity in (earnings) losses recognized from the Company’s investments in equity method investments that are accounted for under the equity method and are not consolidated in the Company’s financial results. |
b. |
Represents amortization of stock-based compensation. |
c. |
Represents unusual litigation expense, settlement and related expenses incurred in connection with industry-wide antitrust class action lawsuits and other matters related to employees and agents. For the year ended December 31, 2024, the Company incurred unusual litigation expense, settlement and related expenses, net of |
d. |
Represents executive severance and separation expenses, net of amounts recovered from insurance. All amounts are included within general and administrative expenses on the condensed consolidated statement of operations. |
TABLE 3 |
|||||||||||||||
DOUGLAS ELLIMAN INC. AND SUBSIDIARIES |
|||||||||||||||
RECONCILIATION OF ADJUSTED NET INCOME (LOSS) |
|||||||||||||||
(Unaudited) |
|||||||||||||||
(Dollars in Thousands, Except Per Share Amounts) |
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
September 30, |
|
September 30, |
||||||||||||
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||
|
|
|
|
||||||||||||
Net loss attributed to Douglas Elliman Inc. |
$ |
(24,691 |
) |
|
$ |
(27,180 |
) |
|
$ |
(53,349 |
) |
|
$ |
(70,319 |
) |
|
|
|
|
|
|
|
|
||||||||
Impairment of fixed assets |
|
2,275 |
|
|
|
— |
|
|
|
2,275 |
|
|
|
— |
|
Restructuring |
|
794 |
|
|
|
18 |
|
|
|
1,092 |
|
|
|
616 |
|
Change in fair value of derivative embedded within convertible debt |
|
15,445 |
|
|
|
20,166 |
|
|
|
33,160 |
|
|
|
20,166 |
|
Non-cash amortization of debt discount on convertible debt |
|
578 |
|
|
|
487 |
|
|
|
1,660 |
|
|
|
487 |
|
Executive severance and separation benefit |
|
— |
|
|
|
— |
|
|
|
(493 |
) |
|
|
— |
|
Litigation, settlement and related expenses, net |
|
5,755 |
|
|
|
3,774 |
|
|
|
8,713 |
|
|
|
22,703 |
|
Total adjustments |
|
24,847 |
|
|
|
24,445 |
|
|
|
46,407 |
|
|
|
43,972 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted net income (loss) attributed to Douglas Elliman Inc. |
$ |
156 |
|
|
$ |
(2,735 |
) |
|
$ |
(6,942 |
) |
|
$ |
(26,347 |
) |
|
|
|
|
|
|
|
|
||||||||
Per diluted common share: |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Adjusted net income (loss) applicable to common shares attributed to Douglas Elliman Inc. |
$ |
— |
|
|
$ |
(0.03 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.32 |
) |
TABLE 4 |
|||||||||||||||||
DOUGLAS ELLIMAN INC. AND SUBSIDIARIES |
|||||||||||||||||
GROSS TRANSACTION VALUE |
|||||||||||||||||
(Unaudited) |
|||||||||||||||||
(Dollars in Thousands, Except for Gross Transaction Value) |
|||||||||||||||||
|
LTM |
|
Year Ended |
|
Three Months Ended |
|
Nine Months Ended |
||||||||||
|
September 30, |
|
December 31, |
|
September 30, |
|
September 30, |
||||||||||
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
||||||
Commissions and other brokerage income |
$ |
981,418 |
|
$ |
946,557 |
|
$ |
250,354 |
|
$ |
254,074 |
|
$ |
749,513 |
|
$ |
714,652 |
Property management |
|
38,479 |
|
|
36,785 |
|
|
9,438 |
|
|
8,960 |
|
|
29,395 |
|
|
27,701 |
Other ancillary services |
|
11,031 |
|
|
12,285 |
|
|
3,046 |
|
|
3,282 |
|
|
8,699 |
|
|
9,953 |
Total revenues |
$ |
1,030,928 |
|
$ |
995,627 |
|
$ |
262,838 |
|
$ |
266,316 |
|
$ |
787,607 |
|
$ |
752,306 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Gross transaction value (in billions) |
$ |
38.9 |
|
$ |
36.4 |
|
$ |
10.0 |
|
$ |
9.8 |
|
$ |
30.1 |
|
$ |
27.6 |
Total transactions |
|
21,436 |
|
|
21,781 |
|
|
5,661 |
|
|
6,081 |
|
|
16,099 |
|
|
16,444 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20251104046401/en/
Stephen Larkin, Douglas Elliman Inc.
917-902-2503
Olivia Snyder/Catherine Livingston,
FGS Global,
212-687-8080
J. Bryant Kirkland III, Douglas Elliman Inc.
305-579-8000
Source: Douglas Elliman Inc.
