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Douglas Elliman (NYSE: DOUG) Q2 2026 revenue rises as net loss shrinks

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Douglas Elliman Inc. reported second quarter 2026 revenue of $283,449 (thousands), up from $271,366 (thousands) a year earlier, with comparable revenue growth of 8.6% excluding the disposed property management business. Operating loss narrowed to $3,425 (thousands) from $5,532 (thousands), and net loss attributed to Douglas Elliman improved to $2,734 (thousands), or $0.03 per diluted share, from $22,673 (thousands), or $0.27 per share. Gross transaction value rose 5.9% year over year to $10.8 billion, with an average price per transaction of $1.86 million.

For the six months ended June 30, 2026, revenue was $497,782 (thousands) versus $524,769 (thousands) in 2025, reflecting a tough comparison to an unusually strong first quarter of 2025. Operating loss widened to $20,936 (thousands) from $10,881 (thousands), while net loss attributed to Douglas Elliman narrowed to $19,010 (thousands), or $0.22 per diluted share, from $28,658 (thousands), or $0.34 per share. Adjusted EBITDA loss attributed to Douglas Elliman was $986 (thousands) in Q2 2026 versus $3,558 (thousands) in Q2 2025, but for the first half the loss increased to $11,432 (thousands) from $4,465 (thousands).

As of June 30, 2026, Douglas Elliman held $105.2 million in cash and cash equivalents and had no long-term debt. The company highlights a development marketing pipeline of approximately $26.1 billion, including $18.9 billion in Florida, and is launching an AI-driven technology transformation and the new Elius real estate intelligence business, supported by Google Cloud. It is also expanding its geographic footprint in France, New Hampshire and Georgetown, and growing Elliman Capital into California and Texas.

Positive

  • Q2 2026 profitability metrics improve sharply: net loss attributed to Douglas Elliman shrank to $2,734 (thousands), or $0.03 per diluted share, from $22,673 (thousands), or $0.27, with Adjusted EBITDA loss narrowing to $986 (thousands) from $3,558 (thousands).
  • Strong liquidity and large pipeline: cash and cash equivalents of approximately $105.2 million with no long-term debt, plus a development marketing pipeline of about $26.1 billion, including $18.9 billion in Florida and $9.7 billion scheduled to come to market through September 30, 2027.

Negative

  • First-half 2026 operating performance weakened: operating loss widened to $20,936 (thousands) from $10,881 (thousands), and Adjusted EBITDA loss attributed to Douglas Elliman increased to $11,432 (thousands) from $4,465 (thousands).
  • Higher non-GAAP operating losses despite Q2 improvement: for the six months ended June 30, 2026, Adjusted Net Loss attributed to Douglas Elliman was $16,316 (thousands), compared with $11,591 (thousands) in the prior-year period.

Insights

Analyzing...

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Revenue $283,449 (thousands) Total revenues for the three months ended June 30, 2026
Q2 2026 Net Loss $2,734 (thousands) Net loss attributed to Douglas Elliman Inc. for the three months ended June 30, 2026
H1 2026 Operating Loss $20,936 (thousands) Operating loss for the six months ended June 30, 2026
Q2 2026 Adjusted EBITDA Loss $986 (thousands) Adjusted EBITDA loss attributed to Douglas Elliman Inc. for Q2 2026
Cash and Cash Equivalents $105.2 million Cash and cash equivalents as of June 30, 2026; no long-term debt outstanding
Q2 2026 Gross Transaction Value $10.8 billion Gross transaction value for the three months ended June 30, 2026
Development Marketing Pipeline $26.1 billion Pipeline as company enters second half of 2026, including $18.9 billion in Florida
Adjusted EBITDA financial
"Adjusted EBITDA attributed to Douglas Elliman Inc. was a loss of $1.0 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Non-GAAP Financial Measures financial
"referred to as the “Non-GAAP Financial Measures” are financial measures not prepared in accordance with GAAP"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
gross transaction value financial
"the Company achieved gross transaction value of approximately $10.8 billion"
Gross transaction value is the total dollar amount of all purchases or payments processed through a platform during a given period, measured before subtracting refunds, discounts, fees or cancellations. Investors watch it as a broad measure of a business’s sales volume and marketplace activity—like counting every ticket sold at a concert before refunds—to gauge growth and customer usage, while remembering it is not the same as actual revenue or profit.
derivative embedded within convertible debt financial
"Change in fair value of the derivative embedded within convertible debt"
antitrust litigation settlement expense regulatory
"included in Antitrust litigation settlement expense and $868 is included in general and administrative"
equity-method investments financial
"equity in (losses) earnings from equity-method investments"
An accounting approach for when a company owns a significant but non-controlling stake in another business, recording its share of that business's profits and losses on its own financial statements. Think of it like owning a meaningful slice of a pie: you don’t run the bakery, but you report your share of its daily sales and setbacks. It matters to investors because it changes reported earnings and asset values and signals meaningful influence over the other company’s performance.
Q2 2026 Revenue $283,449 (thousands) Up 4.5% year over year; comparable revenue up 8.6% excluding property management revenues.
Q2 2026 Net Loss $2,734 (thousands), $0.03 per diluted share Improved from $22,673 (thousands), or $0.27 per diluted share, in Q2 2025.
H1 2026 Revenue $497,782 (thousands) Down from $524,769 (thousands) for the six months ended June 30, 2025.
H1 2026 Net Loss $19,010 (thousands), $0.22 per diluted share Improved from $28,658 (thousands), or $0.34 per diluted share, in the prior-year period.
Q2 2026 Adjusted EBITDA Loss $986 (thousands) Narrowed from an Adjusted EBITDA loss of $3,558 (thousands) in Q2 2025.
H1 2026 Adjusted EBITDA Loss $11,432 (thousands) Increased from an Adjusted EBITDA loss of $4,465 (thousands) for the six months ended June 30, 2025.
Q2 2026 Gross Transaction Value $10.8 billion Up from approximately $10.2 billion in Q2 2025; average price per transaction rose to $1.86 million from $1.84 million.
Guidance

Management highlights a strong capital position, a development marketing pipeline of about $26.1 billion with $9.7 billion scheduled to come to market through September 30, 2027, and an AI transformation expected to gradually generate significant savings in non-commission operating expenses over the next three years.

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FAQ

How did Douglas Elliman (DOUG) perform financially in Q2 2026?
Douglas Elliman reported Q2 2026 revenue of $283,449 (thousands), up from $271,366 (thousands) a year earlier. Net loss attributed to the company improved significantly to $2,734 (thousands), or $0.03 per diluted share, compared with $22,673 (thousands), or $0.27 per share, in Q2 2025.

What were Douglas Elliman’s (DOUG) results for the first half of 2026?
For the six months ended June 30, 2026, Douglas Elliman generated revenue of $497,782 (thousands), down from $524,769 (thousands) in 2025. Operating loss widened to $20,936 (thousands), while net loss attributed to the company narrowed to $19,010 (thousands), or $0.22 per diluted share.

What is Douglas Elliman’s (DOUG) liquidity and debt position as of June 30, 2026?
As of June 30, 2026, Douglas Elliman reported cash and cash equivalents of approximately $105.2 million and no long-term debt. Management states this balance sheet provides strategic flexibility for organic growth, talent acquisition, technology investment, and opportunistic market expansion initiatives.

How did Douglas Elliman’s (DOUG) gross transaction value change in Q2 2026?
In Q2 2026, Douglas Elliman achieved gross transaction value of approximately $10.8 billion, up from about $10.2 billion in Q2 2025. The company reports an average price per transaction of $1.86 million, compared with $1.84 million in the prior-year quarter.

What are Douglas Elliman’s (DOUG) key non-GAAP metrics for Q2 2026?
For Q2 2026, Adjusted EBITDA attributed to Douglas Elliman was a loss of $986 (thousands), compared with a loss of $3,558 (thousands) in Q2 2025. Adjusted Net Loss attributed to the company was $3,938 (thousands), or $0.05 per diluted share, versus $7,299 (thousands), or $0.09 per share, a year earlier.

What strategic initiatives did Douglas Elliman (DOUG) highlight, including AI and Elius?
Douglas Elliman highlighted an AI-enabled technology transformation aimed at improving efficiency and non-commission cost structure, and the launch of Elius, a proprietary real estate intelligence business. Both initiatives use Google Cloud technology and are intended to support new data-driven real estate products and services.

What is Douglas Elliman’s (DOUG) development marketing pipeline and outlook?
Douglas Elliman cited a development marketing pipeline of approximately $26.1 billion, including $18.9 billion in Florida and $9.7 billion expected to come to market through September 30, 2027. Management describes entering the second half of 2026 with a strengthened foundation and focus on long-term stockholder value.
0001878897false00018788972026-08-072026-08-07

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 7, 2026
DOUGLAS ELLIMAN INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
001-4105487-2176850
(Commission File Number)(I.R.S. Employer Identification No.)
4400 Biscayne BoulevardMiamiFlorida33137
(Address of Principal Executive Offices)(Zip Code)

(305) 579-8000
(Registrant’s Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities Registered Pursuant to 12(b) of the Act:
Title of each class:TradingName of each exchange
Symbol(s)on which registered:
Common stock, par value $0.01 per shareDOUGNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02. Results of Operations and Financial Condition
On August 7, 2026, Douglas Elliman Inc. (NYSE:DOUG) (the “Company” or “Douglas Elliman”) announced its financial results for the three and six months ended June 30, 2026. The full text of the press release issued in connection with the announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto are being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits

(d) Exhibits.
Exhibit No.Exhibit
99.1
Press Release issued on August 7, 2026, regarding financial results for the second quarter ended June 30, 2026.
104Cover Page Interactive Data File (embedded within the Inline XBRL document).



SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
DOUGLAS ELLIMAN INC.
By:/s/ J. Bryant Kirkland III  
Name:J. Bryant Kirkland III 
Title:Executive Vice President, Treasurer and Chief Financial Officer
Date: August 7, 2026



image.jpg
FOR IMMEDIATE RELEASE
Contact:Stephen Larkin, Douglas Elliman Inc.
917-902-2503
Catherine Livingston, FGS Global
212-687-8080
J. Bryant Kirkland III, Douglas Elliman Inc.
305-579-8000
DOUGLAS ELLIMAN INC. REPORTS SECOND QUARTER 2026 FINANCIAL RESULTS
Second Quarter Revenues up 4.5% Year over Year (8.6% YoY on Comparable Basis); Operating Loss Narrows to $3.4M; Net Loss Narrows to $2.7M

Second Quarter Gross Transaction Value up 5.9% YoY to $10.8B; Adjusted EBITDA Loss Narrows to $1.0M from $3.6M

Cash of $105.2M and No Long-Term Debt as of June 30, 2026; Development Marketing Pipeline of $26.1B

Launches AI Transformation including Development of Proprietary Real Estate Intelligence Business

French Network Grows to 15 Offices with Opening of Paris Office

Elliman Capital Expands to California and Texas


MIAMI, FL, August 7, 2026 - Douglas Elliman Inc. (“Douglas Elliman” or the “Company”) (NYSE: DOUG), the parent company of Douglas Elliman Realty, one of the nation's premier luxury residential real estate brokerages, today announced financial results for the three and six months ended June 30, 2026.

CEO STATEMENT
“Our second quarter top and bottom-line results reflect strong and building momentum: revenue grew 8.6% year over year on a comparable basis and cash receipts from existing home sales were up 15% and 16% in May and June, respectively, compared to the prior year periods,” said Michael S. Liebowitz, President and Chief Executive Officer of Douglas Elliman Inc. "With no long-term debt and more than $100 million in cash, we are operating from a position of financial strength. We made excellent progress during the quarter on the strategic initiatives that will define Douglas Elliman's future — technology, talent, capital, and geography. Through our AI transformation we are actively seeking to reshape our cost structure with a dedicated AI team already on the ground. We believe this transformation will be a meaningful driver of margin improvement over time. Our team is energized and laser-focused on creating value for all of our stakeholders.”



Q2 2026 FINANCIAL HIGHLIGHTS
Three months ended June 30, 2026
Second quarter 2026 revenues were $283.4 million, compared to revenues of $271.4 million in the second quarter of 2025. The Company disposed of its property management business in October 2025 and, excluding property management revenues, revenues were $260.9 million in the second quarter of 2025. The Company recorded an operating loss of $3.4 million in the second quarter of 2026, compared to an operating loss of $5.5 million in the second quarter of 2025. Net loss attributed to Douglas Elliman Inc. in the second quarter of 2026 was $2.7 million, or $0.03 per diluted common share, compared to $22.7 million, or $0.27 per diluted common share, in the second quarter of 2025.
Six months ended June 30, 2026
For the six months ended June 30, 2026, revenues were $497.8 million, compared to revenues of $524.8 million for the six months ended June 30, 2025. Excluding property management revenues, revenues were $504.8 million for the six months ended June 30, 2025. Although the Company had a strong revenue performance in the second quarter of 2026, the year-over-year comparison of revenues was also impacted by a difficult comparable due to an unusually strong first quarter of 2025. The Company recorded an operating loss of $20.9 million for the six months ended June 30, 2026, compared to an operating loss of $10.9 million for the six months ended June 30, 2025. Net loss attributed to Douglas Elliman Inc. for the six months ended June 30, 2026 was $19.0 million, or $0.22 per diluted common share, compared to $28.7 million, or $0.34 per diluted common share, for the six months ended June 30, 2025.
NON-GAAP FINANCIAL MEASURES
Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial results for the three and six months ended June 30, 2026 and 2025 are included in Tables 2 and 3, and for the last twelve months (“LTM”) ended June 30, 2026 and year ended December 31, 2025 are included in Table 2.
Three months ended June 30, 2026 compared to the three months ended June 30, 2025
Adjusted EBITDA attributed to Douglas Elliman Inc. (as described in Table 2 attached hereto) was a loss of $1.0 million for the second quarter of 2026, compared to a loss of $3.6 million for the second quarter of 2025.
Adjusted Net Loss attributed to Douglas Elliman Inc. (as described in Table 3 attached hereto) was $3.9 million or $0.05 per diluted share, for the second quarter of 2026, compared to $7.3 million or $0.09 per diluted share, for the second quarter of 2025.
Six months ended June 30, 2026 compared to the six months ended June 30, 2025
Adjusted EBITDA attributed to Douglas Elliman Inc. (as described in Table 2 attached hereto) was a loss of $11.4 million for the six months ended June 30, 2026, compared to a loss of $4.5 million for the six months ended June 30, 2025.
Adjusted Net Loss attributed to Douglas Elliman Inc. (as described in Table 3 attached hereto) was $16.3 million or $0.19 per diluted share, for the six months ended June 30, 2026, compared to $11.6 million or $0.14 per diluted share, for the six months ended June 30, 2025.
GROSS TRANSACTION VALUE
For the second quarter of 2026, the Company achieved gross transaction value of approximately $10.8 billion with an average price per transaction of $1.86 million. For the second quarter of 2025, the Company achieved gross transaction value of approximately $10.2 billion with an average price per transaction of $1.84 million.
For the six months ended June 30, 2026, the Company achieved gross transaction value of approximately $19.4 billion with an average price per transaction of $1.90 million. For the six months ended June 30, 2025, the Company achieved gross transaction value of approximately $20.1 billion with an average price per transaction of $1.92 million.
BALANCE SHEET AND CAPITAL POSITION
Douglas Elliman maintained a robust balance sheet as of June 30, 2026, with cash and cash equivalents of approximately $105.2 million and no long-term debt. This financial profile affords the Company significant strategic flexibility to pursue organic growth, accretive talent acquisition, technology investment, and opportunistic market expansion initiatives.
OUTLOOK
The Company enters the second half of 2026 with a strengthened foundation: a strong capital position, a development marketing pipeline of approximately $26.1 billion (including $18.9 billion in Florida alone) with another $9.7 billion scheduled


to come to market through September 30, 2027 and an AI transformation that is underway and that is expected to gradually lead to significant savings in non-commission operating expenses over the next three years.
Douglas Elliman remains focused on maintaining leadership in luxury residential real estate through superior agent talent, global market presence, and a brand that commands the industry's highest average sales price. Management is executing against this objective with discipline and believes the platform is now well positioned to deliver long-term stockholder value.
STRATEGIC GROWTH INITIATIVES
Douglas Elliman sees opportunities to extend the Company's luxury leadership and accelerate long-term stockholder value creation.
Technology and AI Investment
Douglas Elliman recently announced the launch of a company-wide technology infrastructure transformation to support its evolution into a technology-forward real estate brokerage. The effort is designed to fundamentally change how Douglas Elliman operates to improve efficiency, enhance the agent advisor and client experience, and reshape its long-term cost structure.
Concurrently, the Company is launching Elius, a newly formed intelligence company positioned to build proprietary real estate intelligence capabilities beyond traditional brokerage. Elius is designed to power a new generation of intelligent real estate experiences, products, and services that move beyond today's search and portal-based models by anticipating opportunities, surfacing insights earlier, and delivering guidance that today's static platforms cannot.
The transformation follows two parallel tracks to reset Douglas Elliman's non-commission-based cost structure across business units while building a proprietary intelligence business under the name Elius. Both tracks are enabled by Google Cloud technology, including its AI models and enterprise infrastructure, which the Company has selected to power its transformation.
Footprint Expansion and Talent Recruitment
Since 2025, Douglas Elliman entered new international markets in Canada, France, Monaco, and the Caribbean, extending the Company's geographic reach to serve affluent and ultra-high-net-worth clients across the world's most coveted luxury real estate destinations. Most recently, in June, the Company expanded into Paris, bringing its French network to fifteen offices across France, Monaco, and Saint-Barthélemy.

In addition, Douglas Elliman continues to extend its domestic footprint across several luxury markets. In the second quarter, the Company expanded into New Hampshire and opened a new Georgetown office — its fourth in the Mid-Atlantic region. The Company also added high level agents in key markets during the quarter and continues to have a strong recruiting pipeline.
Elliman Capital
Elliman Capital continued to expand in the second quarter. In May, the Company launched in California through a strategic relationship with Mark Cohen and Cohen Financial Group, bringing a full suite of lending solutions to agents and clients across Greater Los Angeles. In July, the platform extended into Texas, with dedicated loan officers serving agents across Dallas-Fort Worth, Houston, and Austin.
Conference Call to Discuss Second Quarter 2026 Results
As previously announced, the Company will host a conference call and webcast to discuss its second quarter 2026 results on Friday, August 7, 2026 at 8:00 a.m. (ET).
Investors may access the call via live webcast at https://join.eventcastplus.com/eventcastplus/douglas-elliman-second-quarter-earnings-call. Please join the webcast at least 10 minutes prior to the start time.
A replay of the call will be available shortly after the call ends on August 7, 2026 through August 21, 2026 at https://join.eventcastplus.com/eventcastplus/douglas-elliman-second-quarter-earnings-call.
NON-GAAP FINANCIAL MEASURES
Adjusted EBITDA attributed to Douglas Elliman Inc., Adjusted Net Loss attributed to Douglas Elliman Inc. and financial measures for the last twelve months (“LTM”) ended June 30, 2026 (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 six months ended June 30, 2026 and 2025, the LTM ended June 30, 2026 and the year ended December 31, 2025.
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 the United States with operations in New York City, Long Island, the Hamptons, Westchester, Connecticut, New Jersey, Massachusetts, New Hampshire, Florida, California, Texas, Colorado, Nevada, Maryland, Virginia, and Washington, D.C. In addition, Douglas Elliman provides other real estate services, including development marketing, mortgage as well as settlement and escrow services in select markets, and uses as well as invests in early-stage, disruptive property technology solutions and companies. Additional information concerning Douglas Elliman is available on its website, investors.elliman.com.
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, 2025 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 EndedSix Months Ended
June 30,June 30,
2026202520262025
Revenues:
Commissions and other brokerage income$280,203 $258,016 $492,084 $499,159 
Property management— 10,465 — 19,957 
Other ancillary services3,246 2,885 5,698 5,653 
       Total revenues283,449 271,366 497,782 524,769 
Expenses:
Real estate agent commissions224,259 204,594 391,650 391,119 
Sales and marketing19,731 20,069 37,468 39,808 
Operations and support17,771 17,775 34,011 35,503 
General and administrative17,795 26,177 38,946 53,502 
Technology5,591 5,766 10,829 11,301 
Depreciation and amortization1,989 2,219 3,988 4,119 
Antitrust litigation settlement expense (a)
— — 2,041 — 
Restructuring146 298 193 298 
Gain on disposal of business(408)— (408)— 
Operating loss(3,425)(5,532)(20,936)(10,881)
Other income (expenses):
Interest expense(2)(1,545)(5)(3,075)
Interest income719 1,259 1,609 2,620 
Equity in (losses) earnings from equity-method investments(9)199 379 201 
Change in fair value of the derivative embedded within convertible debt— (16,969)— (17,715)
Investment and other losses(17)(37)(57)(59)
Loss before provision for income taxes(2,734)(22,625)(19,010)(28,909)
Income tax expense— — — — 
Net loss(2,734)(22,625)(19,010)(28,909)
Net (income) loss attributed to non-controlling interest— (48)— 251 
Net loss attributed to Douglas Elliman Inc.$(2,734)$(22,673)$(19,010)$(28,658)
Per basic common share:
Net loss applicable to common shares attributed to Douglas Elliman Inc.$(0.03)$(0.27)$(0.22)$(0.34)
Per diluted common share:
Net loss applicable to common shares attributed to Douglas Elliman Inc.$(0.03)$(0.27)$(0.22)$(0.34)

                                                                 
a.Represents an expense of $2,041 associated with an antitrust lawsuit settlement which was recorded during the three months ended March 31, 2026 and included in the “General and Administrative” category on the condensed consolidated statement of operations in for the period ended March 31, 2026. For the six months ended June 30, 2026, the Company has reclassified such expense as “Antitrust litigation settlement expense.”


TABLE 2
DOUGLAS ELLIMAN INC. AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA
(Unaudited)
(Dollars in Thousands)

LTMYear EndedThree Months EndedSix Months Ended
June 30,December 31,June 30,June 30,
202620252026202520262025
Net income (loss) attributed to Douglas Elliman Inc.$24,867 $15,219 $(2,734)$(22,673)$(19,010)$(28,658)
Interest expense1,999 5,069 2 1,545 5 3,075 
Interest income(3,889)(4,900)(719)(1,259)(1,609)(2,620)
Income tax expense3,560 3,560 — — — — 
Net (loss) income attributed to non-controlling interest(658)(909)— 48 — (251)
Depreciation and amortization8,246 8,377 1,989 2,219 3,988 4,119 
EBITDA$34,125 $26,416 $(1,462)$(20,120)$(16,626)$(24,335)
Results from operations of disposed business (a)
(1,897)(6,621)— (2,709)— (4,724)
Gain on disposal of business(82,063)(81,655)(408)— (408)— 
Equity in (earnings) losses from equity-method investments (b)
(365)(187)9 (199)(379)(201)
Change in fair value of the derivative embedded within convertible debt10,767 28,482 — 16,969 — 17,715 
Loss on extinguishment of liability466 466 — — — — 
Stock-based compensation(c)
7,240 8,577 1,654 2,124 2,822 4,159 
Litigation, settlement and related expenses (benefit), net (d)
7,588 7,637 (942)1,060 2,909 2,958 
Executive severance and separation expense (benefit)(e)
194 (299)— (903)— (493)
Impairment of fixed assets2,275 2,275 — — — — 
Restructuring1,531 1,636 146 298 193 298 
Investment and other (gains) losses
(1,320)(1,318)17 37 57 59 
Adjusted EBITDA(21,459)(14,591)(986)(3,443)(11,432)(4,564)
Adjusted EBITDA attributed to non-controlling interest502 601 — (115)— 99 
Adjusted EBITDA attributed to Douglas Elliman Inc.$(20,957)$(13,990)$(986)$(3,558)$(11,432)$(4,465)
                                   
a.Represents results from operations of Residential Management Group, LLC, which conducts business as Douglas Elliman Property Management (“DEPM”), which was disposed on October 24, 2025. This adjustment also includes the corporate allocation to Douglas Elliman Realty, LLC (“DER”) from DEPM. The expenses associated with the corporate allocation to DEPM have continued at DER after the disposal.
b.Represents equity in (earnings) loss 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.
c.Represents amortization of stock-based compensation.
d.Represents unusual litigation, settlement and related expenses, net, incurred in connection with industry-wide antitrust class action lawsuits and other matters related to employees and agents. For the year ended December 31, 2025, the Company incurred such expenses of $7,637, net of amounts recovered from insurance, which were included in general and administrative expenses in the consolidated statement of operations. For the three months ended June 30, 2026, the Company incurred a benefit of $942, net of amounts recovered from insurance, which is included in general and administrative expenses in the condensed consolidated statements of operations. For the three months ended June 30, 2025, the Company incurred such expenses of $1,060 which were included in general and administrative expenses in the condensed consolidated statements of operations. For the six months ended June 30, 2026, we incurred such expenses of $2,909, net of amounts recovered from insurance, of which $2,041 is included in Antitrust litigation settlement expense and $868 is included in general and administrative expenses in the condensed consolidated statements of operations. For the six months ended June 30, 2025, we incurred such expenses of $2,958, which were included in general and administrative expenses in the condensed consolidated statements of operations.
e.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 LOSS
(Unaudited)
(Dollars in Thousands, Except Per Share Amounts)

Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Net loss attributed to Douglas Elliman Inc.$(2,734)$(22,673)$(19,010)$(28,658)
Results from operations of disposed business (a)
— (2,598)— (4,493)
Gain on disposal of business(408)— (408)— 
Restructuring146 298 193 298 
Change in fair value of the derivative embedded within convertible debt— 16,969 — 17,715 
Non-cash amortization of debt discount on convertible debt— 548 — 1,082 
Executive severance and separation benefit— (903)— (493)
   Litigation, settlement and related (benefit) expenses, net(942)1,060 2,909 2,958 
Total adjustments(1,204)15,374 2,694 17,067 
Adjusted net loss attributed to Douglas Elliman Inc.$(3,938)$(7,299)$(16,316)$(11,591)
Per diluted common share:
Adjusted net loss applicable to common shares attributed to Douglas Elliman Inc.$(0.05)$(0.09)$(0.19)$(0.14)

                                    
a.Represents results from operations of Residential Management Group, LLC, which conducts business as DEPM, which was disposed on October 24, 2025. This adjustment also includes the corporate allocation to DER from DEPM. The expenses associated with the corporate allocation to DEPM have continued at DER after the disposal.


TABLE 4
DOUGLAS ELLIMAN INC. AND SUBSIDIARIES
KEY BUSINESS METRICS
(Unaudited)
(Dollars in Thousands, Except for Gross Transaction Value)

LTMYear EndedThree Months EndedSix Months Ended
June 30,December 31,June 30,June 30,
202620252026202520262025
Revenues:
Commissions and other brokerage income$982,767 $989,842 $280,203 $258,016 $492,084 $499,159 
Property management11,635 31,592 — 10,465 — 19,957 
Other ancillary services11,666 11,621 3,246 2,885 5,698 5,653 
Total revenues$1,006,068 $1,033,055 $283,449 $271,366 $497,782 $524,769 
Gross transaction value (in billions)$39.1 $39.8 $10.8 $10.2 $19.4 $20.1 
Total transactions21,078 21,338 5,785 5,530 10,178 10,438 



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