Douglas Elliman (DOUG) Company Report

Douglas Elliman Inc. reported a $25 million loss in Q3 2025, a slight improvement from the $27 million loss in the same period last year.
The company achieved 5% revenue growth over the first nine months of 2025 and its brokerage division reported $10 billion in gross transaction value in Q3 2025.
Strategic shifts include the expected sale of its property management division, which is anticipated to yield an after-tax gain of approximately $75 million in Q4 2025, and the redemption of convertible notes in October 2025 to enhance financial flexibility.
CEO Michael Liebowitz highlighted a focus on core luxury residential brokerage, expansion into international markets like France and Monaco, and investments in artificial intelligence.

Nov 4, 2025, 1:09 PM

Douglas Elliman Reports Q3 2025 Results, Highlights Strategic Initiatives and Strong Balance Sheet

DOUG

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

Douglas Elliman reported revenues of $262.8 million for Q3 2025 and $787.6 million for the first nine months of 2025, marking a 5% year-over-year increase for the nine-month period.
The company achieved adjusted net income of $156,000 for Q3 2025 and adjusted EBITDA of $2.9 million for the first nine months of 2025, a significant improvement from a loss of $12.4 million in the prior year period.
Douglas Elliman strengthened its financial position by selling its property management division for $85 million and redeeming all convertible notes, resulting in approximately $126.5 million in cash and no debt as of October 31, 2025.
Strategic initiatives include the launch of Element International with expansion into France, the introduction of Element Capital (an in-house mortgage platform), and investments in AI tools like LE AI for agents.
The development marketing division's nine-month revenues increased to $59.5 million in 2025 from $42.3 million in 2024, supported by an active pipeline totaling $25.5 billion in gross transaction value.

Nov 4, 2025, 1:00 PM

Douglas Elliman Reports Q3 2025 Financial Results and Strategic Progress

DOUG

Earnings

New Projects/Investments

M&A

Douglas Elliman reported revenues of $262.8 million for Q3 2025 and $787.6 million for the first nine months of 2025, marking a 5% year-over-year increase for the nine-month period.
The company achieved Adjusted EBITDA of $2.7 million for Q3 2025 and $2.9 million for the first nine months of 2025, a significant improvement from a loss of $12.4 million in the prior year period.
Douglas Elliman strengthened its financial position by selling its property management division for approximately $85 million, redeeming all convertible notes for $95 million, and reporting approximately $126.5 million in cash with no debt as of October 31, 2025.
Strategic initiatives include the launch of Elliman International with expansion into France, the introduction of Elliman Capital (an in-house mortgage platform), and investments in AI tools like Ellie AI to enhance agent capabilities. The company's development marketing division maintains an active pipeline totaling $25.5 billion in gross transaction value.

Nov 4, 2025, 1:00 PM

Douglas Elliman Inc. Reports Q3 2025 Financial Results and Board Changes

DOUG

Earnings

Board Change

New Projects/Investments

Douglas Elliman Inc. reported Q3 2025 revenues of $262.8 million and a net loss of $24.7 million (or $0.29 per diluted common share), showing an improved net loss compared to Q3 2024. For the nine months ended September 30, 2025, revenues grew 5% year-over-year to $787.6 million, with a significantly reduced operating loss of $21.5 million.
Adjusted EBITDA attributed to Douglas Elliman improved to $2.7 million for Q3 2025 and $2.9 million for the nine months ended September 30, 2025, compared to a loss of $12.4 million in the prior year period.
The company strengthened its financial position by redeeming convertible notes in October 2025, resulting in no debt and a cash balance of approximately $126.5 million as of October 31, 2025. An after-tax gain of approximately $75 million is anticipated in Q4 2025 from the sale of Douglas Elliman Property Management.
Perry Weitz was appointed to the Board of Directors, effective November 3, 2025, while Patrick J. Bartels Jr. and Scott Vogel resigned on the same date.

Nov 4, 2025, 11:45 AM

Douglas Elliman Inc. Reports Third Quarter 2025 Financial Results

DOUG

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Douglas Elliman Inc. reported $262.8 million in revenues for the third quarter of 2025, compared to $266.3 million in the third quarter of 2024. For the nine months ended September 30, 2025, revenues grew 5% year-over-year to $787.6 million.
The company significantly reduced its net loss, reporting $24.7 million (or $0.29 per diluted common share) for Q3 2025, an improvement from $27.2 million (or $0.33 per diluted common share) in Q3 2024. Adjusted EBITDA attributed to Douglas Elliman improved to $2.7 million for Q3 2025 and $2.9 million for the nine months ended September 30, 2025, compared to a loss of $12.4 million in the prior year period.
Gross transaction value increased to approximately $10.0 billion for Q3 2025 and $30.1 billion for the nine months ended September 30, 2025, up from $9.8 billion and $27.6 billion respectively in the prior year periods.
Douglas Elliman strengthened its financial position by redeeming convertible notes in October 2025 and reported a cash balance of approximately $126.5 million as of October 31, 2025, with no debt. The sale of Douglas Elliman Property Management is expected to result in an after-tax gain of approximately $75 million in the fourth quarter of 2025.

Nov 4, 2025, 11:30 AM

Douglas Elliman Inc. sells property management business and redeems convertible notes

DOUG

M&A

Debt Issuance

Board Change

Douglas Elliman Inc. (DOUG) completed the sale of its property management business, Douglas Elliman Property Management (DEPM), to PMG Holdings, Inc. on October 24, 2025, for a base purchase price of $85 million.
Concurrently, the company repaid and redeemed all its senior secured convertible promissory notes due July 2, 2029, for an aggregate payment of $95 million, which included approximately $1.4 million of accrued interest.
The company expects to recognize more than a $75 million after-tax gain in the fourth quarter of 2025 as a result of the DEPM Sale and the redemption of the Convertible Notes.
After these transactions, Douglas Elliman Inc. reported approximately $130 million of unrestricted cash and cash equivalents as of the closing date.
David K. Chene, a KLIM-designated director, resigned from the Board of Directors and all committees thereof, effective immediately after the closing of the DEPM Sale.