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Douglas Elliman
Douglas Elliman (DOUG) investor relations material
Douglas Elliman Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Revenues for the first nine months of 2025 increased 5% year-over-year to $787.6 million, reflecting strategic focus on luxury brokerage and international expansion.
Operating loss for the nine months reduced to $21.5 million from $52.6 million in the prior year, showing progress toward profitability.
Reported as a single operating segment beginning Q1 2025, reflecting a shift in management's approach to performance evaluation.
Major initiatives included the sale of the property management division, elimination of convertible debt, and launch of Elliman International and new technology platforms.
Sale of the property management business expected to yield an after-tax gain of $75 million in Q4 2025.
Financial highlights
Q3 2025 revenue was $262.8 million, down slightly from $266.3 million in Q3 2024; nine-month revenue was $787.6 million, up from $752.3 million year-over-year.
Q3 2025 net loss was $24.7 million ($0.29 per share), improved from $27.2 million ($0.33 per share) in Q3 2024; nine-month net loss was $53.3 million ($0.63 per share), improved from $70.3 million ($0.84 per share) in 2024.
Adjusted EBITDA for Q3 2025 was $2.7 million, up from $2.3 million in Q3 2024; nine-month adjusted EBITDA was $2.9 million, up from a loss of $12.4 million.
Adjusted net income for Q3 2025 was $0.2 million, compared to an adjusted net loss of $2.7 million in Q3 2024.
Cash, cash equivalents, and restricted cash totaled $150.9 million at September 30, 2025; $126.5 million as of October 31, 2025, with no debt.
Outlook and guidance
Management expects investments and strategic moves in 2025 to drive a new growth phase in 2026, with continued focus on innovation, international expansion, and luxury service.
Management anticipates sufficient liquidity for the next twelve months, supported by cash on hand and expected operating cash flows.
Positive trends in luxury home pricing and transaction volume are expected to support future performance.
The tax impact of the property management sale will be recognized in Q4 2025.
Ongoing evaluation of capital structure and potential strategic transactions, including acquisitions and share repurchases.
Impact of property management sale on operations?
Capital allocation strategy with no debt?
What factors drove the Q3 GAAP operating loss increase?
How does zero debt enable future growth initiatives?
Expected revenue from $25.5B GTV pipeline?
How does AI differentiate agent experience?
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Next Douglas Elliman earnings date
Q4 202527 Feb, 2026
Douglas Elliman
Next Douglas Elliman earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
Douglas Elliman Inc provides residential real estate brokerage services in the United States. The company offers property sales, rentals, and related services through a network of agents, with operations focused on key metropolitan markets. It also provides real estate development marketing and property management. The company is headquartered in Miami, Florida, and its shares are listed on the NYSE.
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