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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 strong momentum and a strategic focus on luxury brokerage.
Operating loss for the nine months was reduced to $21.5 million from $52.6 million in the prior year, showing significant progress toward profitability.
Strategic initiatives included the sale of the property management division, international expansion, and investments in AI and technology.
The company is now a pure-play luxury residential brokerage with a sharpened business focus and expanded client services.
Reported as a single operating segment beginning Q1 2025, reflecting a shift in management's approach to performance evaluation.
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 diluted 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 and cash equivalents were $143 million at September 30, 2025, and $126.5 million with no debt after the property management sale and debt redemption in October.
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.
The company is positioned to capitalize on market opportunities and pursue further expansion and acquisitions.
Management anticipates sufficient liquidity for the next twelve months, supported by cash on hand and expected operating cash flows.
The tax impact of the property management sale will be recognized in Q4 2025.
Anticipates accelerated growth and value creation as market conditions improve in 2026 and beyond.
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
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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