Douglas Elliman (DOUG) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was $214.3 million, down 15% year-over-year, primarily due to lower commissions and the absence of property management revenue after its sale in October 2025.

• Net loss attributed to common shareholders was $16.3 million ($0.19/share), compared to a net loss of $6.0 million ($0.07/share) in Q1 2025.

• Adjusted EBITDA for Q1 2026 was negative $10.4 million, reflecting ongoing industry headwinds and litigation expenses.

• Advanced strategic priorities with new market entries, platform expansion, and key leadership appointments.

• The company operates as a single segment focused on residential real estate brokerage, development marketing, and ancillary services.

Financial highlights

• Gross profit declined to $46.9 million from $66.9 million year-over-year, mainly due to lower revenues and higher commission expense as a percentage of revenue.

• Operating loss increased to $17.5 million from $5.3 million in Q1 2025.

• Cash, cash equivalents, and restricted cash totaled $103.0 million at March 31, 2026, down $19.7 million from year-end 2025.

• Adjusted net loss was $12.4 million ($0.14/share) in Q1 2026 vs. $4.3 million ($0.05/share) in Q1 2025.

• No income tax expense was recorded for Q1 2026 due to a full valuation allowance on deferred tax assets.

Outlook and guidance

• Management anticipates current cash and expected operating cash flows will be sufficient to meet liquidity needs over the next twelve months.

• Entered Q2 2026 with a strong capital position and a $27.2 billion development marketing pipeline.

• Management expects accelerated growth as market conditions normalize, supported by cost discipline and technology investment.