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--(BUSINESS WIRE)--August 07, 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 Ended Six Months Ended
June 30, June 30,
2026 2025 2026 2025
------- ------- ------- -------
Revenues:
Commissions and
other brokerage
income $280,203 $258,016 $492,084 $499,159
Property
management -- 10,465 -- 19,957
Other ancillary
services 3,246 2,885 5,698 5,653
------- ------- ------- -------
Total
revenues 283,449 271,366 497,782 524,769
Expenses:
Real estate
agent
commissions 224,259 204,594 391,650 391,119
Sales and
marketing 19,731 20,069 37,468 39,808
Operations and
support 17,771 17,775 34,011 35,503
General and
administrative 17,795 26,177 38,946 53,502
Technology 5,591 5,766 10,829 11,301
Depreciation
and
amortization 1,989 2,219 3,988 4,119
Antitrust
litigation
settlement
expense (a) -- -- 2,041 --
Restructuring 146 298 193 298
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 income 719 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)
======= ======= ======= =======
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)
-----------------------------------------------------------------------------------
Year
LTM Ended Three Months Ended Six Months Ended
December
June 30, 31, June 30, June 30,
2026 2025 2026 2025 2026 2025
------- ------- ------ ------- ------- -------
Net income
(loss)
attributed to
Douglas Elliman
Inc. $ 24,867 $ 15,219 $(2,734) $(22,673) $(19,010) $(28,658)
Interest expense 1,999 5,069 2 1,545 5 3,075
Interest income (3,889) (4,900) (719) (1,259) (1,609) (2,620)
Income tax
expense 3,560 3,560 -- -- -- --
Net (loss)
income
attributed to
non-controlling
interest (658) (909) -- 48 -- (251)
Depreciation and
amortization 8,246 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
debt 10,767 28,482 -- 16,969 -- 17,715
Loss on
extinguishment
of liability 466 466 -- -- -- --
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 assets 2,275 2,275 -- -- -- --
Restructuring 1,531 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
interest 502 601 -- (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 Ended Six Months Ended
June 30, June 30,
2026 2025 2026 2025
------ ------- ------- -------
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) --
Restructuring 146 298 193 298
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)
------------------------------------------------------------------------------
LTM Year Ended Three Months Ended Six Months Ended
December
June 30, 31, June 30, June 30,
2026 2025 2026 2025 2026 2025
--------- --------- ------- ------- ------- -------
Revenues:
Commissions
and other
brokerage
income $ 982,767 $ 989,842 $280,203 $258,016 $492,084 $499,159
Property
management 11,635 31,592 -- 10,465 -- 19,957
Other
ancillary
services 11,666 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
transactions 21,078 21,338 5,785 5,530 10,178 10,438
View source version on businesswire.com: https://www.businesswire.com/news/home/20260806877876/en/
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