Company reports 5% year-over-year revenue growth for the nine months ended September 30, 2025 with significant improvements in Net Loss, Adjusted Net Loss and Adjusted EBITDA.

MIAMI, FL, November 4, 2025 - Douglas Elliman Inc. (“Douglas Elliman” or the “Company”) (NYSE: DOUG) today announced financial results for the three and nine months ended September 30, 2025.

“We are emboldened by the momentum we’ve experienced in the first nine months of the year and believe we are strongly positioned for the future,” said Michael S. Liebowitz, President and Chief Executive Officer of Douglas Elliman Inc. “The recent sale of Douglas Elliman Property Management, which we believe will result in an after-tax gain of approximately $75 million in the fourth quarter of 2025, sharpens our focus as the premier luxury, pure-play residential real estate brokerage and allows us to concentrate our resources on our core business. The strategic initiatives we have implemented in 2025 – including international expansion to France and Monaco, operational improvements, and investments in AI to elevate the agent and client experience – create a platform for accelerated growth and value creation as market conditions improve in 2026 and beyond.”

Bryant Kirkland, Chief Financial Officer of Douglas Elliman, added, “Our 2025 initiatives are already producing tangible results: we increased revenue, significantly reduced operating losses, and improved Adjusted EBITDA compared to the first nine months of 2024. In October 2025, we further strengthened our financial position by redeeming our convertible notes, which eliminated the associated overhang on our common stock. With a robust cash balance of approximately $126.5 million as of October 31, 2025, and no debt, we believe we have the financial strength and flexibility to continue supporting our strategic priorities.”

Third quarter 2025 revenues were $262.8 million, compared to revenues of $266.3 million in the third quarter of 2024. The Company recorded an operating loss of $10.7 million in the third quarter of 2025, compared to $7.4 million in the third quarter of 2024. Net loss attributed to Douglas Elliman in the third quarter of 2025 was $24.7 million, or $0.29 per diluted common share, compared to $27.2 million, or $0.33 per diluted common share, in the third quarter of 2024.

For the nine months ended September 30, 2025, revenues were $787.6 million, compared to revenues of $752.3 million for the nine months ended September 30, 2024. The Company recorded an operating loss of $21.5 million for the nine months ended September 30, 2025, compared to $52.6 million for the nine months ended September 30, 2024. Net loss attributed to Douglas Elliman for the nine months ended September 30, 2025 was $53.3 million, or $0.63 per diluted common share, compared to $70.3 million, or $0.84 per diluted common share, for the nine months ended September 30, 2024.

Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial results for the three and nine months ended September 30, 2025 and 2024 are included in Tables 2 and 3, and for the last twelve months (“LTM”) ended September 30, 2025 and year ended December 31, 2024 are included in Table 2.

Adjusted EBITDA attributed to Douglas Elliman (as described in Table 2 attached hereto) was $2.7 million for the third quarter of 2025, compared to $2.3 million for the third quarter of 2024.

Adjusted Net Income attributed to Douglas Elliman (as described in Table 3 attached hereto) was $0.2 million, or $0.00 per diluted share, for the third quarter of 2025, compared to Adjusted Net Loss of $2.7 million, or $0.03 per diluted share, for the third quarter of 2024.

Adjusted EBITDA attributed to Douglas Elliman (as described in Table 2 attached hereto) was $2.9 million for the nine months ended September 30, 2025, compared to a loss of $12.4 million for the nine months ended September 30, 2024.

Adjusted Net Loss attributed to Douglas Elliman (as described in Table 3 attached hereto) was $6.9 million, or $0.08 per diluted share, for the nine months ended September 30, 2025, compared to $26.3 million, or $0.32 per diluted share, for the nine months ended September 30, 2024.

For the third quarter of 2025, Douglas Elliman’s subsidiary, Douglas Elliman Realty, LLC, achieved gross transaction value of approximately $10.0 billion, compared to approximately $9.8 billion for the third quarter of 2024. For the third quarter of 2025, Douglas Elliman Realty, LLC reported an average price per transaction of $1.774 million.

For the nine months ended September 30, 2025, Douglas Elliman Realty, LLC achieved gross transaction value of approximately $30.1 billion, compared to approximately $27.6 billion for the nine months ended September 30, 2024. For the nine months ended September 30, 2025, Douglas Elliman Realty, LLC reported an average price per transaction of $1.871 million. See Table 4 attached hereto for further details on Gross Transaction Value.

Douglas Elliman maintained a strong balance sheet with cash and cash equivalents of $143.0 million at September 30, 2025.

As previously announced, the Company will host a conference call and webcast to discuss its third quarter 2025 results on Tuesday, November 4, 2025 at 8:00 AM (ET). Investors may access the call via live webcast at https://join.eventcastplus.com/eventcastplus/Douglas-Elliman-Inc-Third-Quarter-2025-Earnings-Call. Please join the webcast at least 10 minutes prior to the start time.

A replay of the webcast will be available shortly after the call ends on November 4, 2025 through November 18, 2025 at https://join.eventcastplus.com/eventcastplus/Douglas-Elliman-Inc-Third-Quarter-2025-Earnings-Call.

Adjusted EBITDA attributed to Douglas Elliman, Adjusted Net Loss attributed to Douglas Elliman and financial measures for the last twelve months (“LTM”) ended September 30, 2025 (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 nine months ended September 30, 2025 and 2024, the LTM ended September 30, 2025 and the year ended December 31, 2024.

[Financial Tables Follow]

(Dollars in Thousands)

                                   

a.Represents equity in (earnings) losses 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.

b.Represents amortization of stock-based compensation.

c.Represents unusual litigation expense, settlement and related expenses incurred in connection with industry-wide antitrust class action lawsuits and other matters related to employees and agents. For the year ended December 31, 2024, the Company incurred unusual litigation expense, settlement and related expenses, net of $33,333, of which $17,750 was included in litigation settlement expense and $15,583 was included in general and administrative expenses. For the three months ended September 30, 2025, the Company incurred such expenses of $5,755, net of amounts recovered from insurance, which was included in general and administrative expenses in the condensed consolidated statement of operations. For the three months ended September 30, 2024, the Company incurred such expenses of $3,774, of which $3,133 was included in general and administrative expenses and $641 was included in operations and support expenses in the condensed consolidated statement of operations. For the nine months ended September 30, 2025, the Company incurred such expenses of $8,713, net of amounts recovered from insurance, which was included in general and administrative expenses in the condensed consolidated statement of operations. For the nine months ended September 30, 2024, the Company incurred such expenses of $22,703, of which $17,750 was included in litigation settlement expense, $3,222 was included in general and administrative expenses and $1,731 was included in operations and support expenses in the condensed consolidated statement of operations.

d.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.

    

(Dollars in Thousands, Except for Gross Transaction Value)

 

 

MIAMI – November 4, 2025 – Douglas Elliman Inc. (NYSE: DOUG) (“Douglas Elliman”) today announced the appointment of Perry Weitz to its Board of Directors, effective immediately.

“We are honored to welcome Perry to Douglas Elliman’s Board of Directors,” said Michael S. Liebowitz, President and Chief Executive Officer of Douglas Elliman. “Perry is the founder and leader of one of the most successful law firms in its field, demonstrating exceptional business acumen and a proven ability to build and manage high-performing organizations. His hands-on experience running a business, coupled with his proven track record as a seasoned real estate investor, will be invaluable as we continue to forge ahead in an evolving real estate landscape. His strategic insights and commitment to excellence align perfectly with our mission to deliver exceptional service and value to our agents, clients, and shareholders.”

Mr. Weitz brings decades of distinguished legal expertise and business acumen to Douglas Elliman’s Board. As a founding partner of Weitz & Luxenberg P.C., he has built an exceptional reputation for strategic leadership and courtroom advocacy. Throughout his career, Mr. Weitz has secured billions of dollars in verdicts and settlements on behalf of his clients and has been instrumental in landmark litigation involving asbestos, environmental contamination, pharmaceutical products, and medical devices. He has been recognized as one of the top trial lawyers in the United States, selected for inclusion in Best Lawyers in America, and has received numerous accolades for his professional achievements and community service.

 

Weitz has demonstrated strong business leadership and governance capabilities through his real estate investment activities. He has developed and managed a diverse portfolio of hospitality, residential, and commercial real estate properties, and is involved with Oak Row Equities, a national real estate investment and development firm. Mr. Weitz’s experience in real estate investment provides him with a unique perspective that bridges the legal, business, and real estate sectors – an asset that will be particularly valuable in his role on Douglas Elliman’s Board.

 

“I am thrilled to join the Board of Directors of Douglas Elliman, a company with such a storied history and strong position in the residential real estate market,” said Perry Weitz. “Douglas Elliman has built an impressive platform, with exceptional agents and a commitment to innovation. I look forward to working alongside Michael and my fellow Board members to help guide the company’s strategic direction and contribute to its continued success in serving clients across the nation.”

 

Mr. Weitz earned his law degree from Hofstra University School of Law and his undergraduate degree from George Washington University. He is actively involved in numerous charitable and civic organizations and has been a steadfast supporter of legal education and justice initiatives.

 

Olivia Snyder/Catherine Livingston

FGS Global

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