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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 $787.6M, with significant improvements in net loss, adjusted net loss, and adjusted EBITDA.
Strategic initiatives included the sale of the property management division for $85M, international expansion to France and Monaco, and investments in AI tools and technology.
The property management sale resulted in an after-tax gain of $75M and proceeds were used to redeem $95M of convertible notes, eliminating all debt.
Reported as a single operating segment beginning Q1 2025, reflecting a shift in management's approach to performance evaluation.
Continued exposure to industry headwinds, including elevated mortgage rates and legal expenses related to antitrust litigation.
Financial highlights
Q3 2025 revenue was $262.8M, down slightly from $266.3M in Q3 2024; nine-month revenue was $787.6M, up from $752.3M year-over-year.
Q3 2025 net loss was $24.7M ($0.29/share), improved from $27.2M ($0.33/share) in Q3 2024; nine-month net loss was $53.3M ($0.63/share), improved from $70.3M ($0.84/share) year-over-year.
Adjusted EBITDA for Q3 2025 was $2.7M, up from $2.3M in Q3 2024; nine-month adjusted EBITDA was $2.9M, up from a loss of $12.4M.
Adjusted net income for Q3 2025 was $0.2M, compared to an adjusted net loss of $2.7M in Q3 2024.
Cash and cash equivalents at 10/31/2025 were $126.5M with no debt; at 9/30/2025, cash, cash equivalents, and restricted cash totaled $150.9M.
Outlook and guidance
Management anticipates sufficient liquidity for the next twelve months, supported by cash on hand and expected operating cash flows.
Investments and strategic moves in 2025 are expected to drive accelerated growth and value creation in 2026 and beyond.
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.
Continued focus on innovation, international expansion, and luxury service to sustain value for clients and stakeholders.
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?
Capital deployment strategy post-debt elimination
Expected revenue contribution from international expansion?
Quantify AI's impact on agent efficiency and sales
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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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