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Douglas Elliman Inc. Reports First Quarter 2025 Financial Results

Company reports 27% year-over-year revenue growth and significant improvements in Net Loss and Adjusted EBITDA, driven by strategic investments and disciplined expense management.

MIAMI--(BUSINESS WIRE)-- Douglas Elliman Inc. (鈥淒ouglas Elliman鈥� or the 鈥淐ompany鈥�) (NYSE:DOUG) today announced financial results for the three months ended March 31, 2025.

鈥淥ur performance in the first quarter highlights the strength of our luxury brand and the incredible efforts of our agents, employees and leadership team,鈥� said Michael S. Liebowitz, Chief Executive Officer of Douglas Elliman Inc. 鈥淏y focusing on high-impact areas like Development Marketing, we鈥檙e driving growth and reinforcing our position as the leader in the luxury market 鈥� delivering our highest first-quarter revenue since 2022 with significant reductions in operating losses. We are optimistic about our trajectory and we are committed to staying nimble in our core business. With our strong balance sheet as well as continued investment in the agent experience and new technologies, I am confident that we will continue to build long-term growth and enhance stockholder value.鈥�

Bryant Kirkland, Chief Financial Officer of Douglas Elliman, added, 鈥淒ouglas Elliman鈥檚 financial performance reflects the success of our balanced approach to driving growth while maintaining financial discipline. Our investments in high-impact areas, such as the Development Marketing division, are delivering results and our strong balance sheet, with $137 million in cash and cash equivalents as of March 31, 2025, positions us well to build on this momentum throughout 2025.鈥�

GAAP Financial Results

Three months ended March 31, 2025

First quarter 2025 revenues were $253.4 million, compared to revenues of $200.2 million in the first quarter of 2024. The Company recorded an operating loss of $5.3 million in the first quarter of 2025, compared to $41.5 million in the first quarter of 2024. Net loss attributed to Douglas Elliman in the first quarter of 2025 was $6.0 million, or $0.07 per diluted common share, compared to $41.5 million, or $0.50 per diluted common share, in the first quarter of 2024.

Non-GAAP Financial Measures

Reconciliations of Non-GAAP financial measures to the comparable GAAP financial results for the three months ended March 31, 2025 and 2024 are included in Tables 2 and 3, and the last twelve months (鈥淟TM鈥�) ended March 31, 2025 and year ended December 31, 2024 are included in Table 2.

Three months ended March 31, 2025 compared to the three months ended March 31, 2024

Adjusted EBITDA attributed to Douglas Elliman (as described in Table 2 attached hereto) was positive $1.1 million for the first quarter of 2025, compared to a loss of $17.6 million for the first quarter of 2024.

Adjusted Net Loss attributed to Douglas Elliman (as described in Table 3 attached hereto) was $2.4 million, or $0.03 per diluted share, for the first quarter of 2025, compared to $23.1 million, or $0.28 per diluted share, for the first quarter of 2024.

Gross Transaction Value

For the first quarter of 2025, Douglas Elliman鈥檚 subsidiary, Douglas Elliman AG真人官方ty, LLC, achieved gross transaction value of approximately $9.9 billion, compared to approximately $7.1 billion for the first quarter ended March 31, 2024. For the first quarter ended March 31, 2025, Douglas Elliman AG真人官方ty, LLC reported an average price per transaction of $2.0 million.

Consolidated Balance Sheet

Douglas Elliman maintained a strong balance sheet with cash and cash equivalents of $136.8 million at March 31, 2025.

Conference Call to Discuss First Quarter 2025 Results

As previously announced, the Company will host a conference call and webcast to discuss its first quarter 2025 results on Friday, May 2, 2025 at 8:00 AM (ET). Investors may access the call via live webcast at . 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 May 2, 2025 through May 16, 2025 at .

Non-GAAP Financial Measures

Adjusted EBITDA attributed to Douglas Elliman, Adjusted Net Loss attributed to Douglas Elliman and financial measures (referred to as the 鈥淣on-GAAP Financial Measures鈥�) for the three months ended March 31, 2025 and 2024, the LTM ended March 31, 2025 and the year ended December 31, 2024 are financial measures not prepared in accordance with generally accepted accounting principles (鈥淕AAP鈥�). 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鈥檚 business, and management does and investors should review both the overall performance (GAAP net income) and the operating performance (the Non-GAAP Financial Measures) of the Company鈥檚 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, net income and cash flows from operations. In addition, the Non-GAAP Financial Measures are susceptible to varying calculations and the Company鈥檚 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鈥檚 Non-GAAP Financial Measures for the three months ended March 31, 2025 and 2024, the LTM ended March 31, 2025 and the year ended December 31, 2024.

About Douglas Elliman Inc.

Douglas Elliman Inc. (NYSE: DOUG, 鈥淒ouglas Elliman鈥�) owns Douglas Elliman AG真人官方ty, LLC, which is one of the largest residential brokerage companies in the United States with operations in New York City, Long Island, Westchester, Connecticut, New Jersey, the Hamptons, Massachusetts, Florida, California, Texas, Colorado, Nevada, Connecticut, Maryland, Virginia, Washington, D.C., Arizona, New Hampshire and Michigan. In addition, Douglas Elliman sources, uses and invests in early-stage, disruptive property technology (鈥淧ropTech鈥�) solutions and companies and provides other real estate services, including development marketing, property management and settlement and escrow services in select markets. Additional information concerning Douglas Elliman is available on its website, .

Investors and others should note that we may post information about Douglas Elliman on our website at 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 document are forward-looking. We identify forward-looking statements in this document by using words or phrases such as 鈥渁nticipate,鈥� 鈥渂elieve,鈥� 鈥渆stimate,鈥� 鈥渆xpect,鈥� 鈥渋ntend,鈥� 鈥渕ay be,鈥� 鈥渃ontinue鈥� 鈥渃ould,鈥� 鈥減otential,鈥� 鈥渙bjective,鈥� 鈥減lan,鈥� 鈥渟eek,鈥� 鈥減redict,鈥� 鈥減roject鈥� and 鈥渨ill be鈥� 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, 2024 and, when filed, in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. We undertake no responsibility to publicly update or revise any forward-looking statement except as required by applicable law.

1. Represents equity in (earnings) losses recognized from the Company鈥檚 investments in equity method investments that are accounted for under the equity method and are not consolidated in the Company鈥檚 financial results.
2. 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, we incurred unusual litigation expense, settlement and related expenses of $33,333 with $15,583 being included in general and administrative expenses and $17,750 being included in litigation settlement expense. For the three months ended March 31, 2025, we incurred such expenses of $1,898 and they are included in general and administrative expenses in the condensed consolidated statements of operations. For the three months ended March 31, 2024, we incurred such expenses of $18,395 with $645 being included in general and administrative expenses and $17,750 being included in litigation settlement expense in the condensed consolidated statement of operations.

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View source version on businesswire.com:

Stephen Larkin, Douglas Elliman Inc.

917-902-2503

Olivia Snyder/Catherine Livingston,

FGS Global

212-687-8080

J. Bryant Kirkland III, Douglas Elliman Inc.

305-579-8000

Source: Douglas Elliman Inc.