Douglas Elliman Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 saw revenue growth and a sharply reduced net loss, driven by strong luxury home sales and cash receipts, especially in key markets. Major investments in AI, international expansion, and lending platforms were funded by a robust cash position and no long-term debt.
Fiscal Year 2025
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Revenue grew 3.8% to $1.033B in 2025, with operating income rebounding due to a major asset sale and strategic expansion. Luxury sales and development marketing drove growth, while strong liquidity and no long-term debt position the company for 2026.
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Revenues for the first nine months of 2025 rose 5% year-over-year to $787.6 million, with significant progress toward profitability and a strengthened balance sheet. Strategic initiatives, including international expansion and technology investments, position the company for growth in 2026.
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First-half 2025 revenues rose 8% year-over-year to $524.8 million, with significant improvement in profitability and strong growth in luxury home sales and development marketing. Strategic launches of Elliman Capital and Elliman International are expected to drive future growth.
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Revenue grew 27% year-over-year to $253.4 million, with net loss narrowing to $6 million and adjusted EBITDA turning positive. Luxury and development marketing segments drove growth, while expense discipline and a strong balance sheet position the company for continued expansion.
Fiscal Year 2024
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Q4 2024 revenues rose 13.6% year-over-year, with improved adjusted EBITDA and net loss metrics. Development marketing and average home sale prices increased, while operating expenses declined and liquidity remained strong.
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Q3 2024 revenue rose year-over-year, but net loss widened due to non-cash charges and a litigation settlement. Management is optimistic about post-election market activity, focusing on diversification, ROI, and expanding recurring revenue streams.
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Q2 2024 saw a 4% revenue increase and improved profitability, driven by luxury market strength, cost reductions, and a $50M growth investment. Listing volume and average sales price rose, while high interest rates and litigation charges impacted results.