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. $(ET)$.
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