Douglas Elliman Inc. reported its third‑quarter 2025 financial results, showing revenue of $262.8 million for the quarter, down 1.3% from $266.3 million in the same period in 2024, and nine‑month revenue of $787.6 million, up 4.4% from $752.3 million in 2024.
The company posted a net loss of $24.7 million, or $0.29 per diluted share, compared with a $27.2 million loss ($0.33 per diluted share) in Q3 2024. Adjusted EBITDA turned positive at $2.7 million, an improvement over the $2.3 million loss reported in Q3 2024. Gross transaction value for the quarter reached $10.0 billion, with an average transaction price of $1.774 million; the nine‑month GTV totaled $30.1 billion.
Operating loss for the quarter was $10.7 million, a reduction from the $7.4 million loss in Q3 2024, reflecting continued cost discipline. Management cited a slowdown in new‑development activity and a modest decline in luxury‑segment sales as the primary drivers of the revenue dip, while noting that pricing power remained intact.
Revenue from the company’s luxury residential segment accounted for the majority of total sales, while new‑development and secondary‑market segments saw a decline of roughly 5% and 8% respectively. Management highlighted that the luxury segment remained resilient, offsetting the weaker performance in other areas.
The company expects a $75 million after‑tax gain in Q4 from the sale of its property‑management division and anticipates improved market conditions in 2026. No specific guidance for the full year was provided.
Douglas Elliman maintains a debt‑free balance sheet as of October 31, 2025, with cash and cash equivalents of $143.0 million. The firm is pursuing international expansion into France and Monaco and investing in AI technologies to enhance agent and client experiences.
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