Douglas Elliman Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 9 November 2026: press release. Guidance figures: 1 new. The quarter’s numbers.

Read the filing

Key takeaways

• Third-quarter revenue declined year over year: Revenue was $252.1 million, against $262.8 million. The property management business was disposed of in October 2025; excluding it, the prior-year figure was $253.4 million. Source
• Operating income turned positive: Operating income was $6.3 million, against an operating loss of $10.7 million a year earlier. Source
• Net income of $7.4 million: Net income attributed to the company was $7.4 million, or $0.08 per diluted share, against a net loss of $24.7 million, or $0.29 per diluted share, a year earlier. Source
• Litigation benefit cut G&A expense: General and administrative expense was $1.5 million, against $32.2 million a year earlier, after a litigation, settlement and related benefit of $15.4 million. Source
• Adjusted EBITDA turned to a loss: Adjusted EBITDA attributed to the company was a $5.3 million loss, against $1.0 million of income a year earlier. The reconciliation excludes the litigation benefit. Source
• Transaction count fell year over year: Total transactions were 5,494 in the third quarter, against 5,661 a year earlier. Nine-month transactions were 15,673, against 16,099. Source

“Over the past two years, we have worked to build the foundation for Douglas Elliman’s future, and we have succeeded in creating a stronger, more focused company,”

Michael S. Liebowitz, President and Chief Executive Officer of Douglas Elliman Inc.

Guidance

What changed from last quarter

• New: Sharon Milz joined Douglas Elliman Realty as Head of AI Technology Transformation, overseeing enterprise AI strategy and deployment. Source
• New: Nick Patino joined Douglas Elliman Realty as Director of AI Enablement, focused on integrating AI capabilities into operations and adoption. Source
• New: Jamie Gagliano was appointed Chief Operations Officer, Brokerage, covering national brokerage operations. Source

Results and growth drivers

• Third-quarter revenue declined year over year: Revenue was $252.1 million, against $262.8 million. The property management business was disposed of in October 2025; excluding it, the prior-year figure was $253.4 million. Source
• Operating income turned positive: Operating income was $6.3 million, against an operating loss of $10.7 million a year earlier. Source
• Net income of $7.4 million: Net income attributed to the company was $7.4 million, or $0.08 per diluted share, against a net loss of $24.7 million, or $0.29 per diluted share, a year earlier. Source
• Nine-month operating loss narrowed: Nine-month operating loss was $14.6 million, against $21.5 million. Nine-month net loss was $11.6 million, or $0.14 per diluted share, against $53.3 million. Source

Costs, margins and non-GAAP measures

• Litigation benefit cut G&A expense: General and administrative expense was $1.5 million, against $32.2 million a year earlier, after a litigation, settlement and related benefit of $15.4 million. Source
• Adjusted EBITDA turned to a loss: Adjusted EBITDA attributed to the company was a $5.3 million loss, against $1.0 million of income a year earlier. The reconciliation excludes the litigation benefit. Source
• Nine-month adjusted loss widened: Nine-month Adjusted Net Loss was $24.3 million, or $0.28 per diluted share, against $13.0 million, or $0.15, a year earlier. Source
• Agent commissions rose year over year: Real estate agent commissions were $200.0 million, against $192.8 million. Sales and marketing was $20.0 million, against $19.7 million. Source
• Operations and technology costs eased: Operations and support was $16.7 million, against $17.6 million; technology was $5.5 million, against $6.0 million. Restructuring was $17,000, against $794,000. Source

“We have sharpened our focus around what we do best, and we are now investing in our people and technology, modernizing our operating platform”

Michael S. Liebowitz, President and Chief Executive Officer of Douglas Elliman Inc.

Revenue lines and services

• Brokerage income nearly flat: Commissions and other brokerage income was $249.2 million, against $250.4 million. Prior-year property management revenue of $9.4 million is no longer reported. Source
• Ancillary services held near prior year: Other ancillary services were $2.9 million, against $3.0 million, and $8.6 million for nine months, against $8.7 million. Source
• Trailing-twelve-month revenue lower: Last-twelve-month revenues were $995.3 million, against $1,033.1 million for the year ended December 31, 2025. Source

Demand and transaction volume

• Transaction count fell year over year: Total transactions were 5,494 in the third quarter, against 5,661 a year earlier. Nine-month transactions were 15,673, against 16,099. Source
• Average price per transaction rose: Average price per transaction was $1.83 million, against $1.77 million. Gross transaction value was approximately $10.0 billion, the same as the prior-year quarter. Source
• Trailing gross value slightly lower: Last-twelve-month gross transaction value was $39.1 billion, against $39.8 billion. Second-quarter gross transaction value had been $10.8 billion. Source

Strategy, technology and investment

• Company-wide technology transformation under way: The company is modernizing workflows, processes and infrastructure, with a stated focus on efficiency and better tools for agents and employees. Source
• Investment in people and technology: Management says the company stays focused on luxury residential real estate while investing in people, technology, operations and related capabilities. Source
• Four stated platform priorities: Stated priorities are modernizing the operating platform, strengthening operational efficiency, investing in agent talent, and disciplined growth in key luxury markets. Source

Capital, cash and share count

• About $123 million liquidity, no debt: Cash and cash equivalents were $102.7 million, with a further $20 million in a U.S. Treasury Bill and no long-term debt, for about $123 million in total. Source
• Buyback can be paused at any time: The repurchase program may be modified or suspended at the Company's discretion at any time. Source
• Share count about 91 million: About 91 million common shares were outstanding as of November 4, 2026. Source

Figures management reported

Risks management discussed

• Regulatory: Antitrust class actions and stockholder derivative litigation drive the litigation line, which produced a benefit this quarter. Source
• Operational: Corporate allocation expenses tied to the disposed property management unit have continued at Douglas Elliman Realty after the disposal. Source
• Financial: The amount repurchased depends on market conditions, cash flow, liquidity needs, regulatory and legal requirements, and other factors. Source

Earlier plans management reported on

• Not stated: CEO says the company has spent two years building a foundation; the documents attach no dated target to it. Source

Other quarters

• Q2 FY2026 earnings call
• Q1 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.