Douglas Elliman looks to the future, with a focus on luxury
The company called its balance sheet, with no debt and $143 million in cash, a “competitive advantage” as “others in the industry are pursuing consolidation.”
Douglas Elliman's latest earnings report shines a light on its strategic focus going forward — leaning in to the company's core identity as a luxury residential brokerage.
The company reported $262.8 million in Q3 revenue, down slightly from $266.3 million a year earlier, and a net loss of $24.7 million, which was an improvement from $27.2 million during the same time in 2024. For the first nine months of 2025, revenue climbed 5% year-over-year to $787.6 million, with the operating loss reduced by more than half to $21.5 million.
The big moves that happened: President and CEO Michael Liebowitz credited a year of decisive moves — including the late October sale of the company's property management business for $85 million and the elimination of its convertible notes — for repositioning Elliman as "a focused, financially strong luxury brand" after enduring legal challenges and leadership changes.
CFO Bryant Kirkland pointed to the strength of the company's balance sheet, with $143 million in cash as of Sept. 30 and no debt following the conversion of its notes to stock. "We believe our strong balance sheet gives Douglas Elliman a competitive advantage" that supports further expansion after a recent push into France and Monaco and strengthening its services to agents and their clients (such as its new Elli AI assistant).
And the merger that didn't: Liebowitz also seemed to acknowledge the proposed mega-merger of Compass and Anywhere (which had earlier this year explored a merger with Elliman).
"While others in the industry are pursuing consolidation and platform integration, we remain committed to deepening our leadership in the luxury segment," Liebowitz said. "This strategic focus positions Douglas Elliman well for long-term success and value creation."
He didn't get this specific in the earnings call, but after the sale of its property management company, Liebowitz explicitly stated to The Real Deal that Elliman is not for sale.
Attorney joins Elliman's board: On the day of its Q3 earnings call, Elliman also announced the appointment of attorney and real estate investor Perry Weitz to its board of directors. Weitz brings "exceptional business acumen and a proven ability to build and manage high-performing organizations," Liebowitz said, adding that Weitz's experience "will be invaluable as we continue to forge ahead in an evolving real estate landscape."