Douglas Elliman touts ‘bold execution’ in Q4 as revenue ticked up
The luxury brokerage made four key moves during the quarter, CEO Michael Liebowitz told investors, highlighting expansions, leadership changes and agent tech.
Douglas Elliman closed out 2025 on a high note, increasing revenue and turning a profit in the fourth quarter after reporting significant losses earlier in the year.
During a March 13 earnings call, CEO Michael Liebowitz summed it up as "a pivotal year in which we advanced our strategic transformation and strengthened our financial position."
He then zeroed in on Q4, calling it "a period of bold execution and meaningful progress on our long-term vision to be the leading independent luxury real estate brokerage driven by innovation, talent and a relentless focus on our clients and agents."
Key developments in Q4
Liebowitz pointed to four strategic moves in the fourth quarter as examples of the company's "bold execution."
Domestic growth and international expansion: To help increase market share, the company recently created two new teams, Liebowitz noted — "a market growth team focused on expanding our footprint within current markets and the new markets team responsible for driving our expansion into new domestic and international markets." The company established Elliman International last June and launched its first global office in the fall.
New services: Liebowitz also highlighted the growth of Elliman Capital, a mortgage platform launched last year in Florida that recently expanded to New York. That expansion "marks a significant step forward in our mission to deliver a seamless, integrated real estate and financing experience for our clients," Liebowitz said.
Fresh faces: Two new leaders joined Elliman's C-suite in November — Chief Strategy Officer Wendy Purvey and Chief Technology Officer Chris Reyes — "appointments that signal our commitment to growth and innovation, operational excellence and agent empowerment," Liebowitz said. Natalie Passerini also returned to the firm as chief marketing officer in late 2025.
Tech investments: The company has added new tools and technologies to help its agents "remain at the forefront of the industry, equipped to deliver exceptional value and results," Liebowitz said, including a new market data report program and enhanced marketing tools.
The numbers — and a caveat
Revenue: $245.4 million in Q4, up slightly from $243.3 million in the fourth quarter of 2024. Full-year revenue came in at just over $1 billion, an increase of roughly 3.8% year-over-year.
Net income: $68.6 million in Q4 versus a loss of $6 million for the same period in 2024. Net income for the full year was also positive at $15.2 million, compared to a net loss of $76.3 million for 2024.
But Liebowitz noted that the company's sale of its property management division in October — which brought in $81.7 million — was what pushed it into profitability. After removing that gain and adjusting its numbers, which the company said allowed for a more apples-to-apples comparison, the picture wasn't quite as rosy.
Adjusted net losses: $14.2 million for the quarter and $27.1 million for the year, while adjusted EBITDA was a loss of $14 million for the year — though that marked an improvement over a loss of $24.1 million in 2024.