Douglas Elliman Announces Plans for Expansion into Canada and Robust Referral Program Effective Immediately Accessibility StatementSkip Navigation Preeminent Luxury Real Estate Brokerage in U.S. to Accelerate Global Growth Strategy with Launch of Elliman Canada in Montreal, Toronto, and Vancouver. NEW YORK, March 19, 2026 /PRNewswire/ -- Douglas Elliman Realty, the preeminent luxury real estate brokerage in the United States, announced plans today to expand its growing international presence into Canada. Fo ...

Since last writing about Douglas Elliman Inc. ( DOUG ) last fall, the situation with the luxury real estate brokerage firm has changed considerably. In some ways, for the better, and in others, for the worse.Analyst’s Disclosure: I/we have a beneficial long position in the shares of DOUG either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relati ...

Table of Contents SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________ Form 10-K _____________________________________________ ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Fiscal Year Ended December 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 _____________________________________________ DOUGLAS ELLIMAN INC. (Exact name of registrant as specified in its ...

Core Viewpoint - Douglas Elliman Inc. is conducting its Fourth Quarter and Full Year 2025 Earnings Conference Call, indicating a focus on financial performance and future outlook [1]. Group 1: Company Overview - The call features key executives, including Michael Liebowitz, President and CEO, and Bryant Kirkland, CFO, highlighting the leadership team involved in the financial discussion [2]. Group 2: Financial Metrics - The company will discuss adjusted EBITDA and adjusted net loss or income, which are non-GAAP financial measures, emphasizing the importance of these metrics in evaluating financial performance [3]. Group 3: Forward-Looking Statements - The conference call includes forward-looking statements that are subject to risks and uncertainties, which could lead to actual results differing from those projected [4][5].

Financial Data and Key Metrics Changes - Revenues for 2025 increased by 3.8% year-over-year to $1.033 billion, up from $995.6 million in 2024 [10][23] - Operating income for 2025 was $45.5 million, a significant improvement from an operating loss of $68.8 million in 2024, positively impacted by an $81.7 million gain from the sale of the property management division [10][24] - Adjusted EBITDA improved to a loss of $14 million in 2025, compared to a loss of $24.1 million in 2024 [10][25] - Net income for 2025 was $15.2 million or $0.17 per diluted share, compared to a net loss of $76.3 million or ($0.91) per diluted share in 2024 [24] Business Line Data and Key Metrics Changes - Revenues from the development marketing division increased by $12.6 million from the prior year, totaling $80.4 million in 2025, up from $67.8 million in 2024 [14][17] - The average price per transaction in 2025 increased to $1.86 million per home sold, compared to $1.67 million in 2024 [15] - The development marketing division has an active project pipeline totaling $25.3 billion in gross transaction value, with $17.5 billion in Florida alone [16][17] Market Data and Key Metrics Changes - The Northeast market led revenue increases, with a rise of $17.5 million or 9.2% from 2024 [18] - In the fourth quarter of 2025, agents sold 282 homes priced over $5 million, representing 5.4% of total transactions, and 1,282 such homes during the year, a 25% increase from 2024 [16] - Cash receipts from existing home sales in January and February 2026 were 11% lower than the same period in 2025 [18] Company Strategy and Development Direction - The company is focused on expanding its footprint in existing markets and entering new high-potential regions, including recent expansions into the French Alps and other luxury destinations [5][6] - Two growth teams have been launched: one focused on expanding within current markets and another on new market expansion [6][7] - The company has reinforced its leadership team to drive growth and innovation, including the appointment of a Chief Strategy Officer and a Chief Technology Officer [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positive momentum and competitive advantage due to a strong balance sheet, which allows for growth in existing and new markets [13][20] - The company anticipates that 2026 will mark the beginning of a new growth phase as investments made in 2025 begin to yield results [11][27] - Management acknowledged ongoing economic pressures, including geopolitical uncertainties and elevated mortgage rates, but remains optimistic about future performance [18] Other Important Information - The company had cash and cash equivalents of approximately $115.5 million at December 31, 2025, with no long-term debt following the redemption of convertible notes [11][20] - The company has made significant investments in market intelligence, technology, and agent resources, including the launch of a new market data report program [9] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session. The call concluded without a detailed Q&A segment [28]

Financial Data and Key Metrics Changes - Revenues for 2025 increased by 3.8% year-over-year to $1.033 billion, up from $995.6 million in 2024 [10][23] - Operating income for 2025 was $45.5 million, a significant improvement from an operating loss of $68.8 million in 2024, positively impacted by an $81.7 million gain from the sale of the property management division [10][24] - Adjusted EBITDA improved to a loss of $14 million in 2025, compared to a loss of $24.1 million in 2024 [10][25] - Net income for 2025 was $15.2 million or $0.17 per diluted share, compared to a net loss of $76.3 million or ($0.91) per diluted share in 2024 [24] Business Line Data and Key Metrics Changes - Revenues from the development marketing division increased by $12.6 million from the prior year, totaling $80.4 million in 2025, up from $67.8 million in 2024 [14][17] - The average price per transaction in 2025 increased to $1.86 million per home sold, compared to $1.67 million in 2024 [15] - The number of homes sold priced over $5 million increased by 25% in 2025, with 1,282 such homes sold [16] Market Data and Key Metrics Changes - The Northeast market led revenue increases, with a rise of $17.5 million or 9.2% from 2024 [17] - Total brokerage cash receipts in January and February 2026 were 12.4% lower than the same period in 2025 [18] Company Strategy and Development Direction - The company is focused on expanding its footprint in existing markets and entering new high-potential regions, including recent expansions into the French Alps and other luxury destinations [5][6] - Two growth teams have been launched to support market expansion and agent recruitment [6][7] - The company has reinforced its leadership team to drive growth and innovation, including new appointments in key strategic roles [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positive momentum and competitive advantage due to a strong balance sheet [13] - The company anticipates that 2026 will mark the beginning of a new growth phase as investments made in 2025 begin to yield results [11][20] - Management acknowledged ongoing economic pressures, including geopolitical uncertainties and elevated mortgage rates, but remains optimistic about future opportunities [18] Other Important Information - The company maintained cash and cash equivalents of approximately $115.5 million at December 31, 2025, with no long-term debt [11][26] - The company has made significant investments in market intelligence, technology, and agent resources to enhance service offerings [9] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session. The call concluded without a detailed Q&A segment [28]

Financial Data and Key Metrics Changes - Revenues for 2025 increased by 3.8% year-over-year to $1.033 billion, up from $995.6 million in 2024 [9][21] - Operating income for 2025 was $45.5 million, a significant improvement from an operating loss of $68.8 million in 2024 [9] - Adjusted EBITDA for 2025 improved to a loss of $14 million, compared to a loss of $24.1 million in 2024 [22] - Net income for 2025 was $15.2 million or $0.17 per diluted share, compared to a net loss of $76.3 million or ($0.91) per diluted share in 2024 [21] Business Line Data and Key Metrics Changes - Revenues from the development marketing division increased to $80.4 million in 2025, up from $67.8 million in 2024, benefiting from investments made in recent years [15] - The average price per transaction in 2025 increased to $1.86 million per home sold, compared to $1.67 million in 2024 [13] - The development marketing division's active project pipeline totals $25.3 billion in gross transaction value, with $17.5 billion in Florida alone [15] Market Data and Key Metrics Changes - The Northeast market led revenue increases, with a rise of $17.5 million or 9.2% from 2024 [15] - In the fourth quarter of 2025, agents sold 282 homes priced at more than $5 million, representing 5.4% of total transactions, and 1,282 such homes during the year, a 25% increase from 2024 [14] Company Strategy and Development Direction - The company aims to deepen its footprint in existing markets while entering new high-potential regions, including recent expansions into the French Alps and other luxury destinations [5][6] - Two growth teams have been launched: one focused on expanding within current markets and another on new market entries [6] - The company has reinforced its leadership team to drive growth and innovation, including the appointment of a Chief Strategy Officer and a Chief Technology Officer [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positive momentum and competitive advantage due to a strong balance sheet, which allows for growth in existing and new markets [12] - The company anticipates that 2026 will mark the beginning of a new growth phase as investments made in 2025 begin to yield results [10] - Management acknowledged ongoing economic pressures, including geopolitical uncertainties and elevated mortgage rates, but remains optimistic about future performance [16] Other Important Information - The company had cash and cash equivalents of approximately $115.5 million at December 31, 2025, with no long-term debt following the redemption of convertible notes [10][23] - The company has made significant investments in market intelligence, technology, and agent resources to enhance service offerings [8] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session.

Financial Performance - For the fourth quarter of 2025, Douglas Elliman reported revenues of $245.4 million, a slight increase from $243.3 million in Q4 2024[3] - The company achieved a net income of $68.6 million, or $0.68 per diluted share, compared to a net loss of $6.0 million, or $0.07 per diluted share, in the same quarter of the previous year[3] - For the full year 2025, revenues reached $1.033 billion, up from $995.6 million in 2024, marking a growth of approximately 3.8%[4] - Douglas Elliman's net income for the year was $15.2 million, or $0.17 per diluted share, compared to a net loss of $76.3 million, or $0.91 per diluted share, in 2024[4] - The company reported an operating income of $67.0 million in Q4 2025, a significant turnaround from an operating loss of $16.3 million in Q4 2024[3] - Adjusted EBITDA for the year ended December 31, 2025, was a loss of $14.0 million, an improvement from a loss of $24.1 million in 2024[8] - Net income attributed to Douglas Elliman Inc. for Q4 2025 was $68,568, compared to a loss of $5,997 in Q4 2024[27] - Total revenues for the year ended December 31, 2025, reached $1,033,055, an increase from $995,627 in 2024, with commissions and other brokerage income contributing $989,842[32] - Adjusted net loss attributed to Douglas Elliman Inc. for Q4 2025 was $(14,163), compared to an adjusted net income of $1,297 in Q4 2024[29] - EBITDA for Q4 2025 was $73,292, a significant improvement from $(4,491) in Q4 2024[27] - Interest expense for the year ended December 31, 2025, was $5,069, compared to $2,939 in 2024[27] Transaction and Market Activity - Douglas Elliman Realty, LLC achieved a gross transaction value of approximately $9.6 billion in Q4 2025, compared to $8.8 billion in Q4 2024[10] - The average price per transaction for the year was $1.86 million, up from $1.84 million in the previous year[11] - Gross transaction value for the year ended December 31, 2025, was $39.8 billion, up from $36.4 billion in 2024[32] - Total transactions for the year ended December 31, 2025, were 21,338, slightly down from 21,779 in 2024[32] Strategic Initiatives and Future Outlook - The company maintained a strong balance sheet with cash and cash equivalents of $115.5 million and no long-term debt at year-end[12] - Douglas Elliman's strategic initiatives included expanding into new international markets and launching Elliman Capital in Florida and New York, positioning the company for future growth[2] - The company reported a gain on the disposal of business amounting to $81,655 for the year ended December 31, 2025[29] - The company incurred unusual litigation expenses of $7,637 for the year ended December 31, 2025, down from $33,333 in 2024[27]

Core Insights - Douglas Elliman Real Estate has expanded its in-house mortgage platform, Elliman Capital, from Florida to New York, covering New York City, Long Island, the Hamptons, North Fork, Westchester, and Hudson Valley [1][2] Group 1: Elliman Capital Overview - Elliman Capital offers a comprehensive range of financing options, including conventional and jumbo loans, construction financing, commercial lending, bridge loans, FHA, VA, and more [1][2] - The platform is designed to assist borrowers with non-traditional financial backgrounds, such as self-employed individuals, investors, and foreign nationals, who often face challenges in securing financing [2][3] Group 2: Benefits and Features - The platform incorporates advanced technology and streamlined processes, allowing agents to refer clients, track loan progress, and receive real-time updates [3] - Key benefits include access to a wide range of loan products, competitive rates through strong lender relationships, a simplified mortgage application process, expert guidance from mortgage professionals, and enhanced support for agents [3] Group 3: Company Background - Douglas Elliman Inc. is one of the largest residential brokerage companies in the U.S., with operations in multiple states including New York, Florida, California, and Texas [4] - The company also invests in early-stage property technology solutions and provides various real estate services, including development marketing and property management [4]

Group 1: Sea Limited - Sea Limited, often referred to as the "Amazon of Southeast Asia," operates three business units: Shopee, Monee, and Garena, making it a significant player in the digital economy [3][4] - Shopee is the largest e-commerce platform in Southeast Asia, processing 10 billion orders worth $90.6 billion in the first three quarters of 2025 [3] - Sea Limited is projected to grow its revenue by over 30% in 2025, its fastest pace in four years, despite its stock being down 35% from its 52-week high [4] Group 2: Workiva - Workiva provides a platform that integrates with major digital storage, productivity, and accounting applications, allowing organizations to compile reports efficiently [5] - The company is expected to achieve record revenue in 2025 due to growth in its largest customer segments, although its stock is down 20% this year [7] - The majority of analysts covering Workiva rate it as a buy, indicating strong potential for future growth [7] Group 3: Douglas Elliman - Douglas Elliman is the fifth-largest residential real estate brokerage in the U.S., with significant operations in luxury markets [9] - The company sold $30.1 billion worth of real estate in the first three quarters of 2025, on track to exceed its 2024 sales total of $36.4 billion [9] - Despite a 46% increase in stock price in 2025, it remains undervalued compared to its all-time high and rivals, suggesting potential for further growth if interest rates decrease [10][11] Group 4: DigitalOcean - DigitalOcean focuses on providing cloud computing and AI services to small and mid-sized businesses, utilizing GPUs from top suppliers [12][13] - The company's AI-related revenues have more than doubled year over year for five consecutive quarters, indicating strong momentum entering 2026 [14] - DigitalOcean's stock is considered inexpensive, making it an attractive option for investors looking for growth in the AI sector [14]