Douglas Elliman (DOUG) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenues increased to $283.4M, up 4–4.5% year-over-year, driven by strong brokerage income in Florida and the Northeast, with international expansion into Paris and domestic growth in New Hampshire and Georgetown.

• Net loss for Q2 2026 narrowed to $2.7M from $22.7M in Q2 2025, reflecting higher gross profit, lower operating expenses, and the sale of the property management business.

• Strategic initiatives included an AI transformation, the launch of Elius (a proprietary real estate intelligence business), and Elliman Capital's expansion into California and Texas.

• Continued to attract top luxury agents, expanded the French network to 15 offices, and received industry recognition for agent performance.

• Gross transaction value for Q2 2026 was $10.8B, with an average price per transaction of $1.86M.

Financial highlights

• Q2 2026 revenues were $283.4M, up from $271.4M in Q2 2025; excluding disposed property management business, revenues rose 8.6% year-over-year.

• Q2 2026 net loss narrowed to $2.7M ($0.03/share) from $22.7M ($0.27/share) in Q2 2025, which included a $17M non-cash interest expense.

• Adjusted EBITDA loss for Q2 2026 was $986,000–$1.0M, improved from a $3.6M loss in Q2 2025.

• Six-month 2026 revenues were $497.8M, down 1.4–5% year-over-year excluding property management; net loss was $19M ($0.22/share), improved from $28.7M ($0.34/share) in 2025.

• Gross profit for Q2 2026 was $59.2M, with gross margin at 20.9%, down from 21.6% in Q2 2025.

Outlook and guidance

• AI transformation expected to deliver significant cost savings in non-commission operating expenses starting in 2027.

• Commission income from a $26.1B development marketing pipeline, with $9.7B more coming to market by September 2027, to be recognized between 2026 and 2032.

• Management expects current cash and anticipated operating cash flows to be sufficient for liquidity needs over the next twelve months.

• The company continues to evaluate strategic transactions, including acquisitions and capital structure revisions.