Douglas Elliman reported a return to quarterly operating and net profitability in the third quarter of 2026, alongside lower revenue than a year earlier. The luxury residential brokerage also announced a $10 million share repurchase program, and ended September with about $123 million in cash, cash equivalents and a U.S. Treasury bill, with no long-term debt.
The company said it is focusing on its brokerage business and investing in its people, technology and operating platform. Its development-marketing pipeline stood at $26.0 billion.
Third-quarter results
- Revenue was $252.1 million, compared with $262.8 million a year earlier. The prior-year figure included the property management business, which Douglas Elliman sold in October 2025. Excluding that business, third-quarter 2025 revenue was $253.4 million, making the year-over-year decline on that basis about 0.5%.
- Operating income was $6.3 million, versus an operating loss of $10.7 million in the third quarter of 2025.
- Net income attributable to Douglas Elliman was $7.4 million, or 8 cents per diluted share. A year earlier, the company posted a net loss of $24.7 million, or 29 cents per diluted share.
Year-to-date results
- For the first nine months of 2026, revenue was $749.9 million, down from $787.6 million in the same period of 2025. Excluding the former property management business, prior-year revenue was $758.2 million; on that basis, revenue declined about 1.1%.
- The nine-month operating loss narrowed to $14.6 million from $21.5 million a year earlier.
- The net loss attributable to Douglas Elliman narrowed to $11.6 million, or 14 cents per diluted share, from $53.3 million, or 63 cents per diluted share.
Capital and strategy
- The board approved a $10 million share repurchase program. The announcement did not specify a timetable for purchases.
- Cash, cash equivalents and a U.S. Treasury bill totaled approximately $123 million at September 30. The company reported no long-term debt.
- Douglas Elliman’s development-marketing pipeline was $26.0 billion.
- CEO Michael S. Liebowitz said the company plans to invest in its workforce and technology, modernize its operating platform and pursue opportunities tied to luxury residential real estate.
The results show a sharp improvement in profitability compared with the prior-year quarter, while revenue was slightly lower on a comparable basis. The repurchase authorization comes alongside the company’s reported cash position and lack of long-term debt.