Elliman Logs Profit As CEO Eyes Growth Phase

Douglas Elliman CEO Michael Liebowitz may finally be delivering on his promise for a “new era” for the company, as it continues to find its footing after a major leadership shakeup.

Last quarter, Elliman reported net income of $69 million — a sizable turnaround from the fourth quarter in 2024, when it lost $6 million. The results were also a significant improvement from the third quarter, when the company lost $25 million.

Liebowitz has said in recent months that the firm was moving out of a “transition phase,” following his takeover of the company in the wake of the abrupt retirement of its longtime CEO and chairman, Howard Lorber, in late 2024. Liebowitz said Elliman is now focused on growth, recruitment and profitability.

“We believe 2026 will mark the beginning of a new growth phase,” Liebowitz said on the firm’s earnings call on Friday.

Elliman earned $245 million in revenue in the fourth quarter, up from $243 million in the same period in 2024. It reported an adjusted EBITDA — earnings before interest, taxes, depreciation and amortization — of negative $11 million, which was more than its $7 million loss last year.

The firm’s brokerage segment notched $10 billion in gross transaction value last quarter, up from the $9 billion it achieved in the same period last year. Its average price per transaction was $1.9 million. It brought in $240 million in revenue from commissions and other brokerage income, up from $232 million in the same period last year.

In 2025, the company posted a net income of $15 million, up significantly from the $76 million it lost in 2024. It brought in more than $1 billion in revenue, up from $996 million the year prior.

Elliman’s new development marketing arm has an active pipeline of projects worth more than $25 billion in gross transaction value, including $17 billion in Florida. Roughly $8 billion is expected to come to market by the end of 2026.

Chief financial officer Bryant Kirkland said on the call that the firm logged significant gains despite “geopolitical uncertainty” and the “continuation of elevated mortgage rates.”

By market close on Thursday, its stock price was $2.32 per share.

News of the firm’s results comes as it continues to face questions about its culture following a number of high-profile exits. Earlier this week, Los Angeles agent Ernie Carswell filed a lawsuit against the brokerage over alleged unpaid commissions, and in it, accused the company of fostering a “toxic corporate culture.”

In the complaint, Carswell, who left the brokerage for Sotheby’s International, claimed executives acted with “callous indifference” in the wake of rape allegations against former top brokers Oren and Tal Alexander, who along with their brother, Alon, were convicted of sex trafficking and other related charges on Monday.

An Elliman spokesperson said the lawsuit was filed in “bad faith” and described the allegations as “false commentary.”

Carswell’s complaint came days after former top Elliman broker Tracy Tutor sued Oren over allegations that he drugged and sexually assaulted her while at an Elliman event in New York in 2014. Elliman is not named as a defendant in the lawsuit, though the company is in another case filed in Florida last month by Tiffany Rodriguez, who alleges Elliman and its former CEO, Howard Lorber, “enabled” the brothers’ sex trafficking scheme.

Elliman has lost many of its top-performing agents over the last year, including New York-based heavy hitters Noble Black and Lindsey Barton Barrett. However, the firm did snag a big name in December, when Heather Domi, a veteran agent and co-founder of the New York Residential Agent Continuum, left Compass for Elliman.

At the time, Liebowitz said he was focused on the “renewal of the company” and that he planned to double down on recruitment in 2026, including adding roughly 3,500 agents across its markets. He also brought on three new C-suite executives, including chief strategy officer Wendy Purvey, chief technology officer Chris Reyes, and Natalie Passerini, who replaced Stephanie Garbarini as chief marketing officer.

The firm also added at least two other top agents, including Dana Johnson in Houston and Megan Sullivan in Connecticut.