Douglas Elliman Posts $16M Loss After Q4 Rebound

Douglas Elliman is back in the red after logging a significant turnaround.

The firm lost more than $16 million last quarter, which was more than the $6 million net loss it reported in the same period last year, the company announced on Friday. The eight-figure loss comes after Elliman scored a $69 million profit in the fourth quarter last year.

Elliman reported $214 million in revenue, down from $253 million in the first quarter of 2025. Among the reasons for the difference, the firm cited “an unusually strong first quarter of 2025” and the loss of earnings from its property management arm, which it sold to Associa in October.

In lieu of an earnings call, CEO Michael Liebowitz in a statement maintained his optimistic outlook for the company, pointing to momentum in the firm’s recruitment and the “broader competitive landscape” as instilling “greater confidence” in Elliman’s trajectory “than at any point” in his 18 months as chief executive.

In the last year, Elliman has contended with top agents leaving for competing firms. But the firm touted hires in the first quarter, including veteran New York City new development broker Samantha Behringer, who returned to Elliman after one year at Compass. Dana Johnson, one of Houston’s top agents, also jumped to Elliman from Compass in January, as Liebowitz says he’s focused on growing in select luxury markets to create a “high-end referral network.”

Last month, Liebowitz hired Lena Johnson, the former chief marketing officer of Miami-based One Sotheby’s International Realty, as president of its brokerage arm. Johnson took over the role previously occupied by Scott Durkin, who was terminated in October 2024 after Elliman’s longtime chairman and CEO, Howard Lorber, abruptly retired.

The company’s adjusted EBITDA — earnings before interest, taxes, depreciation and amortization — in the first quarter was a loss of roughly $10 million. The firm lost less than $1 million in adjusted EBITDA in the same period last year. It finished the three-month period with $96 million in cash.

Elliman’s gross transaction value for the period was $8.6 billion, compared to $9.9 billion a year ago. Its average price per transaction was $1.96 million, which the firm claims is the highest average sale price reported among the 10 leading national brokerages. The average price per transaction was lower than in the first quarter of 2025, at $2.2 million.

The firm’s brokerage segment earned $212 million in revenue from commissions and other brokerage income, compared to $241 million last year. It reported a new development marketing pipeline of more than $27 billion, with roughly $19 billion in Florida and $8 billion expected to come to market by the end of the first quarter in 2027.

Its stock price was $1.84 per share as of Monday morning.