Douglas Elliman Inc
investors.elliman.comWhat Do They Do?
Provides residential real estate brokerage and development marketing, plus mortgage and closing services for home buyers and sellers, developers, and lenders.
10-K for FY2025, filed Mar 16, 2026Douglas Elliman Inc. is a holding company that, through its subsidiaries, is engaged in the real estate services business. Douglas Elliman…View ↗
Prominent new development sales and marketing firm. Douglas Elliman’s Development Marketing division, or DEDM, distinguishes our…View ↗
Full-service title insurance business. Douglas Elliman is also engaged in the provision of title insurance services through its subsidiary…View ↗
Provider of financing solutions for homeowners. In 2025, Douglas Elliman launched Elliman Capital, an in-house mortgage platform designed…View ↗
How Do They Make Money?
Brokerage commissions are earned when a home sale closes or a lease is signed; development-marketing commissions are earned as units sell. Property-management fees are billed and collected monthly, while title and escrow fees are earned when a sale or refinancing closes.
10-K for FY2025, filed Mar 16, 2026Real estate sales: Real estate commissions earned by the Company’s real estate brokerage businesses are recognized as revenue when the real…View ↗
The Company’s revenue contracts with customers do not have multiple material performance obligations to customers under Topic 606, except…View ↗
Property management revenue arrangements consist of providing operational and administrative services to manage a subject property. Fees…View ↗
Title insurance commission fee revenue is earned when the sale of the title insurance policy is completed, which corresponds to the point…View ↗
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10-K for FY2025, filed Mar 16, 2026
FY2025 revenue by product or service ↗
$1B
-
10-K for FY2025, filed Mar 16, 2026
$1B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Commissions and other brokerage income
Sold outright
10-K for FY2025, filed Mar 16, 2026 |
96%
FY2022: 95%
|
Commissions and other brokerage income, FY2025
$989.8M Sources
|
Sold outright |
|
Property management
Recurring
|
3.1%
FY2022: 3.1%
|
Property management, FY2025
$31.6M Sources
|
Recurring |
|
Other ancillary services
Sold outright
|
1.1%
FY2022: 1.5%
|
Other ancillary services, FY2025
$11.6M Sources
|
Sold outright |
Who Are Their Customers?
Home buyers and sellers are served through residential brokerage agents; developers hire the development-marketing team to sell and market new projects. Title services are sold to property buyers and mortgage lenders, and mortgage products are offered to clients through an alliance.
10-K for FY2025, filed Mar 16, 2026Prominent new development sales and marketing firm. Douglas Elliman’s Development Marketing division, or DEDM, distinguishes our…View ↗
Full-service title insurance business. Douglas Elliman is also engaged in the provision of title insurance services through its subsidiary…View ↗
Provider of financing solutions for homeowners. In 2025, Douglas Elliman launched Elliman Capital, an in-house mortgage platform designed…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 1 cent of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$17.2M.
10-K for FY2025, filed Mar 16, 2026
$45.5MView ↗
10-K for FY2025, filed Mar 16, 2026
$15.2MView ↗
10-K for FY2025, filed Mar 16, 2026
−$17.2MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 10, 2026
−$2.7MView ↗
- ▼ −88% (Loss)
- vs −$22.7M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 10, 2026
Open tableView ↗
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Apr 10, 2026
Douglas Elliman changed its independent auditor
It dismissed Deloitte and appointed EisnerAmper as its auditor.
Sources
8-K, filed Apr 10, 2026
On April 6, 2026, Douglas Elliman Inc. (the “Company”) dismissed Deloitte & Touche LLP (“Deloitte”) as the Company’s independent registered…View ↗
Shrinking. Revenue fell 24% in 4 years, from $1.4B in FY2021 to $1B in FY2025, about 7% a year.
Property management sale
The earlier report describes management of cooperative, condominium and rental apartment buildings; the latest says Douglas Elliman sold that business.
10-K for FY2022, filed Mar 16, 2023 10-K for FY2025, filed Mar 16, 2026Premium residential property management business. Douglas Elliman is also engaged in the management of cooperative, condominium and rental…View ↗
Residential Property Management Business (before October 25, 2025). Prior to October 25, 2025, Douglas Elliman was engaged in the…View ↗
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