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Douglas Elliman cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$10.9M in Q2 2026 · −$18.7M over twelve months

Operating cash flow$11.6M
Capital spending−$684K
Free cash flow+$10.9M

Analysis

In Q2 2026, Douglas Elliman generated $11.6M of operating cash flow and spent $684K on capital projects, leaving free cash flow of $10.9M. That is $11.5M more than in Q2 2025 (−$574K).

Over the twelve months to Jun 30, 2026, operating cash flow was −$16.6M; the largest uses were other financing ($96.0M), operating cash flow ($16.6M), capital spending ($2.0M); besides operations, cash came from other investing ($83.9M); the cash balance fell by $30.8M.

Operating cash flow was $11.6M against net income of −$2.7M. The largest differences: deferred revenue +$9.3M, other operating capital +$3.4M, contract assets −$3.1M.

Free cash flow

Douglas Elliman: free cash flow by quarterDouglas Elliman: free cash flow by quarter$7.7MQ3 2024−$10.2MQ4 2024−$6.7MQ1 2025−$574KQ2 2025$4.7MQ3 2025−$14.7MQ4 2025−$19.6MQ1 2026$10.9MQ2 2026
Operating cash flow less capital spending.
Douglas Elliman: operating cash flow against capital spendingDouglas Elliman: operating cash flow against capital spendingOperating cash flowCapital spending$9.0M$1.3MQ3 2024−$9.0M$1.3MQ4 2024−$5.6M$1.0MQ1 2025$643K$1.2MQ2 2025$5.5M$790KQ3 2025−$14.4M$312KQ4 2025−$19.3M$259KQ1 2026$11.6M$684KQ2 2026
Latest (Q2 2026): Operating cash flow $11.6M, Capital spending $684K.

Capital allocation, year by year

Douglas Elliman: where the cash came from (up) and went (down), by fiscal yearDouglas Elliman: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsDividendsFY2021: Operating cash flow $128MFY2021: Net borrowing −$361KFY2021: Capital spending −$4.1MFY2021: Acquisitions −$500K$128MFY2021FY2022: Operating cash flow −$14.7MFY2022: Net borrowing −$12.5MFY2022: Capital spending −$8.5MFY2022: Dividends −$16.2MFY2022FY2023: Operating cash flow −$30.4MFY2023: Capital spending −$6.1MFY2023: Dividends −$4.2MFY2023FY2024: Operating cash flow −$26.0MFY2024: Net borrowing $48.8MFY2024: Capital spending −$5.5M$48.8MFY2024FY2025: Operating cash flow −$13.9MFY2025: Net borrowing −$94.1MFY2025: Capital spending −$3.4MFY2025
Over these 5 years operating cash flow totalled $42.8M; the largest uses were net borrowing ($107M) and operating cash flow ($85.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$105M
Debtnone
Net cash$105M
Cash runway5.6 years

Douglas Elliman is burning cash: its operations consume cash, a free cash flow of −$18.7M a year at the current rate against $105M of cash and investments: a runway of about 5.6 years before any new financing.

Where the cash came from and went

Douglas Elliman: sources (+) and uses (−) of cash, Q2 2026Douglas Elliman: sources (+) and uses (−) of cash, Q2 2026Operating cash flow$11.6MCash drawn (+) / kept (−)−$10.9MCapital spending−$684KNot reconciled−$30KOther investing$4K
Douglas Elliman: sources (+) and uses (−) of cash, TTM to Q2 2026Douglas Elliman: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing−$96.0MOther investing$83.9MCash drawn (+) / kept (−)$30.8MOperating cash flow−$16.6MCapital spending−$2.0M

From profit to cash

Douglas Elliman: net income to operating cash flow, Q2 2026Douglas Elliman: net income to operating cash flow, Q2 2026Net income−$2.7MDepreciation & amortization$2.0MStock-based pay$1.7MGains on investments$17KGains on disposals−$8KPayables$663KEmployee-related liabilities$1.2MDeferred revenue$9.3MContract assets−$3.1MOther operating capital$3.4MOperating cash flow$11.6M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingCash drawn (+) / kept (−)Free cash flow
Q2 2026$11.6M−$684K−$10.9M$10.9M
Q1 2026−$19.3M−$259K$19.7M−$19.6M
Q4 2025−$14.4M−$312K$28.2M−$14.7M
Q3 2025$5.5M−$790K−$6.2M$4.7M
Q2 2025$643K−$1.2M$676K−$574K
Q1 2025−$5.6M−$1.0M−$3.2M−$6.7M
Q4 2024−$9.0M−$1.3M$15.0M−$10.2M
Q3 2024$9.0M−$1.3M−$54.4M$7.7M

Douglas Elliman: income statement and cash flow

Douglas Elliman, Q2 2026: revenue $283M (+4% year over year), operating margin -1.2%. The chart follows the revenue to costs, profit and cash.

Douglas Elliman: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.