Filing Flows › Douglas Elliman (DOUG) › Q3 2025
Douglas Elliman (DOUG) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Douglas Elliman (DOUG) reported revenue of $263M for the third quarter 2025 (Q3 2025), -1% from a year earlier and -3% from the quarter before. Operating margin was -4.1%, net loss $24.9M (9.5% of revenue).
Douglas Elliman, Q3 2025: revenue $263M (-1% year over year), operating margin -4.1%, net loss $24.9M, operating cash flow $5.5M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $263M | -3% | -1% |
| Operating profit | −$10.7M | — | — |
| Net earnings | −$24.9M | — | — |
| Operating cash flow | $5.5M | +752% | -39% |
| Free cash flow | $4.7M | — | -39% |
What changed
Revenue was $262.8M in Q3 2025, down 1% year over year and down 3% from the previous quarter. Commission and other brokerage income - existing home sales was the largest line at 86% of revenue. Commission and other brokerage income - existing home sales lost $3.2M year over year (down 1%), 93% of the total change.
Operating costs exceeded revenue by $10.7M, an operating margin of -4.1%. Total costs fell 0% while revenue fell 1%. The fastest-growing cost line was General & admin (+12%). The quarter ended with a net loss of $24.9M, wider than the previous quarter's $22.6M loss. Net interest and other expense of $14.3M was the main reason.
Operating cash flow was $5.5M (down 39% year over year). Non-cash charges added back $2.2M of depreciation and amortization and $2.2M of share-based compensation. Working capital and other items added $26.1M. Capital expenditures of $790K left free cash flow of $4.7M.
Questions
What was Douglas Elliman's revenue in the third quarter 2025?
Douglas Elliman (DOUG) reported revenue of $263M for the third quarter 2025 (Q3 2025), -1% from a year earlier and -3% from the quarter before.
Was Douglas Elliman profitable in the third quarter 2025?
Operating loss was $10.7M (-4.1% of revenue) and net loss $24.9M.
Source: Douglas Elliman 10-Q on SEC EDGAR.