Filing Flows › Douglas Elliman (DOUG) › Q4 2025
Douglas Elliman (DOUG) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 16, 2026
Douglas Elliman (DOUG) reported revenue of $245M for the fourth quarter 2025 (Q4 2025), +0.9% from a year earlier and -7% from the quarter before. Operating margin was 27.3%, net earnings $68.6M (27.9% of revenue).
Douglas Elliman, Q4 2025: revenue $245M (+0.9% year over year), operating margin 27.3%, net earnings $68.6M, operating cash flow −$14.4M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $245M | -7% | +0.9% |
| Operating profit | $67.0M | — | — |
| Net earnings | $68.6M | — | — |
| Operating cash flow | −$14.4M | -363% | — |
What changed
Revenue was $245.4M in Q4 2025, up 1% year over year and down 7% from the previous quarter. Commission and other brokerage income - existing home sales was the largest line at 89% of revenue.
Operating profit was $67.0M, a 27.3% margin (up 34.0 points year over year). Total costs fell 31% while revenue rose 1%. Net earnings were $68.6M ($68.2M including minority interests, which bore $407K of losses). The effective tax rate was 4.9%.
Operating cash flow was −$14.4M. Non-cash charges added back $2.1M of depreciation and amortization and $2.3M of share-based compensation. Working capital and other items used $86.9M. Capital expenditures of $312K exceeded it, leaving free cash flow of −$14.7M.
Questions
What was Douglas Elliman's revenue in the fourth quarter 2025?
Douglas Elliman (DOUG) reported revenue of $245M for the fourth quarter 2025 (Q4 2025), +0.9% from a year earlier and -7% from the quarter before.
Was Douglas Elliman profitable in the fourth quarter 2025?
Operating profit was $67.0M (27.3% of revenue) and net earnings $68.6M.
Source: Douglas Elliman 10-K on SEC EDGAR.