As the company continues to work toward a financial turnaround, Douglas Elliman Inc. used its most recent quarterly earnings call to address the challenging market and to publicly weigh in on the private listings debate — even calling out brokerages that “incentivize” private listings, without naming names.
On the financial front, Douglas Elliman revealed in its report that it saw an 8 percent year-over-year increase in revenue between the first six months of 2024 and the first six months of 2025. In total, the company had earned $524.8 million in revenue by the end of June.
Looking at the second quarter alone, Douglas Elliman’s revenue declined from $285.8 million in Q2 2024 to $271.4 million in Q2 2025, as agents battled a challenging period of uncertainty between May and June due to consumers responding negatively to volatility in international finance markets. Revenue was also up from $253.4 million in the first quarter of 2025.
Michael S. Liebowitz | Douglas Elliman
“We are encouraged by our strong momentum in the first half of the year and proud of our team’s ability to manage through this operating environment,” Douglas Elliman Inc. CEO Michael S. Liebowitz said in a statement. “Our efforts are showing clear results: we grew revenue, significantly narrowed our operating losses, and improved our adjusted EBITDA performance compared to the first half of 2024. By investing in our agents and focusing on key markets, we are reinforcing our leadership in the luxury real estate market in the U.S. and globally.”
Operating loss likewise worsened during the quarter compared to the year before, but improved overall during the first six months of 2025 compared to the first six months of 2024. Operating loss rose to $5.5 million in Q2 2025 compared to $3.7 million in Q2 2024, and dropped during the first half of 2025 to $10.9 million, compared to $45.1 million during the same period the year prior.
Net loss in Q2 2025 was $22.7 million, up from $1.7 million the year before, and net loss for the first six months of 2025 was $28.7 million, down from $43.1 million during the first half of 2024.
Bryant Kirkland | Douglas Elliman
“We experienced a challenging period in May to early June when our results were negatively impacted by exogenous economic pressure and industry-specific headwinds, Chief Financial Officer Bryant Kirkland said during a call with investors on Friday. “During this period, volatility in international financial markets, driven by geopolitical uncertainties, including global economic policies, created a sense of caution among buyers and sellers. At the same time, the continuation of elevated mortgage rates further dampened market activity as higher borrowing costs continued to cause many clients to delay selling or purchasing decisions.”
Gross transaction value at Douglas Elliman Realty dropped slightly to $10.2 billion during the second quarter of 2025, compared to $10.6 billion during the same period the year before. For the first six months of 2025, the brokerage arm achieved $20.1 billion in transaction value, up from $17.8 billion during the first six months of 2024.
Executives noted during the call with investors that the firm’s new development marketing pipeline also remains strong, with a pipeline of actively marketed projects representing about $28.1 billion in gross transaction value, about $8.8 billion of which is located in Florida.
During the investors’ call, Liebowitz also addressed Douglas Elliman’s position on the private listings debate that continues to be an active industry conversation, asserting that the firm has a commitment to transparency while also offering clients greater choice and flexibility.
“The decision to list property privately must originate from the seller. Our brokerage does not push, incentivize, or default to private listings,” Liebowitz said.
“Our approach differs from brokerage-led exclusivity models in that we offer private listings as one option among many, empowering clients to make informed decisions based on unique needs rather than applying a one-size-fits-all model. Additionally, we believe co-broking remains the most efficient path for most sellers as broad exposure is the most reliable way to maximize value, drive competition and fulfill our fiduciary obligation to act in our clients’ best interest.”
Douglas Elliman teased a private listings platform earlier this spring, and Liebowitz said that any platform the firm rolls out will require sellers to sign a disclosure form “acknowledging the potential risk of reduced exposure.” The platform also will feature guardrails in order to comply with other listing platforms, Liebowitz added, including things like broker oversight, audit logs and technical controls.
