With revenue gains and no long-term debt, CEO Michael Liebowitz said work is in progress to build “a company that is smarter, faster and more efficient.”
After seeing its revenue fall in the first quarter, Douglas Elliman appears to have bounced back. The New York-based brokerage reported a total of $283.4 million in revenue for Q2, which was up on both a quarterly and annual basis.
While actual revenue increased 4.5% year-over-year, the company noted that it had shuttered its property management business in October. When comparing current numbers to Q2 2025 — minus revenue from that division — the revenue gain was 8.6%.
In its Q2 earnings report, the luxury brokerage also said it has $105.2 million in cash and no long-term debt, placing the company in “a position of financial strength,” according to President and CEO Michael Liebowitz.
“We are building a company that is smarter, faster and more efficient — one that is better equipped to support our clients, agents and employees than any other brokerage in the industry,” Liebowitz said.
The company’s revenue gains and year-over-year improvement in net losses occurred despite housing affordability strains, noted EVP, Treasurer and CFO J. Bryant Kirkland III. Elliman’s performance indicates that “our luxury homebuyers are beginning to look past the macroeconomic and geopolitical uncertainties that were present in early 2026,” he added.
What Douglas Elliman had to say
On AI: During an Aug. 7 call with investors, Liebowitz touted the firm’s “AI transformation,” which includes its adoption of Google Cloud technology and the launch of Elius, its Cloud-powered intelligence company. The company announced both developments last month.
“This is not simply a technology upgrade,” Liebowitz said. “This is a fundamental redesign of how Douglas Elliman operates, and more importantly, how we create value.”
The company plans to fund the tech transformation — which Liebowitz acknowledged “is in early stages” — “through existing resources with a modest net incremental investment as a substantial portion of the spending replaces our existing technology expenditures,” he told investors.
On Elliman Global: The company’s international push is “one of the most exciting growth opportunities in front of us,” the CEO said, referring to Elliman Global’s June expansion to Paris as “the next phase of our international growth strategy.”
That move, in particular, “positions the firm in one of the world’s most closely watched and coveted residential property markets,” he said, “and we believe we are in the early stages of what Elliman Global can become.”
On Elliman Capital: The company’s mortgage platform also experienced “meaningful expansion” in Q2 and in early Q3, Liebowitz said. “Each expansion deepens the client relationship across the full transaction and has a revenue opportunity beyond the commission,” he added.
Key numbers
Revenue: $283.4 million, up from $214.3 million in Q1 and up 4.5% from $271.4 million in Q2 of 2025. On a comparable basis (excluding Q2 2025 revenue from the firm’s former property management division), revenue increased 8.6% year-over-year.
Cash and cash equivalents: $105.2 million and no long-term debt in Q2, compared to $136.3 million at the end of the same period a year ago.
Net income/loss: A net loss of $2.7 million, an improvement over the net loss of $22.7 million one year earlier.
Adjusted EBITDA (earnings before interest, taxes depreciation and amortization): A loss of $1 million, an improvement over the loss of $3.6 million one year earlier.
Transactions: Gross transaction value of about $10.8 billion during the three months ended June 30, up slightly from $10.2 billion at the end of Q2 of 2025.
Notable moves
The luxury firm began Q2 with two key appointments, naming Areeje Akhtar Oriol to serve as Liebowitz’s chief of staff and tapping Lena Johnson, formerly the chief marketing officer at ONE Sotheby’s International Realty, to serve as president of national brokerage.
As Liebowitz noted during Friday’s investor call, Douglas Elliman has continued expanding the reach of its in-house mortgage platform, pushing Elliman Capital into California in May and into Texas in July.
In early April, the brokerage opted into the Tuccori homebuyer settlement, joining the wave of firms that have done so in recent months.