Revenue contraction of 15.4% in 2026Q1 combined with a compressed 12.5% gross margin highlights the firm's struggle to maintain profitability amidst declining transaction volumes.
Douglas Elliman Inc. (DOUG) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Revenue | 1.01B | 1.03B | 995.63M | 955.58M | 1.15B | 1.35B | 773.99M | 784.11M |
| Revenue Growth % | -2.74% | 3.76% | 4.19% | -17.14% | -14.78% | 74.83% | -1.29% | - |
| Property Operating Expenses | 901.96M | 859.45M | 743.82M | 0 | 836.8M | 985.52M | 0 | 525.23M |
| Net Operating Income (NOI) | 104.11M | 173.61M | 251.81M | 955.58M | 316.37M | 367.62M | 773.99M | 258.88M |
| NOI Margin % | 10.35% | 16.81% | 25.29% | 100% | 27.43% | 27.17% | 100% | 33.02% |
| Operating Expenses | 172.21M | 234.35M | 320.63M | 1.02B | 320.92M | 265.52M | 823.27M | 262.36M |
| G&A Expenses | 176.8M | 191.66M | 200.38M | 209.12M | 217.18M | 169.97M | 140.23M | 173.44M |
| EBITDA | -59.86M | -52.37M | -61.09M | -56.47M | 3.47M | 110.66M | -23.42M | 5.16M |
| EBITDA Margin % | -5.95% | -5.07% | -6.14% | -5.91% | 0.3% | 8.18% | -3.03% | 0.66% |
| Depreciation & Amortization | 8.25M | 8.38M | 7.74M | 8.03M | 8.01M | 8.56M | 25.86M | 8.64M |
| D&A / Revenue % | 0.82% | 0.81% | 0.78% | 0.84% | 0.69% | 0.63% | 3.34% | 1.1% |
| Operating Income | -68.11M | -60.74M | -68.83M | -64.5M | -4.54M | 102.1M | -49.28M | -3.48M |
| Operating Margin % | -6.77% | -5.88% | -6.91% | -6.75% | -0.39% | 7.55% | -6.37% | -0.44% |
| Interest Expense | 426K | 5.07M | 2.94M | 0 | 148K | 0 | 0 | 0 |
| Interest Coverage | - | 4.53x | -24.82x | - | 1.70x | - | - | - |
| Non-Operating Income | -97.87M | -83.68M | 4.12M | -2.38M | -4.79M | 1.31M | -62.8M | 0 |
| Pretax Income | 27.77M | 17.87M | -75.89M | -58.22M | 104K | 100.78M | -46.33M | 8.81M |
| Pretax Margin % | 2.76% | 1.73% | -7.62% | -6.09% | 0.01% | 7.45% | -5.99% | 1.12% |
| Income Tax | 3.56M | 3.56M | 1.12M | -15.05M | 6.5M | 2.13M | 44K | 354K |
| Effective Tax Rate % | 12.82% | 19.92% | -1.47% | 25.86% | 6252.88% | 2.12% | -0.09% | 4.02% |
| Net Income | 24.87M | 15.22M | -76.32M | -42.55M | -5.62M | 98.84M | -46.37M | 8.46M |
| Net Margin % | 2.47% | 1.47% | -7.67% | -4.45% | -0.49% | 7.3% | -5.99% | 1.08% |
| Net Income Growth % | 140.22% | 119.94% | -79.35% | -656.88% | -105.69% | 313.14% | -648.2% | - |
| Funds From Operations (FFO) | 33.11M | 23.6M | -68.58M | -34.53M | 2.39M | 107.4M | -20.51M | 17.1M |
| FFO Margin % | 3.29% | 2.28% | -6.89% | -3.61% | 0.21% | 7.94% | -2.65% | 2.18% |
| FFO Growth % | 1693.96% | 134.41% | -98.63% | -1544.6% | -97.77% | 623.67% | -219.96% | - |
| FFO per Share | 0.36 | 0.26 | -0.82 | -0.42 | 0.03 | 1.26 | -0.24 | 0.21 |
| FFO Payout Ratio % | 0% | 0% | 0% | -12.23% | 679.92% | 29.3% | 0% | 109.67% |
| EPS (Diluted) | 0.27 | 0.17 | -0.91 | -0.52 | -0.08 | 1.21 | -0.54 | 0.10 |
| EPS Growth % | 122.97% | 118.68% | -75% | -582.41% | -106.3% | 324.07% | -640% | - |
| EPS (Basic) | - | 0.17 | -0.91 | -0.52 | -0.08 | 1.21 | -0.54 | 0.10 |
| Diluted Shares Outstanding | 91.13M | 89.52M | 83.86M | 82.25M | 73.79M | 85.27M | 85.27M | 81.61M |
Quick answers to the most common questions about buying DOUG stock.
For fiscal year 2025, Douglas Elliman Inc. (DOUG) reported total revenue of $1.03B. This represents a 31.7% increase compared to $784.1M in 2019.
Douglas Elliman Inc. (DOUG) is profitable, generating $15.2M in net income for the fiscal year ending 2025 with a net profit margin of 1.5%.
Douglas Elliman Inc. (DOUG) reported an operating income of $-60.7M, resulting in an operating profit margin of -5.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Douglas Elliman Inc. (DOUG) generated $173.6M in gross profit for the year, representing a gross profit margin of 16.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Transaction volume and margin compression
Metrics are mathematically derived from official filings.
Revenue Contraction Amid Market Headwinds
As reported in recent financial filings, Douglas Elliman experienced a 15.4% year-over-year revenue decline in 2026Q1, reflecting the persistent challenges of a high-interest-rate environment that has significantly constrained transaction velocity across the firm's core luxury markets in New York and South Florida.
The revenue trajectory appears increasingly challenged as the firm struggles to maintain top-line growth in the face of limited inventory and reduced buyer appetite. This contraction suggests that the company's reliance on high-end transactional volume leaves it highly exposed to cyclical downturns that are currently exacerbated by broader macroeconomic uncertainty.
Structural Margin Pressure Remains Persistent
Based on the provided income statement data, the company's gross margin compressed to 12.5% in 2026Q1, highlighting the significant bargaining power held by top-tier luxury agents and the inherent difficulty in scaling profitability within a commission-heavy brokerage model during periods of low transaction volume.
The volatility in gross margins, punctuated by anomalous reporting periods, suggests that the firm lacks the pricing power necessary to offset rising agent acquisition and retention costs. Investors should monitor whether the company can stabilize these margins or if competitive pressures will continue to erode the net revenue available to cover corporate overhead.
Operating Leverage Remains Elusive
According to the latest quarterly results, Douglas Elliman reported an operating margin of -6.4% in 2026Q1, indicating that the firm's fixed cost structure remains too heavy to achieve profitability at current revenue levels, despite ongoing efforts to manage administrative and corporate expenses.
The inability to scale operating income faster than gross profit suggests a lack of operational leverage, likely driven by the high fixed costs associated with maintaining premium office footprints in expensive urban centers. This persistent operating loss warrants further investigation into whether the current cost structure is sustainable without a material recovery in transaction volume.
Sustainability of Current Brokerage Model
Financial statements reveal a concerning trend of recurring net losses, with the company posting a -7.6% net margin in 2026Q1, which raises significant questions regarding the long-term viability of the current brokerage model in an era of increasing regulatory scrutiny over commission structures.
Short-term observers may focus on the firm's inability to reach GAAP profitability, which suggests that the business model may be fundamentally misaligned with current market realities. The reliance on high-touch, luxury-focused brokerage services may prove to be a liability if industry-wide shifts toward commission transparency continue to compress the total commission pool.