Revenue reached $283.4M in 2026Q2, yet quarterly operating margins swung from 26.4% in 2025Q1 to 13.2% in 2026Q2, suggesting profitability remains thin and erratic.
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
Volatile quarterly earnings base
Metrics are mathematically derived from official filings.
Revenue Rebound Masks Earnings Volatility
Based on reported figures, DOUG's revenue rose 4.5% sequentially to $283.4M in 2026Q2 after a 15.4% decline in 2026Q1, yet quarterly swings of this magnitude make the underlying growth trend difficult to establish with confidence.
The sequential rebound in 2026Q2 follows a sharp contraction, which suggests the top line is highly sensitive to transaction timing in residential brokerage rather than reflecting a durable expansion. Revenue has oscillated between roughly $200M and $286M over the ten quarters shown, and this pattern warrants further investigation into seasonality versus structural share change. Investors should monitor whether the recent upturn persists across consecutive quarters before drawing conclusions about trajectory.
Thin and Erratic Operating Margins
As reported in the income statement, DOUG's operating margin moved from 26.4% in 2025Q1 to 13.2% in 2026Q2, and a 2025Q4 reading of -83.6% reflects an anomaly that appears to be a non-operating or one-time charge rather than run-rate economics.
Margins outside the 2025Q4 outlier cluster in a range of roughly 12% to 26%, which may indicate compression in recent quarters relative to 2024 and 2025 levels. The 2025Q3 margin of 93.3% is similarly implausible as an operating measure and suggests the reported figure is not comparable to the other periods, so margin trends should be read cautiously. The data does not allow a clean attribution of cost drivers, and that gap limits conclusions about cost discipline.
Negative Earnings Power Across Most Periods
Based on reported figures, DOUG reported negative net income in nine of ten quarters, with EPS of -$0.03 in 2026Q2 and FFO per share ranging from -$0.47 to a $0.70 peak in 2025Q4.
The predominance of losses suggests that the earnings base has not yet supported consistent profitability, and the single positive quarter in 2025Q4 appears to be an outlier rather than a trend. Because FFO per share has been negative in most periods, dividend coverage cannot be assessed from the supplied data, and no inference about dividend safety should be drawn from the absent yield figures. Investors should monitor whether losses narrow on a sustained basis.
Earnings Quality Questions Remain Open
The 2025Q4 swing from a -$205.3M NOI to a $70.6M FFO and the 2025Q3 NOI of $245.3M on $262.8M revenue appear inconsistent with normal operations and may indicate non-recurring items that warrant further investigation.
The extreme NOI values in two adjacent quarters suggest the reported NOI series may incorporate reclassifications, impairments, or gains that are not visible in the supplied data, so the headline metrics may overstate or understate underlying performance. Because the dataset does not disclose the composition of these items, any conclusion about the nature of these entries would be speculative. Analysts should reconcile these figures to the underlying filings before relying on the trend.