Douglas Elliman Inc.DOUG
Douglas Elliman Inc. Segments Disclosure
SEGMENT INFORMATION
Prior to January 1, 2025, the Company’s reportable segments were Real Estate Brokerage and Corporate Activities and Other, which consisted of the operations of our holding company which included the Company’s investment business that invests in PropTech opportunities through its DOUG Ventures subsidiary. Effective on January 1, 2025, the Company is now managed as a single operating and reporting segment.
Previous reportable segments were recast because our chief executive officer (“CEO”), who became CEO in October 2024 and acts as the chief operating decision maker (“CODM”), began reviewing the operating performance of the Company as a whole, instead of on a segment basis as was done prior to January 1, 2025.
Furthermore, the CODM now evaluates the operating results and revenue of the Company as total real estate services to make decisions. This change led to revisions in the nature and substance of information regularly provided to and used by the CODM and served to align our reported results to evaluate the performance of our businesses and related trends. The CODM uses and compares results, which includes significant expense categories as noted on the face of the statements of operations, operating loss and investment and other gains, to prior periods and, based on these results, assesses performance and identifies trends of ongoing operations.
As the Company is now managed as a single operating and reportable segment, the measure of segment profit or loss is the consolidated net income (loss). The measure of segment assets is reported on the Company’s consolidated balance sheets.
As a result, beginning in the first quarter of 2025, the Company began to report our financial results as a single reportable segment. Presentation of the Company’s financial information for the years ended December 31, 2025, 2024, and 2023 is reported as one segment. The accounting policies of the segment are the same as those described in the summary of significant accounting policies. Prior year information has been recast to conform to the current presentation.
Financial information for the Company’s revenue and expenses for the years ended December 31, 2025, 2024, and 2023 were as follows:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (Dollars in thousands) | |||||||||||||||||
| Total Revenues | $ | 1,033,055 | $ | 995,627 | $ | 955,578 | |||||||||||
| Operating expenses: | |||||||||||||||||
| Real estate agent commissions | $ | 771,971 | $ | 743,819 | $ | 706,162 | |||||||||||
| Sales and marketing | 80,708 | 82,606 | 83,670 | ||||||||||||||
| Operations and support | 70,720 | 70,342 | 70,605 | ||||||||||||||
| General and administrative | 110,951 | 117,773 | 125,447 | ||||||||||||||
| Technology | 22,590 | 23,386 | 23,788 | ||||||||||||||
| Depreciation and amortization | 8,377 | 7,736 | 8,026 | ||||||||||||||
| Antitrust litigation settlement expense | — | 17,750 | — | ||||||||||||||
Impairment of fixed assets | 2,275 | — | — | ||||||||||||||
| Restructuring | 1,636 | 1,041 | 2,377 | ||||||||||||||
Gain on disposal of business | (81,655) | — | — | ||||||||||||||
Operating income (loss) | 45,482 | (68,826) | (64,497) | ||||||||||||||
| Other income (expenses): | |||||||||||||||||
Interest expense | (5,069) | (2,939) | (28) | ||||||||||||||
Interest income | 4,900 | 5,533 | 5,841 | ||||||||||||||
Equity in earnings (losses) from equity-method investments | 187 | 36 | (168) | ||||||||||||||
| Loss on extinguishment of liability | (466) | — | — | ||||||||||||||
| Change in fair value of the derivative embedded within convertible debt | (28,482) | (14,978) | — | ||||||||||||||
| Investment and other gains | 1,318 | 5,289 | 633 | ||||||||||||||
| Income (loss) before provision for income taxes | 17,870 | (75,885) | (58,219) | ||||||||||||||
| Income tax expense (benefit) | 3,560 | 1,117 | (15,053) | ||||||||||||||
| Net income (loss) | 14,310 | (77,002) | (43,166) | ||||||||||||||
| Net loss attributed to non-controlling interest | 909 | 686 | 614 | ||||||||||||||
| Net income (loss) attributed to Douglas Elliman Inc. | $ | 15,219 | $ | (76,316) | $ | (42,552) | |||||||||||
For the year ended December 31, 2025, $7,538 of stock-based compensation is included within General and administrative expenses and $1,039 is included within Operations and support expenses on the consolidated statements of operations. For the year ended December 31, 2024, $5,510 of stock-based compensation is included within General and administrative expenses and $1,064 is included within Operations and support expenses on the consolidated statements of operations. For the year ended December 31, 2023, $12,145 of stock-based compensation is included within General and administrative expenses and $930 is included within Operations and support expenses on the consolidated statements of operations.
The Company’s identifiable assets and capital expenditures for December 31, 2025, 2024 and 2023 were as follows:
Year Ended December 31, 2025 | |||||
Identifiable assets (1) | $ | 444,409 | |||
| Capital expenditures | $ | 3,353 | |||
Year Ended December 31, 2024 | |||||
Identifiable assets (2) | $ | 493,888 | |||
| Capital expenditures | $ | 5,534 | |||
Year Ended December 31, 2023 | |||||
Identifiable assets (3) | $ | 493,419 | |||
| Capital expenditures | $ | 6,143 | |||
(1) Includes $2,205 in equity-method investments.
(2) Includes $2,020 in equity-method investments.
(3) Includes $1,960 in equity-method investments.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 16, 2026 | Showing above |
| 2024 | Mar 17, 2025 | |
| 2023 | Mar 8, 2024 | |
| 2022 | Mar 16, 2023 | |
| 2021 | Mar 31, 2022 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.