10-Q · May 7, 2026
Opendoor Technologies Inc. reported Q1 2026 results with significant revenue growth but widening losses. Revenue was $720 million, exceeding the prior expectation of $666 million, but the diluted EPS came in at -$0.18,…
Earnings analysis · 10-Q
OPEN earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
Opendoor generated $883 million of Q2 revenue, a 23% sequential recovery from $720 million but still 44% below the $1.57 billion recorded a year earlier. The GAAP EPS loss narrowed sequentially to $0.17 from $0.18, but…
Read full summary
Opendoor generated $883 million of Q2 revenue, a 23% sequential recovery from $720 million but still 44% below the $1.57 billion recorded a year earlier. The GAAP EPS loss narrowed sequentially to $0.17 from $0.18, but worsened from a $0.04 loss in Q2 2025, with a $162 million net loss. Management's Q3 outlook calls for at least 20% year-over-year revenue growth and a 4.0%-4.5% contribution margin, while elevated mortgage rates, inflation and the $1.8 billion property-debt balance remain key constraints.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.17
What stood out
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Revenue rebounded sequentially
Q2 revenue was $883 million, up $163 million, or 23%, from $720 million in Q1 2026. Contribution margin improved to 5.8%, versus the 4.0%-4.5% contribution-margin outlook for Q3.
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Sequential EPS loss narrowed
GAAP diluted EPS loss was $0.17, improving $0.01 from the $0.18 loss in Q1 2026. Management expects adjusted EBITDA to be profitable on a twelve-month go-forward basis as of Q2 2026.
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Q3 outlook calls for renewed growth
Management forecasts Q3 revenue growth of at least 20% year over year, implying at least $1.098 billion against Q3 2025 revenue of $915 million, and expects contribution profit to more than double year over year.
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Majority of property debt is fixed rate
Asset-backed debt totaled $1.8 billion at June 30, 2026; 55% was fixed rate with an average duration of 1.4 years, limiting exposure on more than half of property financing.
What to watch
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Revenue remains sharply below prior year
Revenue of $883 million was down $687 million, or 44%, from $1.57 billion in Q2 2025, despite the $163 million sequential increase from Q1 2026.
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Year-over-year losses widened
The GAAP diluted loss of $0.17 per share was $0.13 worse than the $0.04 loss in Q2 2025, while GAAP net loss was $162 million.
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Material floating-rate and housing-rate exposure
Of $1.8 billion in asset-backed debt, 45% was floating rate. A 1-percentage-point increase in applicable benchmark rates would raise annual interest expense by approximately $8 million; property-financing interest expense was $43 million in the first six months.
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Housing affordability and cost inflation pressure
Management cites elevated mortgage rates as a driver of lower affordability, lower transaction volume, longer holding periods, and higher inventory costs. Tariffs and inflation may also raise home-repair material costs; Q2 contribution margin was 5.8%.
Management's outlook
Management expects Q3 2026 revenue to increase at least 20% year over year (at least $1.098 billion based on Q3 2025 revenue of $915 million), contribution margin of approximately 4.0%-4.5%, and contribution profit to more than double year over year. It also expects adjusted EBITDA to be profitable on a twelve-month go-forward basis as of Q2 2026 and Q3 stock-based compensation of approximately $110 million.
Earlier filings 4
10-K · February 19, 2026
Opendoor Technologies reported a challenging year in 2025, with total revenue declining to $4.37 billion, a 15% drop from the previous year. The company faced significant operational losses, including a net loss of $1.3…
10-Q · November 6, 2025
Opendoor Technologies Inc. reported a revenue of $915 million for Q3 2025, exceeding both prior quarter's $1.57 billion and analyst estimates of $870 million. While gross margin was slightly down to 7.2%, operating…
10-Q · August 5, 2025
Opendoor Technologies Inc. reported a strong Q2 2025 with revenue of $1.57 billion, exceeding estimates and showing a 4% growth compared to the previous quarter. The company significantly improved its EPS loss to -$0.04…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.