Opendoor Technologies (OPEN) Q2 2026 earnings summary

Executive summary

• Achieved significant turnaround progress, with strong confidence in reaching adjusted net income (ANI) profitability on a 12-month go-forward basis by year-end 2026, driven by operational improvements and disciplined execution.

• Q2 saw record contract signings, with weekly contracts exceeding 500 and peaking at 700, more than 5x higher year-over-year, despite operating in a weak housing market.

• Revenue for Q2 2026 was $883 million, down 44% year-over-year but up 23% quarter-over-quarter, reflecting lower sales volumes but sequential growth.

• Net loss widened to $162 million for Q2 2026, compared to $29 million in Q2 2025, driven by increased stock-based compensation and lower sales.

• Focused on transforming from a real estate company to a product-driven tech company, emphasizing customer experience and frictionless transactions.

Financial highlights

• Homes acquired grew 77% quarter-over-quarter and 149% year-over-year; 4,378 homes purchased in Q2 2026.

• Revenue rose 23% quarter-over-quarter to $883 million, but fell 44% year-over-year.

• Contribution profit reached $51 million (5.8% margin), up 59% quarter-over-quarter and from 4.4% year-over-year.

• Gross margin improved to 9.7% in Q2 2026, up from 8.2% year-over-year.

• Operations expense per acquisition dropped to $3,000 from $5,000 in Q1 and $8,400 a year ago.

Outlook and guidance

• Expect Q3 2026 revenue to increase at least 20% year-over-year.

• Contribution profit dollars projected to more than double year-over-year in Q3; contribution margin expected at 4%-4.5% due to seasonality.

• On track for adjusted EBITDA profitability on a 12-month go-forward basis as of Q2 2026.

• Commitment to achieve adjusted net income positive by end of 2026.

• Management expects continued disciplined inventory management and dynamic pricing to navigate market volatility.