EarningsQ2 2026 Earnings Report
MX:OPEN1 Q2 2026 EPS Results
Actual EPS-$2.89
Consensus EPS-$1.21
Beat/MissMissed by -$1.68
One Year Ago EPS-$0.68
MX:OPEN1 Q2 2026 Revenue Results
Actual Revenue$15.01B
Expected Revenue$15.40B
Beat/MissMissed by -$390.61M
YoY Revenue Growth-43.65%
Earnings Announcement Details
QuarterQ2 2026
Date08/04/2026
TimeAfter Close
Conference CallTuesday, August 4, 2026
MX:OPEN1 Upcoming Earnings
Opendoor Technologies's next earnings date is estimated for November 5, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:OPEN1 Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a strong operational and financial improvement narrative: materially higher acquisition volumes, improved contribution margins, significant operating-leverage gains from AI and product work, early mortgage traction, and a clear breakeven math at ~6,000 transactions/quarter. Management reiterates guidance to be adjusted net income positive on a 12-month go-forward basis by year-end and provides conservative assumptions for OpEx and interest. Risks remain (seasonality, integration drags, mortgage licensing, insurance monetization and execution risk), but management quantifies them and describes mitigation paths. Overall, the positives — large volume acceleration, margin recovery, AI-driven cost declines, and cash resources — materially outweigh the remaining challenges and conditional risks.Company Guidance
Rapid Acquisition Volume Ramp
Signing >500 contracts per week (recent week ~700), >5x higher year-over-year and since CEO joined; acquisition contracts reached 6,908 in Q2 (up from 5,136 in Q1). Management is pacing above the 6,000-quarter target needed for ANI breakeven.
Strong Quarter Acquisition and Homes Purchased
Homes acquired in Q2: 4,378 (up 77% quarter-over-quarter and 149% year-over-year); ended quarter with 5,459 homes in inventory and 2,310 homes under contract (versus 393 a year ago).
Revenue Growth
Q2 revenue: $883 million, up 23% quarter-over-quarter; management expects Q3 revenue to increase at least 20% year-over-year.
Material Improvement in Contribution Profit and Margin
Contribution profit of $51 million in Q2 (up 59% quarter-over-quarter); contribution margin 5.8% in Q2 (in the middle of the guided 5%–7% range) — the highest reported in two years.
Operating Leverage and Cost Efficiency Gains
Marketing spend declined from $19M to $5M QoQ; marketing % of acquisition GMV improved from ~1.6% to ~0.3% (management conservatively modeling ~0.5%). Variable operations fell from 2.7% to 0.9% of acquisition GMV (management using ~0.7% assumption). Fixed OpEx improved to 2.1% of acquisition GMV in Q2 with a modeled 1.7% steady state. Per-acquisition variable ops cost: $3,000 (down from $5,000 in Q1 and $8,400 a year ago).
AI-Driven Productivity Improvements
AI adoption reduced in-person home visits from ~80% to <20% (target <10% by year-end); home project managers (HPMs) managing ~10 renovations now with target ~20 by year-end; underwriters per-person throughput rose from ~20 to >50 daily with a target ~100. Auto-underwriter handles ~1 in 5 valuations.
Mortgage Early Traction
Opendoor home loans show strong early adoption: >50% of scheduled closes in Colorado financed through Opendoor home loans and nearly 1-in-5 in Texas within ~6 weeks of launch; plan to be licensed in ~35–40 states by year-end.
Balance Sheet and Capital Deployment
Cash and cash equivalents of $896 million at quarter-end; inventory grew by >$700 million in Q2 funded largely via nonrecourse asset-backed facilities, enabling scale while managing balance sheet use (cash-now-later product provides capital-efficient growth).
Reduction in Aged Inventory and Resale Velocity
Homes listed >120 days fell to 9% (from 51% over a prior multi-year span); management notes improved resale velocity contributing to better unit economics.
Path to Profitability - 'It's Just Math'
Management presents a clear back-of-napkin path: at ~6,000 transactions/quarter and $375K average price (~$9B revenue) the company reaches adjusted net income (ANI) breakeven on a run-rate basis; management reiterates expectation to be ANI profitable on a 12-month go-forward basis by year-end.
MX:OPEN1 Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed