Opendoor Technologies(OPEN)
$1.24-0.13 (-9.52%)
OPEN
Opendoor Technologies earnings date
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Opendoor Technologies (OPEN) Q3 2026 Earnings Report
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OPEN Q3 2026 EPS Results
- Actual EPS
- -$0.23
- Consensus EPS
- -$0.16
- Beat/Miss
- Missed by -$0.07
- One Year Ago EPS
- -$0.12
OPEN Q3 2026 Revenue Results
- Actual Revenue
- $1.02B
- Expected Revenue
- $1.05B
- Beat/Miss
- Missed by -$30.86M
- YoY Revenue Growth
- +11.69%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/05/2026
- Time
- After Close
- Conference Call
- Thursday, November 5, 2026
OPEN Upcoming Earnings
Opendoor Technologies's next earnings date is estimated for February 25, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
OPEN Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Neutral
The call presented strong operational progress, substantial market-share and contract growth, improving automation and efficiency, increased capital-light activity, and a strengthened balance sheet. However, these positives were balanced by a sharply weaker housing market, sequentially lower contribution margins, wider expected losses, slower inventory clearance, and delayed profitability targets. Management remained confident in the long-term strategy but acknowledged meaningful near-term execution and market challenges.
Company Guidance
Management said it is behind schedule on its goal of reaching positive Adjusted Net Income by the end of 2026, measured on a 12-month go-forward basis, and the same applies to its prior expectation for Adjusted EBITDA profitability on a 12-month go-forward basis. For Q4, revenue is expected to grow at least 40% year-over-year, Contribution Margin is expected to show a sequential decline, Adjusted Operating Expenses are expected to increase from Q3, and marketing spend is expected to be around $20 million, up from $5 million in Q3. Together, sequentially lower Contribution Margin and higher Adjusted Operating Expenses are expected to lead to a fourth quarter Adjusted EBITDA loss of $70 million-$85 million. Management also expects margin to decline again in Q4 and will continue selling through the remaining spring acquisitions into Q1.
- Market Share and Acquisition Contracts Increased SharplyOpendoor's U.S. real estate market share increased more than four times over the past year to over half a percent. The company signed more than 7,000 acquisition contracts in Q3, compared with just over 1,500 a year ago, and added 40 basis points of share over the past year.
- Revenue and Contribution Profit GrowthQ3 revenue exceeded $1 billion, up 12% year-over-year and in line with revised expectations despite a weaker housing market. Contribution Profit was $34 million, up 70% year-over-year.
- Higher Home Purchasing and Contracted InventoryOpendoor sold 2,728 homes in Q3, compared with 2,568 a year ago, and purchased 4,865 homes, more than four times the 1,169 purchased in Q3 last year. Homes under contract to purchase ended the quarter at 1,780, compared with 526 a year ago.
- Growth Without Riskier OffersManagement said seller conversion improved at nearly every offer-spread level, reaching three times better at some levels, while the company won more sellers without making riskier offers. Management characterized this as proving Opendoor can grow without buying growth through higher prices.
- Faster and More Automated Seller AssessmentsThe share of home assessments requiring an Opendoor employee declined from around 80% to 2%. Management said that 98% of the time, a seller can request an offer Monday morning, complete the assessment before noon, and sign a contract before breakfast Tuesday.
- Capital-Light Products Gaining TractionAround half of the first offers accepted through the direct-to-consumer funnel were listing or Cash Now, More Later. Opendoor generated more than $1 billion in Cash Now, More Later volume over the last 12 months, which management said was $1 billion more than in the previous 12 months. List with Opendoor increased first-offer conversion by 28% in tests.
- Mortgage Expansion and New Buyer ProductsOpendoor now has 25 state mortgage licenses, and mortgage origination volume increased 5x quarter-over-quarter. October mortgage origination volume alone exceeded half of Q3 volume. Buy with Opendoor launched in beta in the Bay Area, and management said Opendoor can earn mortgage revenue on homes it never owns.
- AI-Based Renovation and Resale SystemsThe company rebuilt its renovation process with an AI system that determines a specific repair plan for each home before acquisition. It also replaced spreadsheet-based resale pricing with a system that recommends actions using comparable homes and offer history. Management said the renovation system had outperformed the old process over the last few weeks and that the resale system works well today.
- Improved Operating LeverageOn a trailing 12-month basis, operating expense per acquired home declined 36%, from $6,300 to $4,000, while fixed operating expense per acquired home declined 34%. Q3 fixed operating expense was $37 million, compared with $35 million in Q2.
- Higher Employee and Workflow ProductivityPricing team throughput per person increased about 2.5x over the past year. The pricing queue declined from 5,400 homes in July to zero two weeks before the call. The most efficient employee's weekly utility activation volume increased to 400 from a few dozen a year ago, and the most efficient closer's escrow-file capacity increased to 431 from around 135.
- Lower Customer Acquisition CostMarketing expense per acquired home declined 57% on a trailing 12-month basis, from $6,500 to $2,800. Management said this efficiency, together with operational improvements, supported increased investment in growth.
- Balance Sheet Strengthened and Share Count ReducedOpendoor ended Q3 with $910 million in cash and cash equivalents. The company raised $650 million through 0% coupon convertible notes due in 2030, added approximately $440 million of capital before transaction expenses after funding a concurrent share repurchase and capped calls, repaid $135 million of expiring notes, and reduced shares outstanding by approximately 5%.
- Inventory Aging Remained Below the MarketAlthough inventory aging increased, 18% of listed homes had been on the market for more than 120 days at quarter-end, compared with 30% for the market and 51% for Opendoor a year ago.
- Large Addressable Market and Funnel OpportunityOpendoor signed more than 7,000 acquisition contracts in Q3, representing just over half a percent of home-selling activity in its addressable market. Management cited roughly 5 million annualized true sellers, with each additional 10 basis points of market share representing roughly 5,000 homes per year or approximately $1.9 billion of annual transaction value at the current average price. Around 9,000 true sellers visit Opendoor.com each week, and the company enters contracts with around 500.
- Continued Investment in Marketing and Growth InfrastructureOpendoor plans to increase Q4 marketing spend to around $20 million from $5 million in Q3. Management said the investment is intended to support more seller acquisition, capital-light offerings, AI-enabled underwriting and renovations, resale pricing, mortgage, title and escrow, and the capacity to handle future growth.
- Broader Title, Escrow, and Mortgage OpportunityManagement said some title and escrow operators are handling three times more volume than a year ago and that the company intends to extend title, escrow, and mortgage services to customers who do not buy or sell homes through Opendoor. Management also expects mortgage volume eventually to exceed the number of homes Opendoor sells.
OPEN Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 25, 2027 | 2026 (Q4) | -0.21- | -1.26 | ― | ― |
| Nov 05, 2026 | 2026 (Q3) | -0.16-0.23 | -0.12 | -91.67% (-0.11) | |
| Aug 04, 2026 | 2026 (Q2) | -0.07-0.17 | -0.04 | -325.00% (-0.13) | |
| May 07, 2026 | 2026 (Q1) | -0.09-0.18 | -0.12 | -50.00% (-0.06) | |
| Feb 19, 2026 | 2025 (Q4) | -0.12-1.26 | -0.16 | -687.50% (-1.10) | |
| Nov 06, 2025 | 2025 (Q3) | -0.08-0.12 | -0.11 | -9.09% (-0.01) | |
| Aug 05, 2025 | 2025 (Q2) | -0.03-0.04 | -0.13 | 69.23% (+0.09) | |
| May 06, 2025 | 2025 (Q1) | -0.13-0.12 | -0.16 | 25.00% (+0.04) | |
| Feb 27, 2025 | 2024 (Q4) | -0.16-0.16 | -0.14 | -14.29% (-0.02) | |
| Nov 07, 2024 | 2024 (Q3) | -0.18-0.11 | -0.16 | 31.25% (+0.05) |
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
