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Opendoor Technologies (OPEN) investor relations material
Opendoor Technologies Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Leadership transition has shifted the company from risk-averse, consultant-driven operations to a product-focused, software-first approach emphasizing AI, operational excellence, and profitability by scaling acquisitions and improving unit economics.
Over a dozen AI-powered products and features have been launched, with aggressive product launches and operational changes nearly doubling home acquisition speed in seven weeks.
The company is committed to transparency, shareholder alignment, and simplifying homeownership through bundled services and technology.
Q3 2025 revenue was $915 million, down 34% year-over-year, driven by a 29% decrease in homes sold and a 6% decrease in revenue per home sold.
Net loss for Q3 2025 was $90 million, compared to $78 million in Q3 2024; gross margin was 7.2%, down from 7.6% YoY.
Financial highlights
Q3 2025 revenue: $915 million (down 34% YoY); gross profit: $66 million (7.2% margin); contribution profit: $20 million (2.2% margin); adjusted EBITDA: $(33) million (-3.6% margin).
Net loss per share for Q3 2025: $(0.12); adjusted net loss improved to $61 million from $70 million YoY.
Adjusted operating expenses were $53 million, a 41% improvement YoY.
Cash and cash equivalents at September 30, 2025: $962 million; restricted cash: $490 million.
Inventory at period end: $1.05 billion, with 3,139 homes in inventory.
Outlook and guidance
Targeting adjusted net income profitability by end of 2026 on a 12-month forward basis.
Q4 2025 acquisitions expected to increase by at least 35% QoQ; revenue to decrease ~35% sequentially due to low inventory.
Q4 contribution margin will be below Q3 but expected to improve as legacy inventory is replaced; adjusted EBITDA loss expected in the high $40–$50 million range.
Adjusted operating expenses for the 12 months ending June 2026 expected to be $255–$265 million, a 20% YoY decrease.
Management expects continued subdued housing market activity due to elevated mortgage rates and affordability constraints.
Impact of 120+ day inventory on Q4 margins
How AI drives operating leverage
Q4 revenue vs. acquisition volume disconnect
How does new market maker approach mitigate adverse selection?
Tokenization: What are next concrete steps planned?
Key drivers for 2026 profitability despite Q4 outlook?
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Next Opendoor Technologies earnings date
Q4 202520 Feb, 2026
Next Opendoor Technologies earnings date
Q4 202520 Feb, 2026
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Frequently asked questions
Streamlining the process of buying a home
Opendoor Technologies operates an online real estate marketplace that facilitates direct home sales. Their platform aims to simplify the buying and selling process by offering homeowners the option to sell their properties directly to Opendoor. With the use of data and technology, Opendoor aims to provide competitive offers to homeowners, giving them an alternative to traditional real estate procedures. Additionally,
The convenient way to do it
Purchasing a home through Opendoor offers several conveniences compared to traditional methods. One key advantage is the speed and simplicity of the transaction process. Opendoor's streamlined approach eliminates the need for time-consuming negotiations and potential complications associated with involving multiple parties. Buyers can browse through a selection of available homes curated especially for their wants in a new home, view detailed property information, and schedule self-guided tours without coordinating with real estate agents. However, Opendoor is not the only company providing those in the market for a home with a digital platform. Some publicly traded peers and competitors to Opendoor include Zillow and Redfin.
Buyers and sellers
Opendoor's operations are multi-faceted, and one part of their business is purchasing homes directly from sellers. This approach differentiates them from traditional real estate transactions where buyers and sellers typically work with an agent acting as an intermediary. Opendoor's ability to buy homes directly simplifies and expedites the process for sellers, as they can avoid the complexities of listing, marketing, and coordinating showings. By purchasing properties Opendoor can provide a faster and more certain sale for sellers, all while providing a convenient and smooth process.
An intelligent pricing model
Opendoor utilizes data analytics and a sophisticated matching algorithm as a core component of their business operations. The company leverages vast amounts of data, including historical sales data, market trends, property attributes, and local market conditions to inform their pricing strategies. By utilizing their algorithms, Opendoor can generate accurate and competitive offers for properties. The matching algorithm in question takes various factors into account when searching for a home, such as location, property type, condition, and market demand in order to find the best available option from their inventory. This data-driven approach enables Opendoor to provide sellers with fair market prices, while offering a platform that’s easy to use.
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