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Opendoor (OPEN) investor relations material
Opendoor Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary5 Aug, 2025
Executive summary
Achieved $1.6B in Q2 2025 revenue, up 4% year-over-year, with first positive adjusted EBITDA since 2022 and net loss narrowing to $29M from $92M, reflecting cost reductions and platform expansion.
Transitioned to an agent-driven distributed platform, doubling cash offer conversions and increasing listing conversions fivefold in pilot markets.
Gross margin declined to 8.2% from 8.5% year-over-year, impacted by a higher mix of older inventory.
Maintained operations in 50 markets, with inventory at period end down 32% year-over-year to $1.5B (4,538 homes).
Facing a challenging housing market with lower acquisition and resale volumes, but focused on long-term durability and scale.
Financial highlights
Q2 2025 revenue: $1.6B (+4% year-over-year); gross profit: $128M (8.2% margin); contribution profit: $69M (4.4% margin), down from $95M (6.3%) year-over-year.
Adjusted EBITDA was $23M (1.5% margin), a turnaround from a $5M loss in Q2 2024.
Net loss improved to $29M from $92M in Q2 2024; adjusted net loss was $9M.
Homes sold: 4,299 in Q2 (+5% year-over-year); homes purchased: 1,757 (-63% year-over-year).
Ended Q2 with $789M in cash and $1.5B in inventory.
Outlook and guidance
Q3 2025 revenue guidance: $800M–$875M; contribution profit: $22M–$29M; adjusted EBITDA: $(28)M to $(21)M.
Q4 revenue expected to decline sequentially at a similar percentage as Q3; OpEx to ramp up in Q4 and Q1 due to heavier marketing spend.
Contribution margin pressured in H2 by older, lower-margin inventory, making year-on-year improvement unlikely.
Impact from new platform and Cash Plus expected to be material in 2026 due to ramp and contract-to-sale lag.
Management remains focused on flexible, data-driven pricing and risk management amid ongoing macroeconomic headwinds.
How does Cash Plus impact Opendoor's risk profile?
When will new initiatives impact the P&L?
Describe agent awareness of Key Connections.
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Next Opendoor earnings date
Q3 20256 Nov, 2025
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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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