Opendoor Technologies (OPEN) Q2 2026 earnings summary

Executive summary

• Revenue for Q2 2026 was $883 million, up 23% quarter-over-quarter but down 44% year-over-year, with contribution profit up 59% QoQ and contribution margin at a two-year high of 5.8%.

• Homes purchased rose 77% QoQ and 149% YoY to 4,378, while homes sold decreased 46% YoY, reflecting a strategic inventory build.

• 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.

• Operating leverage improved as operations expense per acquisition dropped to $3,000 from $8,400 a year ago, despite doubling acquisition volume.

• The company expects to achieve positive Adjusted Net Income (ANI) on a twelve-month go-forward basis by the end of 2026.

Financial highlights

• Gross profit for Q2 2026 was $86 million (9.7% margin), up from $72 million in Q1 2026 but down from $128 million YoY.

• Contribution profit reached $51 million (5.8% margin), up 59% QoQ and up from 4.4% YoY.

• Marketing spend fell from $19 million to $5 million QoQ, while acquisition contracts rose to 6,908 from 5,136.

• Inventory at period end: $1.85 billion and 5,459 homes, up from 3,420 in Q1 2026.

• Cash and cash equivalents at June 30, 2026: $896 million.

Outlook and guidance

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

• Contribution profit dollars projected to more than double YoY in Q3, with margin around 4%-4.5% due to seasonality.

• Adjusted EBITDA profitability expected on a twelve-month go-forward basis as of Q2 2026.

• Commitment to be adjusted net income positive by year-end 2026, measured on a twelve-month go-forward basis.

• Stock-based compensation for Q3 forecasted at approximately $110 million.