Opendoor Technologies (OPEN) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $1.022B, up 12% YoY; homes purchased rose to 4,865 from 1,169, while GAAP net loss widened to $218M from $90M.

• Signed acquisition share reached 0.56% of the addressable U.S. market, versus 0.13% a year earlier; TTM marketing and operations expense per acquired home fell 57% and 36%.

• Housing weakness has delayed the year-end profitability goal; strategy emphasizes acquisition scale, faster resale, capital-light products and operating leverage.

Financial highlights

• Revenue was $1.022B (+12% YoY); gross profit was $38M versus $66M, operating loss was $187M versus $68M, and net loss was $218M versus $90M.

• Adjusted Gross Profit was $80M (7.8%); Contribution Profit was $34M (3.3%, or $12K per home sold), versus $20M (2.2%, or $8K) a year earlier.

• Adjusted EBITDA loss was $31M versus $33M a year earlier and $4M in Q2; Adjusted Net Loss was $66M versus $61M a year earlier.

• Homes sold were 2,728 versus 2,568; homes purchased were 4,865 versus 1,169. Ending inventory reached 7,596 homes, valued at $2.568B.

• Nine-month revenue was $2.625B versus $3.635B; net loss was $553M versus $204M.

Outlook and guidance

• Positive Adjusted Net Income on a 12-month go-forward basis by year-end 2026 remains the target but is behind plan; the prior Adjusted EBITDA profitability goal is also behind schedule.

• Q4 revenue is expected to grow at least 40% YoY; Contribution Profit dollars and margin are expected to decline sequentially as inventory sells into a difficult market.

• Q4 Adjusted EBITDA loss is expected at $70M–$85M; marketing spend is planned at ~$20M versus $5M in Q3, and stock-based compensation is expected to be ~$90M.

• Illustrative, non-guidance breakeven model assumes 6,000 quarterly transactions, a $375,000 average sale price, 5%–7% Contribution Profit margins and 3%–4% Adjusted Operating Expense margins.