Opendoor has shown strong strategic progress by achieving its first quarter of adjusted EBITDA profitability in three years and successfully transitioning to a distributed platform model. Despite the challenging housing market conditions and expected revenue declines, the company has launched new products and strengthened its agent network, signaling potential for future growth. However, the current macroeconomic challenges and lower contribution margins present significant hurdles.

Company Guidance -

Q3 2025

In the recent Opendoor earnings call for the second quarter of 2025, the company provided guidance reflecting a challenging housing market environment and strategic shifts in its operations. Opendoor reported $1.6 billion in revenue and achieved its first quarter of adjusted EBITDA profitability in three years, with a contribution margin of 4.4%. The company acquired 1,757 homes in Q2, slightly ahead of expectations, but down year-over-year due to wider spreads and reduced marketing spend. For Q3 2025, Opendoor anticipates acquiring approximately 1,200 homes, with revenue projected between $800 million and $875 million, and a contribution margin ranging from 2.8% to 3.3%. Adjusted EBITDA is expected to be between negative $28 million and negative $21 million, alongside stock-based compensation expenses of $10 million to $12 million. Opendoor highlighted its strategic shift towards a distributed platform involving agent partnerships, which has shown promising early results, including doubling the rate of final underwritten cash offers and increasing listing conversion rates by 5x. The company is also focusing on optimizing its operations with tools like the Key Agent iOS app and new products such as Cash Plus, aiming to enhance its service offerings and expand high-margin, capital-light revenue streams.

First Quarter of Adjusted EBITDA Profitability in 3 Years

Opendoor achieved $1.6 billion in revenue and delivered its first quarter of adjusted EBITDA profitability in three years, with $23 million in adjusted EBITDA for the second quarter compared to a loss of $5 million in Q2 2024.

Successful Strategic Shift to a Distributed Platform

Opendoor has successfully transitioned from a single product to a distributed platform with multiple offerings through agents. The early results are promising, with 2x more customers reaching a final underwritten cash offer, and listing conversion rates are 5x higher.

Launch of Cash Plus Product

Opendoor launched Cash Plus, a hybrid product that provides sellers with immediate cash while allowing them to maximize upside by listing the home. The product protects Opendoor's downside risk, uses less capital, and aligns incentives with customers.

Strong Agent Engagement

1 in 4 of Opendoor's acquisitions come from agents bringing clients for a cash offer, and the company has launched an iOS app to facilitate agent home assessments, strengthening its agent network.

Convertible Senior Notes Issuance

Opendoor issued $325 million of convertible senior notes due in 2030, extending maturities on $246 million of existing converts by 4 years and adding $75 million in cash to the balance sheet.

Opendoor Technologies (DE:25M) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

DE:25M Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 06, 2025	2025 (Q3)	-0.06 / -	-0.095	―	―	―
Aug 05, 2025	2025 (Q2)	-0.03 / -0.03	-0.112	69.23% (+0.08)	―
May 06, 2025	2025 (Q1)	-0.11 / -0.10	-0.138	25.00% (+0.03)	―
Feb 27, 2025	2024 (Q4)	-0.14 / -0.14	-0.12	-14.29% (-0.02)	―
Nov 07, 2024	2024 (Q3)	-0.16 / -0.09	-0.138	31.25% (+0.04)	―
Aug 01, 2024	2024 (Q2)	-0.12 / -0.11	0.026	-533.33% (-0.14)	―
May 02, 2024	2024 (Q1)	-0.18 / -0.14	-0.138	0.00% (0.00)	―
Feb 15, 2024	2023 (Q4)	-0.20 / -0.12	-0.542	77.78% (+0.42)	―
Nov 02, 2023	2023 (Q3)	-0.17 / -0.14	-1.265	89.12% (+1.13)	―
Aug 03, 2023	2023 (Q2)	-0.25 / 0.03	-0.077	133.33% (+0.10)	―

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

DE:25M Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 05, 2025	€2.07	€1.69	-18.36%
May 06, 2025	€0.64	€0.76	+18.91%
Feb 27, 2025	€1.45	€1.26	-12.79%
Nov 07, 2024	€1.70	€1.65	-2.71%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.