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Opendoor Technologies (OPEN)
NASDAQ:OPEN
Earnings Data
Report Date
Apr 30, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
-0.1Last Year’s EPS
-0.12Same Quarter Last Year
Moderate Buy
Based on 3 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Neutral
The call presented strong operational and product momentum: materially faster acquisitions, a notably high-performing October cohort, broad geographic expansion, and meaningful AI-driven cost and efficiency gains. However, near-term financials remain pressured—Q4 revenue declined 20% QoQ, contribution margins fell, adjusted EBITDA and adjusted net losses persisted, and a large one-time noncash loss drove a reported $1.1B net loss. Management provided concrete targets (6,000 quarterly acquisitions by end‑2026 exit, adjusted net income profitability by end of 2026) and near-term guidance for improving adjusted EBITDA in Q1. Overall, the narrative is a company in structural transition with clear operational improvements that are beginning to translate into better unit economics, balanced by ongoing legacy inventory pressures and remaining quarterly losses.Company Guidance
Acquisition Volume Acceleration
Purchased 1,706 homes in Q4, a 46% increase quarter-over-quarter (from 1,169 in Q3). Weekly acquisition contracts reached 537 (up from 236 at last call); acquisition velocity increased ~300% since September and DTC acquisitions up ~700% comparing last week to the last week of Q3.
October 2025 Cohort Outperformance
October 2025 acquisition cohort is over 50% sold through and on track to be the most profitable October cohort in company history. Margin degradation from 10% to 50% sold-through was the lowest of any cohort in company history; October cohort cleared at ~2x the resale velocity of October 2024.
Product & Market Expansion
Opendoor Checkout expanded to 40 states (embedded mortgage preapproval, buyer protections and $4,000 Heroes Home Credit). Cash Plus (capital-light product) grew from ~19% of contracts in the last week of Q3 to ~35% of contracts last week and was described as >600% larger by volume versus the last week of Q3. Geographic availability nearly tripled in ~10 weeks to cover nearly all homeowners in the Lower 48.
AI and Automation Driving Operational Gains
Launched AI workflows (self-assessment app doubled homes assessed in January vs September; ~50% of assessed homes required no in-person visit). Automated disclosure generation and other workflows reduced manual toil and sped processes.
Material Infrastructure & Cost Efficiency Improvements
Hosting run-rate reduced from $12M to under $5M annually. Valuation model runtime reduced from 12 hours to 5.5 hours. Vision model cut processing time for 100,000 listings from 34 hours to 4. Feature pipeline and tooling changes saved at least $1M/year and SaaS replacements cut >$1M in costs; feature-building DAGs ~90% cheaper.
Progress on Operating Discipline & Targets
Fixed operating expenses were $35M in Q4 vs $37M in Q3 and $43M in Q4 2024 (down $2M QoQ, $8M YoY). Trailing 12-month operations expense held flat at 1.3% of revenue. Management reiterated target of adjusted net income profitability by end of 2026 (12-month go-forward) and Q1 adjusted EBITDA loss guide of low-to-mid $30M.
OPEN Earnings History
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
OPEN Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 19, 2026 | $4.65 | ― | ― |
Nov 06, 2025 | $6.56 | $6.56 | 0.00% |
Aug 05, 2025 | $2.52 | $1.90 | -24.60% |
May 06, 2025 | $0.70 | $0.87 | +24.29% |
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.
FAQ
When does Opendoor Technologies (OPEN) report earnings?
Opendoor Technologies (OPEN) is schdueled to report earning on Apr 30, 2026, After Close (Confirmed).
What is Opendoor Technologies (OPEN) earnings time?
Opendoor Technologies (OPEN) earnings time is at Apr 30, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is OPEN EPS forecast?
OPEN EPS forecast for the fiscal quarter 2026 (Q1) is -0.1.
