Opendoor's earnings call highlighted strong strategic shifts and financial progress with the introduction of new products and agent engagement. However, challenging market conditions and expected revenue declines pose significant hurdles.

Company Guidance -

Q3 2025

During the Opendoor Second Quarter 2025 Earnings Conference Call, the company provided guidance for the upcoming quarters amidst a challenging housing market. For the third quarter of 2025, Opendoor expects to acquire approximately 1,200 homes and generate revenue between $800 million and $875 million, with a contribution margin of 2.8% to 3.3%. The adjusted EBITDA is projected to be between negative $28 million and negative $21 million, while stock-based compensation expense is anticipated to range from $10 million to $12 million. For the fourth quarter, the company forecasts a sequential revenue decline similar to the percentage decrease expected in the third quarter. Opendoor's strategic shift towards a distributed platform with agent partnerships, including initiatives like the Cash Plus product, is expected to enhance conversion rates and expand high-margin revenue streams, though its impact will be more evident in 2026. Despite the macroeconomic challenges, the company remains focused on optimizing its operations and building a scalable platform to drive long-term growth.

First Quarter of Adjusted EBITDA Profitability in 3 Years

Opendoor achieved $1.6 billion in revenue and its first quarter of adjusted EBITDA profitability in three years, indicating significant operating leverage and financial progress.

Strategic Shift to Distributed Platform

Opendoor is transitioning 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 5x higher.

Introduction of Cash Plus Product

Opendoor launched 'Cash Plus,' a hybrid product for sellers seeking the convenience of a cash offer with market upside potential. This product aims to reduce capital needs and improve risk-adjusted returns.

Strong Agent Engagement

1 in 4 of Opendoor's acquisitions come from agents bringing clients for cash offers, demonstrating strong engagement with the agent community.

Opendoor Technologies (OPEN) Earnings, Revenues Date & History

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OPEN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 06, 2025	2025 (Q3)	-0.08 / -	-0.11	―	―	―
Aug 05, 2025	2025 (Q2)	-0.03 / -0.04	-0.13	69.23% (+0.09)	―
May 06, 2025	2025 (Q1)	-0.13 / -0.12	-0.16	25.00% (+0.04)	―
Feb 27, 2025	2024 (Q4)	-0.16 / -0.16	-0.14	-14.29% (-0.02)	―
Nov 07, 2024	2024 (Q3)	-0.18 / -0.11	-0.16	31.25% (+0.05)	―
Aug 01, 2024	2024 (Q2)	-0.14 / -0.13	0.03	-533.33% (-0.16)	―
May 02, 2024	2024 (Q1)	-0.21 / -0.16	-0.16	0.00% (0.00)	―
Feb 15, 2024	2023 (Q4)	-0.24 / -0.14	-0.63	77.78% (+0.49)	―
Nov 02, 2023	2023 (Q3)	-0.20 / -0.16	-1.47	89.12% (+1.31)	―
Aug 03, 2023	2023 (Q2)	-0.29 / 0.03	-0.09	133.33% (+0.12)	―

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
Aug 05, 2025	$2.52	$1.90	-24.60%
May 06, 2025	$0.70	$0.87	+24.29%
Feb 27, 2025	$1.43	$1.34	-6.29%
Nov 07, 2024	$1.87	$1.85	-1.07%

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.