Q1 26 EPS
$-0.18
MISS 194.60%
Est. $-0.06
Q1 26 Revenue
$720.0M
BEAT +7.92%
Est. $667.2M
vs S&P Since Q1 26
+1,242.8%
BEATING MARKET
OPEN +1,244.9% vs S&P +2.1%
Market Reaction
Did OPEN Beat Earnings? Q1 2026 Results
Opendoor Technologies posted a quarter defined less by its headline numbers and more by what those numbers obscure, as the iBuyer reported Q1 2026 revenue of $720.00 million and an EPS loss of $0.18, with the top line declining sharply from $1.15 bil… Read more Opendoor Technologies posted a quarter defined less by its headline numbers and more by what those numbers obscure, as the iBuyer reported Q1 2026 revenue of $720.00 million and an EPS loss of $0.18, with the top line declining sharply from $1.15 billion a year ago due to lower home sales volume of 1,921 units versus 2,946 in the prior-year period. The dominant story, however, was a $105.00 million charge for market-condition RSUs tied to the CEO transition, which inflated stock-based compensation to $120.00 million and widened the GAAP net loss to $173.00 million from $85.00 million, while the adjusted net loss actually narrowed to $49.00 million from $63.00 million. Beneath the noise, unit economics are improving, with gross margin expanding to 10.0% from 8.6% and aged inventory collapsing to just 10% of listings from 51% in Q3 2025. Investor enthusiasm building around the stock may find further support in management's Q2 guidance for roughly 25% quarter-over-quarter revenue growth and adjusted EBITDA at breakeven, with the company targeting adjusted net income positive by end of 2026.
Key Takeaways
- • Contribution Margin improved every month since September 2025, with March 2026 delivering higher contribution margin than any quarter since Q2 2024
- • Aged inventory (homes on market over 120 days) declined from 51% in Q3 2025 to 10% in Q1 2026
- • 4Q25 and January 2026 cash acquisition cohorts have the best combination of margin, margin stability, and resale velocity in company history (ex-COVID)
- • October, November, December, and January cohorts each selling faster than any corresponding cohort since COVID
- • Fixed operating expenses declined to $33M from $39M year-over-year
- • Gross margin expanded to 10.0% from 8.6% year-over-year
- • Trailing 12-month operations expense as a % of revenue held steady at 1.3%
OPEN Forward Guidance & Outlook
Opendoor is driving toward Adjusted Net Income positive by end of 2026, measured on a 12-month go-forward basis. For Q2 2026: revenue growth of approximately 25% quarter-over-quarter is expected; Contribution Margin is expected to fall in the middle of the 5-7% targeted range; and Adjusted EBITDA is expected to be breakeven, plus or minus a few million. The company expects to be Adjusted EBITDA profitable on a 12-month go-forward basis starting in Q2 2026.
OPEN YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
“As of April 1st, Opendoor is adjusted EBITDA profitable, on a 12-month go-forward basis. The October cohort was just the start. A full quarter later, we've gone from a claim to a track record. Our 4Q25 and January 2026 cash acquisition cohorts have the best combination of margin, margin stability, and resale velocity of any corresponding cohort in company history (excluding the COVID-era cohorts). And, each of our October, November, December, and January cohorts are selling faster than any corresponding cohort since COVID. Acquisition contracts are up 2x quarter-over-quarter, back to levels we haven't seen since 2022. Aged inventory has been cut from half the book to one-tenth while scaling volume. As a result, resale contribution margin is at its highest level in nearly two years.”
— Kaz Nejatian, Q1 2026 Earnings Press Release
OPEN Earnings Trends
OPEN vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
OPEN EPS Trend
Earnings per share: estimate vs actual
OPEN Revenue Trend
Quarterly revenue: estimate vs actual
OPEN Quarterly Results
7 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $-0.06 | $-0.18 | -194.60% | $720.0M | +7.92% |
| Q4 25 MISS FY | $-0.09 | $-1.26 | -1,243.28% | $736.0M | +23.90% |
| FY Full Year | $-0.28 | $-1.70 | -515.50% | $4.37B | +3.36% |
| Q3 25 MISS | $-0.07 | $-0.12 | -74.67% | $915.0M | +3.70% |
| Q2 25 MISS | $-0.02 | $-0.04 | -109.42% | $1.57B | +4.29% |
| Q1 25 MISS | $-0.10 | $-0.12 | -15.94% | $1.15B | +8.85% |
| Q4 24 MISS FY | $-0.14 | $-0.16 | -17.04% | $1.08B | +10.35% |
| FY Full Year | — | $-0.56 | — | $5.15B | — |
| Q1 23 | $-0.66 | — | — | — | — |