Q1 25 EPS
$-0.12
MISS 15.94%
Est. $-0.10
Q1 25 Revenue
$1.15B
BEAT +8.85%
Est. $1.06B
vs S&P Since Q1 25
+505.9%
BEATING MARKET
OPEN +540.5% vs S&P +34.5%
Market Reaction
Did OPEN Beat Earnings? Q1 2025 Results
Opendoor Technologies posted a mixed first quarter for 2025, beating on revenue while falling short on the bottom line as the iBuyer navigates one of the most challenging housing backdrops in recent memory. Revenue came in at $1.15 billion, clearing … Read more Opendoor Technologies posted a mixed first quarter for 2025, beating on revenue while falling short on the bottom line as the iBuyer navigates one of the most challenging housing backdrops in recent memory. Revenue came in at $1.15 billion, clearing the $1.06 billion consensus by 8.85%, though it still slipped 2.4% from a year earlier as the company sold 2,946 homes into a market where mortgage rates hover near 7% and clearance rates have fallen nearly 25% year-over-year. The earnings picture was less encouraging, with EPS of -$0.12 missing the -$0.10 consensus estimate by 15.94%, as a deeply negative operating cash flow of $279 million, driven by a $212 million inventory build, weighed on results. The single brightest signal may be forward-looking: Opendoor's Q2 guidance calls for revenue of $1.45 billion to $1.53 billion and, notably, Adjusted EBITDA of $10 million to $20 million, which would mark the company's first positive Adjusted EBITDA quarter in recent history, even as it sharply curtails acquisitions to roughly 1,700 homes amid lingering concerns about its stock exchange listing status.
Key Takeaways
- • Revenue exceeded high end of guidance range ($1.0B-$1.075B) at $1.153B
- • Improved conversion performance enabled 4% YoY growth in home acquisitions despite higher spread levels
- • Fixed operating expenses reduced by $19 million versus Q1 2024 to $39 million
- • Adjusted Operating Expenses declined to $84 million from $107 million in Q1 2024
- • Contribution Margin of 4.7% came in at high end of guidance range
- • Adjusted EBITDA loss of $(30) million ahead of high end of guidance range
OPEN YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
“We've spent the last decade building a modern real estate platform—designed to deliver simplicity, certainty, and a customer-first experience. We entered 2025 with a clear plan to drive toward profitability while strengthening our product experience and platform. Our first-quarter results reflect disciplined execution: we improved Adjusted EBITDA and sharply reduced Adjusted Net Losses.”
— Carrie Wheeler, Q1 2025 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 | — | — | — | — |