Q2 25 EPS
$-0.04
MISS 109.42%
Est. $-0.02
Q2 25 Revenue
$1.57B
BEAT +4.29%
Est. $1.50B
vs S&P Since Q2 25
+139.8%
BEATING MARKET
OPEN +159.2% vs S&P +19.3%
Market Reaction
Did OPEN Beat Earnings? Q2 2025 Results
Opendoor Technologies posted a mixed second quarter for Q2 2025, delivering a revenue beat that masked a deeper-than-expected loss as the iBuyer navigates what its CEO called the slowest spring selling season in thirteen years. Revenue rose 3.7% year… Read more Opendoor Technologies posted a mixed second quarter for Q2 2025, delivering a revenue beat that masked a deeper-than-expected loss as the iBuyer navigates what its CEO called the slowest spring selling season in thirteen years. Revenue rose 3.7% year-over-year to $1.57 billion, clearing the $1.50 billion consensus estimate by 4.29%, but earnings told a different story: the company reported a loss of $0.04 per share, missing the $-0.02 consensus by 109.42%, even as its net loss narrowed sharply to $29 million from $92 million a year ago. The standout achievement was a return to Adjusted EBITDA profitability at $23 million, the first such result since 2022, driven by aggressive cost discipline that pulled total GAAP operating expenses down to $141 million from $201 million. Those gains proved short-lived in terms of investor enthusiasm, as Q3 guidance for revenue of $800 million to $875 million and a return to Adjusted EBITDA losses of $21 million to $28 million signaled that the toughest stretch of the year lies ahead, with home acquisitions collapsing 63% year-over-year to just 1,757 in the quarter.
Key Takeaways
- • Heavier marketing spend in Q4 2024 and Q1 2025 aligned with resale seasonality drove higher Q2 resale volumes
- • Wider offer spreads in Q2 2025 to manage risk in a volatile market
- • Significant cost discipline with total GAAP operating expenses down to $141M from $201M in Q2 2024
- • Adjusted operating expenses reduced to $46M from $100M in Q2 2024
- • First quarter of Adjusted EBITDA profitability since 2022
OPEN YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
“We delivered $1.6 billion in revenue in the second quarter and achieved our first quarter of Adjusted EBITDA profitability since 2022, even as housing market conditions continued to deteriorate. This progress reflects the discipline and expertise we've built into every part of our business.”
— Carrie Wheeler, Q2 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 | — | — | — | — |