Q2 26 EPS
$-0.17
MISS 620.34%
Est. $-0.02
Q2 26 Revenue
$883.0M
MISS 2.53%
Est. $905.9M
vs S&P Since Q2 26
-12.2%
TRAILING MARKET
OPEN -11.8% vs S&P +0.5%
Market Reaction
Did OPEN Beat Earnings? Q2 2026 Results
Opendoor Technologies posted a disappointing second quarter, missing on both top and bottom lines as a surge in stock-based compensation distorted an otherwise operationally improving picture. The iBuyer reported revenue of $883.00 million, falling 2… Read more Opendoor Technologies posted a disappointing second quarter, missing on both top and bottom lines as a surge in stock-based compensation distorted an otherwise operationally improving picture. The iBuyer reported revenue of $883.00 million, falling 2.53% short of the $905.90 million consensus and down 43.6% year-over-year as homes sold dropped to 2,339 from 4,299 a year ago. The earnings miss was more jarring: a loss of $0.17 per share against a consensus estimate of negative $0.02, a gap of 620.34%, driven almost entirely by $119.00 million in stock-based compensation charges, including $100.00 million tied to market-condition RSUs, which ballooned the GAAP net loss to $162.00 million from $29.00 million in Q2 2025. Beneath that noise, contribution margin expanded to 5.8% from 4.4% a year ago and homes on market over 120 days fell sharply to 9% from 36%, signaling meaningful inventory health improvements. Ahead of the report, analysts had flagged margins as the key variable to watch, and management leaned into that narrative, guiding for Q3 revenue growth of at least 20% year-over-year while targeting Adjusted Net Income positivity on a twelve-month forward basis by year-end 2026.
Key Takeaways
- • Contribution margin expanded 140bps both QoQ and YoY to 5.8%
- • Homes purchased up 77% QoQ and 149% YoY to 4,378
- • 6,908 acquisition contracts generated on $5 million of marketing spend vs. $81 million when last exceeding 6,000 contracts in Q2 2022
- • Inventory health improved with homes on market over 120 days declining from 10% to 9% QoQ and from 36% YoY
- • Operations expense per acquisition close fell to $3.0 thousand from $5.0 thousand in Q1 2026
- • Revenue up 23% QoQ
- • Contribution Profit up 59% QoQ to $51 million
- • Combined marketing and operations per acquisition contract lowest in company history since Q1 2018
OPEN Forward Guidance & Outlook
Opendoor is targeting Adjusted Net Income positivity on a twelve-month go-forward basis by the end of 2026. For Q3 2026, the company expects revenue to increase at least 20% year-over-year, contribution margin of approximately 4% to 4.5% (a narrower sequential decline than historical seasonal patterns), and expects to be Adjusted EBITDA profitable on a twelve-month go-forward basis as of Q2 2026. Q3 stock-based compensation is expected to be approximately $110 million. The company noted the expected sequential contribution margin decline is significantly narrower than the historical Q2-to-Q3 average drop of nearly 500 basis points, reflecting structural health of underlying cohorts.
OPEN YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
“For three quarters, I've been saying Opendoor will be ANI positive on a twelve-month go-forward basis at the end of this year. You no longer have to take my word for it. Run Q2 forward. At current contract volumes and unit economics, and with our existing cost base, we will generate positive Adjusted Net Income as those acquisition cohorts flow through to resale. We are now on a clear path to sustained ANI profitability. That outcome does not require an improved growth engine, margin expansion, or a housing-market recovery. In fact, at this volume, our operating model supports Adjusted Net Income profitability even if contribution margins decline and even if you adjust down for seasonality.”
— Kaz Nejatian, Q2 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
8 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 MISS | $-0.02 | $-0.17 | -620.34% | $883.0M | -2.53% |
| 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 | — | — | — | — |