Opendoor (OPEN) Misses Q2 EPS by 9c; offers outlook

Opendoor (NASDAQ: OPEN) reported Q2 EPS of ($0.17), $0.09 worse than the analyst estimate of ($0.08). Revenue for the quarter came in at $883 million versus the consensus estimate of $902.62 million.

Q3 2026 Outlook

Acquisitions: You can track our acquisition contracts on accountable.opendoor.com4.
Revenue: We expect revenue to increase at least 20% year-over-year.
Contribution Profit5: We expect Contribution Profit dollars to more than double year over year. We expect Contribution Margin to be around 4% to 4.5%. While Q3 is historically a seasonally weaker margin quarter - with historical Q2-to-Q3 contribution margin drops averaging nearly 500 basis points, excluding 2023 - this year’s expected sequential decline is significantly narrower, reflecting the structural health of our underlying cohorts.
Adjusted EBITDA5: We continue to expect to be Adjusted EBITDA profitable on a twelve-month go-forward basis as of Q2 2026.
Stock-Based Compensation: We expect Q3 SBC of approximately $110 million.

For earnings history and earnings-related data on Opendoor (OPEN) click here.

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