Opendoor (NASDAQ: OPEN) reported Q3 EPS of ($0.12), $0.05 worse than the analyst estimate of ($0.07). Revenue for the quarter came in at $915 million versus the consensus estimate of $922.05 million.

Financial Outlook

We are adjusting our traditional quarterly guidance as we rebuild Opendoor. Our results in the upcoming quarter are largely the outcome of us managing decisions that were made several months ago. We’re focused on making the right long-term decisions for the business, not managing to short-term guidance. What matters, and what we want to be held accountable for, are the actions we take from here and the results they drive over time.

That said, we want to provide you with the following guideposts:

We are driving to Adjusted Net Income breakeven by the end of 2026, measured on a twelve-month go-forward basis.
Q4 2025 Financial Outlook:

Acquisitions: Expected to increase at least 35% from Q3 2025 as product launches and pricing engine changes take hold.
Revenue: Expected to increase from the outlook we provided at Q2 2025 earnings, but decrease approximately 35% quarter-over-quarter due to low inventory levels from Q3 2025 reduced acquisition volumes.
Contribution Margin1: Near-term pressure as we clear old inventory; We believe we bottomed out in October and margins will improve for the remainder of the year, but Q4 2025 contribution margin will be below Q3 2025.
Adjusted EBITDA1: Q4 2025 loss expected in the high $40 millions to mid $50 millions.

You can follow our progress on home acquisition contracts and product and feature launches every single week at accountable.opendoor.com.

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