Earnings Releases·Nov 5, 2026, 4:16 PM ET

Opendoor — Q3 2026 Earnings Summary

Revenue grew 12% year-over-year to $1,022 million, while GAAP gross margin contracted to 3.7% ($38 million) from 7.2% in Q3 2025, resulting in a net loss of $218 million versus $90 million previously.
Non-GAAP Contribution Profit improved to $34 million (3.3% margin) from $20 million, and Adjusted EBITDA loss narrowed to $31 million, though the company remains behind its goal of positive Adjusted Net Income by year-end 2026.
Q4 2026 guidance projects revenue growth of at least 40% year-over-year but anticipates a sequential decline in Contribution Profit dollars and an Adjusted EBITDA loss between $70 million and $85 million.
Acquisition volume surged 316% year-over-year to 4,865 homes, expanding market share to 0.56% (4.4x prior year), while inventory value rose to $2,568 million and asset-backed debt increased significantly.
Management cites a slower housing market as the primary driver for missing profitability targets, though they express confidence in long-term efficiency gains driven by automation and the "Opendoor 2.0" strategy.