Opendoor Technologies Inc. (OPEN)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$3.3B

Revenue growth

-37.2%

Net income, last twelve months

-$1.5B

Earnings per share

-$1.73

Gross margin

8.6%

Operating margin

-16.0%

Net margin

-46.7%

Free cash flow

-$474.0M

Return on equity

-166.4%

Market value

$1.9B

Cash

$896.0M

Debt

$2.0B

Debt to equity

2.14

Shares outstanding

968.6M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the Q2 2026 (quarter ended June 30, 2026) results, filed 4 August 2026.

• Revenue and Contribution Profit grew. Revenue, Contribution Profit and Contribution Margin all rose quarter over quarter, and Contribution Margin rose year over year as well.
• Acquisition contracts exceeded 6,000. Management cited 6,908 acquisition contracts on $5 million of marketing spend, and said the last quarter above 6,000 contracts, Q2 2022, had $81 million of spend.
• Homes purchased and inventory grew. Homes purchased rose 77% quarter over quarter and 149% year over year, and inventory health improved 1% quarter over quarter and 27% year over year.
• Net loss and Adjusted EBITDA reported. Net loss was $(162) million against $(29) million a year earlier, with diluted EPS of $(0.17). Adjusted EBITDA was $(4) million against $23 million.
• Aged inventory share declined. Homes on the market for over 120 days fell from 10% to 9% quarter over quarter, which management compared with 27% for the overall market.
• Contract volume includes Cash Now. Management defined acquisition contract volume as including Cash Now, More Later contracts and excluding contracts later cancelled; progress is updated on the dashboard.
• Homes under contract increased. Homes under contract to purchase at period end reached 2,310, against 393 a year earlier.
• Operations expense per close fell. Operations expense per acquisition close was $3.0 thousand, down from $5.0 thousand in Q1 2026 and $8.4 thousand in Q2 2025.
• Fixed operating expenses rose modestly. Fixed operating expenses were $35 million, up $2 million from $33 million in Q1 2026.
• Trailing operations ratio rose. Trailing 12-month operations expense as a percentage of revenue rose to 1.6% from 1.3%, while trailing operations expense decreased modestly to $51 million from $52 million.
• Gross and Adjusted Gross margins. Gross margin was 9.7% against 10.0% in Q1 2026, and Adjusted Gross Margin was 10.3% against 9.3%.
• Colorado financing share expected above half. Management expects over half of scheduled Colorado resale closes to be financed with Opendoor Home Loans, the first market launched.
• Texas share near one in five. Texas launched about six weeks before the release, and management said it is already nearly 1 in 5 of scheduled resale closes.
• Percentages expected to fluctuate. Management said these percentages will fluctuate and each state will have its own dynamics, and that Colorado shows where a market can reach with seasoning.

Company events

The newest 8-K filings of 81 held.

Every filing

The newest filings with the SEC of 208 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

456 funds held it at 30 Jun 2026: 204 added and 82 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• KE Holdings Inc. (BEKE): revenue $13.2B, market value $19.5B
• Jones Lang Lasalle Inc. (JLL): revenue $28.2B, market value $15.2B
• Compass, Inc. (COMP): revenue $10.6B, market value $6.9B
• Marriott Vacations Worldwide Corp. (VAC): revenue $5.2B, market value $3.9B
• Newmark Group, Inc. (NMRK): revenue $3.6B, market value $3.0B
• Marcus & Millichap, Inc. (MMI): revenue $812.2M, market value $1.0B
• Agnt, Inc. (AGNT): revenue $5.0B, market value $658.4M

What the company does

Opendoor Technologies Inc. runs an online platform where homeowners can sell their home directly to the company and buyers can purchase homes it owns. The company describes itself as a leading e-commerce platform for residential real estate transactions and the largest iBuyer in the United States. It started in Phoenix in 2014 and says it has bought and sold over 294,000 homes across the United States since then. It employed 1,042 people as of 31 December 2025.

How it makes money

Opendoor buys homes from sellers, holds them as inventory, and resells them to buyers. It acts as principal, purchasing and taking ownership of homes, so it does not earn commissions on deals between third parties. Most revenue comes from home sales. The rest comes from services to sellers and buyers, mainly title insurance, escrow and brokerage, plus limited revenue from capital-light products such as referrals.

Sellers who sell directly to Opendoor pay a service fee of 5%. The purchase price also reflects a condition adjustment for expected repairs. Costs on each home include the purchase price, acquisition costs, renovation and repair, property taxes, utilities, insurance, maintenance and financing. Opendoor buys homes mainly with non-recourse asset-backed debt. The senior facilities generally advance 75% to 90% of its cost basis in a property at purchase, and the mezzanine facilities may advance up to 95% to 100%.

What it sells

The core product is the Cash Offer, launched in 2014. A homeowner sells to Opendoor for cash and picks a closing date, and Opendoor repairs and resells the home. Cash Plus is a variant in which the seller typically receives a large portion of expected net proceeds upfront. Opendoor then repairs and lists the home, and after recovering certain costs and its service fee it passes any remaining sale proceeds to the seller.

Opendoor's subsidiaries also offer title insurance and escrow services. Title services are offered in a majority of its markets. In those markets they covered over 80% of Opendoor home transactions that closed in 2025. In February 2026 the company became licensed to provide mortgage products, and its mortgage subsidiary held a mortgage license in Colorado as of 13 February 2026.

How an offer works

A seller enters details on the website or mobile app and typically receives an estimated offer within minutes. Offers are generated by the company's own AI models with limited human intervention. Sellers can complete a guided self-assessment with photos and videos, or ask for an in-person assessment. The company collects over 150 data points on average per home and says it has done roughly one million assessments. Its pricing team reviews each offer before it is finalised. After acceptance a physical inspection checks the home, and material discrepancies can change the offer.

Repairs are done by third-party contractors. Opendoor has a network of over 450 trade partners and local service providers that use its software. Finished homes are sold through the Opendoor website and app, the local MLS, real estate portals and property signage. Leads also come from homebuilders, agents and online portals, including Zillow and Redfin.

Where it operates

Opendoor offered its products in 50 markets going into 2025. In late 2025 it widened its buybox from a limited set of geographies to effectively nationwide coverage across the contiguous United States, with the ability to make offers in substantially all residential zip codes.

- Opendoor Brokerage LLC and Opendoor Brokerage Inc. hold real estate brokerage licences in 44 states and the District of Columbia. - OS National LLC and its subsidiaries are licensed as title agents in 28 states and as escrow agents in six states. OS National LLC is also authorised to conduct title insurance business in five additional states that do not require licensing. - Tremont Realty LLC (dba Opendoor Connect) holds brokerage licences in Texas and North Carolina.

Housing demand is seasonal, with more demand from buyers in spring and summer and less in late fall and winter.

How it competes

Opendoor says its primary competition is the approximately 99% of transactions that remain offline. That means traditional brokers and agents. Nearly 90% of residential transactions in the United States involve an agent. It also competes with other iBuyers, and its adjacent services compete with title and escrow companies and mortgage originators. The company says its end-to-end digital focus, pricing engine and low-cost operating platform set it apart.

Its people, technology and oversight

Of the 1,042 employees, 858 are in the United States. None is represented by a labor organization. It uses third-party cloud computing services. It held 11 trademark registrations and 13 patent registrations as of 31 December 2025.

Its businesses are regulated by federal and state bodies, including the Consumer Financial Protection Bureau, the Federal Trade Commission, the Department of Justice and the Department of Housing and Urban Development. Its licensed subsidiaries are subject to laws such as the Real Estate Settlement Procedures Act.

*From Opendoor's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1801169/000180116926000010/open-20251231.htm)*

From the company's 10-K.