Founded in 2013, Opendoor Technologies Inc. provides a digital ecosystem for residential real estate transactions throughout the United States. This platform allows ...
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Est. EPS $-0.16 · Revenue $1.11B · 3 analysts
Est. EPS $-0.11 · Revenue $1.24B · 3 analysts
Est. EPS $-0.62 · Revenue $3.93B · 5 analysts
Est. EPS $-0.11 · Revenue $1.63B · 1 analysts
EPS $-0.12 · Revenue $1.15B
| Metric | Latest | YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength. | QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes. |
|---|---|---|---|
| RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three). | $4.4B | -15.2% | +22.6% |
| Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day. | $-1.3B | -231.6% | +6.4% |
| Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials. | +7.0% | -17.2% | -2.6% |
| Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on). | -6.2% | -0.6% | +26.2% |
| Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales. | -29.7% | -291.0% | +23.6% |
| Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock. | $1.0B | +267.3% | -189.2% |
| FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine. | +23.7% | +297.2% | -135.8% |
| Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe. | 19.2% | -94.1% | +4.9% |
| Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking. | 7.03x | +24.1% | -58.4% |
| Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground. | $2.4B | -23.0% | +26.1% |
| Metric | Annual (A vs E) | Annual Surprise | Quarter (A vs E) | Quarter Surprise |
|---|---|---|---|---|
| EPS Surprise | -1.70 vs -0.40 | -323.4% | -0.17 vs -0.16 | -9.2% |
| Revenue Surprise | $4.4B vs $4.2B | +3.4% | $883.0M vs $1.1B | -20.4% |
| Date | Executive | Title | Security | Side | Shares | Price |
|---|---|---|---|---|---|---|
| Aug 14, 2026 | Nejatian Kasra | director, officer: Chief Executive Officer | Common Stock | A | 27,625 | $3.62 |
| Jul 15, 2026 | Nguyen Giang | officer: Chief Operating Officer | Common Stock | D | 3,591 | $4.68 |
| Jun 16, 2026 | Benson David C | director | Common Stock | D | 40,000 | $4.83 |
| Jun 11, 2026 | Wu Eric Chung-Wei | director | Common Stock | A | 41,667 | — |
| Jun 11, 2026 | Rabois Keith | director | Common Stock | A | 41,667 | — |
Michael Judd: Hey, everyone. Welcome to Opendoor's Second Quarter 2026 Financial Open House Earnings Live Stream. I'm Michael Judd, Opendoor's Head of Investor Relations. Now a few housekeeping items before we get started. Like all things at Opendoor, we're ready to do this faster. Details of our results and additional management commentary are available in our earnings release, which can be found at investor.opendoor.com. The following discussion contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact are statements that could be deemed forward-looking, including, but not limited to, statements regarding Opendoor's financial condition, anticipated financial performance, business strategy and plans, market opportunity and expansion and management objectives for future operations. These statements are neither promises nor guarantees, and undue reliance should not be placed on them. Such forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those discussed here. Additional information that could cause actual results to differ from forward-looking statements can be found in the Risk Factors section of Opendoor's most recent annual report on Form 10-K for the year ended December 31, 2025, as updated by our periodic reports and other filings with the SEC. Any forward-looking statements made on this webcast, including responses to your questions, are based on management's reasonable current expectations and assumptions as of today, and Opendoor assumes no obligation to update or revise them, whether as a result of new information, future events or otherwise, except as required by law. The following discussion contains references to certain non-GAAP financial measures. The company believes these non-GAAP financial measures are useful to investors as supplemental operational measurements to evaluate the company's financial performance. For a reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP metric, please see our website at investor.opendoor.com. And with that, let's get into the open house with Kaz and Christy. Kasra Nejatian: Good afternoon, everyone. I usually start these calls by showing you a clip of what I told you during the last call. But this time, I'm going to tell you a story about what my wife told me, and I don't have a video clip because it'd be weird if my wife and I just record each other all the time. So you're just going to have to use your imagination. When I was leaving home to fly to San Francisco before my first day at Opendoor, I told my wife that I'd be back home the following Wednesday, maybe Thursday. And she didn't miss a beat. She said, don't come back until there's a plan to break even. Look, there's a lot of ways people describe the thing I'm about to tell you. It just depends on which tribe they're part of, right? Paul Graham has a …
| Name | Title | Compensation | Gender | Year Born | Status |
|---|---|---|---|---|---|
Shrisha Radhakrishna | Chief Technology & Product Officer | USD 1,576,156 | Male | 1978 | Active |
Giang Nguyen | Chief Operating Officer | USD 1,140,833 | Female | 1982 | Active |
Christina Schwartz | Chief Financial Officer | USD 841,078 | Female | 1979 | Active |
Julie Marie Todaro | Strategic Advisor | USD 425,000 | Female | 1971 | Active |
Lucas Matheson | President | USD 208,336 | Male | 1979 | Active |
Keith Rabois | Co-Founder & Chairman | USD 28,447 | Male | 1969 | Active |
Chung Wei Wu | Co-Founder & Director | USD 15,377 | Male | 1983 | Active |
Michael Judd | Director of Capital Markets & Investor Relations | — | Male | — | Active |
Rishi Kotiya | Head of Legal & Corporate Secretary | — | Male | — | Active |
Renee Grace Mauldin Atwood | Chief People Officer | — | Female | 1980 | Active |
Kasra Nejatian | Chief Executive Officer & Director | — | Male | 1983 | Active |
Opendoor Technologies continues to underperform, with Q2 earnings showing deeper losses and weak transaction volumes. OPEN's business model struggles to generate sustainable margins, and recent management changes have yet to yield significant tangible improvements. Heavy share dilution and ongoing stock-based compensation further erode shareholder value amid persistent operational underperformance.
Shares of Opendoor Technologies (NASDAQ:OPEN) are down 9% to $3.43 Thursday afternoon, leading a real estate selloff triggered by disappointing
High interest rates and a stubborn housing market are negative signals for Opendoor's business. The company is making progress on its goals of increasing velocity, improving unit economics, and driving operating leverage.
Opendoor's Q2 revenue plunged 44% year over year to $883 million. The company is aggressively rebuilding inventory, purchasing 4,378 homes in Q2.
Opendoor Technologies Inc. (OPEN) Q2 2026 Earnings Call Transcript
