Opendoor Forecasts Positive Net Income by Year End
The real estate company reported second-quarter revenue of $883 million, a 23% increase from the previous quarter.
Opendoor Technologies (OPEN), the online real estate marketplace, reported a sequential increase in revenue and a narrowing of losses for its second quarter ended June 30, 2026. The company now expects to be adjusted net income positive on a twelve-month go-forward basis by the end of 2026.
Revenue for the quarter rose 23% sequentially to $883 million, up from $720 million in the first quarter. However, the figure declined 44% year-over-year from the $1,567 million reported in the second quarter of 2025. Adjusted EBITDA improved to a loss of $4 million, compared to a loss of $31 million in the prior quarter.
Growth in home acquisitions drove the sequential revenue gain. Opendoor purchased 4,378 homes in the second quarter, a 77% increase from the 2,474 homes purchased in the first quarter. This volume also represented a 149% increase over the 1,757 homes purchased during the same period a year ago.
Profitability metrics showed improvement as the company lowered its cost of acquisition. Contribution profit rose 59% sequentially to $51 million, while contribution margin expanded to 5.8%, up from 4.4% in both the prior quarter and the prior year. Operations expense per acquisition close fell to $3.0 thousand, down from $5.0 thousand in the first quarter and $8.4 thousand in the second quarter of 2025.
Inventory health improved as the percentage of homes on the market for more than 120 days declined to 9%, compared to 10% in the first quarter and 36% in the second quarter of 2025. Marketing efficiency also increased; the company generated 6,908 acquisition contracts on $5 million of spend in the second quarter, whereas over 6,000 contracts required $81 million in spend in the second quarter of 2022.
Opendoor expanded its service offerings with the launch of a mortgage product. Over 50% of scheduled resale closes in Colorado and nearly 20% in Texas are now financed via Opendoor Home Loans.
For the third quarter of 2026, the company expects revenue to increase at least 20% year-over-year, with contribution margin projected between 4% and 4.5%. Trailing 12-month operations expense as a percentage of revenue rose to 1.6% in the second quarter from 1.3% in the first quarter.