NEW YORK, August 3, 2026, 17:00 EDT
Shares of Opendoor Technologies Inc. NASDAQ:OPEN advanced 4.5% to $3.94 on Monday. U.S. markets had ended regular trading before the dateline. The company will issue its second-quarter financial results following Tuesday’s closing bell.
| Trading comparison | Change |
|---|---|
| Opendoor, July 24 to July 31 | -1.7% |
| Opendoor, August 3 | +4.5% |
| Nasdaq Composite, August 3 | +2.1% |
| S&P 500, August 3 | +1.5% |
Monday’s advance erased the 1.7% drop from the week before, beating the broader market’s recovery.
The projected revenue figure is unlikely to surprise. Management previously indicated an expected sequential increase of approximately 25% from Q1’s $720 million, suggesting revenue in the area of $900 million. Analysts’ initial average estimate is $905.9 million, resulting in a variance of less than 1%.
The main challenge lies in contribution margin. Executives aimed for the midpoint of a 5% to 7% band. With a 6% midpoint applied to $900 million, the result is approximately $54 million. This figure is an early estimate.
| Metric | Q1 2026 actual | Q2 2026 guide or implied | Q2 2025 actual |
|---|---|---|---|
| Revenue | $720 mln | Near $900 mln | $1.567 bln |
| Contribution margin | 4.4% | Close to 6% | 4.4% |
| Contribution profit | $32 mln | Roughly $54 mln | $69 mln |
| Adjusted EBITDA | $(31) mln | Approaching breakeven | $23 mln |
The Q2 column merges company guidance with calculations. It is not an official report of results. Opendoor projected adjusted EBITDA to be close to breakeven, with a possible variance of a few million dollars.
With $54 million, Opendoor would reach the same contribution profit as in Q1 2025. However, revenue would be roughly 22% beneath that quarter’s level. Q2 sales are also set to stay 43% lower than they were in last year’s second quarter. This leaves investors with a tight window for revenue but more uncertainty around profit.
In the first quarter, purchase volume increased by 45% compared to the previous quarter. The number of homes under contract climbed 84% year-on-year. Inventory at the end of the period was still 52% lower than a year ago.
| Operating measure | Q1 2026 | Reference period | Change |
|---|---|---|---|
| Homes bought | 2,474 | Q4 2025: 1,706 | +45% |
| Homes held in inventory | 3,420 | Q1 2025: 7,080 | -52% |
| Homes under purchase contract | 1,939 | Q1 2025: 1,051 | +84% |
| Inventory listed for more than 120 days | 10% | Q4 2025: 33% | -23 points |
In May, Chief Executive Kaz Nejatian stated, “Aged inventory has been cut from half the book to one-tenth while scaling volume.” Tuesday’s disclosure will indicate if that rate continued as buying activity rose. SEC
Another comparison comes from direct competitor Offerpad Solutions Inc. NYSE:OPAD, which recently reported Q2 results. The company saw a 52% decline in revenue compared with the same period last year. Gross margin increased to 9.2%.
| Offerpad Q2 measure | 2026 | 2025 | Change |
|---|---|---|---|
| Revenue | $77.7 mln | $160.3 mln | -52% |
| Real-estate transactions | 295 | 568 | -48% |
| Gross margin | 9.2% | 8.9% | +0.3 points |
| Contribution profit after interest per transaction | $13,500 | $9,900 | +36% |
Offerpad recorded a rise in contract signings, reaching 256 in June from 129 in April. The company’s adjusted EBITDA showed a sequential improvement but stayed at a $6.2 million loss. For Opendoor, peer data suggests increased focus on contract volumes, holding durations and margin trends.
Housing demand continues to show sensitivity to interest rates. The most recent 30-year mortgage average from Freddie Mac stood at 6.66%. Residential construction spending for June decreased by 0.3%, while single-family spending dropped 0.6%.
Opendoor will host its financial open house starting Tuesday at 5:00 p.m. EDT. Freddie Mac is scheduled to release its mortgage rate update on Thursday. The U.S. government’s jobs report is due out on Friday.
Risks: Speeding up acquisitions may heighten working-capital requirements ahead of home sales. During Q1, operating cash outflow reached $246 million, primarily tied to a $221 million rise in inventory. As of March 31, Opendoor reported $999 million in cash on hand and had $135 million in notes coming due August 15. Q2 results could vary.
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