Opendoor is targeting profitability by the end of 2026, and the company’s latest earnings call suggests it is on a trajectory that could meet that goal despite a lingering housing market slowdown.
The outlook remains cautious.
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Revenue growth and loss narrowing in Q2
The iBuyer posted $883 million in revenue for the second quarter, a 23 percent increase from $720 million in the prior quarter, though still well below the $1.6 billion recorded a year earlier. Net loss narrowed to $162 million from $173 million in the first quarter, but remains far higher than the $29 million loss reported for the same period last year. Adjusted EBITDA slipped into a $4 million loss after a $23 million gain in the comparable quarter of 2025.
Units acquired rose sharply, with 4,378 homes purchased in Q2, up 77 percent from Q1 and 149 percent year‑over‑year. Sales, however, fell to 2,339 homes, down from 4,299 in Q2 of 2025 but up from 1,921 in Q1. The inventory now totals 5,459 homes valued at $1.8 billion, compared with 4,538 homes worth $1.5 billion a year ago.
CEO says “math” drives the path to profit
Nearly a year after taking the helm, CEO Kaz Nejatian told investors that the company has “done what we said we would do,” emphasizing that “there’s no magic here. It’s just math.” He noted that Opendoor is signing more than 500 contracts each week, with a recent peak of about 700, which he called the “highest contract week in years.” Nejatian added that the firm is operating “in the weakest housing market in a generation, and in the worst season of the year for us,” yet still sees consistent seller interest.
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When asked if the firm is on track to achieve adjusted net income (ANI) profitability on a 12‑month forward basis by year‑end, the CEO responded affirmatively, acknowledging that several conditions must align for the target to be met. “We moved fast,” he said, contrasting Opendoor’s approach with other tech‑forward companies that have spent years chasing unicorn status.
Nejatian also highlighted the company’s mortgage arm, Opendoor Home Loans, which is performing well in Colorado, the launch market. Over half of scheduled closings there will be through the loan product, and the service is still “completely unoptimized.” The firm aims to be licensed in 35‑40 states by the end of the year.
Chief Financial Officer Christy Schwartz projected revenue growth of at least 20 percent year‑over‑year for the third quarter, reinforcing the narrative that the company is delivering on its own forecasts despite broader market challenges.
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In a move that signals a shift toward technology‑driven operations, Opendoor appointed Vu Tran as its first chief AI officer. The role is intended to help build operating leverage so that costs do not rise linearly with acquisitions, a priority identified as the third management objective.
Cash and cash equivalents rose to $896 million from $789 million a year earlier, providing a buffer as the company pushes toward its 2026 profitability target.