Opendoor Technologies (OPEN) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Opendoor published the results on November 5, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Opendoor is managed as a single reportable segment, so it reports no segment revenue. It reports Adjusted Net Loss but no adjusted EPS.
• Q4 2025 GAAP diluted EPS of $(1.26) included a $933 million loss on extinguishment of debt.

Source: Opendoor Q3 2026 results, November 5, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

From the earnings release

In its Q3 2026 release, Opendoor said:

“Revenue: We expect revenue to grow at least 40% year-over-year.”

“We expect Contribution Profit dollars to decline sequentially as we continue selling into a difficult market.”

“We expect an Adjusted EBITDA loss of $70 million to $85 million.”

“We are driving to Adjusted Net Income positive by the end of 2026, measured on a twelve-month go-forward basis. We are currently behind but we intend to catch up.”

Source: Opendoor Q3 2026 release, Nov 5, 2026.

This is the company's own guidance as of Nov 5, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the OPEN forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for Opendoor's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 5, 2026

Opendoor's revenue is mostly the sale price of homes it has bought and resold, recognized at the close of escrow, plus adjacent services such as title insurance, escrow and real estate brokerage. Revenue was $1,022 million in Q3 2026, up 12% from $915 million a year earlier and 16% from $883 million in Q2 2026. (Opendoor Q3 2026 release, Nov 5, 2026; Opendoor Form 10-Q, Q3 2026, Nov 5, 2026)

Opendoor sold 2,728 homes in the quarter, up 6% from 2,568, and revenue per home sold rose 5%. The 10-Q attributes the revenue increase to higher sales volumes, because Opendoor entered the quarter with 5,459 homes in inventory against 4,538 a year earlier. (Opendoor Form 10-Q, Q3 2026, Nov 5, 2026)

Purchases ran far ahead of sales. Opendoor bought 4,865 homes, up from 1,169, and ended the quarter with 7,596 homes and $2,568 million of inventory, against 3,139 homes and $1,053 million a year earlier. Its Cash Now, More Later product, which needs less capital upfront per home, accounted for more home purchases in Q3 2026 than all products combined in Q3 2025. Opendoor estimates its signed acquisition volume at 0.56% of its addressable U.S. market, up from 0.13%. (Opendoor Q3 2026 release, Nov 5, 2026)

Gross margin fell to 3.7% from 7.2%, and gross profit to $38 million from $66 million, mainly because of higher net inventory valuation adjustments, which record homes at the lower of carrying amount or net realizable value. Homes listed for more than 120 days were 18% of listed inventory at quarter end, against 51% a year earlier and 9% at the end of Q2 2026. (Opendoor Form 10-Q, Q3 2026, Nov 5, 2026; Opendoor Q3 2026 release, Nov 5, 2026)

Opendoor's GAAP net loss widened to $218 million, or $0.23 per diluted share, from $90 million, or $0.12, a year earlier. Opendoor does not report an adjusted EPS figure; its Adjusted Net Loss was $66 million against $61 million. (Opendoor Q3 2026 release, Nov 5, 2026)

Most of the gap between the two loss measures is stock-based compensation. Adjusted Net Loss adds back $96 million of stock-based compensation for market condition RSUs and $12 million of other stock-based compensation, plus a $53 million current-period inventory valuation adjustment. General and administrative expense rose to $121 million from $48 million, and stock-based compensation in G&A was $98 million against $23 million. (Opendoor Q3 2026 release, Nov 5, 2026; Opendoor Form 10-Q, Q3 2026, Nov 5, 2026)

Weighted average shares were 949,484 thousand, up from 741,939 thousand a year earlier, and 929,213,532 shares were outstanding at September 30, 2026. Interest expense rose to $38 million from $34 million, mainly on higher average asset-backed debt balances. The current portion of asset-backed debt was $2,016 million at September 30, 2026, against $52 million at December 31, 2025. (Opendoor Q3 2026 release, Nov 5, 2026; Opendoor Form 10-Q, Q3 2026, Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Opendoor gives next-quarter guideposts in its release. For Q4 2026 it expects revenue to grow at least 40% year-over-year, Contribution Profit dollars to decline sequentially, an Adjusted EBITDA loss of $70 million to $85 million and stock-based compensation of about $90 million. It publishes acquisition contracts and resale closes weekly at accountable.opendoor.com. (Opendoor Q3 2026 release, Nov 5, 2026)

Opendoor's stated goal is positive Adjusted Net Income by the end of 2026 on a twelve-month go-forward basis. In the Q3 2026 release it said it is behind that goal and that a slower market has put it there. (Opendoor Q3 2026 release, Nov 5, 2026)

A consensus figure is the average of the models published by the analysts who cover Opendoor, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Opendoor's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning OPEN is on is OPEN a buy or a sell?, what analysts expect next is on the OPEN forecast, and what the company does is on the Opendoor Technologies (OPEN) stock page.

Every number on this page can be traced to a document Opendoor published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.