Opendoor's second quarter 2026 revenue of $883M missed estimates, while home purchases surged 149% YoY and contribution margin expanded.

Opendoor reported second quarter revenue of $883 million, down 44% year-over-year, and a net loss of $(0.17) per share. The company posted an Adjusted EBITDA loss of $4 million, nearing its breakeven target as acquisition volumes rebounded sharply from prior lows.

Key Highlights

• Home purchases increased 149% year-over-year to 4,378, while the company entered into 6,908 new acquisition contracts during the quarter.
• Contribution margin expanded 140 basis points both year-over-year and sequentially to 5.8%, slightly below the 6.0% consensus estimate but demonstrating improved unit economics.
• The company achieved its acquisition growth on significantly reduced marketing spend, using just $5 million compared to $81 million in Q2 2022 for a similar contract volume.