Q2 2026 Open House: Everything is Up. More Contracts. More Revenue. More Margin. Except Costs. Those are Down.
Opendoor reported Q2 revenue of $883 million, up 23% quarter-over-quarter, with contribution profit rising 59% sequentially to $51 million as contribution margin expanded 140 basis points. The company demonstrated significant operating leverage, generating over 6,900 acquisition contracts on just $5 million of marketing spend compared to $81 million in 2022, while homes purchased increased 77% QoQ.
Key figures
- Revenue
- $883 million
- Guidance
- ANI positive by end of 2026 on a twelve-month go-forward basis; Q3 revenue to increase at least 20% YoY; Contribution Profit to more than double YoY; Contribution Margin 4% to 4.5%.
- Homes sold
- 2339
- Adjusted ebitda
- $(4) million
- Homes purchased
- 4378
- Marketing spend
- $5 million
- Revenue qoq growth
- 23%
- Contribution margin
- 5.8%
- Contribution profit
- $51 million
- Acquisition contracts
- 6908
AI analysis
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