Opendoor Technologies Inc.

investor.opendoor.com

What Do They Do?

Buys homes directly from sellers and resells them to home buyers, while offering title, escrow, and brokerage services to home sellers and buyers online.

How Do They Make Money?

Most money comes from reselling homes: buyers pay the sale price, net of concessions, when escrow closes and title and possession transfer. Title, escrow, and brokerage services also bring in fees or commissions, generally when the home sale closes.

FY2025 revenue

Who Are Their Customers?

Home sellers request offers through the website or app and sell to Opendoor; buyers find homes through its website, app, local listings, real estate portals, and property signs. Title and escrow services are also provided to buyers and sellers.

Do Revenues Turn Into Profits?

Not on paper. It lost $1.3B in FY2025, but brought in more cash than it spent: $1B of free cash flow.

Operating income, FY2025

−7% of revenue

▼ −10% (Loss) vs FY2024 (−$320M, −6%)

Net income, FY2025

−30% of revenue

▲ +232% (Loss) vs FY2024 (−$392M, −8%)

Free cash flow, FY2025

24% of revenue

▲ Now profitable vs FY2024 (−$620M, −12%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −44%; vs $1.6B in Q2 FY2025
Net income: ▲ +459% (Loss); vs −$29M in Q2 FY2025

Aug 4, 2026 Company expects positive adjusted net income on a forward basis It said it expects to be adjusted net income positive on a twelve-month go-forward basis at the end of 2026.
May 7, 2026 Company forecast Q2 revenue growth and contribution margin It expected Q2 2026 revenue growth of approximately 25% quarter-over-quarter and contribution margin in the middle of its 5-7% target range.

Shrinking. Revenue fell 46% in 4 years, from $8B in FY2021 to $4.4B in FY2025, about 14% a year.

Product offerings The older report described a third-party product matching sellers with institutional or retail buyers without Opendoor taking ownership; the latest report describes Cash Offer and Cash Plus, both involving Opendoor buying the home from the seller.

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