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Jun 30, 2025
Opendoor Q2 2025 Earnings Report
Opendoor returned to adjusted EBITDA profitability in Q2 despite ongoing weakness in the housing market.
Key Takeaways
Opendoor delivered $1.57B in revenue and significantly narrowed its net loss to $29M, while achieving its first quarter of adjusted EBITDA profitability since 2022 amid declining inventory and purchases.
Revenue rose to $1.57B, a 36% increase from Q1.
Net loss narrowed to $29M, from $92M in Q2 2024.
Homes purchased dropped 63% YoY to 1,757.
Adjusted EBITDA turned positive at $23M.
Forward Guidance
Opendoor provided Q3 2025 revenue guidance of $800M to $875M, with anticipated losses in adjusted EBITDA and contribution profit.
Positive Outlook
- Revenue guidance of $800M–$875M in Q3.
- Contribution profit guidance of $22M–$29M.
- Stable cost discipline highlighted in outlook.
- Continued focus on capital-light agent-led model.
- Momentum in narrowing losses over sequential quarters.
Challenges Ahead
- Adjusted EBITDA guidance of $(28M) to $(21M) in Q3.
- Home purchases and inventory levels remain low.
- Contribution margin expected to remain compressed.
- Guidance suggests return to negative EBITDA.
- Ongoing market headwinds continue to impact volume.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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