Opendoor Technologies (OPEN) Q1 FY26 earnings call

Earnings call· Mar 2026 (Q1 FY26)· Real Estate· May 7, 2026

Source: earnings call transcript

Opendoor's Q1 FY26 results highlight the success of its Opendoor 2.0 strategy, centered on a 'velocity OS' and AI integration to drive faster transactions and improved unit economics. The company is on track for adjusted EBITDA profitability by Q2 FY26 and adjusted net income profitability by year-end FY26, despite a challenging macro environment. Management emphasizes that the 'machine is working,' with significant improvements in acquisition volumes, contribution margins, and inventory health, demonstrating a structural shift in operations.

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OPEN operating KPIs by quarter

OPEN operating KPIs stated on its earnings calls, by fiscal quarter
KPI	This call Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Change vs prior quarter
Homes purchased	2,474 We purchased 2,474 homes in Q1, up 45% from Q4. Source: earnings call transcript	4,378 This quarter, we purchased 4,378 homes and spent $14 million, 2.5x the volume on less variable cost. Source: earnings call transcript	+77%

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.