Opendoor Posts $720 Million Revenue Beat, Open Stock Falls

Opendoor’s open stock report put Q1 CY2026 revenue at $720 million, 8.3% above Wall Street estimates, even as sales fell 37.6% from a year earlier. The company also posted a GAAP loss of $0.18 per share, leaving holders with a mixed print: the top line beat, but the business still shrank sharply versus last year.

Kaz Nejatian’s April 1st update

Kaz Nejatian said that as of April 1st, Opendoor is adjusted EBITDA profitable on a 12-month go-forward basis. He also said, “A full quarter later, we’ve gone from a claim to a track record.” For shareholders, that is the clearest management claim in the release: the company is still reporting a loss under GAAP, but it says the operating engine has crossed into profitability on an adjusted basis.

$0.18 per share in GAAP loss was 86.6% below analysts’ consensus estimates, a gap that paired with the revenue beat but did not erase the year-over-year decline. Opendoor sold 1,921 homes in the latest quarter, a figure that fits the same pattern: activity is still flowing, but at a lower sales base than a year ago. Sell-side analysts, meanwhile, expect revenue to grow 26% over the next 12 months.

4Q25 and January 2026 cohorts

4Q25 and January 2026 cash acquisition cohorts, Nejatian said, have the best combination of margin, margin stability, and resale velocity of any corresponding cohort in company history excluding the COVID-era cohorts. He added that each of the October, November, December, and January cohorts are selling faster than any corresponding cohort since COVID. That points to a business that is trying to make each inventory cycle move faster, not just chase volume.

2x quarter-over-quarter acquisition contracts back to levels not seen since 2022, plus aged inventory cut from half the book to one-tenth, show where the operating friction is coming down. Nejatian said, “The October cohort was just the start,” and also said, “As a result, resale contribution margin is at its highest level in nearly two years,” which gives the quarter its tension: shrinking revenue is still the headline, but the newest cohorts and faster resale pace suggest the model is being tightened as the company scales.

Five-year sales path

13.7% compounded annual growth rate over the last five years shows Opendoor once scaled sales quickly, but the last two years have told a different story: revenue fell 11.3% annually, and homes sold averaged 12.2% year-on-year declines. Founder Eric Wu remains part of the company’s origin story, but the current readthrough is operational, not historical. The practical question for shareholders is whether the recent cohort performance can offset the still-lower revenue base and support the 26% revenue growth analysts expect over the next 12 months.

If Opendoor can keep acquisition contracts near 2x the prior quarter and continue shrinking aged inventory from half the book to one-tenth, the next reports will need to show that the margin gains are durable rather than quarter-specific. For now, the open stock trade-off is straightforward: a top-line beat and a profitability milestone on management’s terms, set against a business that is still smaller than it was a year ago.