Key facts
- Opendoor's adjusted net loss was $66 million in the third quarter of 2026.
- Opendoor purchased 4,865 homes in the quarter, a 316% increase from a year earlier.
- Opendoor sold 2,728 homes in the quarter, 160 more than a year earlier.
- Opendoor held 7,596 homes in inventory at quarter end, up from 3,139 a year earlier.
- Homes listed for 120 days were 18% of inventory, down from 50% a year earlier.
- Opendoor's in-house lender originations rose 400% year over year and it is licensed in 25 states.
Opendoor reported a net loss of $218 million for the third quarter of 2026, wider than the $90 million loss a year earlier, and an adjusted net loss of $66 million. Revenue rose 12% to $1.022 billion. The company's third quarter earnings report said it is behind its target of adjusted net income positive on a 12-month go-forward basis by the end of 2026, a goal CEO Kaz Nejatian set after taking over the company a little over a year ago, and that it intends to catch up.
On the November 5 earnings call, Nejatian said the company had become more resilient, citing products that let it serve sellers without adding homes to its balance sheet. He said about half of the first offers accepted by its direct-to-consumer sellers in the past week were listing or Cash Now, More Later, and that the company had done over $1 billion in Cash Now, More Later volume in the past 12 months.
Opendoor purchased 4,865 homes in the quarter, a 316% year-over-year increase, and said signed acquisition volume represented an estimated 0.56% of market share in the addressable US market, more than four times higher than a year earlier. It sold 2,728 homes, 160 more than a year earlier, and held 7,596 homes in inventory at quarter end, up from 3,139. Homes listed for sale for 120 days were 18% of inventory, down from 50% a year earlier.
Nejatian said the company still has work to do on unit economics and resale velocity. He said the decline in late August and September knocked execution off track as the company turned to clearing inventory rather than margin improvement. He also said Opendoor is using AI tools for repair plans and home pricing, and that originations from its in-house lender rose 400% year over year, with the lender licensed in 25 states compared with none a year earlier. The company launched a beta test of Buy with Opendoor in the San Francisco Bay Area in the week of the call.