Opendoor reports Q3 revenue growth while delaying profit goals

Opendoor Technologies Inc. announced its financial results for the third quarter of 2026, reporting a 12% increase in revenue to $1.022 billion. Despite the growth in revenue, the company acknowledged it is currently behind its internal schedule to reach adjusted net income positivity by the end of 2026, with leadership now targeting 2027 to achieve that milestone.

The company reported a GAAP net loss of $218 million for the quarter, compared to a $90 million loss during the same period in 2025. The adjusted net loss for the third quarter of 2026 was $66 million. Opendoor’s inventory levels rose to 7,596 homes, which the company valued at $2.568 billion. During the quarter, Opendoor purchased 4,865 homes and sold 2,728.

CEO Kaz Nejatian stated that while the company is behind its current profitability timeline, it intends to catch up. Nejatian noted that the company has spent the last year building a more efficient system, asserting that Opendoor is in a better economic condition than it was a year ago. CFO Christy Schwartz added that the company remains focused on gaining market share and building a stronger business, emphasizing that near-term pressures will not distract from long-term opportunities.

Leadership attributed the challenges in meeting profitability goals to a broader housing market downturn, citing a rapid rise in mortgage rates and a decline in pending sales that became more pronounced in September 2026. Looking ahead to the fourth quarter of 2026, the company provided guidance for an adjusted EBITDA loss between $70 million and $85 million. To improve future performance, Opendoor plans to focus on capital-light products, AI-driven pricing, and mortgage growth.