TLDR
- Opendoor achieved $23 million adjusted EBITDA in Q2 2025, its first profitable quarter since 2022, on $1.6 billion revenue.
- The company’s distributed platform with partner agents has increased listing conversions five times over the legacy model.
- Shares climbed 315.8% over three months while trading at 1.17X forward P/S versus 5.66X industry average.
- November 6 earnings will stream on Robinhood with retail shareholders able to submit and upvote questions directly through November 5.
- Competition from Zillow and Offerpad intensifies as all three pursue technology-driven, capital-light real estate strategies.
Opendoor just flipped the script on quarterly earnings. The company announced it will broadcast Q3 2025 results live on Robinhood on November 6 at 5:00 PM ET. The stream also goes out on X and YouTube.
But here’s the twist. Retail shareholders can submit their own questions through Robinhood’s Say Technologies. Voting stays open through November 5 at 5:00 PM ET.
CEO Kaz Nejatian and Interim CFO Christy Schwartz will field the top questions live. No analyst gatekeepers. No conference call codes.
“We’re building tools to make buying and selling a home radically simpler,” Nejatian said. “That same obsession with simplicity and transparency should extend to how we show up for our shareholders.”
The format change reflects deeper changes inside the business.
Platform Pivot Drives Profitability Return
Opendoor is walking away from its pure iBuyer roots. The company now runs a distributed platform with partner agents across every market it serves.
Opendoor Technologies Inc., OPEN
Sellers get options. They can take Opendoor’s cash offer, list traditionally, or use Cash Plus. Cash Plus cuts Opendoor’s capital requirements while giving sellers a shot at resale profits.
The numbers tell the story. Connecting sellers with agents early doubles the rate of finalized cash offers. Listing conversions jumped five times compared to the old system.
Those listing transactions bring shared commissions without requiring Opendoor to buy homes upfront. That’s the capital-light income management has been hunting.
Opendoor pulled in $1.6 billion during Q2 2025. The company hit $23 million in adjusted EBITDA with a 1.5% margin. That’s the first positive quarter since 2022.
Contribution profit landed at $69 million with a 4.4% margin. Disciplined underwriting and marketing efficiency improvements drove the turnaround.
Stock Surges as Valuation Stays Compressed
The market noticed. Opendoor stock rocketed 315.8% over the past three months. The broader industry gained just 0.5% during that window.
Despite the rally, valuation remains low. The stock trades at 1.17X forward price-to-sales. Industry peers average 5.66X.
Analysts project a 24-cent per share loss for 2025. That’s tighter than the 37-cent loss from the prior year.
Zillow and Offerpad Apply Pressure
Zillow brings massive traffic and its Premier Agent ecosystem to the fight. The company is rolling out AI-powered touring and pricing systems to own the marketplace funnel.
Offerpad mirrors Opendoor’s original playbook more closely. It’s pushing into listing services and light renovation offerings while chasing similar capital-light margins.
As Opendoor expands its distributed platform nationally, competition with both rivals will heat up.
Near-term guidance looks rough. Q3 revenue should drop sequentially. Adjusted EBITDA will probably slip back into negative territory as platform investment continues and housing conditions stay soft.
Management expects the distributed platform’s full financial impact won’t land until 2026. But the company believes the new model can handle home price swings better than the old iBuyer approach.
The November 6 Financial Open House kicks off at 2:00 PM PT. Shareholders can watch live at investor.opendoor.com or on Robinhood. A replay and earnings materials will post after the event ends.
Question submission opens now at investor.opendoor.com. The community decides which questions get answered through upvoting.
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