Opendoor Q2: CEO Exit, Model Shift and Signs of Stabilisation

The U.S. iBuyer Opendoor has reported its Q2 2025 results, highlighting a business in transition as it navigates leadership changes and a strategic pivot. Notable points from the company's report for the three months ended June 30th include:

• Revenue of $1.6 billion, up 4% year-on-year and up 36% compared to Q1
• 4,299 total homes sold, up 5% year-on-year and up 46% compared to Q1
• Gross profit of $128 million, flat year-on-year
• Net loss of $29 million, versus $92 million in Q2 of 2024

“We delivered $1.6 billion in revenue in the second quarter and achieved our first quarter of Adjusted EBITDA profitability since 2022, even as housing market conditions continued to deteriorate. This progress reflects the discipline and expertise we’ve built into every part of our business,” said Carrie Wheeler, CEO and Chair of the Board of Directors of Opendoor.

“We are building on that foundation by expanding our agent-led distribution platform, enabling partner agents to offer multiple solutions to address each homeowner's needs. This is a significant evolution in how we operate, allowing us to serve many more sellers and capture capital-light revenue streams as we build the best place to sell.”

Wheeler, who took over as Chief Executive in 2022, has stepped down. The company announced that the company's technology head, Shrisha Radhakrishna will serve as interim CEO while a permanent replacement is sought. Wheeler’s resignation follows a period of significant restructuring as Opendoor attempts to move beyond its early high-growth but capital-intensive model.

The company also announced something of a model shift, focussing on what it describes as “a more capital-light marketplace model,” reducing balance sheet risk by bringing in third-party partners to fund more transactions. This shift aims to stabilise earnings and create a path to sustainable profitability, in contrast to its previous home-flipping approach that exposed the company to housing market volatility.

Opendoor's Products

With leadership change at the top and a sharper focus on profitability, Opendoor is positioning itself for a more disciplined phase of growth. Despite a continued lack of profit, investors seem to have moved past the parallels with Zillow's doomed iBuying misadventure and have backed Opendoor in recent months with the company share price up nearly 200% year-to-date.