Opendoor Q3 2026: Net Losses More than Double as Home Purchases Accelerate

San Francisco-based iBuyer and e-commerce platform Opendoor has released its latest figures for the third quarter of 2026.

Highlights include:

• Revenue of $1.02 billion, up 12% year on year and 16% quarter on quarter
• Net losses more than doubled year-on-year, from $90m to $218m
• Adjusted EBITDA margin was negative three per cent (-3%), a slight improvement year-on-year.
• Homes purchased quadrupled to 4,865 from 1,169 in Q3 2025 (up 316% year-on-year)
• Homes listed for more than 120 days represented 18% of listed inventory at September 30, 2026, compared with 51% a year earlier and 30% for the overall market.
• Mortgage originations increased over 400% quarter-over-quarter, supported by the acquisition of Homebuyer.com

Opendoor's journey has been as interesting as tumultuous. The iBuyer has refashioned itself as a marketplace and end-to-end home-buying ecosystem that buys homes from sellers, renovates them, resells them and shares profits with the seller. The recently launched 'Cash Now, More Later' offer gives sellers the option to accept a smaller lump sum in the initial stages but get more money after the property sells, while owners who want a cut-and-dry sale can opt for the traditional cash offer for a guaranteed sale within 60 days. Agents working with Opendoor qualify for a 1-2% commission of the sale price, on top of their regular commission.

The company currently has several thousand properties listed for sale on its marketplace, from San Francisco to Alabama. However, the business does not appear to have any listings east of Chicago.

Despite some tightening of the belt (marketing costs per acquired property have been slashed by 60% since last year, while operational expense per acquired property has dropped by a third), net losses spiralled this quarter, to nearly $220m.

Markets were unimpressed with the results; shares fell 27% in 48 hours after Opendoor filed its results. Shares are trading at $1.4, down a damning 94% in the past five years.

Kaz Nejatian, Opendoor CEO, made a name for himself by founding Kash and most recently served as VP of Product and COO at Shopify.

He said:

"A year ago, conventional wisdom was that Opendoor couldn’t grow without overpaying, couldn’t operate more efficiently and couldn’t use less capital per acquisition. Our progress tells a different story. It’s been one year since we embarked on Opendoor 2.0 and I’m more confident in this company today than I was a year ago. We’re building a stronger, more capable company for the long term.

“We’re earning more sellers’ business. Broader product choices, less friction and better customer education give homeowners more reasons to choose Opendoor. We’re seeing dramatically higher true seller conversion at comparable spreads than we have in years. We more than quadrupled homes purchased year-over-year, and 'Cash Now, More Later', which requires less capital upfront per home, accounted for more acquisitions than all products combined in Q3 2025.

"We’re bringing that same focus to resale, giving buyers more reasons to choose an Opendoor home through easier shopping, greater home appeal and more affordable financing. We’re seeing early traction, with mortgage originations growing more than 400% quarter-over-quarter. We’ve shown what focused execution can do for our seller funnel and our efficiency. We’re betting on ourselves to deliver the same change in resale.”

Opendoor says it aims to be Adjusted Net Income positive by the end of 2026, admitting that it is "currently behind, but we intend to catch up."