Opendoor Technologies Inc. (OPEN) · Nov 5, 2026 · Earnings

Opendoor earnings: acquisitions surge as margins reset

In line — Revenue +11.7% YoY; contribution margin 3.3% within 3.2%-3.5% guidepost

Opendoor earnings show rapid acquisition growth and better operating efficiency, but weaker margins, heavier inventory and cash burn complicate the turnaround.

Opendoor is in the middle of its “Opendoor 2.0” rebuild: expanding from a simple iBuyer into a broader, more capital-efficient housing platform using Cash Now, More Later and mortgage products. The company had already expanded nationwide and launched mortgage in early 2026, so this quarter tests whether that strategy can scale without recreating the old inventory and margin problems.

Acquisition growth is real and materially ahead of the old operating baseline. Homes purchased jumped to 4,865 from 1,169 a year earlier, while estimated signed-acquisition share rose to 0.56% from 0.13% (Management Objective — Scale Acquisitions). Management says Cash Now, More Later represented more Q3 purchases than all products combined in Q3 2025, making the growth less capital-intensive than the legacy model. 〔0〕

The quarter landed broadly within the revised operating guideposts, not clearly above them. Revenue rose 11.7% year over year to $1.022 billion, Contribution Profit rose 70% to $34 million, and Contribution Margin was 3.3%. Those figures fit the publicly updated Q3 ranges of 10%-15% revenue growth, 70%-75% Contribution Profit growth and 3.2%-3.5% Contribution Margin, making this an execution check rather than a fresh upside surprise.

Metric	Q3 2026	Q3 2025	Guidepost / prior quarter
Revenue (Financial Highlights)	$1,022M (+11.7%)	$915M	10%-15% growth
Gross profit (Financial Highlights)	$38M (-42.4%)	$66M	$86M Q2 2026
Contribution Profit (Non-GAAP Financial Highlights)	$34M (+70.0%)	$20M	70%-75% growth
Contribution Margin (Non-GAAP Financial Highlights)	3.3%	2.2%	3.2%-3.5%
Adjusted EBITDA (Non-GAAP Financial Highlights)	$(31)M	$(33)M	$(4)M Q2 2026
Homes in inventory (Financial Highlights)	7,596	3,139	5,459 Q2 2026

The core contradiction is that growth is scaling faster than economics are healing. Contribution Profit improved year over year, but fell from $51 million in Q2, while Contribution Margin dropped from 5.8% to 3.3%. Gross margin fell to 3.7% from 9.7% sequentially, and the company booked a $53 million current-period inventory valuation adjustment, indicating that clearing homes in a difficult resale market is still costly. 〔1〕

Operating efficiency is improving, but the balance sheet is carrying much more risk. Trailing-twelve-month operations expense per acquired home fell 36% to $4,000 and marketing expense per acquired home fell 57% to $2,800 (Management Objective — Build Operating Leverage). But inventory reached $2.568 billion across 7,596 homes, up sharply from $1.845 billion and 5,459 homes in Q2, while nine-month operating cash flow was negative $1.796 billion (Cash Flow statement). Cash and equivalents were $910 million against $2.016 billion of current asset-backed debt (Balance Sheet). 〔2〕

The turnaround is advancing operationally, but the quarter does not yet prove durable profitability. Adjusted EBITDA remained negative at $31 million, adjusted net loss widened to $66 million from $61 million a year earlier, and fixed operating expenses rose to $37 million from $35 million in Q2. The business is buying more homes and doing so more efficiently, but it still needs faster resale and better margins to convert scale into cash generation.

Bottom line: Opendoor is executing the growth and product-expansion part of its rebuild roughly as expected, but profitability remains unproven. The quarter strengthens the operating-progress story while exposing the inventory, margin and funding burden that still stands between scale and a self-sustaining business.

What to watch next

Q4 results and the year-end profitability test

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

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Opendoor earnings: acquisitions surge as margins reset

What to watch next

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