EX-99.1

2 q32026formxex991earningsre.htm

EX-99.1

Document

Exhibit 99.1

Opendoor Reports Third Quarter 2026 Financial Results

Revenue increased 12% year-over-year; homes purchased more than quadrupled; TTM marketing efficiency improved 57% and operations efficiency improved 36%.

SAN FRANCISCO, California - November 5, 2026 - Opendoor Technologies Inc. (Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today reported financial results for the quarter ended September 30, 2026.

Selected Highlights:

◦Revenue of $1,022 million, compared with $915 million in Q3 2025 and $883 million in Q2 2026, up 12% year-over-year and 16% quarter-over-quarter.

◦Homes purchased increased to 4,865 from 1,169 in Q3 2025, up 316%.

◦Signed acquisition volume represented an estimated 0.56% of market share in our addressable U.S. market in Q3 2026, compared with estimated 0.13% in Q3 2025 - roughly 4.4 times the prior-year level.

◦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.

◦For the twelve months ended September 30, 2026, marketing expense per acquired home decreased to $2.8 thousand from $6.5 thousand in the prior-year period, down 57%.

◦For the twelve months ended September 30, 2026, operations expense per acquired home decreased to $4.0 thousand from $6.3 thousand in the prior-year period, down 36%.

◦Mortgage originations increased over 400% quarter-over-quarter.

“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,” said Kaz Nejatian, CEO of Opendoor.

“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.”

“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 are handling that growth more efficiently. We’re automating more of the work, bringing more of the transaction together and making improvements to shared systems that carry across the business. On a trailing-twelve-month basis, marketing expense per acquired home fell 57%, and operations expense per acquired home fell 36%. We’re changing how the business operates.”

“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.”

Our three management objectives remain the same. The table below shows our progress. Trailing 12- month cost comparisons cover the twelve months ended September 30, 2026 and 2025.

Management Objective How We’ll WinProgress and Accountability

(1) Scale Acquisitions Broaden product suite

Reduce friction

Earn trust

- Homes purchased increased to 4,865 from 1,169 in Q3 2025.

- Cash Now, More Later requires less capital upfront per home and accounted for more home purchases in Q3 2026 than all products combined in Q3 2025.

- Estimated signed-acquisition market share increased to 0.56% in Q3 2026 from 0.13% in Q3 2025 - 4.4 times the prior-year level, measured against home-selling activity in our addressable U.S. market.

(2) Improve Unit Economics and Resale Velocity Easier shopping

Greater home appeal

More affordable

- % of listed homes on the market for more than 120 days increased from 9% to 18% quarter-over-quarter, compared with 51% a year earlier and 30% for the overall market.

- Mortgage originations increased over 400% QoQ.

(3) Build Operating Leverage1 Automated intelligence

Connected workflows

Shared platform

- Trailing 12-month operations expense per acquired home declined 36% to $4.0 thousand from $6.3 thousand a year earlier.

- Trailing 12-month marketing expense per acquired home declined 57% to $2.8 thousand from $6.5 thousand a year earlier.

- Fixed operating expenses were $37 million compared with $35 million in Q2 2026.

1 See Segment Information note within our most recent Annual Report on Form 10-K for the year ended December 31, 2025 and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026, and September 30, 2025.

Third Quarter 2026 Key Highlights

Three Months Ended

(In million