iBuying does not appear to be out of the real estate game yet, as Opendoor—now describing itself as an e-commerce platform for residential real estate transactions—reported strong earnings for Q2 2025.
Opendoor reported a Q2 revenue of $1.6 billion, up 4% year-over-year and 36% higher than its $1.2 billion last quarter and. Gross profit came in at $128 million, up from $99 million in Q1 and from $129 million last year. The net loss was also down in Q2, coming in at $29 million compared to $85 million last quarter and $92 million last year.
The company sold 4,299 total homes in Q2, up a whopping 46% from 2,946 last quarter and up 5% year-over-year.
The buying side, on the other hand, saw a dip in Q2. The company purchased 1,757 homes, down 51% from 3,609 homes last quarter and 63% from last year. Opendoor ended Q2 with 393 homes under contract for purchase, down 63% from 1,051 in Q1 and 78% from last year.
Opendoor CEO Carrie Wheeler said in the company’s earnings call that the growth in Q2 earnings reflected some “stability” in the market, as well as the strength of the iBuyer’s offerings and platform. She noted that Opendoor’s cash offer capabilities (home valuation insights, AI-enabled approach to home assessments and home repair capabilities) have seen strong feedback from agents.
Wheeler also noted that Opendoor has been working to develop a “differentiated product suite” to continue to expand its business and market stance, contributing to increased earnings. She said the company is offering “more selling options powered by a trusted local advisor,” and that “sellers can choose the certainty of a cash offer, the upside potential of a market listing or a hybrid of both.”
Customer loyalty also remains a factor, according to Wheeler.
“Over the past four years, our net promoter score has been near 80, exceptional in any industry and increasingly agents understand it too,” she said. “In fact, one in four of our acquisitions already come from an agent bringing us their client for a cash offer.”
Wheeler noted that Opendoor has been working to develop a “differentiated product suite” to continue to expand its business and market stance, contributing to increased earnings. She said the company is offering “more selling options powered by a trusted local advisor,” and that “sellers can choose the certainty of a cash offer, the upside potential of a market listing or a hybrid of both.”
The differentiation and growth in offerings, such as the rollout of the new Cash Plus program, have increased client roll-through in the Opendoor system, Wheeler explained. She noted that the company is “seeing twice as many customers getting through our funnel all the way than we had seen historically on our traditional direct to consumer flow.”
“That means we have more customers that we have a chance to convert on,” she continued. “We’re seeing total conversion to selling outcomes be higher. We’re seeing five times more people convert to a listing than otherwise we would’ve been able to monetize the lead into.”
Circling back to agents, Wheeler also explained that the agent partners on the platform are a strong driver of Opendoor’s business. Specifically, she estimated that 25% of business comes in from agent partners, and that the differentiation of products aims to expand this aspect.
“We already have tons of agent relationships, they understand the power of it, they know they can rely on it. We don’t retrade, we close on time. We make it very easy and seamless for them to extend that offer to their client,” Wheeler continued. “This (differentiation) is just us changing the flow of traffic. This is us taking our high intent seller leads and putting in the hands of agent partners.”
There has also been an increase in stock shareholders in Opendoor as of late, seemingly a similar situation to the meme stock craze a few years back. Wheeler acknowledged the shareholder increase, saying that she and the company are grateful for the enthusiasm and welcome the engagement.
“This increased visibility is an opportunity to tell our story to a broader audience. We intend to make the most of it,” she continued. “We’ve been laying the groundwork to execute on the strategy we have laid out to serve every seller possible to build a profitable business, and in doing so to create long-term shareholder value.”
Looking ahead, executives expect a Q3 revenue of $800 million to $875 million.. Wheeler stated the company predicts a lower revenue ahead to “reflect lower acquisition and resell volumes due to the macro environment and continued high spreads seasonality and the fact that we are early in our transition.”
“Our near-term outlook, however, does not reflect billing towards durability, relevance, and scale for the next decade,” Wheeler continued. “We know exactly where we’re going and we’re taking decisive steps to get there.”
Wheeler also noted that the effects of the new Cash Plus offering will be reflected in coming quarters.
