Opendoor’s stock fell 8.8% after earnings as investors reacted to cautious commentary on forward growth despite margin improvements and sizeable contract growth, signaling concerns about sustainable momentum and outlook credibility.

• Q1 contract acquisitions doubled sequentially to over 5,000 homes, the highest since 2022, with DTC acquisition contracts increasing over 4x since Q3 2025.
• Margins showed notable improvement, with core cash product cohorts’ margin decline reduced to 90 basis points at 80% sell-through, versus 260 basis points a year ago.
• Cohort sales velocity accelerated, with October through January cohorts selling faster than any period since COVID (excluding the COVID era itself).
• Management reiterated profitability targets, expecting adjusted EBITDA positive on a forward 12-month basis by year-end 2026, already realized as of April 1.
• Despite operational progress, underlying cautiousness around market conditions and forward guidance likely tempered investor enthusiasm, driving the negative stock reaction.