Q1 2026 Open House: October Was Just The Start - Cohort After Cohort Beating On Margin & Resale Velocity While Acquisitions Accelerate
Opendoor Technologies reported record acquisition contracts in Q1 2026, doubling from the prior quarter to levels last seen in 2022, while resale margins hit their highest point in nearly two years and aged inventory dropped to 10% from 51% in late 2025. The company claimed profitability on a 12-month adjusted EBITDA basis as of April 1, citing structural improvements in cohort margins, resale velocity, and operating leverage.
Opendoor Technologies Inc., a San Francisco-based residential real estate e-commerce platform, reported strong first-quarter results for the period ending March 31, 2026. The company recorded 5,000 acquisition contracts in Q1, double the 2,500 from the prior quarter and the highest since 2022, marking the largest acquisition contract quarter since that year. Opendoor also achieved adjusted EBITDA profitability on a 12-month go-forward basis as of April 1, a milestone the company had previously only claimed as a projection. Resale contribution margins improved every month since September 2025, with March 2026 delivering the highest margin since the second quarter of 2024. Aged inventory—homes listed for over 120 days—fell from 33% in late 2025 to just 10% in Q1, outperforming the broader market’s 33% rate. The company highlighted that its 4Q25 and January 2026 cohorts represent the best cash acquisition performance in its history outside the COVID-era spikes. CEO Kaz Nejatian attributed the gains to a ‘structural shift’ in the business model, emphasizing better acquisitions, faster resale velocity, and stronger margins. Fixed operating expenses declined to $33 million in Q1 from $35 million in the prior quarter and $39 million in Q1 2025, while trailing 12-month operations expense as a percentage of revenue held steady at 1.3%. The company’s three key objectives—scaling acquisitions, improving unit economics, and building operating leverage—showed measurable progress, according to internal metrics. Opendoor’s October 2025 cohort marked the beginning of this trend, with subsequent months (November, December, and January) all outperforming pre-COVID benchmarks in resale speed. The platform’s dashboard, accountable.opendoor.com, tracks these improvements, including a 45% increase in homes purchased quarter-over-quarter. Analysts noted the shift reflects a departure from legacy real estate models, with Opendoor positioning itself as a more efficient, data-driven alternative.
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