Opendoor Technologies Inc. stock research
FY2026 Q1
Opendoor Technologies (OPEN) Gross Margin & Quarterly History
Explore Opendoor Technologies Inc. (OPEN) gross margin from 2023 through the latest reported quarter, using SEC-sourced revenue, gross profit, and direct costs.
Gross margin takeaway
Quarter ended Mar 31, 2026 · FY2026 Q1
Revenue decreased compared to both the prior quarter and the same quarter last year, while gross profit improved relative to the prior quarter but declined year-over-year. Cost of revenue fell in both comparisons, and gross margin strengthened sequentially but weakened versus the year-ago period.
- Gross margin improved sequentially as cost of revenue declined more sharply than revenue, while the year-over-year decline in gross margin was driven by a larger proportional drop in gross profit relative to revenue.
- Compared to the prior quarter, gross margin was higher, supported by a lower cost of revenue relative to revenue. Versus the same quarter last year, gross margin was lower, with gross profit declining more than revenue.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
10.0%
Gross profit
$72.0M
Revenue
$720.0M
Cost of revenue
$648.0M
Quarter-over-quarter change
+2.3 pts
Year-over-year change
+1.4 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2025 | $1.6B | $128.0M | $1.4B | 8.2% |
| Sep 30, 2025 | $915.0M | $66.0M | $849.0M | 7.2% |
| Dec 31, 2025 | $736.0M | $57.0M | $679.0M | 7.7% |
| Mar 31, 2026 | $720.0M | $72.0M | $648.0M | 10.0% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2025
+2.3 pts
Year-over-year change
Mar 31, 2025
+1.4 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
Gross margin improved sequentially as cost of revenue declined more sharply than revenue, while the year-over-year decline in gross margin was driven by a larger proportional drop in gross profit relative to revenue.
Compared to the prior quarter, gross margin was higher, supported by a lower cost of revenue relative to revenue. Versus the same quarter last year, gross margin was lower, with gross profit declining more than revenue.
Monitor the trajectory of cost of revenue relative to revenue, as its movement has been the primary observable factor in gross margin changes.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| Opendoor Technologies Inc. (OPEN) | 10.0% |