Opendoor Technologies Inc. stock research
FY2025 Q3
Opendoor Technologies (OPEN) Gross Margin — Quarter Ended Sep 30, 2025
In the current quarter, revenue decreased compared to both the prior quarter and the same quarter last year, while gross profit also declined. Gross margin weakened relative to both periods, as cost of revenue did not decrease proportionally with revenue.
Gross margin takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
In the current quarter, revenue decreased compared to both the prior quarter and the same quarter last year, while gross profit also declined. Gross margin weakened relative to both periods, as cost of revenue did not decrease proportionally with revenue.
- The primary observable driver is the relationship between revenue and cost of revenue; revenue fell more sharply than cost of revenue, compressing gross margin.
- Compared to the immediately preceding quarter, revenue, gross profit, and gross margin all decreased. Compared to the same quarter one year earlier, revenue and gross profit were lower, and gross margin was slightly weaker.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
7.2%
Gross profit
$66.0M
Revenue
$915.0M
Cost of revenue
$849.0M
Quarter-over-quarter change
-1.0 pts
Year-over-year change
-0.4 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 |
|---|---|---|---|---|
| Dec 31, 2024 | $1.1B | $85.0M | $999.0M | 7.8% |
| Mar 31, 2025 | $1.2B | $99.0M | $1.1B | 8.6% |
| Jun 30, 2025 | $1.6B | $128.0M | $1.4B | 8.2% |
| Sep 30, 2025 | $915.0M | $66.0M | $849.0M | 7.2% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2025
-1.0 pts
Year-over-year change
Sep 30, 2024
-0.4 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The primary observable driver is the relationship between revenue and cost of revenue; revenue fell more sharply than cost of revenue, compressing gross margin.
Compared to the immediately preceding quarter, revenue, gross profit, and gross margin all decreased. Compared to the same quarter one year earlier, revenue and gross profit were lower, and gross margin was slightly weaker.
Monitor the trajectory of cost of revenue relative to revenue in upcoming quarters.