newsfilter
← Latest News
GlobeNewswire·

Q4 2025 Open House: Opendoor 2.0 Does What It Said It Would Do — Delivering Acquisition Growth, Faster Inventory Turns, and Stronger Cohorts

OPEN
  • Opendoor Technologies Inc. reported financial results for the fourth quarter & year ended December 31, 2025, stating it is executing on a four-step transformation plan to reach breakeven Adjusted Net Income by the end of 2026.
  • Homes purchased increased 46% quarter-over-quarter to 1,706, while weekly acquisition contracts more than quadrupled from the end of Q3 2025.
  • Average days in possession of inventory decreased 23%, & the percentage of homes on the market for over 120 days declined from 51% to 33%.
  • The October 2025 acquisition cohort is tracking to deliver the strongest contribution margins in company history, with homes selling at more than twice the velocity of the October 2024 cohort.
  • Cash Plus expanded to represent 35% of weekly volume, significantly reducing capital intensity.
  • GAAP Revenue for Q4 2025 was $736 million (down 32% year-over-year), while Annual Revenue for 2025 was $4,371 million (down 15% year-over-year).
  • GAAP Net Loss for Q4 2025 was $1,096 million (up from $113 million in Q4 2024), driven primarily by a $933 million loss on extinguishment of debt.
  • Non-GAAP Contribution Profit for Q4 2025 was $7 million, with a Contribution Margin of 1.0%, compared to $38 million & 3.5% in the prior year quarter.
  • Fixed operating expenses for Q4 2025 were $35 million, down $2 million quarter-over-quarter & $8 million year-over-year.
  • The company expects Q1 2026 Revenue to decrease approximately 10% quarter-over-quarter & Adjusted EBITDA loss to be in the low to mid $30 millions.
  • Opendoor projects Adjusted Net Income will be positive by the end of 2026 on a twelve-month go-forward basis.
  • Cash & cash equivalents at period end were $962 million, with Total Assets at $2,407 million.
  • Convertible senior notes were restructured, with $246 million of 2026 Notes extinguished & replaced by 2030 Notes.
  • The company plans to host a webcast on February 19, 2026, at 2:00 p.m. Pacific Time to discuss these results.