Q4 25 EPS
$-1.26
MISS 1,243.28%
Est. $-0.09
Q4 25 Revenue
$736.0M
BEAT +23.90%
Est. $594.0M
vs S&P Since Q4 25
-21.3%
TRAILING MARKET
OPEN -11.8% vs S&P +9.5%
Full Year 2025 Results
FY 25 EPS
$-1.70
MISS 515.50%
Est. $-0.28
FY 25 Revenue
$4.37B
BEAT +3.36%
Est. $4.23B
Market Reaction
Did OPEN Beat Earnings? Q4 2025 Results
Opendoor Technologies delivered a deeply split Q4 2025 report, beating revenue expectations by a wide margin while posting an EPS miss that rattled analysts heading into the print. Revenue came in at $736.00 million, topping the $593.94 million conse… Read more Opendoor Technologies delivered a deeply split Q4 2025 report, beating revenue expectations by a wide margin while posting an EPS miss that rattled analysts heading into the print. Revenue came in at $736.00 million, topping the $593.94 million consensus by 23.92%, though it still represented a 32.1% decline from the $1.08 billion posted in Q4 2024 as the company sold fewer homes year-over-year. The headline EPS of -$1.26 missed the -$0.12 consensus by 985.27%, but the figure was almost entirely distorted by a $933.00 million non-cash charge tied to a convertible note restructuring; excluding that item, the adjusted net loss actually narrowed to $62.00 million from $77.00 million a year ago. Operational momentum under CEO Kaz Nejatian's "Opendoor 2.0" turnaround was visible in a 46% quarter-over-quarter surge in homes purchased and a 23% drop in average days in possession. Looking ahead, the company guided for a roughly 10% sequential revenue decline in Q1 2026, with an adjusted EBITDA loss in the low-to-mid $30 million range, while targeting Adjusted Net Income breakeven by end of 2026.
Key Takeaways
- • Homes purchased increased 46% quarter-over-quarter to 1,706
- • Inventory days in possession reduced 23%
- • Percentage of homes on market over 120 days declined from 51% to 33% quarter-over-quarter
- • Cash Plus now represents 35% of weekly volume, reducing capital intensity
- • October 2025 acquisition cohort tracking as best-performing October in company history
- • Weekly acquisition contracts more than quadrupled from end of Q3 2025 to most recent week
- • Fixed operating expenses down to $35M from $43M year-over-year
- • Trailing 12-month operations expense as % of revenue held steady at 1.3%
OPEN YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
“Last quarter, we outlined a four-step plan to transform Opendoor: reach breakeven Adjusted Net Income by the end of 2026 on a 12-month go-forward basis, drive positive unit economics while increasing transaction velocity, transition to direct-to-consumer relationships, and expand our product suite. This quarter demonstrates we are executing on that plan. These results reflect structural improvements in how we operate with more accurate pricing, faster inventory turns, and disciplined selection.”
— Kaz Nejatian, Q4 2025 Earnings Press Release
OPEN Earnings Trends
OPEN vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
OPEN EPS Trend
Earnings per share: estimate vs actual
OPEN Revenue Trend
Quarterly revenue: estimate vs actual
OPEN Quarterly Results
7 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $-0.06 | $-0.18 | -194.60% | $720.0M | +7.92% |
| Q4 25 MISS FY | $-0.09 | $-1.26 | -1,243.28% | $736.0M | +23.90% |
| FY Full Year | $-0.28 | $-1.70 | -515.50% | $4.37B | +3.36% |
| Q3 25 MISS | $-0.07 | $-0.12 | -74.67% | $915.0M | +3.70% |
| Q2 25 MISS | $-0.02 | $-0.04 | -109.42% | $1.57B | +4.29% |
| Q1 25 MISS | $-0.10 | $-0.12 | -15.94% | $1.15B | +8.85% |
| Q4 24 MISS FY | $-0.14 | $-0.16 | -17.04% | $1.08B | +10.35% |
| FY Full Year | — | $-0.56 | — | $5.15B | — |
| Q1 23 | $-0.66 | — | — | — | — |