Companies /Real Estate

Opendoor Technologies Inc

NASDAQ: OPEN Real Estate Services
$3.29
▼ $0.09 (−2.66%) today
Markets closed · 8:44am ET

Q4 2025 Earnings

Reported Feb 19, 2026, 4:22pm ET · SEC source
$-1.26
Miss −1,243.28%
EPS · est. $-0.09
$736.0M
Beat +23.90%
Revenue · est. $594.0M
+8.9%
Beating market
OPEN vs S&P since report
7 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
−10%−5%0+5%Feb 19Feb 20report 4:22pm ETearnings+0.7%−5.9%
−10%−5%0+5%Feb 19Feb 20earnings+0.7%−5.9%
OPEN −5.9%S&P 500 +0.7%
−12%−6%0+6%Feb 19Feb 20report 4:22pm ETearnings+0.9%−5.9%
−12%−6%0+6%Feb 19Feb 20earnings+0.9%−5.9%
OPEN −5.9%NASDAQ +0.9%
−10%−5%0Feb 18Feb 27report 4:22pm ETearnings+0.1%+1.7%
−10%−5%0Feb 18Feb 27earnings+0.1%+1.7%
OPEN +1.7%S&P 500 +0.1%
−10%−5%0Feb 18Feb 27report 4:22pm ETearnings+0.6%+1.7%
−10%−5%0Feb 18Feb 27earnings+0.6%+1.7%
OPEN +1.7%NASDAQ +0.6%
+7.53%
Day of report
−4.40%
Next session
+8.40%
One week
+3.60%
30 days

S&P 500 over the same 30 days: −5.26%.

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 <a href="https://247wallst.com/investing/2026/02/19/live-will-opendoor-beat-earnings-tonight/">heading into the print</a>. 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%

“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.”

Opendoor Technologies CEO, on the earnings call

Forward Guidance & Outlook

Opendoor is targeting Adjusted Net Income breakeven by end of 2026 on a twelve-month go-forward basis. For Q1 2026, the company expects revenue to decrease approximately 10% quarter-over-quarter, contribution margin to exit Q1 2026 at the highest level since Q2 2024, and adjusted EBITDA loss in the low to mid $30 millions. Acquisition contract data is tracked weekly on accountable.opendoor.com.

OPEN YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$500.0M$1.0B$1.1B$736.0MRevenue$85.0M$57.0MGross Profit$-371,011,625$-150,000,000Operating Income
$0$500.0M$1.0BRevenueGross ProfitOperating Income

Figures from SEC filings and company reports. Not investment advice.