Loading...
•
Dec 31, 2025
Opendoor Q4 2025 Earnings Report
Opendoor reported lower revenue and a significantly higher net loss in the fourth quarter, while acquisitions accelerated and inventory turns improved.
Key Takeaways
Opendoor generated revenue of 736000000 in Q4 2025 with a net loss of 1096000000, as acquisition growth accelerated 46% quarter-over-quarter and inventory days on market improved, despite a large loss driven primarily by debt extinguishment.
Revenue declined to 736000000 with gross profit of 57000000.
Net loss widened to 1096000000, largely impacted by loss on extinguishment of debt.
Homes purchased increased 46% quarter-over-quarter to 1706.
Percentage of homes on the market over 120 days declined to 33%.
Forward Guidance
For Q1 2026, Opendoor expects revenue to decrease approximately 10% quarter-over-quarter, contribution margin to improve, and adjusted EBITDA loss in the low to mid 30000000 range, while targeting Adjusted Net Income breakeven by the end of 2026.
Positive Outlook
- Driving to Adjusted Net Income positive by end of 2026.
- Contribution margin improving month-over-month since September.
- Expected to exit Q1 2026 with highest contribution margin since Q2 2024.
- Acquisition contracts accelerating entering 2026.
- Continued focus on operating leverage and cost discipline.
Challenges Ahead
- Q1 2026 revenue expected to decline approximately 10% quarter-over-quarter.
- Adjusted EBITDA expected to remain negative in Q1 2026.
- Ongoing housing market and macroeconomic uncertainty.
- Exposure to home price fluctuations and inventory risk.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...