Opendoor Technologies Inc. reported fourth‑quarter 2025 revenue of $736 million, a 23.7% beat over the $595 million consensus estimate and a 4% decline from the $777 million reported a year earlier. The revenue increase was driven by a 46% quarter‑over‑quarter rise in homes purchased, which lifted transaction volume and helped offset the year‑over‑year revenue decline.
The company posted an adjusted earnings‑per‑share loss of $0.07, beating the consensus estimate of a $0.10 loss. The narrower loss was largely attributable to disciplined cost management and the elimination of a $933 million one‑time charge related to the extinguishment of debt, which had previously weighed heavily on the prior‑period loss. The positive free‑cash‑flow of $67 million, up from a negative $83 million a year earlier, signals improving liquidity as the company scales its operations.
Opendoor’s October 2025 acquisition cohort is delivering the strongest contribution margins in company history, with homes in that cohort selling at more than twice the velocity of the October 2024 cohort and over 50% already sold or under resale contract. This momentum supports the company’s “Opendoor 2.0” strategy, which focuses on AI‑driven operations, direct‑to‑consumer relationships, and a tighter unit‑economics framework.
Management reiterated its goal of achieving adjusted net‑income breakeven by the end of 2026 on a 12‑month forward basis. For the next quarter, Opendoor guided for an adjusted EBITDA loss of $30 million to $35 million, a narrower range than the prior‑quarter guidance of $30 million to $40 million, and forecast a 10% quarter‑over‑quarter decline in revenue. The guidance reflects management’s confidence in continued operational improvements while acknowledging the challenging macro environment and the need to maintain disciplined cost control.
The results and guidance underscore Opendoor’s progress toward profitability, with stronger acquisition activity and improved inventory turns offsetting headwinds from a softer housing market. The company’s focus on scaling its “Opendoor 2.0” model and achieving breakeven by 2026 positions it to capitalize on future market opportunities while managing the risks associated with high inventory levels and interest‑rate sensitivity.
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