TLDR
- Opendoor (OPEN) jumped 13–16.5% in after-hours trading after Q4 2025 earnings
- Revenue hit $736 million, beating Wall Street’s $595 million estimate by 23.7%
- Home acquisition volume rose 46% quarter-over-quarter
- Adjusted EPS came in at -$0.07, better than the -$0.09 analyst estimate
- Management targets breakeven adjusted net income by end of 2026
Opendoor Technologies stock surged as much as 16.5% in after-hours trading Thursday after the iBuyer posted Q4 2025 results that comfortably beat revenue expectations, even as the bottom line remained in the red.
#Opendoor Technologies Inc.$OPEN, Q4-25.
Results:
📊 Adj. EPS: $-0.07 🟢
💰 Revenue: $736M 🟢
📈 Net Loss: $1.10B
🔎 Acquisition growth accelerated 46% QoQ with 23% faster inventory turns and the strongest October cohort contribution margins in company history. pic.twitter.com/o1g5Tbbiva— EarningsTime (@Earnings_Time) February 19, 2026
Revenue for the quarter came in at $736 million, well ahead of the $595 million Wall Street had penciled in — a 23.7% beat. Year-on-year, though, revenue was still down 32.1%, a reminder that the company is working through a prolonged reset.
The adjusted EPS loss of $0.07 per share also came in better than the expected -$0.09, clearing estimates by about 25%.
Opendoor Technologies Inc., OPEN
The number investors seemed most excited about was home acquisition volume, which jumped 46% quarter-over-quarter. That’s the clearest signal yet that Opendoor is pushing back toward scale after pulling back hard during the housing market slowdown.
The company also trimmed the share of homes sitting on the market for more than 120 days — down to 33% from 51% in Q3 2025. Faster inventory turns are central to Opendoor’s plan to reduce capital drag.
Free cash flow swung to a positive $67 million, up from negative $83 million in the same quarter a year ago. Fixed operating expenses also fell to $35 million, pointing to leaner operations.
“Opendoor 2.0” Takes Shape
CEO Kaz Nejatian framed the results as proof that the company’s restructuring is working. “These results reflect structural improvements in how we operate — with more accurate pricing, faster inventory turns, and disciplined selection,” he said.
The company has been executing on what it calls a four-step plan: reaching breakeven adjusted net income by end of 2026, driving positive unit economics, shifting to direct-to-consumer relationships, and expanding its product suite.
Its “Cash Plus” program now accounts for 35% of weekly volume, which the company sees as a key lever for improving capital efficiency without taking on as much balance sheet risk.
Q1 2026 Outlook
For Q1 2026, Opendoor guided for an adjusted EBITDA loss of between $30 million and $35 million. That midpoint of -$32.5 million actually beat analyst estimates of -$37.4 million.
Revenue is expected to fall around 10% in the upcoming quarter. Management has been clear it is not chasing short-term guidance targets.
“We’re focused on making the right long-term decisions to rebuild Opendoor rather than managing to short-term guidance,” the company said.
Homes sold in Q4 totaled 1,978, down 844 year-on-year. Over the last two years, homes sold have averaged 7.7% annual declines. Analysts expect revenue to grow around 7% over the next 12 months.
Full-year adjusted EPS is forecast to improve from -$0.25 to -$0.21 over the next 12 months.
The stock was trading at approximately $5.36 after the earnings release, with a market cap of around $4.41 billion.
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