Q4 2025 Open House : Opendoor 2 . 0 Does What It Said It Would Do - Delivering Acquisition Growth , Faster Inventory Turns , and Stronger Cohorts

manilatimes.net · Feb 19, 2026 · Collected from GDELT

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October 2025 acquisition cohort tracking as best-performing October in Company history; acquisitions increased 46% quarter-over-quarter while inventory days in possession reduced 23% SAN FRANCISCO, Feb. 19, 2026 (GLOBE NEWSWIRE) -- Opendoor Technologies Inc. (Nasdaq: OPEN), a leading e-commerce platform for residential real estate transactions, today reported financial results for its fourth quarter and year ended December 31, 2025."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,” said Kaz Nejatian, CEO of Opendoor. "These results reflect structural improvements in how we operate with more accurate pricing, faster inventory turns, and disciplined selection. "The evidence of progress is clear. We increased our homes purchased by 46% quarter-over-quarter, significantly reduced our capital intensity by expanding Cash Plus such that it is now 35% of our weekly volume, and we reduced average days in possession of our inventory by 23%."Most significantly, our October 2025 acquisition cohort-both the first full month under the Opendoor 2.0 model and the first with mature sell-through data-is tracking to deliver the strongest contribution margins of any October cohort in Company history. And these homes are selling at more than twice the velocity of the October 2024 cohort, with over 50% already sold or under resale contract. While our newer cohorts are still early in their sell-through, we like what we see, and our Q1 2026 contribution margin guide post reflects our confidence in the trajectory for the portfolio.” Get the latest news delivered to your inbox Sign up for The Manila Times newsletters By signing up with an email address, I acknowledge that I have read and agree to the Terms of Service and Privacy Policy. As we introduced last quarter, we are executing against three management objectives critical to reaching profitability. The table below shows our progress against each objective this quarter. Management ObjectiveHow You Can Hold Us AccountableHow We’re Executing(1) Scale Acquisitions- Acquisition contract dashboard on accountable.opendoor.com.- Homes purchased increased 46% from the prior quarter. - Weekly acquisition contracts more than quadrupled from the end of 3Q 2025 to the most recent week. (2) Improve Unit Economics and Resale Velocity- % of Homes on the market for greater than 120 Days. (Reported quarterly). - Product, feature & partnership launches tracked on accountable.opendoor.com- % of homes on the market over 120 Days declined from 51% to 33% quarter-over-quarter.(3) Build Operating Leverage (1)- Fixed operating expenses hold relatively steady as we rescale volumes (Reported quarterly.) - Trailing 12-month operations expense as a % of trailing 12-month revenue holds relatively steady or decreases over time. (Reported quarterly.)- Fixed operating expenses were $35M in 4Q 2025 compared to $37M in 3Q 2025 and $43M in 4Q 2024, down $2M quarter-over-quarter and $8M year-over-year. - Trailing 12-month operations expense as a % of revenue held steady at 1.3% quarter-over-quarter. (1) See Segment Information note within our most recent Annual Report on Form 10-K for the year ended December 31, 2025 and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025, June 30, 2025, and September 30, 2025.Fourth Quarter and Full Year 2025 Key Highlights​ Three Months Ended Year EndedDecember 31, (In millions, except percentages and non-dollar amounts) December 31,2025 December 31,2024 Change 2025 2024 ChangeRevenue $736 $1,084 $(348) $4,371 $5,153 $(782)Gross profit $57 $85 $(28) $350 $433 $(83)Gross Margin 7.7% 7.8% 8.0% 8.4% Net loss $(1,096) $(113) $(983) $(1,300) $(392) $(908)Homes sold 1,978 2,822 (844) 11,791 13,593 (1,802)Homes purchased 1,706 2,951 (1,245) 8,241 14,684 (6,443)Homes in inventory (at period end) 2,867 6,417 (3,550) 2,867 6,417 (3,550)Inventory (at period end) $925 $2,159 $(1,234) $925 $2,159 $(1,234)Homes under contract to purchase (at period end) 710 1,705 710 1,705 Non-GAAP Financial Highlights (1) Contribution Profit $7 $38 $150 $242 Contribution Margin 1.0% 3.5% 3.4% 4.7% Adjusted EBITDA $(43) $(49) $(83) $(142) Adjusted EBITDA Margin (5.8)% (4.5)% (1.9)% (2.8)% Adjusted Net Loss $(62) $(77) $(195) $(258) (1) See "-Use of Non-GAAP Financial Measures” for further details and a reconciliation of such non-GAAP measures to their nearest comparable GAAP measures.Financial OutlookWe're focused on making the right long-term decisions to rebuild Opendoor rather than managing to short-term guidance. We're making meaningful progress and remain focused on execution. With that context, we want to provide you with the following guideposts: We are driving to Adjusted Net Income positive by the end of 2026, measured on a twelve-month go-forward basis.Q1 2026 Financial Outlook: Acquisitions: You can track our acquisition contracts on accountable.opendoor.com1.Revenue: We expect a decrease of approximately 10% quarter-over-quarter.Contribution Margin2: Our contribution margin bottomed out in September and has been improving every month since. We expect to exit Q1 2026 with the highest contribution margin we've posted since Q2 2024.Adjusted EBITDA2: We expect Q1 2026 adjusted EBITDA loss in the low to mid $30 millions. You can continue to follow our progress on home acquisition contracts and product and feature launches every single week at accountable.opendoor.com.Conference Call and Webcast DetailsOpendoor will host a webcast to discuss its financial results on February 19, 2026, at 2:00 p.m. Pacific Time. A live webcast of the call can be accessed from Opendoor’s Investor Relations website at https://investor.opendoor.com. An archived version of the webcast will be available from the same website after the call.About Opendoor Opendoor’s mission is to tilt the world in favor of homeowners and those working hard to become one. Since 2014, the company has provided people across the U.S. with a simpler, more certain way to sell and buy a home. Opendoor currently operates in markets nationwide. For more information, please visit www.opendoor.com.Opendoor investors and others should note that we have used, and intend to continue to use, our website (including accountable.opendoor.com and investor.opendoor.com), press releases, Securities and Exchange Commission ("SEC”) filings, blogs, community hub and social media accounts, as well as the X (formerly known as Twitter) accounts of its Chief Executive Officer, @Nejatian, and @Opendoor, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Opendoor encourages investors and others to review the information Opendoor makes public in the foregoing locations as such information could be deemed to be material information. Please note that this list may be updated from time to time. Investors should subscribe to these social media accounts and Opendoor’s investor alerts, in addition to following its press releases, SEC filings, public conference calls and webcasts.________________1 The estimates and information presented at accountable.opendoor.com rely on assumptions and are subject to limitations; accordingly, no guarantee is made as to their accuracy. Acquisition contract volume represents contracts under which Opendoor has agreed to acquire a property, including through its Cash Plus program, and does not reflect contracts that are subsequently cancelled.2 Opendoor has not provided a quantitative reconciliation of forecasted Contribution Margin to forecasted GAAP gross margin nor a reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, inventory valuation adjustment and equity securities fair value adjustment. These items, which could materially affect the computation of forward-looking GAAP gross profit (loss), GAAP gross margin, and net income (loss), are inherently uncertain and depend on various factors, some of which are outside of the Company’s control. For more information regarding the non-GAAP financial measures discussed in this press release, please see "Use of Non-GAAP Financial Measures” following the financial tables below.Forward Looking StatementsThis press release contains certain forward-looking statements within the meaning of Section 27A the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our fiscal 2026 and first quarter of 2026 financial outlook; scaling acquisitions, improving unit economics and resale velocity, and building operating leverage; transitioning to direct-to-consumer relationships and expanding our product suite; ongoing performance of our October 2025 cohort; our future product offerings, including our ability to leverage AI to drive operational efficiency; the future health and status of our financial condition; and our business strategy and plans, including plans to continue to invest in and enhance our products. These forward-looking statements generally are identified by the words "anticipate”, "believe”, "contemplate”, "continue”, "could”, "estimate”, "expect”, "forecast”, "future”, "guidance”, "intend”, "may”, "might”, "opportunity”, "outlook”, "plan”, "possible”, "potential”, "predict”, "project”, "should”, "strategy”, "strive”, "target”, "vision”, "will”, or "would”, any negative of these words or other similar terms or expressi