--- title: "Opendoor Tech Series A - CW26 | 8-K: FY2025 Q4 Revenue: USD 736 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/276380578.md" datetime: "2026-02-19T21:25:36.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/276380578.md) - [en](https://longbridge.com/en/news/276380578.md) - [zh-HK](https://longbridge.com/zh-HK/news/276380578.md) --- # Opendoor Tech Series A - CW26 | 8-K: FY2025 Q4 Revenue: USD 736 M Revenue: As of FY2025 Q4, the actual value is USD 736 M. EPS: As of FY2025 Q4, the actual value is USD -1.26. EBIT: As of FY2025 Q4, the actual value is USD -135 M. ### Operational Metrics - **Homes Purchased**: Opendoor Technologies Inc. increased homes purchased by 46% quarter-over-quarter in Q4 2025, reaching 1,706 homes, compared to 1,169 in Q3 2025 and 2,951 in Q4 2024. For the full year 2025, homes purchased totaled 8,241, a decrease from 14,684 in 2024. - **Homes Sold**: The company sold 1,978 homes in Q4 2025, down from 2,822 in Q4 2024. For the full year 2025, 11,791 homes were sold, compared to 13,593 in 2024. - **Homes in Inventory (at period end)**: Inventory stood at 2,867 homes at the end of Q4 2025, a decrease from 6,417 at the end of Q4 2024. The value of inventory at period end was $925 million in Q4 2025, down from $2,159 million in Q4 2024. - **Homes Under Contract to Purchase (at period end)**: The company had 710 homes under contract to purchase at the end of Q4 2025, compared to 1,705 at the end of Q4 2024. - **Inventory Days in Possession**: The average days in possession of inventory decreased by 23%. - **Cash Plus Program**: The Cash Plus program now accounts for 35% of weekly volume. - **Homes on Market for Greater Than 120 Days**: The percentage of homes on the market for more than 120 days declined from 51% in Q3 2025 to 33% in Q4 2025. - **Fixed Operating Expenses**: Fixed operating expenses were $35 million in Q4 2025, down from $37 million in Q3 2025 and $43 million in Q4 2024. - **Trailing 12-month Operations Expense as % of Revenue**: This metric held steady at 1.3% quarter-over-quarter. ### Financial Performance - **Gross Profit**: Gross profit for Q4 2025 was $57 million (7.7% gross margin), compared to $85 million (7.8% gross margin) in Q4 2024. For the full year 2025, gross profit was $350 million (8.0% gross margin), down from $433 million (8.4% gross margin) in 2024. - **Net Loss**: Opendoor Technologies Inc. reported a net loss of - $1,096 million in Q4 2025, significantly higher than the - $113 million net loss in Q4 2024. The full year 2025 net loss was - $1,300 million, compared to - $392 million in 2024. - **Loss from Operations**: The loss from operations was - $150 million in Q4 2025, compared to - $94 million in Q4 2024. For the full year 2025, loss from operations was - $287 million, an improvement from - $320 million in 2024. ### Non-GAAP Financial Highlights - **Contribution Profit**: Contribution profit in Q4 2025 was $7 million (1.0% contribution margin), down from $38 million (3.5% contribution margin) in Q4 2024. For the full year 2025, contribution profit was $150 million (3.4% contribution margin), compared to $242 million (4.7% contribution margin) in 2024. - **Adjusted EBITDA**: Adjusted EBITDA for Q4 2025 was - $43 million (-5.8% adjusted EBITDA margin), compared to - $49 million (-4.5% adjusted EBITDA margin) in Q4 2024. The full year 2025 Adjusted EBITDA was - $83 million (-1.9% adjusted EBITDA margin), an improvement from - $142 million (-2.8% adjusted EBITDA margin) in 2024. - **Adjusted Net Loss**: Adjusted net loss was - $62 million in Q4 2025, compared to - $77 million in Q4 2024. For the full year 2025, adjusted net loss was - $195 million, an improvement from - $258 million in 2024. ### Cash Flow - **Net Cash Provided by (Used in) Operating Activities**: Opendoor Technologies Inc. reported net cash provided by operating activities of $1,049 million for the full year 2025, a significant improvement from net cash used in operating activities of - $595 million in 2024. - **Net Cash Used in Investing Activities**: Net cash used in investing activities was - $12 million for the full year 2025, compared to net cash provided by investing activities of $28 million in 2024. - **Net Cash Used in Financing Activities**: Net cash used in financing activities was - $499 million for the full year 2025, compared to - $210 million in 2024. - **Cash, Cash Equivalents, and Restricted Cash (End of Period)**: The company ended 2025 with $1,301 million in cash, cash equivalents, and restricted cash, an increase from $763 million at the end of 2024. ### Outlook / Guidance Opendoor Technologies Inc. aims to achieve Adjusted Net Income positive by the end of 2026, measured on a twelve-month go-forward basis. For Q1 2026, the company anticipates a revenue decrease of approximately 10% quarter-over-quarter and an Adjusted EBITDA loss in the low to mid - $30 million range. The contribution margin is expected to reach its highest level since Q2 2024 by the end of Q1 2026, following improvements since September. ### Related Stocks - [OPENL.US](https://longbridge.com/en/quote/OPENL.US.md) ## Related News & Research - [Seasonal Maintenance Curbs US Nat-Gas Production and Boosts Prices](https://longbridge.com/en/news/286957048.md) - [Sachem Capital to Combine With IRG Industrial Assets in $2.9B Contribution; IRG to Hold 51% Vote](https://longbridge.com/en/news/286755852.md) - [The Most Consistent Seasonal Trades Across Commodities—Backed by 15 Years of Data](https://longbridge.com/en/news/286648926.md) - [U.S. commercial paper market grows in week-Fed](https://longbridge.com/en/news/286447081.md) - [08:19 ETThe Op Games Launches QORK: A New, Reimaged Edition of A Popular Party Game](https://longbridge.com/en/news/286415634.md)