--- title: "Opendoor Tech Series K - CW26 | 8-K: FY2025 Q4 Revenue: USD 736 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/276380584.md" datetime: "2026-02-19T21:25:48.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/276380584.md) - [en](https://longbridge.com/en/news/276380584.md) - [zh-HK](https://longbridge.com/zh-HK/news/276380584.md) --- # Opendoor Tech Series K - 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. Opendoor Technologies Inc. announced its financial results for the fourth quarter and year ended December 31, 2025, on February 19, 2026, via a press release furnished as an exhibit to a Form 8-K filing . ### Key Operational Highlights Opendoor’s October 2025 acquisition cohort is performing as the best October in the company’s history, showing stronger contribution margins than any previous October cohort . Acquisitions increased by 46% quarter-over-quarter, and inventory days in possession were reduced by 23% . The company significantly reduced capital intensity, with Cash Plus now representing 35% of its weekly volume . Homes from the October 2025 cohort are selling at more than twice the velocity of the October 2024 cohort, with over 50% already sold or under resale contract . Homes purchased increased by 46% from the prior quarter, and weekly acquisition contracts more than quadrupled from the end of Q3 2025 to the most recent week . The percentage of homes on the market for greater than 120 days declined from 51% to 33% quarter-over-quarter . Fixed operating expenses were $35 million in Q4 2025, a decrease from $37 million in Q3 2025 and $43 million in Q4 2024 . The trailing 12-month operations expense as a percentage of revenue remained steady at 1.3% quarter-over-quarter . ### Fourth Quarter 2025 Financial Performance - **Gross Profit**: $57 million - **Gross Margin**: 7.7% - **Net Loss**: - $1,096 million - **Homes Sold**: 1,978 - **Homes Purchased**: 1,706 - **Homes in Inventory (at period end)**: 2,867 - **Inventory (at period end)**: $925 million - **Homes Under Contract to Purchase (at period end)**: 710 - **Percentage of homes “on the market” for greater than 120 days (at period end)**: 33% - **Contribution Profit**: $7 million - **Contribution Margin**: 1.0% - **Adjusted EBITDA**: - $43 million - **Adjusted EBITDA Margin**: -5.8% - **Adjusted Net Loss**: - $62 million ### Full Year 2025 Financial Performance - **Gross Profit**: $350 million, down from $433 million in 2024 . - **Gross Margin**: 8.0%, down from 8.4% in 2024 . - **Net Loss**: - $1,300 million, compared to - $392 million in 2024 . - **Homes Sold**: 11,791, down from 13,593 in 2024 . - **Homes Purchased**: 8,241, down from 14,684 in 2024 . - **Homes in Inventory (at period end)**: 2,867, down from 6,417 in 2024 . - **Inventory (at period end)**: $925 million, down from $2,159 million in 2024 . - **Homes Under Contract to Purchase (at period end)**: 710, down from 1,705 in 2024 . - **Contribution Profit**: $150 million, down from $242 million in 2024 . - **Contribution Margin**: 3.4%, down from 4.7% in 2024 . - **Adjusted EBITDA**: - $83 million, compared to - $142 million in 2024 . - **Adjusted EBITDA Margin**: -1.9%, compared to -2.8% in 2024 . - **Adjusted Net Loss**: - $195 million, compared to - $258 million in 2024 . ### Cash Flow (Year Ended December 31, 2025) - **Net Cash Provided by Operating Activities**: $1,049 million, compared to net cash used in operating activities of - $595 million in 2024 . - **Net Cash Used in Investing Activities**: - $12 million, compared to net cash provided by investing activities of $28 million in 2024 . - **Net Cash Used in Financing Activities**: - $499 million, compared to - $210 million in 2024 . - **Net Increase in Cash, Cash Equivalents, and Restricted Cash**: $538 million, compared to a decrease of - $777 million in 2024 . - **Cash, Cash Equivalents, and Restricted Cash (End of Period)**: $1,301 million, up from $763 million in 2024 . ### Financial Outlook Opendoor 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 expects revenue to decrease by approximately 10% quarter-over-quarter . They anticipate exiting Q1 2026 with the highest contribution margin since Q2 2024 and project an Adjusted EBITDA loss in the low to mid $30 millions . ### Related Stocks - [OPENW.US](https://longbridge.com/en/quote/OPENW.US.md) ## Related News & Research - [West Pharma amends 8-K on material cyberattack disclosure](https://longbridge.com/en/news/287111623.md) - [17,200 Shares in Eversource Energy $ES Acquired by VIRGINIA RETIREMENT SYSTEMS ET Al](https://longbridge.com/en/news/286670416.md) - [Abundia Global Impact amends 8-K to disclose 2025 equity plan share increase](https://longbridge.com/en/news/287111321.md) - [Apollo Clarifies Legal Status of Recent 8-K Disclosure](https://longbridge.com/en/news/286564452.md) - [Moody’s assigns Ba3 rating to Movida proposed senior unsecured notes](https://longbridge.com/en/news/287104714.md)