Revenue: As of FY2025, the actual value is USD 4.371 B.EPS: As of FY2025, the actual value is USD -1.7.EBIT: As of FY2025, the actual value is USD -195 M.<h4>Gross Profit and Margin</h4><ul><li>Gross Profit: In 2025, gross profit was $350 million, a decrease of $83 million or -19% compared to $433 million in 2024. Gross profit for 2023 was $487 million.</li><li>Gross Margin: Gross margin was 8.0% in 2025, down from 8.4% in 2024, but up from 7.0% in 2023.</li></ul><h4>Net Loss</h4><ul><li>Opendoor’s net loss was - $1,300 million in 2025, which is an increase of - $908 million or 232% compared to the - $392 million net loss in 2024. In 2023, the net loss was - $275 million.</li></ul><h4>Operating Costs</h4><ul><li>Sales, Marketing and Operations: These expenses totaled $310 million in 2025, decreasing by $103 million or -25% from $413 million in 2024. This reduction was primarily due to a $39 million decrease in advertising expense and a $36 million decrease in headcount expenses. In 2023, these expenses were $486 million.</li><li>General and Administrative: Expenses in this category increased by $56 million or 31% to $238 million in 2025 from $182 million in 2024, mainly driven by a $103 million increase in market-condition restricted stock units granted to executives, partially offset by a $38 million decrease in headcount expenses. In 2023, these expenses were $206 million.</li><li>Technology and Development: These costs decreased by $62 million or -44% to $79 million in 2025 from $141 million in 2024, primarily due to a $76 million reduction in headcount expenses. In 2023, these expenses were $167 million.</li></ul><h4>Cash Flow</h4><ul><li>Net cash provided by (used in) operating activities: Opendoor reported $1,049 million in net cash provided by operating activities in 2025, a significant improvement from - $595 million used in 2024, and compared to $2,344 million provided in 2023.</li><li>Net cash (used in) provided by investing activities: Net cash used in investing activities was - $12 million in 2025, compared to $28 million provided in 2024 and $44 million provided in 2023.</li><li>Net cash used in financing activities: Net cash used in financing activities was - $499 million in 2025, - $210 million in 2024, and - $2,639 million in 2023.</li></ul><h4>Unique Metrics and Insights</h4><ul><li>Non-GAAP Financial Measures:<ul><li>Contribution Profit: $150 million in 2025, down from $242 million in 2024, but an improvement from - $258 million in 2023.</li><li>Contribution Margin: 3.4% in 2025, 4.7% in 2024, and -3.7% in 2023.</li><li>Adjusted EBITDA: - $83 million in 2025, an improvement from - $142 million in 2024 and - $627 million in 2023.</li><li>Adjusted EBITDA Margin: -1.9% in 2025, -2.8% in 2024, and -9.0% in 2023.</li><li>Adjusted Net Loss: - $195 million in 2025, an improvement from - $258 million in 2024 and - $778 million in 2023.</li></ul></li><li>Other Financial Items:<ul><li>(Loss) Gain on Extinguishment of Debt: Opendoor recorded a loss of - $924 million in 2025, compared to a loss of - $2 million in 2024 and a gain of $216 million in 2023.</li><li>Interest Expense: - $131 million in 2025, - $133 million in 2024, and - $211 million in 2023.</li><li>Other Income – Net: $42 million in 2025, $64 million in 2024, and $107 million in 2023.</li></ul></li><li>Operational Metrics:<ul><li>Homes Sold: 11,791 in 2025, down from 13,593 in 2024 and 18,708 in 2023.</li><li>Homes Purchased: 8,241 in 2025, down from 14,684 in 2024, but up from 11,246 in 2023.</li><li>Homes in Inventory (at period end): 2,867 in 2025, significantly lower than 6,417 in 2024 and 5,326 in 2023.</li><li>Inventory (at period end): $925 million in 2025, decreasing from $2,159 million in 2024 and $1,775 million in 2023.</li><li>Percentage of homes “on the market” for greater than 120 days (at period end): 33% in 2025 (compared to 37% for the broader market), an improvement from 46% in 2024, but higher than 18% in 2023.</li></ul></li><li>Company Specific Metrics:<ul><li>Transactions Completed (since founding): Over 294,000 homes bought and sold across the United States.</li><li>Net Promoter Score (NPS) (since 2021): Average of nearly 80 from sellers.</li><li>Market Coverage (2025): Expanded to effectively nationwide coverage across the contiguous United States, with offers available in substantially all residential zip codes.</li><li>Adjacent Services Penetration (2025): Title insurance and escrow services provided for over 80% of Opendoor home transactions in markets where offered.</li><li>Mortgage Business: Launched in Colorado in early 2026, with plans for expansion.</li><li>Inventory Valuation Adjustments: Recorded $57 million in both 2025 and 2024.</li></ul></li></ul><h4>Outlook / Guidance Summary</h4>Opendoor refined its high spread policy in Q4 2025 to offer stronger proposals for higher-quality homes and maintain higher spreads for riskier properties, aiming to increase offer acceptance and support faster sell-through. The company plans to dynamically adjust pricing strategies based on macroeconomic developments and shifts in interest rates. Opendoor also expects to continue investing in technology, recruitment, marketing, and strategic opportunities to achieve future financial and business goals.

Opendoor Tech Series A - CW26 | 10-K: FY2025 Revenue: USD 4.371 B