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.<h3>Operational Metrics</h3><ul><li>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.</li><li>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.</li><li>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.</li><li>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.</li><li>Inventory Days in Possession: The average days in possession of inventory decreased by 23%.</li><li>Cash Plus Program: The Cash Plus program now accounts for 35% of weekly volume.</li><li>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.</li><li>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.</li><li>Trailing 12-month Operations Expense as % of Revenue: This metric held steady at 1.3% quarter-over-quarter.</li></ul><h3>Financial Performance</h3><ul><li>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.</li><li>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.</li><li>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.</li></ul><h3>Non-GAAP Financial Highlights</h3><ul><li>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.</li><li>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.</li><li>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.</li></ul><h3>Cash Flow</h3><ul><li>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.</li><li>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.</li><li>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.</li><li>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.</li></ul><h3>Outlook / Guidance</h3>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.

Opendoor Tech Series A - CW26 | 8-K: FY2025 Q4 Revenue: USD 736 M