Opendoor Exceeds Revenue Expectations for Fourth Quarter

The numbers didn’t look particularly pretty, but Opendoor outpaced expectations for the last three months of 2025.

The iBuyer posted revenue of $736 million, over 24 percent above Wall Street’s expectations for the quarter but down 32 percent from the fourth quarter of 2024. Opendoor reported a net loss of over $1 billion, fueled by its $933 million debt extinguishment.

The firm narrowed its adjusted net loss from $77 million in 2024 to $62 million, and narrowed its adjusted EBITDA loss to $43 million from $49 million in 2024.

Opendoor’s stock closed at $4.65 prior to its earnings announcement and rallied as high as $5.47 after the call. The price is down from its 12-month high of $10.52 in September, after a rush of retail investor interest last summer pushed the company out of delisting danger and into “meme stock” territory.

The call — referred to as an “open house” instead of an “earnings call” — represented the first set of earnings results to come after Opendoor CEO Kaz Nejatian took over the role in mid-September. A former Shopify executive, Nejatian replaced Carrie Wheeler after a group of activist investors spurred a stock runup and called for Wheeler’s removal.

Opendoor made progress on its goal of buying more homes at a faster pace. In the fourth quarter, the company purchased 1,706 homes, an increase of 46 percent from the previous quarter. The company ended the quarter with over $960 million in unrestricted cash and holding over 2,800 homes, representing $925 million in net inventory.

Executives on the call zeroed in on the performance of the cohort of homes the company bought in October as evidence of the company’s trajectory.

Opendoor has sold half of the roughly 700 homes — based on a publicly available dashboard — in the group, doubling its sales velocity from last October, according to chief financial officer Christy Schwartz. The sold homes also represent the highest margin homes sold during any October in the company’s history, she said.

“We’re not getting lucky on a few homes in a friendly market,” Nejatian said of the initial numbers.

Opendoor is still working its way through its old inventory as well, as 94 percent of its sales in the fourth quarter were for homes the firm purchased before Nejatian assumed the chief executive role.

The company stated that it expects revenue to fall 10 percent in the first quarter and adjusted EBITDA loss in the low- to mid-$30 million range.