TLDR
- Opendoor (OPEN) stock surged up to 16.5% after-hours following Q4 2025 earnings
- Q4 revenue of $736 million topped the $595 million Wall Street estimate by 23.7%
- Home acquisition volume climbed 46% quarter-over-quarter
- Adjusted EPS of -$0.07 came in ahead of the -$0.09 consensus
- Company targets breakeven adjusted net income by end of 2026
Opendoor stock surged up to 16.5% in after-hours trading Thursday after the company posted Q4 2025 results that beat revenue estimates by a wide margin and showed clear signs of operational improvement.
Revenue landed at $736 million, well above the $595 million Wall Street had expected. That is a 23.7% beat, even as revenue fell 32.1% year-on-year — a reflection of where the business is in its recovery cycle.
Opendoor Technologies Inc., OPEN
Adjusted EPS came in at -$0.07, beating the -$0.09 analyst estimate by around 25%.
The stock was changing hands near $5.36 following the release, giving the company a market cap of roughly $4.41 billion.
The Numbers Investors Focused On
Home acquisition volume rose 46% quarter-over-quarter, the clearest sign yet that Opendoor is rebuilding transaction momentum after a period of deliberate pullback.
Inventory aging also improved. The share of homes on market for more than 120 days fell to 33% from 51% in Q3 2025. That kind of improvement matters for a business where capital is tied up in unsold homes.
Free cash flow turned positive at $67 million, compared to negative $83 million in the same period a year ago. Fixed operating expenses dropped to $35 million, pointing to a leaner cost base.
The company’s “Cash Plus” program now accounts for 35% of weekly volume, a metric Opendoor is leaning on as a measure of capital efficiency.
CEO Kaz Nejatian pointed to the results as evidence the restructuring is working. “These results reflect structural improvements in how we operate — with more accurate pricing, faster inventory turns, and disciplined selection,” he said.
What Comes Next
For Q1 2026, Opendoor guided for an adjusted EBITDA loss of between $30 million and $35 million. The midpoint beat analyst estimates of -$37.4 million, which added to the positive after-hours reaction.
Revenue is expected to decline around 10% in Q1. The company has made clear it is not chasing short-term targets.
“We’re focused on making the right long-term decisions to rebuild Opendoor rather than managing to short-term guidance,” management said in the earnings release.
Homes sold in Q4 totaled 1,978, down 844 year-on-year. Analysts project full-year revenue growth of around 7% over the next 12 months, with adjusted EPS expected to improve from -$0.25 to -$0.21.
Adjusted EBITDA for Q4 came in at -$43 million, representing a 12.2% improvement year-on-year.
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