Overview
- Q4 revenue reached $736 million, topping estimates near $595 million, with adjusted EBITDA at a loss of $43 million that came in better than expected.
- Home acquisitions rose 46% quarter over quarter as the company sped up inventory turns, sold 1,978 homes, cut the share of listings over 120 days to 33%, and generated $67 million in free cash flow.
- The quarter posted a roughly $1.096 billion GAAP net loss that reflected about $933 million used to pay down debt.
- Opendoor guided Q1 2026 revenue to decline around 10% sequentially and projected an adjusted EBITDA loss of $30 million to $35 million, while reiterating a goal of breakeven adjusted net income by the end of 2026.
- Shares jumped roughly 13% to 16.5% after hours, JPMorgan kept an overweight rating while boosting earnings estimates, and the CEO said the October 2025 acquisition cohort is tracking as the company’s most profitable October on contribution margin.