Through the challenges the iBuyer has endured, Opendoor remains positive in the face of it all. After announcing a big reboot in Q3, the company shared a happy sentiment of goal achievement in its recent Q4 and 2025 full year earnings report and investor call, despite its actual earnings having some mixed results.
Back during Opendoor’s Q3 earnings call, CEO Kaz Nejatian announced the company’s effort to enact a plan to rebuild into Opendoor 2.0. Goals outlined included scaling acquisitions, improving unit economics and resale velocity, and building operating leverage.
Nejatian said he is committed to continuing the mission that began in Q3: “We’re gonna turn this company around…We’re green all across. We’re already delivering results and are on track to deliver against our mission.”
“Given that this isn’t really the strongest housing market, this performance, I think, shows a structural shift in how we operate,” he continued. “A shift that I genuinely think will be durable across macro cycles. We are no longer a prop desk. We’re now a market maker.”
The report outlined that the homes Opendoor purchased increased 46% from Q3 (from 1,169 in Q3 to 1,706 in Q4), and that weekly acquisition contracts “more than quadrupled” from the end of Q3 to the most recent week. The company also decreased its percentage of homes on the market over 120 days from 51% to 33% quarter-over-quarter. It also lowered fixed operating expenses to $35 million in Q4, down $2M quarter-over-quarter and $8M year-over-year. Lastly, Opendoor stated that its trailing 12-month operations expense as a percent of revenue held steady at 1.3% quarter-over-quarter.
Despite the positivity of meeting these goals, Opendoor’s earnings for Q4 and the full year of 2025 remain largely negative.
Following the trend from Q3, Opendoor again saw a shrinking revenue and profit both quarterly and annually. The company reported a revenue of $736 million for Q4 2025—down from $915 million in Q3 and a large drop from the $1.084 billion seen the same time last year—and a profit of $57 million—down from $66 million in Q3 and $85 million from the same time last year. Net loss grew in Q4 to $1.096 billion from $90 million in Q3 and from $113 million at the same time last year.
Part of the net loss included $933 million to pay off debt, more progress toward a commitment made in Q3 to extinguish debts.
Year-over-year, results for the full year of 2025 also shrunk. Revenue came in at $4.37 billion for the full year of 2025, down from $5.15 billion reported for 2024, and profits came in at $350 million, down from the $433 million for 2024. Net loss was $1.3 billion, well up from $392 million for 2024.
There was some definite improvement in Opendoor’s adjusted EBITA (earnings before interest, taxes and amortization). For Q4, EBITA was at a loss of $43 million, less than the $49 million loss seen at the same time last year. For 2025 as a whole, EBITA was at a loss of $83 million, better than the $142 million seen for 2024.
Nejatian also pointed to Opendoor’s implementation and use of AI as a big proponent for its bettering conditions.
“Opendoor 2.0 is the single most AI-built company in the public market that I know of,” he said. “It’s wartime, and our primary weapon is our ability to prompt machines to create a new world. Thanks to AI, our product went from being available to about one to every three homeowners to being available to nearly every homeowner in the lower 48. Now, you would expect that kind of rapid expansion would induce risk, sloppy underwriting, margin compression, operational blow-ups. We saw the opposite.”
For 2026, Nejatian outlined a new set of goals in order to continue evolving Opendoor: for the company to break even (start generating cash), to drive positive unit economics and increase the velocity of home transactions, and shift the company’s focus from building channels to transacting directly with buyers and sellers, as well as reducing days in possession on homes.
“Once we’ve accomplished the first three steps, we’re gonna focus on allowing buyers and sellers to transact on Opendoor without having to buy or sell from Opendoor,” he added. This is gonna significantly lower our capital risk, but more importantly, it’s going to give folks options they want.”
The company’s earnings report predicts for Q1 2026 a decrease in revenue of about 10%, and an adjusted EBITDA loss in the low to mid $30 millions.
“We’re gonna revisit this every single quarter, just like we did right now, and we’re gonna make it reflect our path to profitability. As we learn more, we’ll tell you more,” said Nejatian, focusing on Opendoor’s new mantra of accountability. “You can see the results of our work, what we ship, and whether it moves the needle. Please hold us to it. We’re asking you to hold us accountable because this matters. This is a hard problem, but we’re gonna fix it, and for the first time, we have the team, technology, and the proof points to actually do it.”
