Opendoor Cuts Q4 EBITDA Loss to $43M as Acquisitions Climb 46%
Opendoor narrowed its fourth-quarter adjusted EBITDA loss by 12.2% to $43 million from $49 million a year ago, driven by a 46% sequential rise in home acquisitions and faster inventory turns. It guided first-quarter adjusted EBITDA loss to the low-to-mid $30 million range, implying continued improvement.
1. Fourth-Quarter Financial Results
Opendoor reported an adjusted EBITDA loss of $43 million in the fourth quarter of 2025, a 12.2% improvement from the $49 million loss in the prior-year period. The narrowing loss reflects initial operating leverage gains despite continued investment in scaling the platform.
2. Operating Metrics Improvement
Home acquisitions rose 46% sequentially, supporting a larger inventory pipeline, while the number of homes on market for more than 120 days declined sharply. These shifts drove faster inventory turns and healthier contribution margins across transactions.
3. First-Quarter 2026 Guidance
For the first quarter of fiscal 2026, Opendoor expects an adjusted EBITDA loss in the low-to-mid $30 million range. This guidance suggests further sequential improvement as the company continues to optimize unit economics and operational efficiency.