Opendoor Q4 Purchases Up 46%, Inventory Days Drop 23%
Opendoor’s Q4 homes purchased jumped 46% quarter-over-quarter while average inventory days dropped 23%, driving fixed operating expenses down to $35 million from $37 million. Its October 2025 acquisition cohort is delivering the strongest contribution margins in company history with homes selling twice as fast and over 50% under contract.
1. Acquisition Growth Accelerates
Opendoor increased homes purchased by 46% quarter-over-quarter, with weekly acquisition contracts more than quadrupling since 3Q 2025. This surge reflects its Opendoor 2.0 strategy to scale acquisitions and drive transaction velocity.
2. Faster Inventory Turns
Average days in possession fell by 23%, and the percentage of homes on market over 120 days declined from 51% to 33%. These improvements contributed to reduced capital intensity and more disciplined selection.
3. Record October 2025 Cohort Performance
The October 2025 acquisition cohort is tracking to deliver the strongest contribution margins in company history, selling at more than twice the velocity of the October 2024 cohort, with over 50% of those homes already sold or under contract.
4. Q1 2026 Financial Outlook
Opendoor expects Q1 revenue to decrease by approximately 10% quarter-over-quarter, contribution margin to reach its highest level since Q2 2024, and an adjusted EBITDA loss in the low- to mid-$30 million range as it drives toward positive Adjusted Net Income by end-2026.