Opendoor Q4 Revenue $736M Beats Estimates, Guides Q1 EBITDA $30M; Shares Jump 16.5%
Opendoor reported Q4 CY2025 revenue of $736 million, down 32.1% year-on-year but 23.7% above consensus, with adjusted EPS loss of $0.07 per share beating estimates by 25.3%. The iBuyer generated $67 million in free cash flow and guided Q1 CY2026 EBITDA at $30 million versus a $37.4 million loss estimate.
1. Q4 Revenue and Earnings
Opendoor delivered Q4 CY2025 revenue of $736 million, a 32.1% year-on-year decline but 23.7% above forecasts, with adjusted EPS loss of $0.07 per share surpassing estimates by 25.3%.
2. Cash Flow and Earnings Guidance
The iBuyer generated $67 million in free cash flow versus an $83 million outflow last year and set Q1 CY2026 EBITDA guidance at $30 million, considerably above the consensus view for a $37.4 million loss.
3. Operational Performance
Opendoor sold 1,978 homes in the quarter, down 844 units year-on-year, and reported a negative 20.4% operating margin compared with –8.7% in Q4 CY2024, reflecting ongoing margin pressure.
4. Strategic Outlook and Targets
Management reiterated its four-step plan to reach breakeven adjusted net income by end of 2026, improve unit economics through direct-to-consumer relationships, and expand its product suite to drive transaction velocity.