Opendoor Technologies reported $736 million in revenue for the fourth quarter of 2025, a significant decrease from $1.1 billion in the same period of 2024. The company also posted a net loss of $1.1 billion for the year, nearly ten times higher than the prior year’s $113 million loss.
Despite these challenges, new CEO Kaz Nejatian expressed confidence during the February 19, 2026, earnings call. He described the company’s current phase as “Opendoor 2.0” and committed to greater transparency on its journey toward profitability.
Nejatian emphasized a quarterly comparison against specific goals he outlined last fall. These include achieving adjusted income positivity by the end of 2026, increasing transaction volume, and expanding geographic reach.
“We’re asking you to hold us accountable, because this matters,” Nejatian stated. He pledged to share detailed results on product improvements, operational changes, and their measurable impact each quarter.
The market responded positively to the update. Opendoor’s stock price rose more than 13% in after-hours trading following the earnings release.
Path to Breakeven Remains on Track
Nejatian reiterated the company’s target to reach adjusted EBITDA positivity by December 2026. He highlighted efforts to generate sufficient cash flow to avoid future equity raises.
Operational improvements drove progress toward this goal. The company focused on eliminating “organizational debt” and “tech debt” accumulated over time rather than aggressive cost-cutting.
“Instead of focusing on expense reduction, we focused on improving the product and taking pride in our code—and the costs started disappearing,” Nejatian explained. He noted that addressing these inefficiencies produced substantial financial benefits.
Cash and cash equivalents stood at $962 million at year-end, up from $671 million a year earlier. Adjusted EBITDA loss narrowed to $83 million in 2025 from $142 million in 2024.
Transaction Volume and Expansion Accelerate
Home acquisition activity showed clear improvement. Opendoor purchased 1,706 homes in Q4, a 46% increase from 1,169 in Q3. Since September 2025, acquisition velocity rose 300%, with 537 homes bought in a single recent week.
Nejatian attributed the uptick to refined pricing strategies, enhanced product offerings, and streamlined operations.
Geographic coverage expanded dramatically. Services now reach nearly every homeowner in the contiguous United States, a milestone achieved in months rather than the decade required for previous coverage of one-third of the market.
Inventory levels decreased to 2,867 homes valued at $925 million, compared with 6,417 homes worth $2.159 billion at the end of 2024. The company ended Q4 with 710 homes under contract.
Leadership Stability After Turbulent Period
The first half of 2025 brought significant upheaval. Activist investor pressure and a Nasdaq delisting warning preceded Carrie Wheeler’s departure as CEO in August. Nejatian assumed leadership shortly afterward.
Recent appointments strengthened the executive team. Christy Schwartz transitioned from interim to permanent chief financial officer, while former Coinbase CEO Lucas Matheson joined as president in December.
These changes contributed to a more focused approach in the second half of the year, centered on national scale and operational efficiency.
Annual Figures Reflect Market Challenges
Full-year 2025 revenue totaled $4.37 billion, down $782 million from $5.13 billion in 2024. Units acquired fell to 8,241 from 14,684 the previous year.
The declines reflect broader market conditions, including higher interest rates and reduced homebuying activity throughout much of the period.
Opendoor’s leadership views these results as part of a necessary transition. The company prioritizes sustainable growth and profitability over short-term volume targets.
Nejatian’s call for investor oversight signals confidence in the revised strategy. By committing to regular progress updates, he aims to rebuild trust and demonstrate execution on promised improvements.
As Opendoor advances toward breakeven, attention will focus on quarterly metrics and continued transaction momentum. The coming year will test whether these changes translate into consistent financial gains and market share recovery in the iBuyer sector.
