Оупендор may have lost $1.3 billion in 2025, but company executives say the iBuyer is back on track to becoming a profitable business.
On an earnings call with investors and analysts Thursday evening, Opendoor CEO Каз Неджатиан called his company’s fourth quarter and full-year 2025 earnings “good.”
During the fourth quarter of 2025, Opendoor reported a 47% annual decline in revenue to $736 million, while the firm’s net loss ballooned 896% to $1.1 billion. For the full year 2025, revenue declined 17.9% to $4.37 billion and net loss rose from $392 million in 2024 to $1.3 billion в 2025 году.
Additionally, the number of homes sold in the fourth quarter dropped from 2,822 homes in 2024 to 1,978 homes in 2025, reflecting the overall annual decline of 1,802 homes sold to 11,791 total homes sold in 2025. Additionally, Opendoor purchased fewer properties compared to a year ago in both Q4 and in the year as a whole. During Q4, Opendoor purchased 1,706 homes, down 1,245 homes from a year ago, while the iBuyer purchased 6,443 fewer homes in the full year 2025 than it did in 2024, with 8,241 homes purchased.
These declines came as executives have promised an increase in velocity in which the iBuyer transacts homes. However, on the call, executives noted that Opendoor has increased purchases by 46% in Q4 compared to Q3. In addition, they noted that the iBuyer sold properties quickly as well, with list-to-sale timelines decreasing 23%. Last week alone, Nejatian said Opendoor had purchased 537 homes, continuing the momentum it cultivated in late 2025.
“The evidence of progress is clear,” he said. “Most significantly, our October 2025 acquisition cohort — both the first full month under the Opendoor 2.0 model and the first with mature sell-through data — is tracking to deliver the strongest contribution margins of any October cohort in company history. And these homes are selling at more than twice the velocity of the October 2024 cohort, with over 50% already sold or under resale contract. While our newer cohorts are still early in their sell-through, we like what we see, and our Q1 2026 contribution margin guide post reflects our confidence in the trajectory for the portfolio.”
The future of iBuying
As Opendoor looks to the future, Nejatian has promised that the iBuyer will achieve breakeven adjusted net income by the end of 2026 on a 12-month go-forward basis and he is confident that the company will reach this goal. To help it reach this achievement, executives said the company is leaning into AI and new product launches, including a mortgage product that is slated to roll out next week.
Also contributing to Nejatian’s optimism is the rapid expansion Opendoor undertook in Q4 2025, expanding both its geographic coverage and its “buy box” so the product is now available to “nearly every homeowner” in the contiguous United States.
“It took Opendoor from 2015 to 2025 to become available as an option for about 1/3 of the homes in the U.S., 10 years. Opendoor 2.0 almost tripled that in about 10 weeks,” he said.
As he looks to guide Opendoor back to profitability, in order to improve margin, Nejatian said he is not focused on cutting costs.
“We focused on improving the product and taking pride in our code, and the costs started disappearing kind of on their own,” he said.
As a result of these efforts, Nejatian said the “tech debt” and “organizational debt” Opendoor was carrying is improving.
“When Opendoor entered 2025, our annual run rate costs on hosting was $12 million a year,” he said. “Exiting 2025, Opendoor 2.0’s cost and hosting infrastructure is less than $5 million a year. We haven’t just significantly cut the cost of providing our products to our customers. We’ve also made the product better.”
It appears Nejatian isn’t the only one bullish on Opendoor’s future. Despite the astronomical net loss the company recorded, after earnings were announced, shares of the company jump from $4.60 per share to $5.30 per share in after-hours trading, suggesting that Opendoor may actually be the next meme stock success story.
English