Opendoor posts $1.3B loss in 2025 but sees path to profitability

"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."

"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."

Opendoor increased purchases by 46% in Q4 versus Q3 and reduced list-to-sale timelines by 23%, accelerating transaction velocity. The company purchased 537 homes in a single week, sustaining late-2025 momentum. The October 2025 acquisition cohort, the first full month under Opendoor 2.0 with mature sell-through data, is tracking to deliver the strongest contribution margins in company history and is selling at more than twice the velocity of the October 2024 cohort, with over 50% already sold or under resale contract. Opendoor expanded geographic coverage and its buy box to reach nearly every homeowner in the contiguous U.S., is leaning into AI, plans a mortgage product rollout, and targets breakeven adjusted net income by the end of 2026 on a 12-month go-forward basis.

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