Filing Flows › Opendoor Technologies (OPEN) › Q4 2025
Opendoor Technologies (OPEN) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 19, 2026
Opendoor Technologies (OPEN) reported revenue of $736M for the fourth quarter 2025 (Q4 2025), -32% from a year earlier and -20% from the quarter before. Operating margin was -20.4%, net loss $1.1B (148.9% of revenue).
Opendoor Technologies, Q4 2025: revenue $736M (-32% year over year), operating margin -20.4%, net loss $1.1B, operating cash flow $70.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $736M | -20% | -32% |
| Operating profit | −$150M | — | — |
| Net earnings | −$1.1B | — | — |
| Operating cash flow | $70.0M | -84% | — |
| Free cash flow | $67.0M | -84% | — |
What changed
Revenue was $736.0M in Q4 2025, down 32% year over year and down 20% from the previous quarter.
Gross margin was 7.7%, down 0.1 points from a year earlier. Operating costs exceeded revenue by $150.0M, an operating margin of -20.4%. Operating expenses grew 16% against a revenue fall of 32%. The fastest-growing cost line was General & admin (+215%). The quarter ended with a net loss of $1,096.0M, wider than the previous quarter's $90.0M loss. Net interest and other expense of $947.0M was the main reason.
Operating cash flow was $70.0M. Non-cash charges added back $11.0M of depreciation and amortization and $105.0M of share-based compensation. Working capital and other items added $1,050.0M. Capital expenditures of $3.0M left free cash flow of $67.0M.
Questions
What was Opendoor Technologies' revenue in the fourth quarter 2025?
Opendoor Technologies (OPEN) reported revenue of $736M for the fourth quarter 2025 (Q4 2025), -32% from a year earlier and -20% from the quarter before.
Was Opendoor Technologies profitable in the fourth quarter 2025?
Operating loss was $150M (-20.4% of revenue) and net loss $1.1B.