Opendoor Q4 Loss Narrower Than Expected, Revenues Down Y/Y

Opendoor Technologies Inc. OPEN reported fourth-quarter 2025 results, with adjusted earnings and revenues surpassing the Zacks Consensus Estimate. On a year-over-year basis, the top line decreased, but the bottom line improved.

The quarterly performance highlights steady progress in the company’s turnaround efforts. Opendoor continued to execute its four-step plan, focused on reaching breakeven adjusted net income by the end of 2026, improving unit economics, increasing transaction velocity, shifting toward direct-to-consumer relationships and expanding product offerings. Operational changes such as more accurate pricing, faster inventory turns and disciplined home selection supported execution during the quarter.

Newer acquisition cohorts are tracking stronger contribution margins and faster sell-through compared with last year. Looking ahead, the company remains focused on execution and sees improving portfolio trends supporting its outlook for early 2026.

OPEN’s Q4 Earnings & Revenue Discussion

The company reported adjusted loss per share of 7 cents, which was narrower than the Zacks Consensus Estimate of a loss of 8 cents. In the year-ago quarter, the company reported an adjusted loss per share of 11 cents. 

Revenues amounted to $736 million, beating the consensus mark of $596 million. However, the top line declined 32.1% year over year.

Opendoor Technologies Inc. Price, Consensus and EPS Surprise

Opendoor Technologies Inc. price-consensus-eps-surprise-chart | Opendoor Technologies Inc. Quote

In the fourth quarter of 2025, the company sold 1,978 homes, down from 2,822 homes reported in the year-ago quarter. Home purchases stood at 1,706 homes, down from 2,951 homes reported in the year-ago quarter. Opendoor’s homes in inventory as of Dec. 31, 2025, totaled 2,867 units, down from 6,417 units reported at the end of the prior year.

Operating Highlights of OPEN

In the fourth quarter of 2025, gross profit was $57 million, down from $85 million reported in the year-ago quarter. Gross margin came in at 7.7% in the quarter, down 10 basis points from 7.8% reported in the year-ago quarter.

Adjusted EBITDA loss narrowed to $43 million from a loss of $49 million reported in the year-ago period.

Financial Details of OPEN

Opendoor’s cash and cash equivalents, as of Dec. 31, 2025, totaled $962 million, up from $671 million as of Dec. 31, 2024.

During 2025, net cash from operations was $1.05 billion against $595 million used in operations a year ago.

Opendoor’s Q1 2026 Outlook

For the first quarter of 2026, the company expects revenues to decline about 10% from the prior quarter. 

The company expects contribution margin to continue improving and to exit the quarter at the highest level since the second quarter of 2024.

Opendoor expects an adjusted EBITDA loss in the low to mid $30 million range.

OPEN's Zacks Rank & Recent Releases

Opendoor currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Quanta Services, Inc. PWR reported record fourth-quarter 2025 results, driven by robust demand in its Electric Infrastructure Solutions segment and contributions from recent acquisitions.

Its earnings growth was supported by higher revenues and improved operating leverage, partially offset by acquisition-related costs and higher amortization of intangibles. Revenue growth was primarily fueled by accelerating utility investments, power generation and load-center related projects within the Electric segment, along with incremental contributions from acquired businesses, including Tri-City, Wilson and Billings. For 2026, Quanta expects revenues between $33.25 billion and $33.75 billion, indicating double-digit growth. Adjusted EPS is expected to be in the range of $12.65-$13.35.

Vulcan Materials Company VMC reported lower-than-expected fourth-quarter 2025 results, with adjusted earnings and revenues missing the Zacks Consensus Estimate. On a year-over-year basis, the top line increased, but the bottom line declined.

Vulcan’s quarterly performance was supported by its aggregates-focused business and steady commercial and operational execution. Public construction activity remained healthy and continued to support shipment trends. Demand conditions stayed favorable across key regions, even as broader economic uncertainty persisted. Looking ahead to 2026, Vulcan remains positive on market conditions. The company expects public construction activity to stay strong and private nonresidential demand to improve. 

Martin Marietta Materials, Inc. MLM reported lower-than-expected results for the fourth quarter of 2025. The quarterly earnings (from continued operations) and revenues missed the Zacks Consensus Estimate, with the top line growing on a year-over-year basis while the bottom line declining.

Martin Marietta’s quarterly performance was backed by favorable weather across its business footprint and strong infrastructure activity, with nonresidential construction booming. The Aggregates business thrived during the quarter with strong pricing and increased shipments more than offsetting higher costs. However, elevated costs marred the bottom-line growth during the quarter, with a weak residential market limiting near-term growth prospects. Nonetheless, Martin Marietta remains well-positioned with its aggregates-led platform and execution of the SOAR 2030 initiatives for the long term, indicating sustained growth and shareholder value.

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