OPEN
Opendoor Technologies Inc.6.73
+0.26+4.02%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Product priority trumps near-term volume
Q&A largely reaffirmed prepared remarks on Opendoor 2.0 execution, but surfaced management's deliberate choice to prioritize product like mortgage beta launching this week over hitting top-end acquisition targets now, weighting ramp to year-back-half for sustainable scale to 6,000 quarterly homes. Christy highlighted October cohort margins holding steady despite 300bps national price drops, validating tailored selection, velocity gains, and Cash Plus risk shift. Kasra detailed AI underwriting freeing humans for audits, faster offers. Acquisition pace concerns drew confident responses; stock focus dismissed as secondary. Margins proved resilient. Watch cohort durability and ramp velocity.
Key Stats
Market Cap
6.42BP/E (TTM)
-Basic EPS (TTM)
-0.44Dividend Yield
0%Recent Filings
10-K
FY2025 results
Opendoor Technologies posted FY2025 revenue of $4.4B from selling 11,791 homes, down 15% y/y amid a housing market with ~4M existing home sales and constrained inventory at 3+ months' supply. Homes in inventory fell to 2,867 ($925M) from 6,417 ($2.2B), driving $1.0B operating cash flow; Q4 drew down old stock while refining spreads for higher-quality homes to boost velocity. Contribution margin slipped to 3.4% from 4.7% on older inventory mix, yet inventory aged better than market (33% vs 37% >120 days on-market). Debt stood at $1.1B non-recourse asset-backed with $6.0B capacity; $197M convertible notes due soon. No 2026 guidance disclosed. Housing downturns could stall resale momentum.
8-K
Q4 earnings: acquisitions surge
Opendoor reported Q4 2025 revenue of $736M, down from $1,084M a year ago, with homes purchased up 46% quarter-over-quarter to 1,706 while inventory days fell 23% to 33% over 120 days. Contribution profit hit $7M at 1.0% margin; fixed operating expenses dropped to $35M. October 2025 cohort tracks as strongest October ever. Q1 revenue dips 10%; Adjusted EBITDA loss low-to-mid $30M.
8-K
Opendoor updates Reg FD channels
Opendoor updated its Regulation FD disclosure channels under Item 7.01, noting CEO Kaz Nejatian's old X handle is inactive. The company now designates his new handle, @Nejatian, alongside @Opendoor, website, press releases, SEC filings, blogs, and community hub for material non-public information. Investors must monitor these evolving outlets. List may update anytime.
8-K
Opendoor hires President, promotes CFO
Opendoor appointed Lucas Matheson as President effective December 22, 2025, bringing fintech experience from Coinbase Canada and Shopify to lead corporate development, FP&A, and blockchain initiatives for homeownership. Christy Schwartz, interim CFO, steps up permanently January 1, 2026, after internal promotion with $12M PRSUs tied to stock hurdles from $6.24 up. Leadership stabilizes amid growth push. Vesting hinges on stock performance.
8-K
Warrant dividend distributed
Opendoor distributed warrants to common stockholders and 2030 noteholders on November 21, 2025—one each of Series K ($9 exercise), Series A ($13), and Series Z ($17) per 30 shares as of November 18 record date. Warrants expire November 20, 2026, but accelerate if stock VWAP tops 120% of exercise price over 20 of 30 trading days. Trading starts November 24 under OPENW, OPENL, OPENZ. CEO calls it structural shareholder alignment.
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