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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
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Opendoor Technologies
Opendoor Technologies (OPEN) investor relations material
Opendoor Technologies Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Achieved 46% quarter-over-quarter growth in homes purchased and reduced inventory days in possession by 23%.
Delivered on three key goals: scaled acquisitions, improved unit economics and resale velocity, and built operating leverage, with significant progress in Q4 2025.
October 2025 acquisition cohort achieved record contribution margins and resale velocity, validating operational changes and marking the best-performing October in company history.
Transitioned to Opendoor 2.0, emphasizing AI-driven operations, product innovation, and leadership transformation.
Progress made on scaling acquisitions, improving unit economics, and building operating leverage, with fixed operating expenses down $2M quarter-over-quarter and $8M year-over-year.
Financial highlights
Q4 2025 revenue was $736 million, a 20% decline quarter-over-quarter but better than the guided 35% decline; full-year 2025 revenue was $4,371 million, down from $5,153 million in 2024.
GAAP gross profit was $57 million (7.7% margin), up 50 bps sequentially; contribution profit was $7 million (1% margin), down from Q3 due to legacy inventory.
Adjusted EBITDA loss was $43 million, exceeding guidance; net loss was $1.1 billion, including a $933 million non-cash loss from convertible note refinancing.
Adjusted net loss (excluding refinancing) was $62 million, nearly flat from Q3.
Ended Q4 with $962 million in unrestricted cash and $925 million in net inventory.
Outlook and guidance
Targeting adjusted net income profitability by end of 2026 on a 12-month go-forward basis.
Expecting Q1 2026 revenue to decrease ~10% quarter-over-quarter due to low starting inventory.
Contribution margin expected to improve, exiting Q1 at the highest level since Q2 2024.
Q1 2026 adjusted EBITDA loss projected in the low-to-mid $30 million range.
Aiming for 6,000 quarterly home acquisitions by Q4 2026, with acquisition ramp weighted to the back half of the year.
Detail October 2025 cohort's margin drivers
Impact of Cash Plus on capital efficiency
Bridge Q4 Adj Net Loss to 2026 positive target
What specific cost savings from AI/tech debt?
Why prioritize product investment over growth?
Opendoor 2.0's tools for market downturns?
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Next Opendoor Technologies earnings date
Q1 20265 May, 2026
Opendoor Technologies
Next Opendoor Technologies earnings date
Q1 20265 May, 2026
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Frequently asked questions
Streamlining the process of buying a home
Opendoor Technologies operates an online real estate marketplace that facilitates direct home sales. Their platform aims to simplify the buying and selling process by offering homeowners the option to sell their properties directly to Opendoor. With the use of data and technology, Opendoor aims to provide competitive offers to homeowners, giving them an alternative to traditional real estate procedures. Additionally,
The convenient way to do it
Purchasing a home through Opendoor offers several conveniences compared to traditional methods. One key advantage is the speed and simplicity of the transaction process. Opendoor's streamlined approach eliminates the need for time-consuming negotiations and potential complications associated with involving multiple parties. Buyers can browse through a selection of available homes curated especially for their wants in a new home, view detailed property information, and schedule self-guided tours without coordinating with real estate agents. However, Opendoor is not the only company providing those in the market for a home with a digital platform. Some publicly traded peers and competitors to Opendoor include Zillow and Redfin.
Buyers and sellers
Opendoor's operations are multi-faceted, and one part of their business is purchasing homes directly from sellers. This approach differentiates them from traditional real estate transactions where buyers and sellers typically work with an agent acting as an intermediary. Opendoor's ability to buy homes directly simplifies and expedites the process for sellers, as they can avoid the complexities of listing, marketing, and coordinating showings. By purchasing properties Opendoor can provide a faster and more certain sale for sellers, all while providing a convenient and smooth process.
An intelligent pricing model
Opendoor utilizes data analytics and a sophisticated matching algorithm as a core component of their business operations. The company leverages vast amounts of data, including historical sales data, market trends, property attributes, and local market conditions to inform their pricing strategies. By utilizing their algorithms, Opendoor can generate accurate and competitive offers for properties. The matching algorithm in question takes various factors into account when searching for a home, such as location, property type, condition, and market demand in order to find the best available option from their inventory. This data-driven approach enables Opendoor to provide sellers with fair market prices, while offering a platform that’s easy to use.
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