Opendoor stock rallies on 46% jump in home acquisition volume

Luke Juricic

Fri, February 20, 2026 at 6:55 AM GMT+9 2 min read

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OPEN

+0.43%

OPENL

+7.44%

OPENW

+0.67%

OPENZ

+3.14%

Investing.com – Opendoor Technologies Inc (NASDAQ:OPEN) shares jumped 13.1% in after-hours trade Thursday trading as investors brushed off a significant bottom-line miss to focus on accelerating acquisition volumes. The San Francisco-based iBuyer is attempting to pivot its business model toward higher velocity and lower capital intensity amid a volatile housing market.

The company reported a fourth-quarter loss of $1.26 per share, trailing the analyst consensus estimate of a $0.12 loss by a wide margin. However, revenue reached $736 million for the period, comfortably exceeding the $576.94 million anticipated by Wall Street.

Internal metrics suggest the company is clearing older inventory and moving toward its “Opendoor 2.0” operational framework. The percentage of homes on the market for more than 120 days fell to 33%, down from 51% in the third quarter of 2025.

Total homes purchased rose 46% quarter-over-quarter, reflecting a renewed push to scale the platform after a period of retrenchment. Fixed operating expenses also declined to $35 million, suggesting the company is finding some success in streamlining its cost structure.

Chief Executive Officer Kaz Nejatian emphasized that the current results validate the company’s long-term roadmap toward sustainable profitability. He noted that structural improvements in pricing and inventory turns are now beginning to materialize in the financial data.

“These results reflect structural improvements in how we operate with more accurate pricing, faster inventory turns, and disciplined selection,” Nejatian said in the earnings release. “The evidence of progress is clear.”

Looking ahead, management is prioritizing a return to positive adjusted net income by the end of 2026 on a rolling twelve-month basis. For the first quarter of 2026, the company anticipates an adjusted EBITDA loss between $30 million and $35 million.

“We’re focused on making the right long-term decisions to rebuild Opendoor rather than managing to short-term guidance,” the company stated regarding its forward-looking guideposts. Revenue is expected to decline by approximately 10% in the upcoming quarter.

The rally suggests that shareholders are encouraged by the 23% reduction in inventory days in possession during the fourth quarter. If Opendoor can maintain this resale velocity, it may finally decouple its performance from broader interest rate fluctuations.

Investors will likely monitor the “Cash Plus” program, which now accounts for 35% of weekly volume, as a gauge for capital efficiency. The company’s ability to hit its 2026 profitability target remains the primary focus for long-term valuation.

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