Opendoor Technologies (OPEN) Gross Margin — Quarter Ended Dec 31, 2025

Gross profit, revenue, and cost of revenue all decreased compared with both the preceding quarter and the same quarter a year earlier. The gross margin improved slightly versus the prior quarter but weakened modestly from the year-ago level.

Gross margin takeaway

Quarter ended Dec 31, 2025 · FY2025 Q4

Compared with the prior quarter, cost of revenue declined at a proportionally faster rate than revenue, which supported the improvement in gross margin.
Gross margin for the current period was higher than the preceding quarter but lower than the same quarter one year earlier.

Gross margin snapshot

The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.

Gross margin

7.7%

Gross profit

$57.0M

Revenue

$736.0M

Cost of revenue

$679.0M

Quarter-over-quarter change

+0.5 pts

Year-over-year change

-0.1 pts

Quarterly gross margin trend

A four-quarter view of the revenue and direct-cost bridge behind gross margin.

Period	Revenue	Gross profit	Cost of revenue	Gross margin
Mar 31, 2025	$1.2B	$99.0M	$1.1B	8.6%
Jun 30, 2025	$1.6B	$128.0M	$1.4B	8.2%
Sep 30, 2025	$915.0M	$66.0M	$849.0M	7.2%
Dec 31, 2025	$736.0M	$57.0M	$679.0M	7.7%

Quarterly comparisons

Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.

Previous-quarter change

Sep 30, 2025

+0.5 pts

Year-over-year change

Dec 31, 2024

-0.1 pts

What the margin says

Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.

Compared with the prior quarter, cost of revenue declined at a proportionally faster rate than revenue, which supported the improvement in gross margin.

Gross margin for the current period was higher than the preceding quarter but lower than the same quarter one year earlier.

Monitor revenue trajectory as it decreased relative to both the prior quarter and the year-ago period.