Opendoor Technologies (NASDAQ: OPEN) shares climbed 18% in premarket trading on February 20, 2026, after the residential real estate platform delivered fourth-quarter results that exceeded Wall Street expectations. The company reported Q4 revenue of $736 million, outpacing the consensus range of $577-594 million, while adjusted EBITDA losses narrowed to -$43 million from the forecasted -$49 million, signaling improving operational efficiency.
Underlying operational metrics reinforced investor confidence in the company's trajectory. Home acquisitions expanded 46% quarter-over-quarter, while inventory turnover accelerated, demonstrating stronger consumer demand and more efficient asset management. The company's GAAP net loss of approximately $933 million was primarily attributable to a one-time debt extinguishment charge and did not reflect core business performance.
Management maintained its strategic target of achieving positive adjusted net income on a rolling 12-month basis by the end of 2026, providing investors with a concrete timeline for the company's progression toward profitability. The combination of revenue growth, margin improvement, and operational momentum positions Opendoor within reach of its near-term financial objectives.