InterGroup’s (INTG) latest results tell a tale of steady, brick‑and‑mortar progress—while San Francisco’s Opendoor Technologies (OPEN) adds a tech‑enabled twist to the real‑estate recovery narrative.
InterGroup Steps Back Into the Earnings Spotlight
The InterGroup Corporation (NASDAQ: INTG) reported a swing back to profitability for the quarter ended December 31, 2025, as hotel strength and disciplined real estate management lifted results.finance. Total revenues reached approximately $17.3 million, reflecting solid growth versus the prior-year period and underscoring the company’s renewed operating traction in both hospitality and property segments. Operating income more than doubled to about $2.0 million from $0.9 million a year earlier, a notable shift for a company that had been posting losses as recently as fiscal 2024.finance. Net income came in at roughly $1.0 million, compared with a net loss of $3.7 million in the prior-year quarter, while net income attributable to InterGroup was about $1.5 million, or $0.71 per diluted share.finance.
Hotels Check In, Losses Check Out
The star of the quarter was InterGroup’s hotel operations, anchored by its flagship Hilton San Francisco Financial District, which continues to be the company’s primary hospitality engine. Hotel segment income climbed to approximately $2.2 million from $0.9 million a year earlier, reflecting higher demand and the return of 114 guest rooms to inventory following renovations completed in late 2025.
In practical terms, that means more keys in circulation, better occupancy, and stronger revenue per available room—levers that matter in a still‑recovering San Francisco hospitality market. For a company that once carried going‑concern doubts at its majority‑owned Portsmouth Square subsidiary, the current narrative centers more on rate, occupancy, and EBITDA than on survival.
Real Estate: Quietly Doing Its Job
InterGroup’s real estate operations, spanning multifamily and commercial properties across states such as Texas, Missouri, Kentucky, and California, continued to deliver steady segment income. Real estate segment income stood at about $2.2 million for the quarter, essentially in line with the prior year, as management emphasized occupancy, expense control, and asset‑level discipline over flashy expansion.
The quarter also showcased InterGroup’s willingness to prune when appropriate: the company closed the sale of a non‑core, 12‑unit multifamily property in Los Angeles County for roughly $4.85 million. That transaction generated a GAAP gain of about $3.5 million, boosting liquidity and providing additional working capital to support core assets and potential future investments.
From Going-Concern Questions to Optionality
Zooming out, the latest quarter marks another step in an ongoing repair story that accelerated through fiscal 2025. For that fiscal year, InterGroup significantly narrowed its net loss to about $7.5 million from $12.6 million in 2024, while hotel and real estate segment incomes rose roughly 52% and 32%, respectively.
Liquidity has also improved: cash and equivalents climbed to approximately $15.2 million at June 30, 2025, up nearly 75% from the prior year, aided by refinancing at the hotel level and better operating cash flow. Importantly, management has previously noted that the going‑concern doubt at Portsmouth Square was alleviated following hotel refinancing, shifting the narrative from “can it stay listed?” to “how much value can it extract from its assets?”.stockinsights+3
Enter Opendoor: A Digital Counterpoint in San Francisco Real Estate
While InterGroup works its turnaround through renovated rooms and quietly cash‑flowing buildings, San Francisco‑based Opendoor Technologies (NASDAQ: OPEN) is trying to rewire how homes change hands—algorithm first, clipboard second. In its Q4 2025 update, Opendoor reported revenue of about $736 million, beating analyst expectations even as sales fell more than 30% year on year, and delivering an adjusted loss of roughly 0.07 dollars per share that was materially better than consensus.
Beneath the headline loss, management has been keen to stress that “Opendoor 2.0” is more about quality of economics than volume of transactions, pointing to a 46% sequential jump in home purchases, faster inventory turnover, and the strongest contribution margins yet for its October 2025 home cohort. The company also highlighted AI‑driven gains in pricing and underwriting efficiency, as well as an expanded mortgage offering that gives Opendoor more touchpoints with both sellers and buyers across much of the lower 48 states.
In market terms, the story has been good enough to jolt investor attention: shares have recently surged double digits, with at least one major bank hiking its price target sharply as traders reassessed the odds that Opendoor can reach breakeven on an adjusted net income basis by 2026. Of course, GAAP reality remains sobering—a roughly 1.1 billion dollar quarterly net loss tied in part to debt extinguishment and a full‑year loss around 1.3 billion dollars underline how experimental iBuying still is when housing cycles stop cooperating.
Old-School Assets, New-School Algorithms
Put side by side, InterGroup and Opendoor read like a study in real‑estate contrasts: one leans into a 544‑room Hilton, parking garages, and brick‑and‑mortar multifamily, while the other leans into APIs, AI models, and nationwide home‑flipping at scale. InterGroup’s approach is to tighten operations, selectively sell non‑core assets, and use rising hotel and rental income to repair the balance sheet; Opendoor is trying to algorithm its way to profitability by speeding up turns, deepening mortgage engagement, and squeezing more contribution margin from each house it touches.
For investors, both stories sit inside the same broader theme: the slow normalization of U.S. real estate after a once‑in‑a‑generation rate shock, with capital increasingly favoring business models that can either withstand volatility (InterGroup’s asset‑backed cash flows) or harness it (Opendoor’s volatility‑as‑a‑feature trading book of homes). One does its work through nightly room rates and long‑term leases; the other through bid‑ask spreads on thousands of homes, all in the hope that the math—and eventually the margins—add up.
A Small-Cap With a Big-City Core
InterGroup (INTG) today presents as a tightly focused real estate and hospitality platform, with three reportable segments: Hotel Operations, Real Estate Operations, and Investment Transactions. Its portfolio is built around income‑producing multifamily and commercial properties and the 544‑room Hilton San Francisco Financial District, which includes meeting space, a ballroom, a multi‑level parking garage, and other amenities in the heart of one of the country’s most closely watched urban cores.marketscreener+4
To be sure, the Investing Transactions segment remains a swing factor, posting losses in recent periods and reminding investors that markets can be less forgiving than hotel guests. But with operating income rising, liquidity strengthening, non‑core assets being trimmed—and a local prop‑tech neighbor in Opendoor proving that disruption still comes with a sizable burn rate—InterGroup is increasingly positioned less like a turnaround case and more like a niche, asset‑backed story with optionality.
The Sources
Here are the sources with direct links:
- InterGroup Corporation press release on improved operating results and LA multifamily sale (via Yahoo Finance).[finance.yahoo]
https://finance.yahoo.com/news/intergroup-corporation-reports-improved-operating-210500839.html - InterGroup swings to earnings in Q2 on hotel growth and asset sale.finance.yahoo+1
https://finance.yahoo.com/news/intergroup-swings-earnings-q2-hotel-174600076.html
https://finviz.com/news/319218/intergroup-swings-to-earnings-in-q2-on-hotel-growth-asset-sale - InterGroup Corporation fiscal year 2025 results press release.[finance.yahoo]
https://finance.yahoo.com/news/intergroup-corporation-reports-fiscal-2025-212000480.html - InterGroup full‑year 2024 earnings summary.[finance.yahoo]
https://finance.yahoo.com/news/intergroup-full-2024-earnings-us-102901167.html - InterGroup Q1 FY2026 results; real estate segment update.[finance.yahoo]
https://finance.yahoo.com/news/intergroup-reports-q1-fy2026-results-222500008.html - InterGroup Corporation official website and company overview.[intgla]
https://www.intgla.com - InterGroup SEC Form 8‑K on LA multifamily asset sale and profit.[stocktitan]
https://www.stocktitan.net/sec-filings/INTG/8-k-intergroup-corp-reports-material-event-308e44802563.html - INTG stock price, news, and company snapshot.[stocktitan]
https://www.stocktitan.net/overview/INTG/ - The InterGroup Corporation detailed company profiles.investing+2
https://ng.investing.com/equities/the-intergroup-co-company-profile
https://www.marketscreener.com/quote/stock/THE-INTERGROUP-CORPORATIO-9701/company/
https://stockanalysis.com/stocks/intg/company/ - InterGroup related filings and analysis on operating segments and outlook.stockinsights+2
https://www.stockinsights.ai/us/INTG/10-Q/fy26-q2-5fcb
https://www.intgla.com/gridmedia/files/Press/InterGroup-PRNov2025.pdf
https://www.quiverquant.com/news/The+InterGroup+Corporation+Reports+Improved+Financial+Performance+for+Fiscal+Year+2025 - Opendoor (OPEN) earnings overview and report history.public+2
https://public.com/stocks/open/earnings
https://marketchameleon.com/Overview/OPEN/Earnings/Earnings-Dates/
https://stockinvest.us/earnings-report/OPEN - Opendoor Technologies Q4 earnings beat and stock surge coverage.stockstotrade+1
https://stockstotrade.com/news/opendoor-technologies-inc-open-news-2026_02_24/
https://www.tikr.com/blog/opendoor-technologies-nasdaq-open-stock-jumps-19-percent-following-better-than-expected-quarterly-resu - Analysis of Opendoor’s most recent earnings update and key metrics.finance.yahoo+2
https://finance.yahoo.com/news/most-important-opendoors-earnings-report-234500807.html
https://finance.yahoo.com/news/opendoor-nasdaq-open-delivers-strong-221259050.html
https://www.nasdaq.com/articles/opendoor-technologies-inc-open-reports-q4-loss-beats-revenue-estimates - Commentary on “Opendoor 2.0,” AI‑driven model, and strategy.simplywall+2
https://simplywall.st/stocks/us/real-estate-management-and-development/nasdaq-open/opendoor-technologies/news/opendoor-technolog
https://simplywall.st/stocks/us/real-estate-management-and-development/nasdaq-open/opendoor-technologies/news/opendoor-turnaroun
https://www.zacks.com/stock/news/2874530/is-opendoor-20-working-why-open-is-prioritizing-product-over-growth - Broader perspective pieces on Opendoor’s stock performance and long‑term potential.nasdaq+2
https://www.nasdaq.com/articles/unstoppable-stock-soared-264-2025-heres-what-could-happen-2026
https://unemployedvaluedegen.substack.com/p/opendoors-path-to-a-trillion-dollar
https://www.stocktitan.net/sec-filings/OPEN/10-k-opendoor-technologies-inc-files-annual-report-9cd3fbe35f21.html
