NASDAQ : OPEN
Opendoor Technologies Inc. — Financial statements
Real Estate · Real Estate Services · United States
Last price 1.9 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 1.85B
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Financial statements
Opendoor Technologies Inc. (OPEN) reported revenue of 3.25B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 3.25B | 4.37B | 5.15B | 6.95B | 15.57B | 8.02B |
| Cost of Revenue | 2.97B | 4.02B | 4.72B | 6.46B | 14.90B | 7.29B |
| Gross Profit | 281.00M | 350.00M | 433.00M | 487.00M | 667.00M | 730.00M |
| Selling, General & Admin | 710.00M | 548.00M | 595.00M | 691.00M | 1.35B | 1.16B |
| Research & Development | 83.00M | 75.00M | 134.00M | 158.00M | 166.00M | 131.00M |
| Operating Expenses | 793.00M | 623.00M | 729.00M | 849.00M | 1.52B | 1.29B |
| Operating Income | -512.00M | -273.00M | -296.00M | -362.00M | -851.00M | -564.00M |
| Interest Expense | -114.00M | -131.00M | -133.00M | -211.00M | -385.00M | -143.00M |
| Interest & Investment Income | 43.00M | 39.00M | 53.00M | 106.00M | 22.00M | 3.00M |
| Other Non Operating Income (Expenses) | 6.00M | 6.00M | 4.00M | 2.00M | 3.00M | 12.00M |
| EBT Excluding Unusual Items | -577.00M | -359.00M | -372.00M | -465.00M | -1.21B | -692.00M |
| Merger & Restructuring Charges | -4.00M | -10.00M | -17.00M | -14.00M | -17.00M | |
| Impairment of Goodwill | -60.00M | |||||
| Gain (Loss) on Sale of Investments | -3.00M | -7.00M | -1.00M | -35.00M | 35.00M | |
| Gain (Loss) on Sale of Assets | 14.00M | |||||
| Asset Writedown | -5.00M | -4.00M | -7.00M | -10.00M | -3.00M | -4.00M |
| Other Unusual Items | -935.00M | -924.00M | -2.00M | 216.00M | -25.00M | |
| Pretax Income | -1.52B | -1.30B | -391.00M | -274.00M | -1.35B | -661.00M |
| Income Tax Expense | 1.00M | 1.00M | 2.00M | 1.00M | ||
| Earnings From Continuing Operations | -1.52B | -1.30B | -392.00M | -275.00M | -1.35B | -662.00M |
| Net Income | -1.52B | -1.30B | -392.00M | -275.00M | -1.35B | -662.00M |
| Net Income to Common | -1.52B | -1.30B | -392.00M | -275.00M | -1.35B | -662.00M |
| Shares Outstanding (Basic) | 884.55M | 766.53M | 699.46M | 657.11M | 627.11M | 592.57M |
| Shares Outstanding (Diluted) | 884.55M | 766.53M | 699.46M | 657.11M | 627.11M | 592.57M |
| EPS (Basic) | -1.72 | -1.70 | -0.56 | -0.42 | -2.16 | -1.12 |
| EPS (Diluted) | -1.72 | -1.70 | -0.56 | -0.42 | -2.16 | -1.12 |
| Free Cash Flow | -474.00M | 1.04B | -620.00M | 2.31B | 693.00M | -5.83B |
| Free Cash Flow Per Share | -0.54 | 1.35 | -0.89 | 3.51 | 1.10 | -9.83 |
| Gross Margin | 8.64% | 8.01% | 8.40% | 7.01% | 4.29% | 9.10% |
| Operating Margin | -15.73% | -6.25% | -5.74% | -5.21% | -5.47% | -7.03% |
| Profit Margin | -46.74% | -29.74% | -7.61% | -3.96% | -8.69% | -8.25% |
| Free Cash Flow Margin | -14.57% | 23.72% | -12.03% | 33.21% | 4.45% | -72.65% |
| EBITDA | -474.00M | -229.00M | -248.00M | -297.00M | -768.00M | -517.00M |
| EBITDA Margin | -14.57% | -5.24% | -4.81% | -4.28% | -4.93% | -6.44% |
| D&A For EBITDA | 38.00M | 44.00M | 48.00M | 65.00M | 83.00M | 47.00M |
| EBIT | -512.00M | -273.00M | -296.00M | -362.00M | -851.00M | -564.00M |
| EBIT Margin | -15.73% | -6.25% | -5.74% | -5.21% | -5.47% | -7.03% |
| Advertising Expenses | 47.00M | 86.00M | 75.00M | 200.00M | 123.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 896.00M | 962.00M | 671.00M | 999.00M | 1.14B | 1.73B |
| Short-Term Investments | 8.00M | 69.00M | 144.00M | 484.00M | ||
| Cash & Short-Term Investments | 896.00M | 962.00M | 679.00M | 1.07B | 1.28B | 2.21B |
| Inventory | 1.84B | 925.00M | 2.16B | 1.77B | 4.46B | 6.10B |
| Restricted Cash | 66.00M | 339.00M | 92.00M | 541.00M | 654.00M | 847.00M |
| Other Current Assets | 43.00M | 73.00M | 67.00M | 61.00M | 70.00M | 171.00M |
| Total Current Assets | 2.85B | 2.30B | 3.00B | 3.44B | 6.47B | 9.34B |
| Property, Plant & Equipment | 34.00M | 35.00M | 66.00M | 91.00M | 99.00M | 87.00M |
| Long-Term Investments | 73.00M | 68.00M | 59.00M | 20.00M | 25.00M | 5.00M |
| Goodwill | 3.00M | 3.00M | 3.00M | 4.00M | 4.00M | 60.00M |
| Other Intangible Assets | 5.00M | 12.00M | 12.00M | |||
| Other Long-Term Assets | 1.00M | 2.00M | 1.00M | 2.00M | 2.00M | 2.00M |
| Total Assets | 2.96B | 2.41B | 3.13B | 3.57B | 6.61B | 9.51B |
| Accounts Payable | 76.00M | 9.00M | 2.00M | 5.00M | 3.00M | |
| Accrued Expenses | 3.00M | 37.00M | 62.00M | 60.00M | 109.00M | 119.00M |
| Short-Term Debt | 7.00M | |||||
| Current Portion of Long-Term Debt | 885.00M | 245.00M | 432.00M | 1.38B | 4.24B | |
| Current Portion of Leases | 2.00M | 1.00M | 2.00M | 5.00M | 7.00M | 4.00M |
| Other Current Liabilities | 2.00M | 44.00M | 24.00M | 3.00M | 8.00M | 27.00M |
| Total Current Liabilities | 968.00M | 327.00M | 529.00M | 70.00M | 1.50B | 4.40B |
| Long-Term Debt | 1.07B | 1.07B | 1.87B | 2.51B | 3.98B | 2.82B |
| Long-Term Leases | 6.00M | 6.00M | 13.00M | 19.00M | 38.00M | 42.00M |
| Other Long-Term Liabilities | 2.00M | 1.00M | 1.00M | 1.00M | ||
| Total Liabilities | 2.05B | 1.40B | 2.41B | 2.60B | 5.52B | 7.26B |
| Additional Paid-In Capital | 6.28B | 6.04B | 4.44B | 4.30B | 4.15B | 3.96B |
| Retained Earnings | -5.37B | -5.03B | -3.73B | -3.33B | -3.06B | -1.71B |
| Comprehensive Income & Other | -1.00M | -1.00M | -4.00M | -2.00M | ||
| Total Common Equity | 914.00M | 1.00B | 713.00M | 967.00M | 1.09B | 2.25B |
| Shareholders' Equity | 914.00M | 1.00B | 713.00M | 967.00M | 1.09B | 2.25B |
| Total Liabilities & Equity | 2.96B | 2.41B | 3.13B | 3.57B | 6.61B | 9.51B |
| Total Debt | 1.96B | 1.32B | 2.32B | 2.53B | 5.40B | 7.11B |
| Net Cash (Debt) | -1.07B | -358.00M | -1.64B | -1.47B | -4.12B | -4.89B |
| Net Cash Per Share | -1.21 | -0.47 | -2.34 | -2.23 | -6.57 | -8.26 |
| Filing Date Shares Outstanding | 971.09M | 958.33M | 723.52M | 679.64M | 642.56M | 620.13M |
| Total Common Shares Outstanding | 968.63M | 957.25M | 719.99M | 677.64M | 637.39M | 616.03M |
| Working Capital | 1.88B | 1.97B | 2.47B | 3.38B | 4.96B | 4.94B |
| Book Value Per Share | 0.94 | 1.05 | 0.99 | 1.43 | 1.70 | 3.65 |
| Tangible Book Value | 911.00M | 1.00B | 710.00M | 958.00M | 1.07B | 2.18B |
| Tangible Book Value Per Share | 0.94 | 1.05 | 0.99 | 1.41 | 1.68 | 3.53 |
| Machinery | 11.00M | 9.00M | 16.00M | 36.00M | 37.00M | 26.00M |
| Leasehold Improvements | 1.00M | 2.00M | 2.00M | 2.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -1.52B | -1.30B | -392.00M | -275.00M | -1.35B | -662.00M |
| Depreciation & Amortization | 40.00M | 46.00M | 53.00M | 72.00M | 90.00M | 55.00M |
| Loss (Gain) From Sale of Assets | -14.00M | |||||
| Asset Writedown & Restructuring Costs | 60.00M | |||||
| Loss (Gain) From Sale of Investments | 3.00M | 7.00M | 1.00M | 35.00M | -35.00M | |
| Stock-Based Compensation | 371.00M | 159.00M | 114.00M | 126.00M | 171.00M | 536.00M |
| Other Operating Activities | 987.00M | 986.00M | 66.00M | -138.00M | 761.00M | 35.00M |
| Change in Inventory | -353.00M | 1.17B | -449.00M | 2.61B | 896.00M | -5.66B |
| Change in Accounts Payable | -16.00M | -7.00M | 31.00M | -38.00M | -25.00M | 76.00M |
| Change in Other Net Operating Assets | 33.00M | -10.00M | -11.00M | -18.00M | 85.00M | -144.00M |
| Operating Cash Flow | -459.00M | 1.05B | -595.00M | 2.34B | 730.00M | -5.79B |
| Capital Expenditures | -15.00M | -12.00M | -25.00M | -37.00M | -37.00M | -33.00M |
| Cash Acquisitions | -10.00M | -33.00M | ||||
| Divestitures | -2.00M | |||||
| Sale (Purchase) of Intangibles | -1.00M | |||||
| Investment in Securities | -11.00M | 55.00M | 81.00M | 281.00M | -409.00M | |
| Investing Cash Flow | -26.00M | -12.00M | 28.00M | 44.00M | 234.00M | -476.00M |
| Short-Term Debt Issued | 114.00M | 192.00M | ||||
| Long-Term Debt Issued | 801.00M | 500.00M | 238.00M | 10.11B | 12.45B | |
| Total Debt Issued | 836.00M | 801.00M | 500.00M | 238.00M | 10.22B | 12.64B |
| Short-Term Debt Repaid | -121.00M | -192.00M | ||||
| Long-Term Debt Repaid | -2.67B | -715.00M | -2.88B | -11.82B | -5.96B | |
| Total Debt Repaid | -1.96B | -2.67B | -715.00M | -2.88B | -11.94B | -6.15B |
| Net Debt Issued (Repaid) | -1.12B | -1.86B | -215.00M | -2.64B | -1.72B | 6.50B |
| Issuance of Common Stock | 1.39B | 1.39B | 5.00M | 5.00M | 6.00M | 923.00M |
| Other Financing Activities | -7.00M | -23.00M | -5.00M | -36.00M | -76.00M | |
| Financing Cash Flow | 262.00M | -499.00M | -210.00M | -2.64B | -1.75B | 7.34B |
| Net Cash Flow | -223.00M | 538.00M | -777.00M | -251.00M | -787.00M | 1.07B |
| Free Cash Flow | -474.00M | 1.04B | -620.00M | 2.31B | 693.00M | -5.83B |
| Free Cash Flow Margin | -14.57% | 23.72% | -12.03% | 33.21% | 4.45% | -72.65% |
| Free Cash Flow Per Share | -0.54 | 1.35 | -0.89 | 3.51 | 1.10 | -9.83 |
| Levered Free Cash Flow | 48.75M | 907.50M | -37.12M | 2.55B | 1.36B | -6.29B |
| Unlevered Free Cash Flow | 120.00M | 989.38M | 46.00M | 2.69B | 1.61B | -6.21B |
| Cash Interest Paid | 104.00M | 120.00M | 121.00M | 203.00M | 355.00M | 122.00M |
| Change in Working Capital | -336.00M | 1.16B | -429.00M | 2.56B | 956.00M | -5.72B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.75B | 5.56B | 1.14B | 3.00B | 735.67M | 8.95B |
| Enterprise Value | 2.82B | 6.38B | 2.84B | 4.63B | 7.30B | 13.55B |
| Last Close Price | 1.80 | 5.83 | 1.60 | 4.48 | 1.16 | 14.61 |
| PS Ratio | 0.54 | 1.27 | 0.22 | 0.43 | 0.05 | 1.12 |
| PB Ratio | 1.91 | 5.53 | 1.60 | 3.10 | 0.68 | 3.98 |
| P/TBV Ratio | 1.92 | 5.55 | 1.61 | 3.13 | 0.69 | 4.11 |
| P/FCF Ratio | 5.36 | 1.30 | 1.06 | |||
| P/OCF Ratio | 5.30 | 1.28 | 1.01 | |||
| EV/Sales Ratio | 0.87 | 1.46 | 0.55 | 0.67 | 0.47 | 1.69 |
| EV/FCF Ratio | 6.16 | 2.01 | 10.54 | |||
| Debt / Equity Ratio | 2.15 | 1.31 | 3.25 | 2.62 | 4.97 | 3.16 |
| Debt / FCF Ratio | 1.27 | 1.10 | 7.79 | |||
| Net Debt / Equity Ratio | 1.17 | 0.36 | 2.30 | 1.52 | 3.79 | 2.18 |
| Net Debt / EBITDA Ratio | -2.25 | -1.56 | -6.61 | -4.94 | -5.36 | -9.47 |
| Net Debt / FCF Ratio | -2.25 | 0.34 | -2.64 | 0.64 | 5.94 | -0.84 |
| Asset Turnover | 1.11 | 1.58 | 1.54 | 1.36 | 1.93 | 1.37 |
| Inventory Turnover | 1.76 | 2.61 | 2.40 | 2.07 | 2.82 | 2.22 |
| Quick Ratio | 0.93 | 2.94 | 1.28 | 15.26 | 0.85 | 0.50 |
| Current Ratio | 2.94 | 7.03 | 5.67 | 49.21 | 4.30 | 2.12 |
| Return on Equity (ROE) | -196.89% | -151.34% | -46.67% | -26.79% | -81.16% | -34.83% |
| Return on Assets (ROA) | -10.91% | -6.17% | -5.53% | -4.45% | -6.60% | -6.04% |
| Return on Capital Employed (ROCE) | -25.70% | -13.10% | -11.40% | -10.40% | -16.70% | -11.00% |
| Earnings Yield | -95.70% | -23.39% | -34.26% | -9.16% | -183.91% | -7.40% |
| FCF Yield | -27.12% | 18.66% | -54.19% | 76.85% | 94.20% | -65.10% |
| Buyback Yield / Dilution | -23.07% | -9.59% | -6.44% | -4.78% | -5.83% | -442.15% |