Opendoor Technologies Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Opendoor Technologies Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,838	4,741	2,583	8,021	15,567	6,946	5,153	4,371
Cost of revenue	1,705	4,440	2,363	7,291	14,900	6,459	4,720	4,021
Gross profit	133	301	220	730	667	487	433	350
Research and development	28.5	51	56	134	169	167	141	79
Selling and marketing	196	384	189	544	1,006	486	413	310
General and administrative	72.4	114	132	620	346	206	182	238
Operating expenses	297	549	406	1,298	1,598	873	753	637
Operating income	-164	-248	-186	-568	-931	-386	-320	-287
Interest expense	60.5	110	68	143	385	211	133	131
Other non-operating income	2.6	13	4	38	-10	107	64	42
Pre-tax income	-240	-339	-253	-661	-1,351	-274	-391	-1,300
Income tax	0.38	0	0	1	2	1	1	0
Net income to minority interests	1.36	2	0	0
Net income	-241	-341	-253	-662	-1,353	-275	-392	-1,300
EBITDA	-159	-233	-164	-541	-894	-348	-287	-256
EPS, basic	-3.16	-4.26	-2.31	-1.12	-2.16	-0.42	-0.56	-1.70
EPS, diluted	-3.16	-4.37	-2.31	-1.12	-2.16	-0.42	-0.56	-1.70
Shares, basic (weighted)	78.6	80	109	593	627	657	699	767
Shares, diluted (weighted)	78.6	80	109	593	627	657	699	767

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	262	405	1,413	1,731	1,137	999	671	962
Short-term investments		43.6	48	484	144	69	8	0
Other current assets		30.9	24	91	41	52	61	69
Total current assets		2,088	2,053	9,340	6,466	3,445	2,997	2,299
Property, plant and equipment		34.6	29	45	58	66	48	27
Lease right-of-use assets		60.7	50	42	41	25	18	8
Goodwill		30.9	31	60	4	4	3	3
Intangible assets		12.4	9	12	12	5	0	0
Other non-current assets		5.39	4	7	27	22	60	70
Total assets		2,232	2,176	9,506	6,608	3,567	3,126	2,407
Accounts payable		6.45	3	3	5	2	9	0
Accrued liabilities		16.3	11	66	47	34	30	20
Short-term debt		1,074	346
Total current liabilities		1,126	393	4,400	1,505	70	529	327
Lease liabilities		48.4	47	42	38	19	13	6
Other non-current liabilities		0.21	0.09		0	1	1	1
Total liabilities		1,583	623	7,258	5,522	2,600	2,413	1,402
Total debt		1,074	135
Paid-in capital		57.4	2,596	3,955	4,148	4,301	4,438	6,038
Retained earnings		-790	-1,043	-1,705	-3,058	-3,333	-3,725	-5,033
Other comprehensive income		0.02	0	-2	-4	-1	0	0
Shareholders' equity		-733	1,553	2,248	1,086	967	713	1,005
Total equity	-414	-733	1,553	2,248	1,086	967	713	1,005
Total liabilities and equity		2,232	2,176	9,506	6,608	3,567	3,126	2,407
Shares outstanding		83.7	541	616	637	678	720	957

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-240	-339	-253	-662	-1,353	-275	-392	-1,300
Depreciation and amortization	4.6	15	22	27	37	38	33	31
Stock-based compensation	8.42	13	38	536	171	126	114	159
Change in payables	16.4	-5	-4	76	-25	-38	31	-7
Cash from operations	-1,180	-272	682	-5,794	730	2,344	-595	1,049
Capital expenditures	-20	-28	-17	-33	-37	-37	-25	-12
Acquisitions	-4.86	-33	0	-33	-10	0	0
Purchases of investments	-22.9	-79.3	-175	-486	-28	0	0
Sales and maturities of investments	40.4	45	170	92	328	80	55	6
Cash from investing	-7.43	-95	-22	-476	234	44	28	-12
Stock issued	0	0	0	886	0	0	0	198
Share buybacks	-37.8	-3	0	0
Cash from financing	1,496	646	161	7,342	-1,751	-2,639	-210	-499
Net change in cash	309	279	821	1,072	-787	-251	-777	538
Free cash flow	-1,200	-300	665	-5,827	693	2,307	-620	1,037
Interest paid	44.6	86	57	122	355	203	121	120
Income taxes paid								0

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $2.57 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	8.6%	Gross profit / revenue.
Operating margin	-16.0%	Operating income / revenue.
EBITDA margin	-15.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-46.7%	Pre-tax income / revenue.
Net margin	-46.7%	Net income / revenue.
FCF margin	-14.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-14.1%	Cash from operations / revenue.
Return on equity (ROE)	-166.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-51.4%	Net income / average total assets.
Return on invested capital (ROIC)	-2,287.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	2.7%	Research and development expense / revenue.
Stock-based pay / revenue	11.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.5%	Capital expenditures / revenue.
D&A / revenue	0.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-15.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-34.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-19.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-19.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	9.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 3y	12.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	9.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	14.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	9.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	41.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-2.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-8.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-23.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-28.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	9.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	6.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	47.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.94x	Current assets / current liabilities.
Quick ratio	0.93x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.93x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	69.1%	Total liabilities / total assets.
Interest coverage	-4.57x	Operating income / interest expense.
Working capital	$1.88B	Current assets - current liabilities.
Goodwill and intangibles / assets	0.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$911.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.10x	Revenue / average total assets.
Fixed asset turnover	136x	Revenue / average property, plant and equipment.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.57	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$3.37	Revenue / diluted weighted shares.
FCF per share	-$0.49	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.48	Cash from operations / diluted weighted shares.
Book value per share	$0.94	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.94	Tangible book value / shares outstanding.
Cash per share	$0.93	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.50B	Share price x shares outstanding.
Enterprise value	$1.60B	Market cap + total debt - cash - short-term investments.
P/S	0.77x	Market cap / revenue.
P/B	2.73x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.74x	Market cap / tangible book value, when positive.
EV/Sales	0.49x	Enterprise value / revenue.
FCF yield	-19.0%	Free cash flow / market cap.
Earnings yield	-60.9%	Net income / market cap (the inverse of P/E).

What was Opendoor Technologies Inc.'s revenue in fiscal 2025?

Opendoor Technologies Inc. reported revenue of $4.37B for fiscal 2025, 15.2% lower than the year before.

Was Opendoor Technologies Inc. profitable in fiscal 2025?

No. It reported a net loss of $1.30B.

How much free cash flow did Opendoor Technologies Inc. generate in fiscal 2025?

Cash from operations of $1.05B minus capital expenditures of $12.0M left free cash flow of $1.04B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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