What is Better Home & Finance's operating income?

Better Home & Finance's total operating income in 2025 was -$183.24 million, based on the following breakdown: Total Gross Profit: -$26.78 million Total Operating Expenses: $156.47 million

Better Home & Finance (BETRW) Financials

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As of 09:52 AM Eastern

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Annual Income Statements for Better Home & Finance

This table shows Better Home & Finance's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-6.53	-877	-536	-206	-166
Consolidated Net Income / (Loss)	-6.53	-877	-258	-206	-166
Net Income / (Loss) Continuing Operations	-6.53	-877	-258	-206	-166
Total Pre-Tax Income	-6.53	-876	-534	-205	-166
Total Operating Income	-8.12	-859	-256	-223	-183
Total Gross Profit	0.00	-243	-94	-50	-27
Total Revenue	0.00	368	72	108	165
Operating Revenue	-	368	88	91	147
Total Cost of Revenue	0.00	611	182	141	174
Operating Cost of Revenue	-	611	182	141	174
Total Operating Expenses	8.12	626	162	173	156
Selling, General & Admin Expense	8.12	186	60	52	45
Marketing Expense	-	69	20	34	38
Research & Development Expense	-	124	39	26	28
Depreciation Expense	-	-	43	33	14
Other Operating Expenses / (Income)	-	-	0.00	27	31
Total Other Income / (Expense), net	1.59	-7.40	0.00	18	17
Interest Expense	-	303	-	21	43
Interest & Investment Income	0.02	27	-	39	60
Income Tax Expense	-	1.10	2.00	0.85	0.05
Basic Earnings per Share	($0.44)	($3.01)	($58.09)	($13.65)	($10.80)
Weighted Average Basic Shares Outstanding	49.24M	291.30M	9.23M	15.11M	15.36M
Diluted Earnings per Share	($0.44)	($3.01)	($58.09)	($13.65)	($10.80)
Weighted Average Diluted Shares Outstanding	29.42M	291.30M	9.23M	15.11M	15.36M
Weighted Average Basic & Diluted Shares Outstanding	34.75M	-	755.92M	15.17M	16.45M

This table shows Better Home & Finance's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-354	-51	-51	-41	-54	-59	-51	-36	-39	-40	-70
Consolidated Net Income / (Loss)	-354	228	-51	-41	-54	-59	-51	-36	-39	-40	-70
Net Income / (Loss) Continuing Operations	-354	228	-51	-41	-54	-59	-46	-36	-39	-40	-49
Total Pre-Tax Income	-353	-51	-51	-41	-54	-59	-46	-36	-39	-40	-51
Total Operating Income	-343	217	-55	-46	-59	-63	-49	-40	-44	-45	-52
Total Gross Profit	-69	-1.83	-20	-8.14	-13	-9.18	-16	-1.34	-2.09	-5.29	-9.79
Total Revenue	16	7.98	22	32	29	29	31	44	44	44	47
Operating Revenue	16	23	18	27	25	21	28	40	39	40	46
Total Cost of Revenue	84	25	38	35	38	30	44	41	41	45	56
Operating Cost of Revenue	84	25	38	35	38	30	44	41	41	45	56
Total Operating Expenses	274	-219	36	38	45	54	33	39	42	40	43
Selling, General & Admin Expense	14	16	14	15	13	10	11	12	10	12	8.95
Marketing Expense	5.06	3.60	4.55	8.53	12	8.80	8.68	11	10	8.04	9.22
Research & Development Expense	6.35	7.47	5.46	6.58	7.25	6.82	6.65	6.95	6.73	7.02	8.36
Depreciation Expense	10	10	9.07	7.99	8.26	7.90	3.77	3.54	3.40	3.16	3.00
Other Operating Expenses / (Income)	238	-257	2.39	-0.09	5.11	20	3.39	5.78	11	9.46	13
Total Other Income / (Expense), net	-11	9.78	3.78	5.15	4.42	4.15	3.10	4.07	4.67	4.74	1.55
Interest Expense	15	-	4.85	4.25	5.45	6.94	4.49	10	12	14	5.73
Interest & Investment Income	4.04	-	8.64	9.40	9.87	11	7.60	14	17	19	7.28
Income Tax Expense	0.66	-0.54	0.14	0.20	0.13	0.38	0.15	0.09	0.15	-0.33	-1.57
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-4.59	-	-	-	-21
Basic Earnings per Share	($35.63)	($5.51)	($3.41)	($2.74)	($3.58)	($3.92)	($3.33)	($2.39)	($2.56)	($2.60)	($4.29)
Weighted Average Basic Shares Outstanding	9.93M	9.23M	15.08M	15.10M	15.12M	15.11M	15.17M	15.19M	15.26M	15.36M	16.41M
Diluted Earnings per Share	($35.63)	($5.51)	($3.41)	($2.74)	($3.58)	($3.92)	($3.33)	($2.39)	($2.56)	($2.60)	($4.29)
Weighted Average Diluted Shares Outstanding	9.93M	9.23M	15.08M	15.10M	15.12M	15.11M	15.17M	15.19M	15.26M	15.36M	16.41M
Weighted Average Basic & Diluted Shares Outstanding	737.59M	755.92M	755.60M	756.43M	15.15M	15.17M	15.20M	15.29M	15.70M	16.45M	18.87M

This table details how cash moves in and out of Better Home & Finance's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	0.04	-633	183	-285	-121
Net Cash From Operating Activities	-3.24	938	-160	-380	-167
Net Cash From Continuing Operating Activities	-3.24	938	-160	-378	-167
Net Income / (Loss) Continuing Operations	-6.53	-877	-536	-206	-166
Consolidated Net Income / (Loss)	-6.53	-877	-536	-206	-166
Depreciation Expense	-	14	5.84	7.09	1.04
Amortization Expense	-	308	45	32	15
Non-Cash Adjustments To Reconcile Net Income	-0.63	1,516	363	-198	-43
Changes in Operating Assets and Liabilities, net	3.91	-23	-37	-13	27
Net Cash From Investing Activities	-278	-35	-39	-144	-662
Net Cash From Continuing Investing Activities	-278	-35	-39	-144	-662
Purchase of Property, Plant & Equipment	-	-35	-9.78	-10	-11
Purchase of Investments	-	0.00	-48	-323	-1,097
Sale of Property, Plant & Equipment	-	4.55	0.76	2.94	0.00
Sale and/or Maturity of Investments	-	0.00	31	186	448
Other Investing Activities, net	-278	-	0.00	-	-1.60
Net Cash From Financing Activities	281	-1,537	381	239	714
Net Cash From Continuing Financing Activities	281	-1,537	381	239	714
Repayment of Debt	-	-11,662	-168	-1.10	-112
Issuance of Debt	1.28	10,132	529	118	168
Issuance of Common Equity	42	0.00	16	0.00	29
Other Financing Activities, net	238	0.73	20	122	629
Other Net Changes in Cash	-	0.73	-	-0.22	-7.50
Cash Interest Paid	-	13	12	14	22
Cash Income Taxes Paid	-	1.83	-8.45	-0.68	1.71

This table details how cash moves in and out of Better Home & Finance's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	420	-25	-77	-103	-110	6.12	-97	-39	-11	29	-32
Net Cash From Operating Activities	63	-80	-43	-221	-11	-106	-57	-56	4.21	-57	-125
Net Cash From Continuing Operating Activities	63	-80	-43	-221	-11	-104	-46	-56	5.29	-58	-125
Net Income / (Loss) Continuing Operations	-354	-51	-51	-41	-54	-59	-46	-36	-39	-40	-49
Consolidated Net Income / (Loss)	-354	-51	-51	-41	-54	-59	-51	-36	-39	-40	-70
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-4.59	-	-	-	-21
Depreciation Expense	1.16	1.14	1.03	0.90	2.26	2.90	0.41	0.30	0.09	0.25	0.24
Amortization Expense	15	11	9.26	8.72	7.62	6.74	5.06	3.24	3.31	2.91	2.75
Non-Cash Adjustments To Reconcile Net Income	414	-10	9.37	-178	6.38	-36	-17	-29	44	-44	-67
Changes in Operating Assets and Liabilities, net	-14	-31	-11	-11	27	-18	11	5.50	-3.48	22	-11
Net Cash From Discontinued Operating Activities	-	-	-	-	-	-	-11	-	-	-	-0.38
Net Cash From Investing Activities	0.65	3.47	-33	-30	-49	-32	-159	-223	-208	-72	-12
Net Cash From Continuing Investing Activities	0.65	3.47	-33	-30	-49	-32	-2.54	-223	-206	-74	-0.36
Purchase of Property, Plant & Equipment	-2.61	-0.88	-0.86	-2.95	-3.24	-3.03	-2.54	-2.91	-2.80	-2.98	-2.73
Sale of Property, Plant & Equipment	0.20	0.12	-	-	-	2.94	0.00	-	-	-	2.37
Net Cash From Discontinued Investing Activities	-	-	-	-	-	-	-156	-	-	-	-11
Net Cash From Financing Activities	356	50	-1.15	146	-52	146	119	247	190	159	105
Net Cash From Continuing Financing Activities	356	50	-1.15	146	-52	146	-53	247	190	159	113
Repayment of Debt	333	-475	-1.10	-	-	-	-8.11	-110	-1.61	-	96
Issuance of Common Equity	-	-	-	-	-	-	0.00	-	-	29	12
Other Financing Activities, net	21	0.61	0.01	25	61	36	-45	221	212	68	5.73
Net Cash From Discontinued Financing Activities	-	-	-	-	-	-	172	-	-	-	-7.90
Other Net Changes in Cash	-0.03	-	-0.12	0.99	0.81	-	0.60	-6.09	1.98	-0.56	-0.80
Cash Interest Paid	6.26	0.04	2.55	0.03	0.01	11	2.92	5.73	7.23	5.99	11
Cash Income Taxes Paid	0.24	-2.57	0.25	0.08	0.22	-1.23	-0.68	-1.02	3.37	0.04	0.13

This table presents Better Home & Finance's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	0.56	279	1,083	906	913	1,505
Total Current Assets	0.01	1.07	401	597	327	1,004
Cash & Equivalents	0.00	0.04	318	504	211	79
Restricted Cash	-	-	-	-	-	8.93
Accounts Receivable	0.00	0.50	17	17	18	11
Prepaid Expenses	0.01	0.53	67	51	34	27
Other Current Assets	-	-	-	-	-	4.21
Other Current Nonoperating Assets	-	-	-	0.00	10	874
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	0.56	278	682	308	586	500
Goodwill	-	-	17	32	24	11
Intangible Assets	-	-	62	38	21	17
Other Noncurrent Operating Assets	0.56	278	603	233	542	471
Total Liabilities & Shareholders' Equity	0.56	279	1,083	906	913	1,505
Total Liabilities	0.56	29	1,251	783	971	1,468
Total Current Liabilities	0.56	7.09	90	82	188	844
Accounts Payable	0.53	5.68	90	70	48	59
Other Current Nonoperating Liabilities	-	-	-	0.00	6.12	785
Total Noncurrent Liabilities	0.00	22	1,161	701	783	622
Long-Term Debt	-	-	1,038	641	764	611
Other Noncurrent Operating Liabilities	0.00	22	122	60	19	11
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	0.01	7.15	-604	123	-58	37
Total Preferred & Common Equity	0.01	7.15	-604	123	-58	37
Total Common Equity	0.01	7.15	-604	123	-58	37
Common Stock	0.03	14	618	1,839	1,863	2,110
Retained Earnings	-0.02	-6.55	-1,168	-1,704	-1,910	-2,076
Accumulated Other Comprehensive Income / (Loss)	-	-	-1.42	-1.71	-1.94	3.66

This table presents Better Home & Finance's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	24	937	842	958	845	1,005	1,232	1,384	1,569
Total Current Assets	2.55	623	550	454	316	293	295	276	114
Cash & Equivalents	1.23	527	425	321	208	111	87	74	64
Accounts Receivable	1.25	10	11	20	17	29	31	33	16
Prepaid Expenses	0.08	56	56	55	37	36	33	30	33
Plant, Property, & Equipment, net	0.00	0.00	16	0.00	0.00	2.38	0.00	0.00	1.94
Total Noncurrent Assets	21	314	276	504	529	710	937	1,108	1,453
Goodwill	-	32	32	32	33	24	25	25	11
Intangible Assets	-	48	31	26	25	20	21	22	18
Other Noncurrent Operating Assets	21	233	213	446	471	666	891	1,062	583
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	-	841
Total Liabilities & Shareholders' Equity	24	937	842	958	845	1,005	1,232	1,384	1,569
Total Liabilities	21	780	765	913	845	1,107	1,155	1,342	1,560
Total Current Liabilities	20	113	71	103	171	326	553	775	840
Accounts Payable	3.60	103	59	66	73	60	64	75	61
Other Current Nonoperating Liabilities	-	-	-	-	-	5.84	6.93	5.17	779
Total Noncurrent Liabilities	0.48	666	694	810	674	781	602	568	720
Long-Term Debt	-	587	641	764	652	757	572	549	706
Other Noncurrent Operating Liabilities	0.48	80	53	46	21	23	30	19	14
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	0.92	157	76	45	0.39	-102	77	42	8.55
Total Preferred & Common Equity	0.92	157	76	45	0.39	-102	77	42	8.55
Total Common Equity	0.92	157	76	45	0.39	-102	77	42	8.55
Common Stock	0.06	1,827	1,845	1,852	1,858	1,868	2,077	2,084	2,153
Retained Earnings	0.87	-1,657	-1,756	-1,797	-1,851	-1,961	-1,997	-2,036	-2,147
Accumulated Other Comprehensive Income / (Loss)	-	-2.43	-2.03	-1.45	2.61	0.29	5.61	3.87	2.03

This table displays calculated financial ratios and metrics derived from Better Home & Finance's official financial filings.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	34,750,359.00	34,750,359.00	737,585,438.00	-	15,696,638.00
DEI Adjusted Shares Outstanding	695,007.00	695,007.00	14,751,709.00	-	15,696,638.00
DEI Earnings Per Adjusted Shares Outstanding	-9.39	-1,261.97	-36.36	-	-10.57
Growth Metrics	-	-	-	-	-
Profitability Metrics	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	-5.68	-601	-179	-156	-128
Return On Investment Capital (ROIC_SIMPLE)	-	-	-23.46%	-22.12%	-19.80%
Earnings before Interest and Taxes (EBIT)	-6.55	-590	-256	-223	-183
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-6.55	-268	-205	-184	-167
Valuation Ratios	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-902	144	-252	-132
Efficiency Ratios	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	252	553	229	325	441
Increase / (Decrease) in Invested Capital	0.00	301	-323	96	4.05
Book Value per Share	$0.21	($17.39)	$0.17	($3.84)	$2.37
Tangible Book Value per Share	$0.21	($19.67)	$0.07	($6.78)	$0.27
Total Capital	252	871	763	706	648
Total Debt	1.41	1,038	641	764	611
Total Long-Term Debt	0.00	1,038	641	764	611
Net Debt	1.37	720	107	387	407
Capital Expenditures (CapEx)	0.00	31	9.01	7.14	11
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-4.65	-7.28	-13	-127	-791
Debt-free Net Working Capital (DFNWC)	-4.62	311	516	138	-588
Net Working Capital (NWC)	-6.03	311	516	138	-588
Net Nonoperating Expense (NNE)	0.84	276	79	50	38
Net Nonoperating Obligations (NNO)	1.37	720	107	383	403
Total Depreciation and Amortization (D&A)	0.00	322	51	39	16
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$25.00	($58.00)	($13.65)	($10.80)
Adjusted Weighted Average Basic Shares Outstanding	0.00	695.01K	9.23M	15.11M	15.36M
Adjusted Diluted Earnings per Share	$0.00	$25.00	($58.00)	($13.65)	($10.80)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	695.01K	9.23M	15.11M	15.36M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	15.12M	15.17M	16.45M
Normalized Net Operating Profit after Tax (NOPAT)	-5.68	-429	-179	-156	-128
Debt Service Ratios	-	-	-	-	-
Payout Ratios	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from Better Home & Finance's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	8,998,910.00	737,585,438.00	755,924,333.00	755,599,676.00	756,431,729.00	-	15,170,021.00	15,204,485.00	15,291,362.00	15,696,638.00	16,449,892.00
DEI Adjusted Shares Outstanding	179,978.00	14,751,709.00	15,118,487.00	15,111,994.00	15,128,635.00	-	15,170,021.00	15,204,485.00	15,291,362.00	15,696,638.00	16,449,892.00
DEI Earnings Per Adjusted Shares Outstanding	-1,966.29	-3.45	-3.41	-2.74	-3.58	-	-3.33	-2.39	-2.56	-2.54	-4.27
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-41.31%	-97.67%	25.68%	3.75%	86.31%	260.53%	46.30%	36.83%	51.30%	-	51.61%
EBITDA Growth	-127.92%	160.86%	40.59%	-13.17%	85.11%	-123.24%	-8.57%	-0.07%	17.23%	-	-13.85%
EBIT Growth	-139.13%	148.41%	36.72%	-6.34%	82.92%	-128.98%	1.40%	13.10%	25.39%	-	-7.24%
NOPAT Growth	-93.22%	132.06%	36.72%	-6.34%	82.92%	-128.98%	1.40%	13.10%	25.39%	-	-7.24%
Net Income Growth	-56.17%	134.84%	41.23%	6.01%	84.68%	-126.02%	1.82%	12.32%	27.83%	-	-39.07%
EPS Growth	-56.17%	134.84%	41.23%	6.01%	89.95%	28.86%	2.35%	12.77%	28.49%	-	-28.83%
Operating Cash Flow Growth	-93.61%	-98.09%	73.70%	-1,163.73%	-116.87%	-32.03%	-33.60%	74.46%	139.86%	-	-118.89%
Free Cash Flow Firm Growth	-25.36%	161.28%	-243.08%	-299.35%	-45.13%	-129.38%	12.31%	95.05%	91.04%	-	17.63%
Invested Capital Growth	-27.58%	-58.47%	6,848.43%	18,527.28%	108.79%	41.62%	84.63%	-1.25%	-2.21%	-	35.79%
Revenue Q/Q Growth	-49.95%	-48.73%	178.90%	44.99%	-10.13%	-0.80%	13.18%	35.61%	-0.63%	-	7.20%
EBITDA Q/Q Growth	-907.21%	170.32%	-119.53%	18.18%	-32.54%	-9.72%	8.75%	24.59%	-9.64%	-	-18.28%
EBIT Q/Q Growth	-686.55%	163.44%	-125.37%	15.99%	-26.32%	-7.67%	13.70%	25.96%	-8.45%	-	-16.63%
NOPAT Q/Q Growth	-686.55%	163.44%	-125.37%	15.99%	-26.32%	-7.67%	13.70%	25.96%	-8.45%	-	-16.63%
Net Income Q/Q Growth	-704.11%	164.32%	-122.62%	19.67%	-31.05%	-9.25%	14.63%	28.26%	-7.87%	-	-76.13%
EPS Q/Q Growth	-704.11%	164.32%	-122.62%	19.67%	-30.66%	-9.50%	15.05%	28.23%	-7.11%	-	-65.00%
Operating Cash Flow Q/Q Growth	201.92%	-228.27%	46.70%	-415.29%	95.21%	-903.75%	46.06%	1.50%	107.47%	-	-118.57%
Free Cash Flow Firm Q/Q Growth	-173.03%	382.02%	-156.77%	-70.49%	46.83%	42.92%	-69.46%	90.37%	3.79%	-	-187.77%
Invested Capital Q/Q Growth	8,010.54%	22.60%	2.23%	83.24%	-9.09%	-16.84%	33.27%	-1.99%	-9.97%	-	24.71%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	-441.89%	-22.98%	-88.10%	-25.24%	-45.45%	-31.90%	-55.48%	-3.04%	-4.76%	-	-20.62%
EBITDA Margin	-2,098.17%	2,877.81%	-201.52%	-113.72%	-167.71%	-185.49%	-149.55%	-83.17%	-91.76%	-	-104.16%
Operating Margin	-2,201.36%	2,724.30%	-247.77%	-143.56%	-201.78%	-219.00%	-166.99%	-91.17%	-99.50%	-	-110.47%
EBIT Margin	-2,201.36%	2,724.30%	-247.77%	-143.56%	-201.78%	-219.00%	-166.99%	-91.17%	-99.50%	-	-110.47%
Profit (Net Income) Margin	-2,274.06%	2,853.10%	-231.41%	-128.22%	-186.97%	-205.90%	-155.31%	-82.16%	-89.19%	-	-148.03%
Tax Burden Percent	100.19%	-442.50%	100.28%	100.49%	100.23%	100.64%	100.29%	100.26%	100.37%	-	138.09%
Interest Burden Percent	103.11%	-23.67%	93.14%	88.88%	92.44%	93.42%	92.74%	89.88%	89.30%	-	97.04%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Return on Invested Capital (ROIC)	-2,809.31%	352.79%	-112.07%	-36.30%	-44.72%	-59.99%	-41.59%	-19.52%	-26.23%	-	-27.42%
ROIC Less NNEP Spread (ROIC-NNEP)	-3,621.38%	371.04%	-128.43%	-40.95%	-51.02%	-66.16%	-45.20%	-21.73%	-28.58%	-	-33.44%
Return on Net Nonoperating Assets (RNNOA)	-243.70%	-6,776.26%	-252.43%	-327.54%	-136.07%	-503.24%	1,212.43%	-131.13%	-493.61%	-	398.34%
Return on Equity (ROE)	-3,053.01%	-6,423.47%	-364.51%	-363.84%	-180.79%	-563.23%	1,170.84%	-150.65%	-519.84%	-	370.93%
Cash Return on Invested Capital (CROIC)	-329.65%	36.82%	-326.06%	-271.29%	-56.56%	-90.74%	-106.05%	-34.15%	-34.22%	-	-55.96%
Operating Return on Assets (OROA)	-1,463.84%	198.18%	-44.11%	-22.83%	-20.72%	-26.13%	-21.48%	-10.88%	-12.99%	-	-15.54%
Return on Assets (ROA)	-1,512.19%	207.54%	-41.20%	-20.39%	-19.20%	-24.57%	-19.98%	-9.81%	-11.65%	-	-20.83%
Return on Common Equity (ROCE)	-1,265.38%	-68,283.18%	-354.60%	-347.16%	-180.79%	-563.23%	1,170.84%	-150.65%	-519.84%	-	370.93%
Return on Equity Simple (ROE_SIMPLE)	-724.27%	0.00%	-290.69%	0.00%	0.00%	0.00%	201.04%	0.00%	0.00%	-	0.00%
Net Operating Profit after Tax (NOPAT)	-240	152	-39	-32	-41	-44	-38	-28	-31	-31	-37
NOPAT Margin	-1,540.95%	1,907.01%	-173.44%	-100.49%	-141.25%	-153.30%	-116.89%	-63.82%	-69.65%	-	-77.33%
Net Nonoperating Expense Percent (NNEP)	812.07%	-18.25%	16.36%	4.66%	6.31%	6.17%	3.61%	2.21%	2.35%	-	6.02%
Return On Investment Capital (ROIC_SIMPLE)	-	19.93%	-5.38%	-4.01%	-6.27%	-6.25%	-5.81%	-4.35%	-5.17%	-4.86%	-5.14%
Cost of Revenue to Revenue	541.89%	317.10%	171.11%	109.27%	130.21%	104.34%	143.36%	93.81%	94.12%	-	117.35%
SG&A Expenses to Revenue	91.47%	206.14%	63.13%	46.97%	43.50%	36.22%	35.73%	26.07%	23.18%	-	18.84%
R&D to Revenue	40.80%	93.67%	24.53%	20.40%	25.00%	23.71%	22.06%	15.74%	15.33%	-	17.60%
Operating Expenses to Revenue	1,759.47%	-2,747.28%	159.66%	118.31%	156.33%	187.10%	111.50%	88.14%	94.74%	-	89.85%
Earnings before Interest and Taxes (EBIT)	-343	217	-55	-46	-59	-63	-54	-40	-44	-45	-52
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-327	230	-45	-37	-49	-53	-49	-37	-40	-42	-49
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.03	4.91	4.80	7.72	694.44	0.00	0.00	2.46	20.48	-	68.51
Price to Tangible Book Value (P/TBV)	0.06	11.56	27.69	0.00	0.00	0.00	0.00	6.17	0.00	-	0.00
Price to Revenue (P/Rev)	0.01	8.33	4.77	4.44	2.95	1.25	1.39	1.44	5.90	-	3.24
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.18	3.09	2.24	1.70	1.69	1.61	1.60	1.27	3.14	-	2.09
Enterprise Value to Revenue (EV/Rev)	0.08	9.80	6.82	9.38	7.21	4.82	5.85	4.12	8.25	-	6.78
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	6.64	0.00	0.00	0.00	0.00	-	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	11.50	0.00	0.00	0.00	0.00	-	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	16.42	0.00	0.00	0.00	0.00	-	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	4.93	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.73	5.23	8.40	17.01	1,681.68	-13.13	-7.42	7.47	13.09	-	82.59
Long-Term Debt to Equity	3.73	5.23	8.40	17.01	1,681.68	-13.13	-7.42	7.47	13.09	-	82.59
Financial Leverage	0.07	-18.26	1.97	8.00	2.67	7.61	-26.83	6.03	17.27	-	-11.91
Leverage Ratio	2.93	-43.90	10.76	20.44	11.31	28.23	-71.42	18.03	52.70	-	-27.50
Compound Leverage Factor	3.02	10.39	10.03	18.17	10.45	26.37	-66.23	16.20	47.06	-	-26.69
Debt to Total Capital	78.86%	83.94%	89.36%	94.45%	99.94%	108.24%	115.59%	88.19%	92.90%	-	98.80%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Long-Term Debt to Total Capital	78.86%	83.94%	89.36%	94.45%	99.94%	108.24%	115.59%	88.19%	92.90%	-	98.80%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Common Equity to Total Capital	21.14%	16.06%	10.64%	5.55%	0.06%	-8.24%	-15.59%	11.81%	7.10%	-	1.20%
Debt to EBITDA	-0.56	-3.13	-3.68	-4.28	6.56	-4.16	-4.04	-3.05	-3.06	-	-4.07
Net Debt to EBITDA	-0.03	-0.52	-0.91	-2.16	3.93	-2.11	-2.83	-1.87	-1.92	-	-3.70
Long-Term Debt to EBITDA	-0.56	-3.13	-3.68	-4.28	6.56	-4.16	-4.04	-3.05	-3.06	-	-4.07
Debt to NOPAT	-0.73	-3.58	-4.09	-4.81	16.24	-4.89	-4.87	-3.78	-3.89	-	-5.40
Net Debt to NOPAT	-0.04	-0.60	-1.01	-2.43	9.72	-2.48	-3.40	-2.31	-2.43	-	-4.91
Long-Term Debt to NOPAT	-0.73	-3.58	-4.09	-4.81	16.24	-4.89	-4.87	-3.78	-3.89	-	-5.40
Altman Z-Score	-2.59	-0.62	-2.08	-2.04	-2.79	-2.77	-2.74	-2.43	-2.11	-	-2.24
Noncontrolling Interest Sharing Ratio	58.55%	-963.03%	2.72%	4.58%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.50	7.31	7.71	4.41	1.85	1.73	0.90	0.53	0.36	-	0.14
Quick Ratio	5.00	6.68	6.93	3.88	1.63	1.50	0.79	0.46	0.31	-	0.10
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-169	475	-270	-460	-245	-140	-237	-23	-22	-36	-192
Operating Cash Flow to CapEx	2,598.88%	-10,538.58%	-4,983.24%	-7,479.69%	-325.92%	-111,606.32%	-2,250.57%	-1,935.01%	150.36%	-	-35,260.85%
Free Cash Flow to Firm to Interest Expense	-11.47	0.00	-55.58	-108.36	-44.91	-20.11	-36.41	-2.26	-1.80	-	-33.46
Operating Cash Flow to Interest Expense	4.26	0.00	-8.82	-51.96	-1.94	-15.27	-8.80	-5.59	0.35	-	-21.85
Operating Cash Flow Less CapEx to Interest Expense	4.10	0.00	-9.00	-52.66	-2.53	-15.28	-9.19	-5.87	0.12	-	-21.91
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.67	0.07	0.18	0.16	0.10	0.12	0.13	0.12	0.13	-	0.14
Accounts Receivable Turnover	0.00	4.32	0.00	7.22	6.59	6.30	5.91	5.09	5.80	-	8.07
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	13.00	0.00	0.00	-	83.74
Accounts Payable Turnover	12.48	2.27	5.57	5.23	1.54	2.39	2.51	2.39	2.15	-	3.08
Days Sales Outstanding (DSO)	0.00	84.44	0.00	50.53	55.43	57.93	61.73	71.64	62.97	-	45.20
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00
Days Payable Outstanding (DPO)	29.26	161.05	65.59	69.80	236.50	152.82	145.14	152.85	169.44	-	118.36
Cash Conversion Cycle (CCC)	-29.26	-76.61	-65.59	-19.27	-181.07	-94.89	-83.41	-81.21	-106.47	-	-73.16
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	187	229	235	430	391	325	433	424	382	441	588
Invested Capital Turnover	1.82	0.19	0.65	0.36	0.32	0.39	0.36	0.31	0.38	-	0.35
Increase / (Decrease) in Invested Capital	-71	-323	231	428	204	96	199	-5.38	-8.63	4.05	155
Enterprise Value (EV)	34	709	525	732	660	523	695	538	1,201	-	1,228
Market Capitalization	4.31	602	366	347	269	135	166	188	858	-	586
Book Value per Share	$17.47	$0.17	$0.10	$0.06	$0.00	($3.84)	($6.73)	$5.04	$2.74	$2.37	$0.52
Tangible Book Value per Share	$8.48	$0.07	$0.02	($0.02)	($0.08)	($6.78)	($9.67)	$2.01	($0.27)	$0.27	($1.24)
Total Capital	744	763	717	809	653	706	655	648	590	648	715
Total Debt	587	641	641	764	652	764	757	572	549	611	706
Total Long-Term Debt	587	641	641	764	652	764	757	572	549	611	706
Net Debt	30	107	158	385	390	387	529	350	343	407	642
Capital Expenditures (CapEx)	2.41	0.76	0.86	2.95	3.24	0.10	2.54	2.91	2.80	2.98	0.36
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-47	-13	-4.17	-28	-117	-127	-262	-480	-704	-791	-790
Debt-free Net Working Capital (DFNWC)	510	516	478	351	145	138	-34	-259	-498	-588	-726
Net Working Capital (NWC)	510	516	478	351	145	138	-34	-259	-498	-588	-726
Net Nonoperating Expense (NNE)	114	-75	13	8.95	13	15	13	8.10	8.57	8.43	34
Net Nonoperating Obligations (NNO)	30	107	158	385	390	383	535	348	340	403	580
Total Depreciation and Amortization (D&A)	16	12	10	9.63	9.88	9.64	5.68	3.54	3.40	3.16	3.00
Debt-free, Cash-free Net Working Capital to Revenue	-11.49%	-18.66%	-5.42%	-35.42%	-128.02%	-116.69%	-220.48%	-367.40%	-483.78%	-	-436.58%
Debt-free Net Working Capital to Revenue	125.53%	712.87%	622.29%	449.86%	158.46%	127.46%	-28.56%	-197.87%	-342.38%	-	-401.08%
Net Working Capital to Revenue	125.53%	712.87%	622.29%	449.86%	158.46%	127.46%	-28.56%	-197.87%	-342.38%	-	-401.08%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($34.00)	($275.50)	($3.50)	($2.50)	($3.58)	($3.92)	($3.33)	($2.39)	($2.56)	($2.60)	($4.29)
Adjusted Weighted Average Basic Shares Outstanding	9.93M	184.67K	15.08M	15.10M	15.12M	15.11M	15.17M	15.19M	15.26M	15.36M	16.41M
Adjusted Diluted Earnings per Share	($34.00)	($275.50)	($3.50)	($2.50)	($3.58)	($3.92)	($3.33)	($2.39)	($2.56)	($2.60)	($4.29)
Adjusted Weighted Average Diluted Shares Outstanding	9.93M	184.67K	15.08M	15.10M	15.12M	15.11M	15.17M	15.19M	15.26M	15.36M	16.41M
Adjusted Basic & Diluted Earnings per Share	$0.00	($275.50)	$0.00	$0.00	$0.00	($3.92)	$0.00	$0.00	$0.00	($2.60)	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	14.75M	15.12M	15.11M	15.13M	15.15M	15.17M	15.20M	15.29M	15.70M	16.45M	18.87M
Normalized Net Operating Profit after Tax (NOPAT)	-240	152	-39	-32	-41	-44	-38	-28	-31	-31	-37
Normalized NOPAT Margin	-1,540.95%	1,907.01%	-173.44%	-100.49%	-141.25%	-153.30%	-116.89%	-63.82%	-69.65%	-	-77.33%
Pre Tax Income Margin	-2,269.82%	-644.77%	-230.77%	-127.59%	-186.54%	-204.59%	-154.86%	-81.95%	-88.86%	-	-107.20%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-23.31	0.00	-11.36	-10.91	-10.74	-9.07	-8.37	-3.99	-3.58	-	-9.16
NOPAT to Interest Expense	-16.32	0.00	-7.95	-7.64	-7.52	-6.35	-5.86	-2.79	-2.51	-	-6.41
EBIT Less CapEx to Interest Expense	-23.47	0.00	-11.53	-11.60	-11.34	-9.09	-8.76	-4.28	-3.81	-	-9.22
NOPAT Less CapEx to Interest Expense	-16.48	0.00	-8.13	-8.33	-8.12	-6.36	-6.25	-3.08	-2.74	-	-6.47
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	-6.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%
Augmented Payout Ratio	-1.38%	-6.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%

Financials Breakdown Chart

Key Financial Trends

Note: The data you provided appears to correspond to Better Home & Finance Holding Co (BETR), not Aurora Acquisition (NASDAQ:AURCW). If you want an analysis specifically for AURCW, please share its quarterly statements and I’ll recap those instead.

Here are the key takeaways from BETR’s latest four quarters of data (Q1–Q4 2025), focusing on what may be most relevant for retail investors. I’ve organized the points from potential positive impact to negative impact.

Q4 2025 financing activities produced a net cash inflow of about $158.96 million, driven by debt issuance (~$62.09M), equity issuance (~$28.63M), and other financing inflows (~$68.24M). This substantially improved liquidity for the period.
A substantial cash inflow from the sale/maturity of investments occurred in Q4 2025, totaling about $95.06 million, adding flexibility to fund operations or capital needs.
Gross profit in Q4 2025 improved to a negative $5.29 million, a notable narrowing from the large loss of $18.06 million seen earlier in the year, suggesting some improvement in cost of goods or mix.
Total revenue in Q4 2025 was about $44.31 million, showing a modest continuation of the top-line level around the 44 million range (roughly flat vs Q3 2025), indicating stabilizing revenue after earlier volatility.
There were sizable non-cash adjustments to reconcile net income in Q4 2025 (about negative $43.72 million), indicating large one-time items or non-cash charges that can distort quarterly earnings comparisons.
Historical periods show restatements in prior quarters (e.g., Q3 2024 restated), which can complicate year-over-year comparisons and may reflect revisions to reported results.
Earnings per share figures are negative across recent quarters (e.g., -$2.60 in Q4 2025), reflecting ongoing profitability challenges despite improved liquidity or top-line stability.
Net income remains negative across all four quarters, with Q4 2025 continuing the trend at an estimated loss of about $39.92 million for continuing operations and for common shareholders.
Net cash from operating activities is consistently negative in each quarter (Q4 2025: about -$57.27 million; Q3 2025: about -$56.33 million; Q2 2025: about -$56.33 million; Q1 2025: about -$57.18 million), signaling ongoing cash burn from core operations.
The company faces a weak profitability profile with negative gross margins in recent periods and overall negative net income, despite top-line revenue around $44 million per quarter. This ongoing loss pressure remains a material concern for investors.

Additional balance-sheet context (for reference): In Q3 2025, total assets were about $1.384 billion, while total liabilities were roughly $1.342 billion and total equity was around $41.9 million. Current liabilities remained elevated relative to current assets (e.g., current assets ≈ $276.3 million vs. current liabilities ≈ $774.7 million), indicating leverage and liquidity challenges despite cash-raising actions in the latest quarter.

07/14/26 02:50 PM ETAI Generated. May Contain Errors.

Better Home & Finance Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Better Home & Finance's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Better Home & Finance's net income appears to be on a downward trend, with a most recent value of -$165.87 million in 2025, rising from -$6.53 million in 2021. The previous period was -$206.29 million in 2024.

Better Home & Finance's total operating income in 2025 was -$183.24 million, based on the following breakdown:

Total Gross Profit: -$26.78 million
Total Operating Expenses: $156.47 million

Over the last 4 years, Better Home & Finance's total revenue changed from $0.00 in 2021 to $164.87 million in 2025, a change of 16,487,200,000.0%.

Better Home & Finance's total liabilities were at $1.47 billion at the end of 2025, a 51.2% increase from 2024, and a 263,186.4% increase since 2020.

In the past 5 years, Better Home & Finance's cash and equivalents has ranged from $0.00 in 2020 to $503.59 million in 2023, and is currently $79.36 million as of their latest financial filing in 2025.

Over the last 4 years, Better Home & Finance's book value per share changed from 0.21 in 2021 to 2.37 in 2025, a change of 1,052.2%.

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Financial statements for NASDAQ:BETRW last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Better Home & Finance (BETRW) Financials

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Better Home & Finance Financials - Frequently Asked Questions

When does Better Home & Finance's fiscal year end?

How has Better Home & Finance's net income changed over the last 4 years?

What is Better Home & Finance's operating income?

How has Better Home & Finance's revenue changed over the last 4 years?

How much debt does Better Home & Finance have?

How much cash does Better Home & Finance have?

How has Better Home & Finance's book value per share changed over the last 4 years?

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