Opendoor Technologies (OPEN) Financials

$4.27 +0.25 (+6.22%)

Closing price 08/28/2025 04:00 PM Eastern

Extended Trading

$4.51 +0.25 (+5.74%)

As of 07:38 AM Eastern

Annual Income Statements for Opendoor Technologies

This table shows Opendoor Technologies' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-241	-341	-253	-662	-1,353	-275	-392
Consolidated Net Income / (Loss)	-240	-339	-253	-662	-1,353	-275	-392
Net Income / (Loss) Continuing Operations	-240	-339	-253	-662	-1,353	-275	-392
Total Pre-Tax Income	-240	-339	-253	-661	-1,351	-274	-391
Total Operating Income	-164	-248	-186	-568	-931	-386	-320
Total Gross Profit	133	301	220	730	667	487	433
Total Revenue	1,838	4,741	2,583	8,021	15,567	6,946	5,153
Operating Revenue	1,838	4,741	2,583	8,021	15,567	6,946	5,153
Total Cost of Revenue	1,705	4,440	2,363	7,291	14,900	6,459	4,720
Operating Cost of Revenue	1,705	4,440	2,363	7,291	14,900	6,459	4,720
Total Operating Expenses	297	549	406	1,298	1,598	873	753
Selling, General & Admin Expense	72	114	132	620	346	206	182
Marketing Expense	196	384	189	544	1,006	486	413
Research & Development Expense	28	51	56	134	169	167	141
Impairment Charge	-	-	0.00	0.00	60	0.00	0.00
Restructuring Charge	-	-	29	0.00	17	14	17
Total Other Income / (Expense), net	-76	-91	-67	-93	-420	112	-71
Interest Expense	60	110	79	143	410	-5.00	135
Other Income / (Expense), net	-15	19	12	50	-10	107	64
Income Tax Expense	0.38	0.00	0.00	1.00	2.00	1.00	1.00
Basic Earnings per Share	($3.16)	($4.26)	($2.31)	($1.12)	($2.16)	($0.42)	($0.56)
Weighted Average Basic Shares Outstanding	78.56M	79.98M	109.30M	592.57M	627.11M	657.11M	699.46M
Diluted Earnings per Share	($3.16)	($4.37)	($2.31)	($1.12)	($2.16)	($0.42)	($0.56)
Weighted Average Diluted Shares Outstanding	78.56M	79.98M	109.30M	592.57M	627.11M	657.11M	699.46M
Weighted Average Basic & Diluted Shares Outstanding	-	-	577.23M	620.13M	642.56M	679.64M	723.52M

This table shows Opendoor Technologies' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-399	-101	23	-106	-91	-109	-92	-78	-113	-85	-29
Consolidated Net Income / (Loss)	-399	-101	23	-106	-91	-109	-92	-78	-113	-85	-29
Net Income / (Loss) Continuing Operations	-399	-101	23	-106	-91	-109	-92	-78	-113	-85	-29
Total Pre-Tax Income	-399	-101	24	-106	-91	-109	-91	-78	-113	-85	-29
Total Operating Income	-271	-124	-68	-79	-115	-87	-72	-67	-94	-56	-13
Total Gross Profit	71	170	149	96	72	114	129	105	85	99	128
Total Revenue	2,857	3,120	1,976	980	870	1,181	1,511	1,377	1,084	1,153	1,567
Operating Revenue	2,857	3,120	1,976	980	870	1,181	1,511	1,377	1,084	1,153	1,567
Total Cost of Revenue	2,786	2,950	1,827	884	798	1,067	1,382	1,272	999	1,054	1,439
Operating Cost of Revenue	2,786	2,950	1,827	884	798	1,067	1,382	1,272	999	1,054	1,439
Total Operating Expenses	342	294	217	175	187	201	201	172	179	155	141
Selling, General & Admin Expense	23	66	44	48	48	47	48	46	41	33	28
Marketing Expense	194	188	124	85	89	113	116	96	88	98	86
Research & Development Expense	48	40	39	42	46	41	37	30	33	21	21
Restructuring Charge	-	-	10	0.00	-	0.00	0.00	0.00	-	3.00	6.00
Total Other Income / (Expense), net	-128	23	92	-27	24	-22	-19	-11	-19	-29	-16
Interest Expense	138	-4.00	-51	47	3.00	37	31	34	33	33	26
Other Income / (Expense), net	10	19	41	20	27	15	12	23	14	4.00	10
Income Tax Expense	-	0.00	1.00	0.00	-	0.00	1.00	0.00	-	0.00	0.00
Basic Earnings per Share	($0.65)	($0.16)	$0.04	($0.16)	($0.14)	($0.16)	($0.13)	($0.11)	($0.16)	($0.12)	($0.04)
Weighted Average Basic Shares Outstanding	627.11M	641.92M	646.06M	662.15M	657.11M	682.46M	693.45M	705.36M	699.46M	723.54M	729.48M
Diluted Earnings per Share	($0.64)	($0.16)	$0.03	($0.16)	($0.13)	($0.16)	($0.13)	($0.11)	($0.16)	($0.12)	($0.04)
Weighted Average Diluted Shares Outstanding	627.11M	641.92M	667.16M	662.15M	657.11M	682.46M	693.45M	705.36M	699.46M	723.54M	729.48M
Weighted Average Basic & Diluted Shares Outstanding	642.56M	648.78M	659.20M	670.03M	679.64M	691.58M	703.00M	715.07M	723.52M	728.90M	735.95M

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

Metric	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	309	279	821	1,072	-787	-251	-777
Net Cash From Operating Activities	-1,180	-272	682	-5,794	730	2,344	-595
Net Cash From Continuing Operating Activities	-1,180	-272	682	-5,794	730	2,344	-595
Net Income / (Loss) Continuing Operations	-240	-339	-253	-662	-1,353	-275	-392
Consolidated Net Income / (Loss)	-240	-339	-253	-662	-1,353	-275	-392
Depreciation Expense	13	27	39	47	83	65	48
Amortization Expense	0.00	12	24	8.00	7.00	7.00	5.00
Non-Cash Adjustments To Reconcile Net Income	-964	40	26	463	1,092	-2.00	169
Changes in Operating Assets and Liabilities, net	11	-12	846	-5,650	901	2,549	-425
Net Cash From Investing Activities	-7.43	-95	-22	-476	234	44	28
Net Cash From Continuing Investing Activities	-7.43	-95	-22	-476	234	44	28
Purchase of Property, Plant & Equipment	-20	-28	-17	-33	-37	-37	-25
Acquisitions	-4.86	-33	0.00	-34	-10	0.00	-2.00
Purchase of Investments	-23	-79	-175	-486	-28	0.00	0.00
Sale and/or Maturity of Investments	40	45	170	92	331	80	55
Other Investing Activities, net	-	-	0.00	-15	-22	1.00	0.00
Net Cash From Financing Activities	1,496	646	161	7,342	-1,751	-2,639	-210
Net Cash From Continuing Financing Activities	1,496	646	159	7,342	-1,751	-2,639	-212
Repayment of Debt	-1,185	-3,511	-2,254	-6,077	-11,979	-2,882	-715
Issuance of Debt	2,014	3,842	1,434	12,644	10,222	238	498
Issuance of Common Equity	0.00	0.00	0.00	886	2.00	2.00	5.00
Other Financing Activities, net	6.89	3.00	1,022	-82	4.00	3.00	0.00
Cash Interest Paid	45	86	57	122	355	203	121

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

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-1,288	867	146	-426	-838	-254	-375	143	-291	-70	492
Net Cash From Operating Activities	1,395	2,162	940	-216	-542	-178	-399	62	-80	-279	823
Net Cash From Continuing Operating Activities	1,395	2,162	940	-216	-542	-178	-399	62	-80	-279	823
Net Income / (Loss) Continuing Operations	-399	-101	23	-106	-91	-109	-92	-78	-113	-85	-29
Consolidated Net Income / (Loss)	-399	-101	23	-106	-91	-109	-92	-78	-113	-85	-29
Depreciation Expense	24	22	17	11	15	14	12	11	11	10	12
Non-Cash Adjustments To Reconcile Net Income	275	-25	-46	61	8.00	36	61	33	39	16	34
Changes in Operating Assets and Liabilities, net	1,494	2,264	944	-183	-476	-121	-381	95	-18	-221	806
Net Cash From Investing Activities	24	30	15	3.00	-4.00	22	9.00	-	-3.00	2.00	-2.00
Net Cash From Continuing Investing Activities	24	30	15	3.00	-4.00	22	9.00	-	-3.00	2.00	-2.00
Purchase of Property, Plant & Equipment	-4.00	-8.00	-9.00	-11	-9.00	-8.00	-8.00	-6.00	-3.00	-4.00	-2.00
Net Cash From Financing Activities	-2,707	-1,325	-809	-213	-292	-98	15	81	-208	207	-329
Net Cash From Continuing Financing Activities	-2,707	-1,325	-809	-213	-292	-98	15	81	-210	207	-329
Repayment of Debt	-3,655	-1,551	-822	-216	-293	-100	-202	-122	-291	-370	-499
Issuance of Debt	948	224	12	2.00	-	0.00	217	200	81	576	170
Cash Interest Paid	107	74	52	43	34	34	28	31	28	31	31

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

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	2,232	2,176	9,506	6,608	3,567	3,126
Total Current Assets	2,088	2,053	9,340	6,466	3,445	2,997
Cash & Equivalents	405	1,413	1,731	1,137	999	671
Restricted Cash	280	93	847	654	541	92
Short-Term Investments	44	48	484	144	69	8.00
Inventories, net	1,312	466	6,096	4,460	1,775	2,159
Other Current Assets	45	25	175	71	61	67
Plant, Property, & Equipment, net	35	29	45	58	66	48
Total Noncurrent Assets	109	94	121	84	56	81
Goodwill	31	31	60	4.00	4.00	3.00
Other Noncurrent Operating Assets	66	54	49	68	47	78
Total Liabilities & Shareholders' Equity	2,232	2,176	9,506	6,608	3,567	3,126
Total Liabilities	1,583	623	7,258	5,522	2,600	2,413
Total Current Liabilities	1,126	393	4,400	1,505	70	529
Short-Term Debt	1,074	346	4,247	1,376	0.00	432
Accounts Payable	33	25	137	110	64	92
Other Current Liabilities	13	21	4.00	7.00	5.00	2.00
Other Current Nonoperating Liabilities	5.81	1.00	12	12	1.00	3.00
Total Noncurrent Liabilities	457	230	2,858	4,017	2,530	1,884
Long-Term Debt	362	136	2,816	3,979	2,510	1,870
Capital Lease Obligations	48	47	-	38	19	13
Other Noncurrent Operating Liabilities	46	47	42	0.00	1.00	1.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-733	1,553	2,248	1,086	967	713
Total Preferred & Common Equity	-733	1,553	2,248	1,086	967	713
Total Common Equity	-733	1,553	2,248	1,086	967	713
Common Stock	57	2,596	3,955	4,148	4,301	4,438
Retained Earnings	-790	-1,043	-1,705	-3,058	-3,333	-3,725
Accumulated Other Comprehensive Income / (Loss)	0.02	0.00	-2.00	-4.00	-1.00	0.00

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

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	9,784	5,112	4,223	3,947	3,404	3,372	3,411	3,277	2,907
Total Current Assets	9,584	4,972	4,093	3,819	3,284	3,249	3,263	3,152	2,797
Cash & Equivalents	1,327	1,143	1,120	1,154	953	790	829	559	789
Restricted Cash	1,752	1,515	1,684	1,224	333	121	225	134	396
Short-Term Investments	178	108	90	72	37	19	8.00	0.00	0.00
Inventories, net	6,093	2,118	1,149	1,311	1,881	2,234	2,145	2,362	1,530
Other Current Assets	234	88	50	58	80	85	56	97	82
Plant, Property, & Equipment, net	62	59	62	68	66	71	59	44	37
Total Noncurrent Assets	138	81	68	60	54	52	89	81	73
Goodwill	62	4.00	4.00	4.00	4.00	4.00	3.00	3.00	3.00
Other Noncurrent Operating Assets	69	66	55	49	46	46	86	78	70
Total Liabilities & Shareholders' Equity	9,784	5,112	4,223	3,947	3,404	3,372	3,411	3,277	2,907
Total Liabilities	8,296	4,076	3,137	2,927	2,505	2,527	2,610	2,632	2,276
Total Current Liabilities	3,601	443	88	74	74	393	721	1,053	643
Short-Term Debt	3,372	355	15	0.00	-	315	643	946	550
Accounts Payable	209	77	65	67	69	73	71	102	86
Other Current Liabilities	6.00	7.00	7.00	6.00	4.00	4.00	4.00	2.00	2.00
Other Current Nonoperating Liabilities	14	4.00	1.00	1.00	1.00	1.00	3.00	3.00	5.00
Total Noncurrent Liabilities	4,695	3,633	3,049	2,853	2,431	2,134	1,889	1,579	1,633
Long-Term Debt	4,656	3,598	3,028	2,832	2,412	2,116	1,868	1,565	1,626
Capital Lease Obligations	-	-	21	20	18	18	19	13	6.00
Other Noncurrent Operating Liabilities	39	35	-	1.00	1.00	0.00	2.00	1.00	1.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,488	1,036	1,086	1,020	899	845	801	645	631
Total Preferred & Common Equity	1,488	1,036	1,086	1,020	899	845	801	645	631
Total Common Equity	1,488	1,036	1,086	1,020	899	845	801	645	631
Common Stock	4,152	4,198	4,224	4,263	4,341	4,379	4,413	4,455	4,470
Retained Earnings	-2,659	-3,159	-3,136	-3,242	-3,442	-3,534	-3,612	-3,810	-3,839
Accumulated Other Comprehensive Income / (Loss)	-5.00	-3.00	-2.00	-1.00	0.00	0.00	0.00	0.00	0.00

This table displays calculated financial ratios and metrics derived from Opendoor Technologies' official financial filings.

Metric	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	157.93%	-45.52%	210.53%	94.08%	-55.38%	-25.81%
EBITDA Growth	0.00%	-14.24%	41.58%	-317.12%	-83.80%	75.68%	1.93%
EBIT Growth	0.00%	-27.86%	24.02%	-197.70%	-81.66%	70.35%	8.24%
NOPAT Growth	0.00%	-51.52%	25.00%	-205.38%	-63.91%	58.54%	17.10%
Net Income Growth	0.00%	-41.29%	25.37%	-161.66%	-104.38%	79.67%	-42.55%
EPS Growth	0.00%	-38.29%	47.14%	51.52%	-92.86%	80.56%	-33.33%
Operating Cash Flow Growth	0.00%	76.94%	350.74%	-949.56%	112.60%	221.10%	-125.38%
Free Cash Flow Firm Growth	0.00%	0.00%	147.86%	-910.70%	117.16%	127.65%	-124.86%
Invested Capital Growth	0.00%	0.00%	-63.00%	1,101.73%	-27.23%	-58.56%	19.70%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	80.34%	-5.84%	-22.24%	4.33%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-19.71%	-19.19%	44.35%	1.46%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-19.72%	-17.92%	38.27%	3.03%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-6.72%	-22.18%	28.78%	6.16%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-26.09%	-18.17%	52.83%	-5.95%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-38.27%	-18.03%	54.84%	-5.66%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	7.43%	231.53%	-45.25%	43.71%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	386.11%	-46.37%	45.21%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-2.75%	-27.37%	32.68%	-0.53%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	7.26%	6.35%	8.52%	9.10%	4.28%	7.01%	8.40%
EBITDA Margin	-9.05%	-4.01%	-4.30%	-5.77%	-5.47%	-2.98%	-3.94%
Operating Margin	-8.90%	-5.23%	-7.20%	-7.08%	-5.98%	-5.56%	-6.21%
EBIT Margin	-9.74%	-4.83%	-6.74%	-6.46%	-6.04%	-4.02%	-4.97%
Profit (Net Income) Margin	-13.05%	-7.15%	-9.79%	-8.25%	-8.69%	-3.96%	-7.61%
Tax Burden Percent	100.16%	100.00%	100.00%	100.15%	100.15%	100.37%	100.26%
Interest Burden Percent	133.76%	148.03%	145.40%	127.61%	143.57%	98.21%	152.73%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-24.65%	-13.50%	-11.73%	-12.05%	-8.39%	-10.80%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-68.19%	76.76%	-29.46%	-30.79%	-8.60%	-24.41%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-79.91%	-9.49%	-23.11%	-69.11%	-18.40%	-35.87%
Return on Equity (ROE)	0.00%	-104.57%	-22.99%	-34.83%	-81.16%	-26.79%	-46.67%
Cash Return on Invested Capital (CROIC)	0.00%	-224.65%	78.48%	-181.00%	19.47%	74.42%	-28.74%
Operating Return on Assets (OROA)	0.00%	-10.26%	-7.90%	-8.87%	-11.68%	-5.48%	-7.65%
Return on Assets (ROA)	0.00%	-15.19%	-11.48%	-11.33%	-16.79%	-5.41%	-11.71%
Return on Common Equity (ROCE)	0.00%	118.23%	-8.56%	-34.83%	-81.16%	-26.79%	-46.67%
Return on Equity Simple (ROE_SIMPLE)	0.00%	46.24%	-16.29%	-29.45%	-124.59%	-28.44%	-54.98%
Net Operating Profit after Tax (NOPAT)	-115	-174	-130	-398	-652	-270	-224
NOPAT Margin	-6.23%	-3.66%	-5.04%	-4.96%	-4.19%	-3.89%	-4.35%
Net Nonoperating Expense Percent (NNEP)	0.00%	43.53%	-90.25%	17.74%	18.74%	0.22%	13.61%
Return On Investment Capital (ROIC_SIMPLE)	-	-23.10%	-6.25%	-4.27%	-10.06%	-7.73%	-7.40%
Cost of Revenue to Revenue	92.74%	93.65%	91.48%	90.90%	95.72%	92.99%	91.60%
SG&A Expenses to Revenue	3.94%	2.40%	5.11%	7.73%	2.22%	2.97%	3.53%
R&D to Revenue	1.55%	1.08%	2.17%	1.67%	1.09%	2.40%	2.74%
Operating Expenses to Revenue	16.16%	11.58%	15.72%	16.18%	10.27%	12.57%	14.61%
Earnings before Interest and Taxes (EBIT)	-179	-229	-174	-518	-941	-279	-256
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-166	-190	-111	-463	-851	-207	-203
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.76	3.98	0.68	3.10	1.60
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.78	4.11	0.69	3.13	1.61
Price to Revenue (P/Rev)	0.16	0.06	0.46	1.12	0.05	0.43	0.22
Price to Earnings (P/E)	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%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	1.73	0.29	2.07	0.92	2.08	1.19
Enterprise Value to Revenue (EV/Rev)	0.00	0.51	0.06	1.61	0.27	0.56	0.52
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.22	0.00	5.74	1.67	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.20	0.00	3.98	1.64	0.00
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	2.29	0.34	3.14	4.97	2.62	3.25
Long-Term Debt to Equity	0.00	0.63	0.12	1.25	3.70	2.62	2.64
Financial Leverage	0.00	1.17	-0.12	0.78	2.24	2.14	1.47
Leverage Ratio	0.00	3.44	2.00	3.07	4.83	4.96	3.98
Compound Leverage Factor	0.00	5.10	2.91	3.92	6.94	4.87	6.08
Debt to Total Capital	0.00%	69.60%	25.41%	75.86%	83.24%	72.34%	76.45%
Short-Term Debt to Total Capital	0.00%	50.36%	16.62%	45.61%	21.24%	0.00%	14.27%
Long-Term Debt to Total Capital	0.00%	19.24%	8.79%	30.24%	62.00%	72.34%	62.19%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	64.77%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	-34.37%	74.59%	24.14%	16.76%	27.66%	23.55%
Debt to EBITDA	0.00	-7.81	-4.77	-15.25	-6.34	-12.22	-11.40
Net Debt to EBITDA	0.00	-3.98	9.23	-8.64	-4.06	-4.44	-7.61
Long-Term Debt to EBITDA	0.00	-2.16	-1.65	-6.08	-4.72	-12.22	-9.28
Debt to NOPAT	0.00	-8.55	-4.06	-17.76	-8.28	-9.36	-10.33
Net Debt to NOPAT	0.00	-4.36	7.87	-10.06	-5.31	-3.40	-6.89
Long-Term Debt to NOPAT	0.00	-2.36	-1.41	-7.08	-6.16	-9.36	-8.41
Altman Z-Score	0.00	1.92	2.30	1.78	2.22	2.21	0.94
Noncontrolling Interest Sharing Ratio	0.00%	213.06%	62.76%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	1.85	5.22	2.12	4.30	49.21	5.67
Quick Ratio	0.00	0.40	3.72	0.51	0.85	15.26	1.28
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-1,582	757	-6,138	1,053	2,398	-596
Operating Cash Flow to CapEx	-5,891.70%	-971.43%	4,011.76%	-17,557.58%	1,972.97%	6,335.14%	-2,380.00%
Free Cash Flow to Firm to Interest Expense	0.00	-14.38	9.58	-42.92	2.57	0.00	-4.41
Operating Cash Flow to Interest Expense	-19.51	-2.47	8.63	-40.52	1.78	0.00	-4.41
Operating Cash Flow Less CapEx to Interest Expense	-19.84	-2.73	8.42	-40.75	1.69	0.00	-4.59
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	2.12	1.17	1.37	1.93	1.37	1.54
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	3.38	2.66	2.22	2.82	2.07	2.40
Fixed Asset Turnover	0.00	137.00	81.22	216.78	302.27	112.03	90.40
Accounts Payable Turnover	0.00	134.64	81.52	90.01	120.65	74.24	60.51
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	107.89	137.35	164.25	129.29	176.17	152.11
Days Payable Outstanding (DPO)	0.00	2.71	4.48	4.06	3.03	4.92	6.03
Cash Conversion Cycle (CCC)	0.00	105.18	132.87	160.20	126.27	171.25	146.08
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	1,408	521	6,261	4,556	1,888	2,260
Invested Capital Turnover	0.00	6.73	2.68	2.37	2.88	2.16	2.48
Increase / (Decrease) in Invested Capital	0.00	1,408	-887	5,740	-1,705	-2,668	372
Enterprise Value (EV)	0.00	2,438	151	12,951	4,194	3,922	2,688
Market Capitalization	300	300	1,176	8,950	736	3,002	1,144
Book Value per Share	$0.00	($9.17)	$30.01	$3.67	$1.71	$1.44	$1.00
Tangible Book Value per Share	$0.00	($9.71)	$29.24	$3.55	$1.69	$1.43	$0.99
Total Capital	0.00	2,133	2,082	9,311	6,479	3,496	3,028
Total Debt	0.00	1,485	529	7,063	5,393	2,529	2,315
Total Long-Term Debt	0.00	410	183	2,816	4,017	2,529	1,883
Net Debt	0.00	756	-1,025	4,001	3,458	920	1,544
Capital Expenditures (CapEx)	20	28	17	33	37	37	25
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	1,307	452	6,125	4,402	1,766	2,129
Debt-free Net Working Capital (DFNWC)	0.00	2,035	2,006	9,187	6,337	3,375	2,900
Net Working Capital (NWC)	0.00	961	1,660	4,940	4,961	3,375	2,468
Net Nonoperating Expense (NNE)	125	165	123	264	701	4.80	168
Net Nonoperating Obligations (NNO)	0.00	760	-1,032	4,013	3,470	921	1,547
Total Depreciation and Amortization (D&A)	13	39	63	55	90	72	53
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	27.57%	17.50%	76.36%	28.28%	25.42%	41.32%
Debt-free Net Working Capital to Revenue	0.00%	42.93%	77.66%	114.54%	40.71%	48.59%	56.28%
Net Working Capital to Revenue	0.00%	20.28%	64.27%	61.59%	31.87%	48.59%	47.89%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($2.62)	($1.12)	($2.16)	($0.42)	($0.56)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	109.30M	592.57M	627.11M	657.11M	699.46M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($2.62)	($1.12)	($2.16)	($0.42)	($0.56)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	109.30M	592.57M	627.11M	657.11M	699.46M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	577.23M	620.13M	642.56M	679.64M	723.52M
Normalized Net Operating Profit after Tax (NOPAT)	-115	-174	-110	-398	-598	-260	-212
Normalized NOPAT Margin	-6.23%	-3.66%	-4.25%	-4.96%	-3.84%	-3.75%	-4.12%
Pre Tax Income Margin	-13.03%	-7.15%	-9.79%	-8.24%	-8.68%	-3.94%	-7.59%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	-2.96	-2.08	-2.20	-3.62	-2.30	0.00	-1.90
NOPAT to Interest Expense	-1.90	-1.58	-1.65	-2.78	-1.59	0.00	-1.66
EBIT Less CapEx to Interest Expense	-3.29	-2.34	-2.42	-3.85	-2.39	0.00	-2.08
NOPAT Less CapEx to Interest Expense	-2.23	-1.83	-1.86	-3.01	-1.68	0.00	-1.84
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	-0.89%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-16.34%	-1.77%	-17.00%	-4.38%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Opendoor Technologies' official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-25.25%	-39.43%	-52.93%	-70.84%	-69.55%	-62.15%	-23.53%	40.51%	24.60%	-2.37%	3.71%
EBITDA Growth	-138.38%	-169.83%	-113.79%	94.04%	69.92%	30.86%	-487.50%	31.91%	4.23%	26.79%	119.15%
EBIT Growth	-121.19%	-209.38%	-175.00%	92.73%	66.28%	31.43%	-122.22%	25.42%	9.09%	27.78%	95.00%
NOPAT Growth	-165.69%	-173.56%	-390.92%	90.25%	57.56%	29.84%	22.66%	15.19%	18.26%	35.63%	81.94%
Net Income Growth	-108.90%	-460.71%	142.59%	88.58%	77.19%	-7.92%	-500.00%	26.42%	-24.18%	22.02%	68.48%
EPS Growth	-106.45%	-500.00%	133.33%	89.12%	79.69%	0.00%	-533.33%	31.25%	-23.08%	25.00%	69.23%
Operating Cash Flow Growth	1,168.18%	39.48%	149.66%	32.92%	-138.85%	-108.23%	-142.45%	128.70%	85.24%	-56.74%	306.27%
Free Cash Flow Firm Growth	126.07%	165.96%	238.25%	1,293.45%	70.76%	-93.78%	-121.09%	-118.69%	-116.92%	-421.31%	162.41%
Invested Capital Growth	-27.23%	-54.28%	-81.56%	-77.32%	-58.56%	-9.88%	88.15%	59.66%	19.70%	23.52%	-30.95%
Revenue Q/Q Growth	-15.00%	9.21%	-36.67%	-50.40%	-11.22%	35.75%	27.94%	-8.87%	-21.28%	6.37%	35.91%
EBITDA Q/Q Growth	70.09%	65.68%	90.12%	-487.50%	-51.06%	21.13%	16.07%	31.91%	-112.50%	39.71%	121.95%
EBIT Q/Q Growth	67.86%	59.77%	74.29%	-118.52%	-49.15%	18.18%	16.67%	26.67%	-81.82%	35.00%	94.23%
NOPAT Q/Q Growth	66.54%	54.24%	24.92%	15.14%	-45.57%	24.35%	17.24%	6.94%	-40.30%	40.43%	76.79%
Net Income Q/Q Growth	57.00%	74.69%	122.77%	-560.87%	14.15%	-19.78%	15.60%	15.22%	-44.87%	24.78%	65.88%
EPS Q/Q Growth	56.46%	75.00%	118.75%	-633.33%	18.75%	-23.08%	18.75%	15.38%	-45.45%	25.00%	66.67%
Operating Cash Flow Q/Q Growth	533.23%	54.98%	-56.52%	-122.98%	-150.93%	67.16%	-124.16%	115.54%	-229.03%	-248.75%	394.98%
Free Cash Flow Firm Q/Q Growth	477.17%	68.76%	114.80%	-12.71%	-46.03%	-93.85%	-828.10%	22.66%	51.13%	-16.77%	241.41%
Invested Capital Q/Q Growth	-27.37%	-51.12%	-43.56%	13.21%	32.68%	6.30%	17.84%	-3.93%	-0.53%	9.69%	-34.13%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	2.49%	5.45%	7.54%	9.80%	8.28%	9.65%	8.54%	7.63%	7.84%	8.59%	8.17%
EBITDA Margin	-8.26%	-2.60%	-0.40%	-4.80%	-8.16%	-4.74%	-3.11%	-2.32%	-6.27%	-3.56%	0.57%
Operating Margin	-9.49%	-3.97%	-3.44%	-8.06%	-13.22%	-7.37%	-4.77%	-4.87%	-8.67%	-4.86%	-0.83%
EBIT Margin	-9.14%	-3.37%	-1.37%	-6.02%	-10.11%	-6.10%	-3.97%	-3.20%	-7.38%	-4.51%	-0.19%
Profit (Net Income) Margin	-13.97%	-3.24%	1.16%	-10.82%	-10.46%	-9.23%	-6.09%	-5.66%	-10.42%	-7.37%	-1.85%
Tax Burden Percent	100.00%	100.00%	95.83%	100.00%	100.00%	100.00%	101.10%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	152.87%	96.19%	-88.89%	179.66%	103.41%	151.39%	151.67%	177.27%	141.25%	163.46%	966.67%
Effective Tax Rate	0.00%	0.00%	4.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-19.11%	-10.61%	-9.24%	-13.10%	-19.95%	-12.20%	-8.37%	-9.11%	-15.08%	-7.77%	-1.51%
ROIC Less NNEP Spread (ROIC-NNEP)	-24.71%	-11.38%	-5.44%	-15.05%	-20.43%	-16.38%	-13.29%	-12.42%	-18.91%	-10.88%	-3.08%
Return on Net Nonoperating Assets (RNNOA)	-55.45%	-12.49%	-7.31%	-31.14%	-43.69%	-19.46%	-11.63%	-12.79%	-27.77%	-20.73%	-5.27%
Return on Equity (ROE)	-74.56%	-23.10%	-16.56%	-44.24%	-63.63%	-31.66%	-20.00%	-21.89%	-42.86%	-28.50%	-6.77%
Cash Return on Invested Capital (CROIC)	19.47%	51.36%	115.63%	116.18%	74.42%	-1.15%	-74.83%	-58.87%	-28.74%	-30.06%	28.56%
Operating Return on Assets (OROA)	-17.65%	-6.81%	-2.15%	-7.83%	-13.81%	-7.17%	-4.75%	-4.29%	-11.36%	-6.92%	-0.32%
Return on Assets (ROA)	-26.98%	-6.55%	1.83%	-14.07%	-14.28%	-10.85%	-7.28%	-7.60%	-16.05%	-11.31%	-3.05%
Return on Common Equity (ROCE)	-74.56%	-23.10%	-16.56%	-44.24%	-63.63%	-31.66%	-20.00%	-21.89%	-42.86%	-28.50%	-6.77%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-143.05%	-129.37%	-57.16%	0.00%	-31.48%	-47.10%	-46.19%	0.00%	-57.05%	0.00%
Net Operating Profit after Tax (NOPAT)	-190	-87	-65	-55	-81	-61	-50	-47	-66	-39	-9.10
NOPAT Margin	-6.64%	-2.78%	-3.30%	-5.64%	-9.25%	-5.16%	-3.34%	-3.41%	-6.07%	-3.40%	-0.58%
Net Nonoperating Expense Percent (NNEP)	5.59%	0.76%	-3.81%	1.95%	0.48%	4.18%	4.92%	3.32%	3.83%	3.11%	1.58%
Return On Investment Capital (ROIC_SIMPLE)	-2.93%	-1.74%	-1.57%	-1.43%	-2.30%	-1.83%	-1.53%	-1.41%	-2.17%	-1.24%	-0.32%
Cost of Revenue to Revenue	97.51%	94.55%	92.46%	90.20%	91.72%	90.35%	91.46%	92.37%	92.16%	91.41%	91.83%
SG&A Expenses to Revenue	0.81%	2.12%	2.23%	4.90%	5.52%	3.98%	3.18%	3.34%	3.78%	2.86%	1.79%
R&D to Revenue	1.68%	1.28%	1.97%	4.29%	5.29%	3.47%	2.45%	2.18%	3.04%	1.82%	1.34%
Operating Expenses to Revenue	11.97%	9.42%	10.98%	17.86%	21.49%	17.02%	13.30%	12.49%	16.51%	13.44%	9.00%
Earnings before Interest and Taxes (EBIT)	-261	-105	-27	-59	-88	-72	-60	-44	-80	-52	-3.00
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-236	-81	-8.00	-47	-71	-56	-47	-32	-68	-41	9.00
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.68	1.09	2.40	1.71	3.10	2.26	1.51	1.76	1.60	1.14	0.62
Price to Tangible Book Value (P/TBV)	0.69	1.11	2.43	1.72	3.13	2.28	1.52	1.76	1.61	1.15	0.62
Price to Revenue (P/Rev)	0.05	0.08	0.23	0.19	0.43	0.41	0.28	0.28	0.22	0.14	0.08
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	0.00
Dividend Yield	0.00%	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%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.92	1.04	2.21	1.51	2.08	1.56	1.18	1.27	1.19	1.04	0.85
Enterprise Value to Revenue (EV/Rev)	0.27	0.17	0.25	0.24	0.56	0.63	0.61	0.58	0.52	0.50	0.27
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	5.74	1.73	0.67	0.50	1.67	784.30	0.00	0.00	0.00	0.00	2.63
Enterprise Value to Free Cash Flow (EV/FCFF)	3.98	1.27	0.60	0.48	1.64	0.00	0.00	0.00	0.00	0.00	2.43
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	4.97	3.82	2.82	2.80	2.62	2.70	2.90	3.16	3.25	3.91	3.46
Long-Term Debt to Equity	3.70	3.47	2.81	2.80	2.62	2.70	2.53	2.36	2.64	2.45	2.59
Financial Leverage	2.24	1.10	1.35	2.07	2.14	1.19	0.88	1.03	1.47	1.91	1.71
Leverage Ratio	4.83	3.96	4.17	5.47	4.96	4.40	3.93	4.04	3.98	4.33	4.25
Compound Leverage Factor	7.39	3.81	-3.71	9.84	5.13	6.66	5.97	7.16	5.63	7.07	41.12
Debt to Total Capital	83.24%	79.23%	73.83%	73.66%	72.34%	72.99%	74.35%	75.95%	76.45%	79.65%	77.57%
Short-Term Debt to Total Capital	21.24%	7.12%	0.36%	0.00%	0.00%	0.00%	9.56%	19.30%	14.27%	29.85%	19.55%
Long-Term Debt to Total Capital	62.00%	72.12%	73.47%	73.66%	72.34%	72.99%	64.78%	56.65%	62.19%	49.79%	58.02%
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%	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%	0.00%
Common Equity to Total Capital	16.76%	20.77%	26.17%	26.34%	27.66%	27.01%	25.65%	24.05%	23.55%	20.35%	22.43%
Debt to EBITDA	-6.34	-3.77	-2.75	-7.67	-12.22	-13.35	-11.08	-12.28	-11.40	-13.43	-16.53
Net Debt to EBITDA	-4.06	-1.13	-0.15	-1.08	-4.44	-6.08	-6.87	-7.13	-7.61	-9.74	-7.55
Long-Term Debt to EBITDA	-4.72	-3.43	-2.74	-7.67	-12.22	-13.35	-9.66	-9.16	-9.28	-8.39	-12.36
Debt to NOPAT	-8.28	-4.81	-3.44	-7.52	-9.36	-9.95	-9.91	-10.60	-10.33	-12.48	-13.55
Net Debt to NOPAT	-5.31	-1.45	-0.19	-1.06	-3.40	-4.53	-6.15	-6.15	-6.89	-9.05	-6.19
Long-Term Debt to NOPAT	-6.16	-4.38	-3.42	-7.52	-9.36	-9.95	-8.64	-7.91	-8.41	-7.80	-10.14
Altman Z-Score	2.56	2.94	3.26	2.56	2.39	1.60	1.14	1.14	1.13	0.82	0.92
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.30	11.22	46.51	51.61	49.21	44.38	8.27	4.53	5.67	2.99	4.35
Quick Ratio	0.85	2.82	13.75	16.57	15.26	13.38	2.06	1.16	1.28	0.53	1.23
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,515	2,557	5,493	4,795	2,588	159	-1,158	-896	-438	-511	723
Operating Cash Flow to CapEx	34,875.00%	27,025.00%	10,444.44%	-1,963.64%	-6,022.22%	-2,225.00%	-4,987.50%	1,033.33%	-2,666.67%	-6,975.00%	41,150.00%
Free Cash Flow to Firm to Interest Expense	10.98	0.00	0.00	102.01	862.50	4.30	-37.37	-26.35	-13.27	-15.49	27.80
Operating Cash Flow to Interest Expense	10.11	0.00	0.00	-4.60	-180.67	-4.81	-12.87	1.82	-2.42	-8.45	31.65
Operating Cash Flow Less CapEx to Interest Expense	10.08	0.00	0.00	-4.83	-183.67	-5.03	-13.13	1.65	-2.52	-8.58	31.58
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.93	2.02	1.58	1.30	1.37	1.18	1.20	1.34	1.54	1.53	1.65
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	2.82	3.90	2.92	2.28	2.07	2.29	2.44	2.62	2.40	2.22	2.53
Fixed Asset Turnover	302.27	250.67	195.07	137.43	112.03	80.11	68.30	77.78	90.40	93.18	95.94
Accounts Payable Turnover	120.65	126.64	81.06	61.21	74.24	62.68	59.87	65.49	60.51	55.05	59.92
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	129.29	93.53	125.06	159.97	176.17	159.49	149.45	139.57	152.11	164.51	144.19
Days Payable Outstanding (DPO)	3.03	2.88	4.50	5.96	4.92	5.82	6.10	5.57	6.03	6.63	6.09
Cash Conversion Cycle (CCC)	126.27	90.64	120.56	154.00	171.25	153.67	143.36	134.00	146.08	157.88	138.10
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,556	2,227	1,257	1,423	1,888	2,007	2,365	2,272	2,260	2,479	1,633
Invested Capital Turnover	2.88	3.81	2.80	2.32	2.16	2.37	2.51	2.67	2.48	2.28	2.59
Increase / (Decrease) in Invested Capital	-1,705	-2,644	-5,558	-4,850	-2,668	-220	1,108	849	372	472	-732
Enterprise Value (EV)	4,194	2,318	2,778	2,142	3,922	3,137	2,791	2,874	2,688	2,569	1,386
Market Capitalization	736	1,131	2,608	1,740	3,002	2,030	1,272	1,406	1,144	738	389
Book Value per Share	$1.71	$1.61	$1.67	$1.55	$1.44	$1.32	$1.22	$1.14	$1.00	$0.89	$0.87
Tangible Book Value per Share	$1.69	$1.59	$1.65	$1.53	$1.43	$1.31	$1.21	$1.14	$0.99	$0.89	$0.86
Total Capital	6,479	4,989	4,150	3,872	3,496	3,329	3,294	3,331	3,028	3,169	2,813
Total Debt	5,393	3,953	3,064	2,852	2,529	2,430	2,449	2,530	2,315	2,524	2,182
Total Long-Term Debt	4,017	3,598	3,049	2,852	2,529	2,430	2,134	1,887	1,883	1,578	1,632
Net Debt	3,458	1,187	170	402	920	1,107	1,519	1,468	1,544	1,831	997
Capital Expenditures (CapEx)	4.00	8.00	9.00	11	9.00	8.00	8.00	6.00	3.00	4.00	2.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	4,402	2,118	1,126	1,295	1,766	1,887	2,241	2,123	2,129	2,352	1,519
Debt-free Net Working Capital (DFNWC)	6,337	4,884	4,020	3,745	3,375	3,210	3,171	3,185	2,900	3,045	2,704
Net Working Capital (NWC)	4,961	4,529	4,005	3,745	3,375	3,210	2,856	2,542	2,468	2,099	2,154
Net Nonoperating Expense (NNE)	209	14	-88	51	11	48	42	31	47	46	20
Net Nonoperating Obligations (NNO)	3,470	1,191	171	403	921	1,108	1,520	1,471	1,547	1,834	1,002
Total Depreciation and Amortization (D&A)	25	24	19	12	17	16	13	12	12	11	12
Debt-free, Cash-free Net Working Capital to Revenue	28.28%	15.65%	9.95%	14.50%	25.42%	37.69%	49.34%	42.98%	41.32%	45.89%	29.32%
Debt-free Net Working Capital to Revenue	40.71%	36.08%	35.53%	41.92%	48.59%	64.11%	69.82%	64.49%	56.28%	59.41%	52.19%
Net Working Capital to Revenue	31.87%	33.46%	35.40%	41.92%	48.59%	64.11%	62.88%	51.47%	47.89%	40.96%	41.58%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.65)	($0.16)	$0.04	($0.16)	($0.14)	($0.16)	($0.13)	($0.11)	($0.16)	($0.12)	($0.04)
Adjusted Weighted Average Basic Shares Outstanding	627.11M	641.92M	646.06M	662.15M	657.11M	682.46M	693.45M	705.36M	699.46M	723.54M	729.48M
Adjusted Diluted Earnings per Share	($0.64)	($0.16)	$0.03	($0.16)	($0.13)	($0.16)	($0.13)	($0.11)	($0.16)	($0.12)	($0.04)
Adjusted Weighted Average Diluted Shares Outstanding	627.11M	641.92M	667.16M	662.15M	657.11M	682.46M	693.45M	705.36M	699.46M	723.54M	729.48M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	642.56M	648.78M	659.20M	670.03M	679.64M	691.58M	703.00M	715.07M	723.52M	728.90M	735.95M
Normalized Net Operating Profit after Tax (NOPAT)	-190	-87	-56	-55	-81	-61	-50	-47	-66	-37	-4.90
Normalized NOPAT Margin	-6.64%	-2.78%	-2.81%	-5.64%	-9.25%	-5.16%	-3.34%	-3.41%	-6.07%	-3.22%	-0.31%
Pre Tax Income Margin	-13.97%	-3.24%	1.21%	-10.82%	-10.46%	-9.23%	-6.02%	-5.66%	-10.42%	-7.37%	-1.85%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-1.89	0.00	0.00	-1.26	-29.33	-1.95	-1.94	-1.29	-2.42	-1.58	-0.12
NOPAT to Interest Expense	-1.37	0.00	0.00	-1.18	-26.83	-1.65	-1.63	-1.38	-1.99	-1.19	-0.35
EBIT Less CapEx to Interest Expense	-1.92	0.00	0.00	-1.49	-32.33	-2.16	-2.19	-1.47	-2.52	-1.70	-0.19
NOPAT Less CapEx to Interest Expense	-1.40	0.00	0.00	-1.41	-29.83	-1.86	-1.88	-1.56	-2.08	-1.31	-0.43
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Key Financial Trends

Opendoor Technologies (NASDAQ: OPEN) has shown significant fluctuations over the last four years in its financial performance, cash flows, and balance sheet position, reflecting challenges in the residential real estate market as well as broader economic conditions.

Positive Financial Trends and Metrics:

Revenue has shown substantial growth from Q3 2022 ($3.36B) to Q2 2025 ($1.57B most recent quarter alone), demonstrating strong sales volume and market presence.
Gross profit margins have improved in 2024 and 2025 compared to 2022 and 2023, indicating better cost management in revenue generation (e.g., Q2 2025 gross profit was $128M versus a gross loss in Q3 2022 of -$425M).
Opendoor’s cash and equivalents have recovered from lower points in 2023 and 2024, reaching $789M as of Q2 2025, providing reasonable liquidity.
Net cash from operating activities swung from negative in early 2024 to a very strong positive $823M in Q2 2025, suggesting improving operational cash flow and working capital management.
Inventory (homes held for sale) has decreased significantly from $6.09B in Q3 2022 to $1.53B in Q2 2025, possibly reflecting a strategic effort to reduce capital tied up in inventory and indicate better inventory turnover.

Neutral or Mixed Factors to Monitor:

Operating expenses remain elevated with SG&A and marketing continuing to consume substantial amounts each quarter (e.g., Q2 2025 marketing expense was $86M), which is typical for growth companies investing in market share.
Debt levels remain high at about $2.2B in long-term debt as of Q2 2025, similar to previous years, indicating sustained leverage but manageable with current cash flows.
The company continues to experience net losses on a consolidated basis each quarter, though losses have narrowed from Q4 2022 (-$399M) to Q2 2025 (-$29M), reflecting ongoing efforts to move toward profitability.
Interest expenses remain significant, around $26M to $33M quarterly, which impacts net income but also suggests the company is servicing debt as required.
Share count has increased moderately over time, with diluted shares around 730M in mid-2025, reflecting some dilution from equity raises common in tech-enabled startups.

Negative Financial Signals and Risks:

The company has reported consistent quarterly losses over the last four years, indicating challenges in reaching sustainable profitability.
Negative operating cash flow quarters were frequent during 2023 and early 2024, highlighting operational cash burn before the recent improvement.
Total liabilities remain very high relative to total equity, with liabilities around $2.28B and equity only about $631M in Q2 2025, posing leverage risks.
Large fluctuations in working capital and operating assets/liabilities have produced volatile cash flow from operations, which could affect financial stability if continued.
The company is still investing significantly in property, plant, and equipment as well as inventory, which can weigh on free cash flow if sales do not accelerate.

In summary, Opendoor Technologies is progressing towards reducing losses and improving operational cash flow, with stronger revenue and gross profit trends. However, the company still faces substantial challenges with consistent profitability, high leverage, and elevated expenses. Retail investors should carefully weigh the improving top-line and cash flow performance against the risks from ongoing losses and financial leverage when considering investment in OPEN.

08/29/25 06:38 AM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Opendoor Technologies' Financials

When does Opendoor Technologies' fiscal year end?

According to the most recent income statement we have on file, Opendoor Technologies' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Opendoor Technologies' net income changed over the last 6 years?

Opendoor Technologies' net income appears to be on an upward trend, with a most recent value of -$392 million in 2024, rising from -$239.93 million in 2018. The previous period was -$275 million in 2023. View Opendoor Technologies' forecast to see where analysts expect Opendoor Technologies to go next.

What is Opendoor Technologies' operating income?

Opendoor Technologies' total operating income in 2024 was -$320 million, based on the following breakdown:

Total Gross Profit: $433 million
Total Operating Expenses: $753 million

How has Opendoor Technologies' revenue changed over the last 6 years?

Over the last 6 years, Opendoor Technologies' total revenue changed from $1.84 billion in 2018 to $5.15 billion in 2024, a change of 180.3%.

How much debt does Opendoor Technologies have?

Opendoor Technologies' total liabilities were at $2.41 billion at the end of 2024, a 7.2% decrease from 2023, and a 52.4% increase since 2019.

How much cash does Opendoor Technologies have?

In the past 5 years, Opendoor Technologies' cash and equivalents has ranged from $405.08 million in 2019 to $1.73 billion in 2021, and is currently $671 million as of their latest financial filing in 2024.

How has Opendoor Technologies' book value per share changed over the last 6 years?

Over the last 6 years, Opendoor Technologies' book value per share changed from 0.00 in 2018 to 1.00 in 2024, a change of 99.7%.

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This page (NASDAQ:OPEN) was last updated on 8/29/2025 by MarketBeat.com Staff

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Opendoor Technologies (OPEN) Financials

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Opendoor Technologies (OPEN) Financials

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