What is Opendoor Technologies' operating income?

Opendoor Technologies' total operating income in 2025 was -$287 million, based on the following breakdown: Total Gross Profit: $350 million Total Operating Expenses: $637 million

Opendoor Technologies (OPEN) Financials

$3.29 -0.09 (-2.66%)

As of 08/28/2026 04:00 PM Eastern

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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	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-241	-341	-253	-662	-1,353	-275	-392	-1,300
Consolidated Net Income / (Loss)	-240	-339	-253	-662	-1,353	-275	-392	-1,300
Net Income / (Loss) Continuing Operations	-240	-339	-253	-662	-1,353	-275	-392	-1,300
Total Pre-Tax Income	-240	-339	-253	-661	-1,351	-274	-391	-1,300
Total Operating Income	-164	-248	-186	-568	-931	-386	-320	-287
Total Gross Profit	133	301	220	730	667	487	433	350
Total Revenue	1,838	4,741	2,583	8,021	15,567	6,946	5,153	4,371
Operating Revenue	1,838	4,741	2,583	8,021	15,567	6,946	5,153	4,371
Total Cost of Revenue	1,705	4,440	2,363	7,291	14,900	6,459	4,720	4,021
Operating Cost of Revenue	1,705	4,440	2,363	7,291	14,900	6,459	4,720	4,021
Total Operating Expenses	297	549	406	1,298	1,598	873	753	637
Selling, General & Admin Expense	72	114	132	620	346	206	182	238
Marketing Expense	196	384	189	544	1,006	486	413	310
Research & Development Expense	28	51	56	134	169	167	141	79
Restructuring Charge	-	-	29	0.00	17	14	17	10
Total Other Income / (Expense), net	-76	-91	-67	-93	-420	112	-71	-1,013
Interest Expense	60	110	79	143	410	-5.00	135	1,055
Other Income / (Expense), net	-15	19	12	50	-10	107	64	42
Income Tax Expense	0.38	0.00	0.00	1.00	2.00	1.00	1.00	0.00
Basic Earnings per Share	($3.16)	($4.26)	($2.31)	($1.12)	($2.16)	($0.42)	($0.56)	($1.70)
Weighted Average Basic Shares Outstanding	78.56M	79.98M	109.30M	592.57M	627.11M	657.11M	699.46M	766.53M
Diluted Earnings per Share	($3.16)	($4.37)	($2.31)	($1.12)	($2.16)	($0.42)	($0.56)	($1.70)
Weighted Average Diluted Shares Outstanding	78.56M	79.98M	109.30M	592.57M	627.11M	657.11M	699.46M	766.53M
Weighted Average Basic & Diluted Shares Outstanding	-	-	577.23M	620.13M	642.56M	679.64M	723.52M	958.33M

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 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-91	-109	-92	-78	-113	-85	-29	-90	-1,096	-173	-162
Consolidated Net Income / (Loss)	-91	-109	-92	-78	-113	-85	-29	-89	-1,097	-173	-162
Net Income / (Loss) Continuing Operations	-91	-109	-92	-78	-113	-85	-29	-89	-1,097	-173	-162
Total Pre-Tax Income	-91	-109	-91	-78	-113	-85	-29	-89	-1,097	-173	-162
Total Operating Income	-115	-87	-72	-67	-94	-56	-13	-68	-150	-159	-144
Total Gross Profit	72	114	129	105	85	99	128	66	57	72	86
Total Revenue	870	1,181	1,511	1,377	1,084	1,153	1,567	915	736	720	883
Operating Revenue	870	1,181	1,511	1,377	1,084	1,153	1,567	915	736	720	883
Total Cost of Revenue	798	1,067	1,382	1,272	999	1,054	1,439	849	679	648	797
Operating Cost of Revenue	798	1,067	1,382	1,272	999	1,054	1,439	849	679	648	797
Total Operating Expenses	187	201	201	172	179	155	141	134	207	231	230
Selling, General & Admin Expense	48	47	48	46	41	33	28	48	129	137	135
Marketing Expense	89	113	116	96	88	98	86	66	60	70	65
Research & Development Expense	46	41	37	30	33	21	21	19	18	24	27
Restructuring Charge	-	0.00	0.00	0.00	-	3.00	6.00	1.00	-	0.00	3.00
Total Other Income / (Expense), net	24	-22	-19	-11	-19	-29	-16	-21	-947	-14	-18
Interest Expense	3.00	37	31	34	33	33	26	35	961	24	29
Other Income / (Expense), net	27	15	12	23	14	4.00	10	14	14	10	11
Income Tax Expense	-	0.00	1.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Basic Earnings per Share	($0.14)	($0.16)	($0.13)	($0.11)	($0.16)	($0.12)	($0.04)	($0.12)	($1.42)	($0.18)	($0.17)
Weighted Average Basic Shares Outstanding	657.11M	682.46M	693.45M	705.36M	699.46M	723.54M	729.48M	741.94M	766.53M	959.33M	965.78M
Diluted Earnings per Share	($0.13)	($0.16)	($0.13)	($0.11)	($0.16)	($0.12)	($0.04)	($0.12)	($1.42)	($0.18)	($0.17)
Weighted Average Diluted Shares Outstanding	657.11M	682.46M	693.45M	705.36M	699.46M	723.54M	729.48M	741.94M	766.53M	959.33M	965.78M
Weighted Average Basic & Diluted Shares Outstanding	679.64M	691.58M	703.00M	715.07M	723.52M	728.90M	735.95M	772.85M	958.33M	964.74M	971.09M

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	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	309	279	821	1,072	-787	-251	-777	538
Net Cash From Operating Activities	-1,180	-272	682	-5,794	730	2,344	-595	1,049
Net Cash From Continuing Operating Activities	-1,180	-272	682	-5,794	730	2,344	-595	1,049
Net Income / (Loss) Continuing Operations	-240	-339	-253	-662	-1,353	-275	-392	-1,300
Consolidated Net Income / (Loss)	-240	-339	-253	-662	-1,353	-275	-392	-1,300
Depreciation Expense	13	27	39	47	83	65	48	44
Amortization Expense	0.00	12	24	8.00	7.00	7.00	5.00	2.00
Non-Cash Adjustments To Reconcile Net Income	-964	40	26	463	1,092	-2.00	169	1,145
Changes in Operating Assets and Liabilities, net	11	-12	846	-5,650	901	2,549	-425	1,158
Net Cash From Investing Activities	-7.43	-95	-22	-476	234	44	28	-12
Net Cash From Continuing Investing Activities	-7.43	-95	-22	-476	234	44	28	-12
Purchase of Property, Plant & Equipment	-20	-28	-17	-33	-37	-37	-25	-12
Acquisitions	-4.86	-33	0.00	-34	-10	0.00	-2.00	0.00
Sale and/or Maturity of Investments	40	45	170	92	331	80	55	6.00
Other Investing Activities, net	-	-	0.00	-15	-22	1.00	0.00	-6.00
Net Cash From Financing Activities	1,496	646	161	7,342	-1,751	-2,639	-210	-499
Net Cash From Continuing Financing Activities	1,496	646	159	7,342	-1,751	-2,639	-210	-499
Repayment of Debt	-1,185	-3,511	-2,254	-6,077	-11,979	-2,882	-715	-2,688
Repurchase of Common Equity	-39	-3.00	-43	-29	-	0.00	0.00	1,184
Issuance of Debt	2,014	3,842	1,434	12,644	10,222	238	498	759
Issuance of Common Equity	0.00	0.00	0.00	886	2.00	2.00	5.00	241
Other Financing Activities, net	6.89	3.00	1,022	-82	4.00	3.00	2.00	5.00
Cash Interest Paid	45	86	57	122	355	203	121	120

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 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Change in Cash & Equivalents	-838	-254	-375	143	-291	-70	492	267	-151	-234	-105
Net Cash From Operating Activities	-542	-178	-399	62	-80	-279	823	435	70	-246	-718
Net Cash From Continuing Operating Activities	-542	-178	-399	62	-80	-279	823	435	70	-246	-718
Net Income / (Loss) Continuing Operations	-91	-109	-92	-78	-113	-85	-29	-90	-1,096	-173	-162
Consolidated Net Income / (Loss)	-91	-109	-92	-78	-113	-85	-29	-90	-1,096	-173	-162
Depreciation Expense	15	14	12	11	11	10	12	11	11	8.00	8.00
Amortization Expense	2.00	2.00	1.00	1.00	1.00	1.00	-	1.00	-	0.00	1.00
Non-Cash Adjustments To Reconcile Net Income	8.00	36	61	33	39	16	34	43	1,052	123	131
Changes in Operating Assets and Liabilities, net	-476	-121	-381	95	-18	-221	806	470	103	-204	-696
Net Cash From Investing Activities	-4.00	22	9.00	-	-3.00	2.00	-2.00	-9.00	-3.00	-4.00	-10
Net Cash From Continuing Investing Activities	-4.00	22	9.00	-	-3.00	2.00	-2.00	-9.00	-3.00	-4.00	-10
Purchase of Property, Plant & Equipment	-9.00	-8.00	-8.00	-6.00	-3.00	-4.00	-2.00	-3.00	-3.00	-4.00	-5.00
Net Cash From Financing Activities	-292	-98	15	81	-208	207	-329	-159	-218	16	623
Net Cash From Continuing Financing Activities	-292	-98	15	81	-210	207	-329	-159	-218	16	623
Repayment of Debt	-293	-100	-202	-122	-291	-370	-499	-417	-1,402	-53	-90
Issuance of Debt	-	0.00	217	200	81	576	170	13	-	68	713
Cash Interest Paid	34	34	28	31	28	31	31	26	32	20	26

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	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	2,232	2,176	9,506	6,608	3,567	3,126	2,407
Total Current Assets	2,088	2,053	9,340	6,466	3,445	2,997	2,299
Cash & Equivalents	405	1,413	1,731	1,137	999	671	962
Restricted Cash	280	93	847	654	541	92	339
Inventories, net	1,312	466	6,096	4,460	1,775	2,159	925
Other Current Assets	45	25	175	71	61	67	73
Plant, Property, & Equipment, net	35	29	45	58	66	48	27
Total Noncurrent Assets	109	94	121	84	56	81	81
Goodwill	31	31	60	4.00	4.00	3.00	3.00
Other Noncurrent Operating Assets	66	54	49	68	47	78	78
Total Liabilities & Shareholders' Equity	2,232	2,176	9,506	6,608	3,567	3,126	2,407
Total Liabilities	1,583	623	7,258	5,522	2,600	2,413	1,402
Total Current Liabilities	1,126	393	4,400	1,505	70	529	327
Short-Term Debt	1,074	346	4,247	1,376	0.00	432	245
Accounts Payable	33	25	137	110	64	92	80
Other Current Liabilities	13	21	4.00	7.00	5.00	2.00	1.00
Other Current Nonoperating Liabilities	5.81	1.00	12	12	1.00	3.00	1.00
Total Noncurrent Liabilities	457	230	2,858	4,017	2,530	1,884	1,075
Long-Term Debt	362	136	2,816	3,979	2,510	1,870	1,068
Capital Lease Obligations	48	47	-	38	19	13	6.00
Other Noncurrent Operating Liabilities	46	47	42	0.00	1.00	1.00	1.00
Commitments & Contingencies	0.00	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	1,005
Total Preferred & Common Equity	-733	1,553	2,248	1,086	967	713	1,005
Total Common Equity	-733	1,553	2,248	1,086	967	713	1,005
Common Stock	57	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
Accumulated Other Comprehensive Income / (Loss)	0.02	0.00	-2.00	-4.00	-1.00	0.00	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	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	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	6/30/2026
Total Assets	5,112	4,223	3,947	3,404	3,372	3,411	3,277	2,907	2,700	2,349	2,961
Total Current Assets	4,972	4,093	3,819	3,284	3,249	3,263	3,152	2,797	2,587	2,242	2,850
Cash & Equivalents	1,143	1,120	1,154	953	790	829	559	789	962	999	896
Restricted Cash	1,515	1,684	1,224	333	121	225	134	396	490	68	66
Inventories, net	2,118	1,149	1,311	1,881	2,234	2,145	2,362	1,530	1,053	1,139	1,845
Other Current Assets	88	50	58	80	85	56	97	82	82	36	43
Plant, Property, & Equipment, net	59	62	68	66	71	59	44	37	31	25	24
Total Noncurrent Assets	81	68	60	54	52	89	81	73	82	82	87
Goodwill	4.00	4.00	4.00	4.00	4.00	3.00	3.00	3.00	3.00	3.00	3.00
Other Noncurrent Operating Assets	66	55	49	46	46	86	78	70	79	79	84
Total Liabilities & Shareholders' Equity	5,112	4,223	3,947	3,404	3,372	3,411	3,277	2,907	2,700	2,349	2,961
Total Liabilities	4,076	3,137	2,927	2,505	2,527	2,610	2,632	2,276	1,889	1,395	2,047
Total Current Liabilities	443	88	74	74	393	721	1,053	643	914	317	968
Short-Term Debt	355	15	0.00	-	315	643	946	550	813	261	885
Accounts Payable	77	65	67	69	73	71	102	86	91	53	78
Other Current Liabilities	7.00	7.00	6.00	4.00	4.00	4.00	2.00	2.00	1.00	1.00	2.00
Other Current Nonoperating Liabilities	4.00	1.00	1.00	1.00	1.00	3.00	3.00	5.00	9.00	2.00	3.00
Total Noncurrent Liabilities	3,633	3,049	2,853	2,431	2,134	1,889	1,579	1,633	975	1,078	1,079
Long-Term Debt	3,598	3,028	2,832	2,412	2,116	1,868	1,565	1,626	966	1,070	1,071
Capital Lease Obligations	-	21	20	18	18	19	13	6.00	7.00	6.00	6.00
Other Noncurrent Operating Liabilities	35	-	1.00	1.00	0.00	2.00	1.00	1.00	2.00	2.00	2.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,036	1,086	1,020	899	845	801	645	631	811	954	914
Total Preferred & Common Equity	1,036	1,086	1,020	899	845	801	645	631	811	954	914
Total Common Equity	1,036	1,086	1,020	899	845	801	645	631	811	954	914
Common Stock	4,198	4,224	4,263	4,341	4,379	4,413	4,455	4,470	4,740	6,160	6,283
Retained Earnings	-3,159	-3,136	-3,242	-3,442	-3,534	-3,612	-3,810	-3,839	-3,929	-5,206	-5,368
Accumulated Other Comprehensive Income / (Loss)	-3.00	-2.00	-1.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-1.00

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

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	157.93%	-45.52%	210.53%	94.08%	-55.38%	-25.81%	-15.18%
EBITDA Growth	0.00%	-14.24%	41.58%	-317.12%	-83.80%	75.68%	1.93%	1.97%
EBIT Growth	0.00%	-27.86%	24.02%	-197.70%	-81.66%	70.35%	8.24%	4.30%
NOPAT Growth	0.00%	-51.52%	25.00%	-205.38%	-63.91%	58.54%	17.10%	10.31%
Net Income Growth	0.00%	-41.29%	25.37%	-161.66%	-104.38%	79.67%	-42.55%	-231.63%
EPS Growth	0.00%	-38.29%	47.14%	51.52%	-92.86%	80.56%	-33.33%	-203.57%
Operating Cash Flow Growth	0.00%	76.94%	350.74%	-949.56%	112.60%	221.10%	-125.38%	276.30%
Free Cash Flow Firm Growth	0.00%	0.00%	147.86%	-910.70%	117.16%	127.65%	-124.86%	273.67%
Invested Capital Growth	0.00%	0.00%	-63.00%	1,101.73%	-27.23%	-58.56%	19.70%	-54.69%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	80.34%	-5.84%	-22.24%	4.33%	-7.37%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-19.71%	-19.19%	44.35%	1.46%	-40.14%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-19.72%	-17.92%	38.27%	3.03%	-29.63%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-6.72%	-22.18%	28.78%	6.16%	-24.24%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-26.09%	-18.17%	52.83%	-5.95%	-311.39%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-38.27%	-18.03%	54.84%	-5.66%	-286.36%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	7.43%	231.53%	-45.25%	43.71%	16.69%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	386.11%	-46.37%	45.21%	8.24%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-2.75%	-27.37%	32.68%	-0.53%	-11.27%
Profitability Metrics	-	-	-	-	-	-	-	-
Gross Margin	7.26%	6.35%	8.52%	9.10%	4.28%	7.01%	8.40%	8.01%
EBITDA Margin	-9.05%	-4.01%	-4.30%	-5.77%	-5.47%	-2.98%	-3.94%	-4.55%
Operating Margin	-8.90%	-5.23%	-7.20%	-7.08%	-5.98%	-5.56%	-6.21%	-6.57%
EBIT Margin	-9.74%	-4.83%	-6.74%	-6.46%	-6.04%	-4.02%	-4.97%	-5.61%
Profit (Net Income) Margin	-13.05%	-7.15%	-9.79%	-8.25%	-8.69%	-3.96%	-7.61%	-29.74%
Tax Burden Percent	100.16%	100.00%	100.00%	100.15%	100.15%	100.37%	100.26%	100.00%
Interest Burden Percent	133.76%	148.03%	145.40%	127.61%	143.57%	98.21%	152.73%	530.61%
Effective Tax Rate	0.00%	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%	-12.24%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-68.19%	76.76%	-29.46%	-30.79%	-8.60%	-24.41%	-152.61%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-79.91%	-9.49%	-23.11%	-69.11%	-18.40%	-35.87%	-139.10%
Return on Equity (ROE)	0.00%	-104.57%	-22.99%	-34.83%	-81.16%	-26.79%	-46.67%	-151.34%
Cash Return on Invested Capital (CROIC)	0.00%	-224.65%	78.48%	-181.00%	19.47%	74.42%	-28.74%	63.04%
Operating Return on Assets (OROA)	0.00%	-10.26%	-7.90%	-8.87%	-11.68%	-5.48%	-7.65%	-8.86%
Return on Assets (ROA)	0.00%	-15.19%	-11.48%	-11.33%	-16.79%	-5.41%	-11.71%	-46.99%
Return on Common Equity (ROCE)	0.00%	118.23%	-8.56%	-34.83%	-81.16%	-26.79%	-46.67%	-151.34%
Return on Equity Simple (ROE_SIMPLE)	0.00%	46.24%	-16.29%	-29.45%	-124.59%	-28.44%	-54.98%	0.00%
Net Operating Profit after Tax (NOPAT)	-115	-174	-130	-398	-652	-270	-224	-201
NOPAT Margin	-6.23%	-3.66%	-5.04%	-4.96%	-4.19%	-3.89%	-4.35%	-4.60%
Net Nonoperating Expense Percent (NNEP)	0.00%	43.53%	-90.25%	17.74%	18.74%	0.22%	13.61%	140.37%
Return On Investment Capital (ROIC_SIMPLE)	-	-23.10%	-6.25%	-4.27%	-10.06%	-7.73%	-7.40%	-8.64%
Cost of Revenue to Revenue	92.74%	93.65%	91.48%	90.90%	95.72%	92.99%	91.60%	91.99%
SG&A Expenses to Revenue	3.94%	2.40%	5.11%	7.73%	2.22%	2.97%	3.53%	5.45%
R&D to Revenue	1.55%	1.08%	2.17%	1.67%	1.09%	2.40%	2.74%	1.81%
Operating Expenses to Revenue	16.16%	11.58%	15.72%	16.18%	10.27%	12.57%	14.61%	14.57%
Earnings before Interest and Taxes (EBIT)	-179	-229	-174	-518	-941	-279	-256	-245
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-166	-190	-111	-463	-851	-207	-203	-199
Valuation Ratios	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.76	3.98	0.68	3.10	1.60	4.48
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.78	4.11	0.69	3.13	1.61	4.50
Price to Revenue (P/Rev)	0.16	0.06	0.46	1.12	0.05	0.43	0.22	1.03
Price to Earnings (P/E)	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%
Earnings Yield	0.00%	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	4.42
Enterprise Value to Revenue (EV/Rev)	0.00	0.51	0.06	1.61	0.27	0.56	0.52	1.03
Enterprise Value to EBITDA (EV/EBITDA)	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
Enterprise Value to NOPAT (EV/NOPAT)	0.00	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	4.31
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.20	0.00	3.98	1.64	0.00	4.37
Leverage & Solvency	-	-	-	-	-	-	-	-
Debt to Equity	0.00	2.29	0.34	3.14	4.97	2.62	3.25	1.31
Long-Term Debt to Equity	0.00	0.63	0.12	1.25	3.70	2.62	2.64	1.07
Financial Leverage	0.00	1.17	-0.12	0.78	2.24	2.14	1.47	0.91
Leverage Ratio	0.00	3.44	2.00	3.07	4.83	4.96	3.98	3.22
Compound Leverage Factor	0.00	5.10	2.91	3.92	6.94	4.87	6.08	17.09
Debt to Total Capital	0.00%	69.60%	25.41%	75.86%	83.24%	72.34%	76.45%	56.76%
Short-Term Debt to Total Capital	0.00%	50.36%	16.62%	45.61%	21.24%	0.00%	14.27%	10.54%
Long-Term Debt to Total Capital	0.00%	19.24%	8.79%	30.24%	62.00%	72.34%	62.19%	46.21%
Preferred Equity to Total Capital	0.00%	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%	0.00%
Common Equity to Total Capital	0.00%	-34.37%	74.59%	24.14%	16.76%	27.66%	23.55%	43.24%
Debt to EBITDA	0.00	-7.81	-4.77	-15.25	-6.34	-12.22	-11.40	-6.63
Net Debt to EBITDA	0.00	-3.98	9.23	-8.64	-4.06	-4.44	-7.61	-0.09
Long-Term Debt to EBITDA	0.00	-2.16	-1.65	-6.08	-4.72	-12.22	-9.28	-5.40
Debt to NOPAT	0.00	-8.55	-4.06	-17.76	-8.28	-9.36	-10.33	-6.57
Net Debt to NOPAT	0.00	-4.36	7.87	-10.06	-5.31	-3.40	-6.89	-0.09
Long-Term Debt to NOPAT	0.00	-2.36	-1.41	-7.08	-6.16	-9.36	-8.41	-5.35
Altman Z-Score	0.00	1.92	2.30	1.78	2.22	2.21	0.94	1.46
Noncontrolling Interest Sharing Ratio	0.00%	213.06%	62.76%	0.00%	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	7.03
Quick Ratio	0.00	0.40	3.72	0.51	0.85	15.26	1.28	2.94
Cash Flow Metrics	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-1,582	757	-6,138	1,053	2,398	-596	1,035
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%	8,741.67%
Free Cash Flow to Firm to Interest Expense	0.00	-14.38	9.58	-42.92	2.57	0.00	-4.41	0.98
Operating Cash Flow to Interest Expense	-19.51	-2.47	8.63	-40.52	1.78	0.00	-4.41	0.99
Operating Cash Flow Less CapEx to Interest Expense	-19.84	-2.73	8.42	-40.75	1.69	0.00	-4.59	0.98
Efficiency Ratios	-	-	-	-	-	-	-	-
Asset Turnover	0.00	2.12	1.17	1.37	1.93	1.37	1.54	1.58
Accounts Receivable Turnover	0.00	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	2.61
Fixed Asset Turnover	0.00	137.00	81.22	216.78	302.27	112.03	90.40	116.56
Accounts Payable Turnover	0.00	134.64	81.52	90.01	120.65	74.24	60.51	46.76
Days Sales Outstanding (DSO)	0.00	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	139.97
Days Payable Outstanding (DPO)	0.00	2.71	4.48	4.06	3.03	4.92	6.03	7.81
Cash Conversion Cycle (CCC)	0.00	105.18	132.87	160.20	126.27	171.25	146.08	132.17
Capital & Investment Metrics	-	-	-	-	-	-	-	-
Invested Capital	0.00	1,408	521	6,261	4,556	1,888	2,260	1,024
Invested Capital Turnover	0.00	6.73	2.68	2.37	2.88	2.16	2.48	2.66
Increase / (Decrease) in Invested Capital	0.00	1,408	-887	5,740	-1,705	-2,668	372	-1,236
Enterprise Value (EV)	0.00	2,438	151	12,951	4,194	3,922	2,688	4,524
Market Capitalization	300	300	1,176	8,950	736	3,002	1,144	4,506
Book Value per Share	$0.00	($9.17)	$30.01	$3.67	$1.71	$1.44	$1.00	$1.30
Tangible Book Value per Share	$0.00	($9.71)	$29.24	$3.55	$1.69	$1.43	$0.99	$1.30
Total Capital	0.00	2,133	2,082	9,311	6,479	3,496	3,028	2,324
Total Debt	0.00	1,485	529	7,063	5,393	2,529	2,315	1,319
Total Long-Term Debt	0.00	410	183	2,816	4,017	2,529	1,883	1,074
Net Debt	0.00	756	-1,025	4,001	3,458	920	1,544	18
Capital Expenditures (CapEx)	20	28	17	33	37	37	25	12
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	1,307	452	6,125	4,402	1,766	2,129	916
Debt-free Net Working Capital (DFNWC)	0.00	2,035	2,006	9,187	6,337	3,375	2,900	2,217
Net Working Capital (NWC)	0.00	961	1,660	4,940	4,961	3,375	2,468	1,972
Net Nonoperating Expense (NNE)	125	165	123	264	701	4.80	168	1,099
Net Nonoperating Obligations (NNO)	0.00	760	-1,032	4,013	3,470	921	1,547	19
Total Depreciation and Amortization (D&A)	13	39	63	55	90	72	53	46
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	27.57%	17.50%	76.36%	28.28%	25.42%	41.32%	20.96%
Debt-free Net Working Capital to Revenue	0.00%	42.93%	77.66%	114.54%	40.71%	48.59%	56.28%	50.72%
Net Working Capital to Revenue	0.00%	20.28%	64.27%	61.59%	31.87%	48.59%	47.89%	45.12%
Earnings Adjustments	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($2.62)	($1.12)	($2.16)	($0.42)	($0.56)	($1.70)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	109.30M	592.57M	627.11M	657.11M	699.46M	766.53M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($2.62)	($1.12)	($2.16)	($0.42)	($0.56)	($1.70)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	109.30M	592.57M	627.11M	657.11M	699.46M	766.53M
Adjusted Basic & Diluted Earnings per Share	$0.00	$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	958.33M
Normalized Net Operating Profit after Tax (NOPAT)	-115	-174	-110	-398	-598	-260	-212	-194
Normalized NOPAT Margin	-6.23%	-3.66%	-4.25%	-4.96%	-3.84%	-3.75%	-4.12%	-4.44%
Pre Tax Income Margin	-13.03%	-7.15%	-9.79%	-8.24%	-8.68%	-3.94%	-7.59%	-29.74%
Debt Service Ratios	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-2.96	-2.08	-2.20	-3.62	-2.30	0.00	-1.90	-0.23
NOPAT to Interest Expense	-1.90	-1.58	-1.65	-2.78	-1.59	0.00	-1.66	-0.19
EBIT Less CapEx to Interest Expense	-3.29	-2.34	-2.42	-3.85	-2.39	0.00	-2.08	-0.24
NOPAT Less CapEx to Interest Expense	-2.23	-1.83	-1.86	-3.01	-1.68	0.00	-1.84	-0.20
Payout Ratios	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	-0.89%	0.00%	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%	91.08%

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	958,325,481.00	964,736,632.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	958,325,481.00	964,736,632.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-0.18	-0.17
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-69.55%	-62.15%	-23.53%	40.51%	24.60%	-2.37%	3.71%	-33.55%	-32.10%	-37.55%	-43.65%
EBITDA Growth	69.92%	30.86%	-487.50%	31.91%	4.23%	26.79%	119.15%	-31.25%	-83.82%	-243.90%	-1,477.78%
EBIT Growth	66.28%	31.43%	-122.22%	25.42%	9.09%	27.78%	95.00%	-22.73%	-70.00%	-186.54%	-4,333.33%
NOPAT Growth	57.56%	29.84%	22.66%	15.19%	18.26%	35.63%	81.94%	-1.49%	-59.57%	-183.93%	-1,007.69%
Net Income Growth	77.19%	-7.92%	-500.00%	26.42%	-24.18%	22.02%	68.48%	-14.10%	-870.80%	-103.53%	-458.62%
EPS Growth	79.69%	0.00%	-533.33%	31.25%	-23.08%	25.00%	69.23%	-9.09%	-787.50%	-50.00%	-325.00%
Operating Cash Flow Growth	-138.85%	-108.23%	-142.45%	128.70%	85.24%	-56.74%	306.27%	601.61%	187.50%	11.83%	-187.24%
Free Cash Flow Firm Growth	70.76%	-93.78%	-121.09%	-118.69%	-116.92%	-421.31%	162.41%	219.48%	358.34%	323.34%	-153.23%
Invested Capital Growth	-58.56%	-9.88%	88.15%	59.66%	19.70%	23.52%	-30.95%	-49.21%	-54.69%	-50.54%	17.39%
Revenue Q/Q Growth	-11.22%	35.75%	27.94%	-8.87%	-21.28%	6.37%	35.91%	-41.61%	-19.56%	-2.17%	22.64%
EBITDA Q/Q Growth	-51.06%	21.13%	16.07%	31.91%	-112.50%	39.71%	121.95%	-566.67%	-197.62%	-12.80%	12.06%
EBIT Q/Q Growth	-49.15%	18.18%	16.67%	26.67%	-81.82%	35.00%	94.23%	-1,700.00%	-151.85%	-9.56%	10.74%
NOPAT Q/Q Growth	-45.57%	24.35%	17.24%	6.94%	-40.30%	40.43%	76.79%	-423.08%	-120.59%	-6.00%	9.43%
Net Income Q/Q Growth	14.15%	-19.78%	15.60%	15.22%	-44.87%	24.78%	65.88%	-206.90%	-1,132.58%	84.23%	6.36%
EPS Q/Q Growth	18.75%	-23.08%	18.75%	15.38%	-45.45%	25.00%	66.67%	-200.00%	-1,083.33%	87.32%	5.56%
Operating Cash Flow Q/Q Growth	-150.93%	67.16%	-124.16%	115.54%	-229.03%	-248.75%	394.98%	-47.14%	-83.91%	-451.43%	-191.87%
Free Cash Flow Firm Q/Q Growth	-46.03%	-93.85%	-828.10%	22.66%	51.13%	-16.77%	241.41%	48.07%	5.66%	0.95%	-133.70%
Invested Capital Q/Q Growth	32.68%	6.30%	17.84%	-3.93%	-0.53%	9.69%	-34.13%	-29.33%	-11.27%	19.73%	56.36%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	8.28%	9.65%	8.54%	7.63%	7.84%	8.59%	8.17%	7.21%	7.74%	10.00%	9.74%
EBITDA Margin	-8.16%	-4.74%	-3.11%	-2.32%	-6.27%	-3.56%	0.57%	-4.59%	-16.98%	-19.58%	-14.04%
Operating Margin	-13.22%	-7.37%	-4.77%	-4.87%	-8.67%	-4.86%	-0.83%	-7.43%	-20.38%	-22.08%	-16.31%
EBIT Margin	-10.11%	-6.10%	-3.97%	-3.20%	-7.38%	-4.51%	-0.19%	-5.90%	-18.48%	-20.69%	-15.06%
Profit (Net Income) Margin	-10.46%	-9.23%	-6.09%	-5.66%	-10.42%	-7.37%	-1.85%	-9.73%	-149.05%	-24.03%	-18.35%
Tax Burden Percent	100.00%	100.00%	101.10%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	103.41%	151.39%	151.67%	177.27%	141.25%	163.46%	966.67%	164.81%	806.62%	116.11%	121.80%
Effective Tax Rate	0.00%	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)	-19.95%	-12.20%	-8.37%	-9.11%	-15.08%	-7.77%	-1.51%	-14.33%	-37.98%	-32.86%	-20.93%
ROIC Less NNEP Spread (ROIC-NNEP)	-20.43%	-16.38%	-13.29%	-12.42%	-18.91%	-10.88%	-3.08%	-18.90%	-164.67%	-38.72%	-27.03%
Return on Net Nonoperating Assets (RNNOA)	-43.69%	-19.46%	-11.63%	-12.79%	-27.77%	-20.73%	-5.27%	-21.26%	-150.10%	-51.00%	-35.08%
Return on Equity (ROE)	-63.63%	-31.66%	-20.00%	-21.89%	-42.86%	-28.50%	-6.77%	-35.59%	-188.08%	-83.86%	-56.01%
Cash Return on Invested Capital (CROIC)	74.42%	-1.15%	-74.83%	-58.87%	-28.74%	-30.06%	28.56%	55.83%	63.04%	52.90%	-36.55%
Operating Return on Assets (OROA)	-13.81%	-7.17%	-4.75%	-4.29%	-11.36%	-6.92%	-0.32%	-9.11%	-29.20%	-28.97%	-16.71%
Return on Assets (ROA)	-14.28%	-10.85%	-7.28%	-7.60%	-16.05%	-11.31%	-3.05%	-15.02%	-235.49%	-33.64%	-20.35%
Return on Common Equity (ROCE)	-63.63%	-31.66%	-20.00%	-21.89%	-42.86%	-28.50%	-6.77%	-35.59%	-188.08%	-83.86%	-56.01%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-31.48%	-47.10%	-46.19%	0.00%	-57.05%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-81	-61	-50	-47	-66	-39	-9.10	-48	-105	-111	-101
NOPAT Margin	-9.25%	-5.16%	-3.34%	-3.41%	-6.07%	-3.40%	-0.58%	-5.20%	-14.27%	-15.46%	-11.42%
Net Nonoperating Expense Percent (NNEP)	0.48%	4.18%	4.92%	3.32%	3.83%	3.11%	1.58%	4.56%	126.69%	5.86%	6.10%
Return On Investment Capital (ROIC_SIMPLE)	-2.30%	-1.83%	-1.53%	-1.41%	-2.17%	-1.24%	-0.32%	-1.83%	-4.52%	-4.86%	-3.50%
Cost of Revenue to Revenue	91.72%	90.35%	91.46%	92.37%	92.16%	91.41%	91.83%	92.79%	92.26%	90.00%	90.26%
SG&A Expenses to Revenue	5.52%	3.98%	3.18%	3.34%	3.78%	2.86%	1.79%	5.25%	17.53%	19.03%	15.29%
R&D to Revenue	5.29%	3.47%	2.45%	2.18%	3.04%	1.82%	1.34%	2.08%	2.45%	3.33%	3.06%
Operating Expenses to Revenue	21.49%	17.02%	13.30%	12.49%	16.51%	13.44%	9.00%	14.64%	28.13%	32.08%	26.05%
Earnings before Interest and Taxes (EBIT)	-88	-72	-60	-44	-80	-52	-3.00	-54	-136	-149	-133
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-71	-56	-47	-32	-68	-41	9.00	-42	-125	-141	-124
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.10	2.26	1.51	1.76	1.60	1.14	0.62	7.23	4.48	4.70	4.88
Price to Tangible Book Value (P/TBV)	3.13	2.28	1.52	1.76	1.61	1.15	0.62	7.26	4.50	4.72	4.89
Price to Revenue (P/Rev)	0.43	0.41	0.28	0.28	0.22	0.14	0.08	1.24	1.03	1.14	1.37
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)	2.08	1.56	1.18	1.27	1.19	1.04	0.85	5.37	4.42	3.88	2.85
Enterprise Value to Revenue (EV/Rev)	0.56	0.63	0.61	0.58	0.52	0.50	0.27	1.31	1.03	1.21	1.68
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)	1.67	784.30	0.00	0.00	0.00	0.00	2.63	6.90	4.31	4.39	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	1.64	0.00	0.00	0.00	0.00	0.00	2.43	6.48	4.37	4.85	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.62	2.70	2.90	3.16	3.25	3.91	3.46	2.20	1.31	1.40	2.15
Long-Term Debt to Equity	2.62	2.70	2.53	2.36	2.64	2.45	2.59	1.20	1.07	1.13	1.18
Financial Leverage	2.14	1.19	0.88	1.03	1.47	1.91	1.71	1.13	0.91	1.32	1.30
Leverage Ratio	4.96	4.40	3.93	4.04	3.98	4.33	4.25	3.79	3.22	3.52	3.80
Compound Leverage Factor	5.13	6.66	5.97	7.16	5.63	7.07	41.12	6.25	25.98	4.09	4.63
Debt to Total Capital	72.34%	72.99%	74.35%	75.95%	76.45%	79.65%	77.57%	68.77%	56.76%	58.36%	68.22%
Short-Term Debt to Total Capital	0.00%	0.00%	9.56%	19.30%	14.27%	29.85%	19.55%	31.31%	10.54%	11.39%	30.77%
Long-Term Debt to Total Capital	72.34%	72.99%	64.78%	56.65%	62.19%	49.79%	58.02%	37.47%	46.21%	46.97%	37.45%
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	27.66%	27.01%	25.65%	24.05%	23.55%	20.35%	22.43%	31.23%	43.24%	41.64%	31.78%
Debt to EBITDA	-12.22	-13.35	-11.08	-12.28	-11.40	-13.43	-16.53	-12.58	-6.63	-4.47	-4.54
Net Debt to EBITDA	-4.44	-6.08	-6.87	-7.13	-7.61	-9.74	-7.55	-2.35	-0.09	-0.90	-2.31
Long-Term Debt to EBITDA	-12.22	-13.35	-9.66	-9.16	-9.28	-8.39	-12.36	-6.85	-5.40	-3.60	-2.49
Debt to NOPAT	-9.36	-9.95	-9.91	-10.60	-10.33	-12.48	-13.55	-11.05	-6.57	-4.90	-5.38
Net Debt to NOPAT	-3.40	-4.53	-6.15	-6.15	-6.89	-9.05	-6.19	-2.07	-0.09	-0.99	-2.74
Long-Term Debt to NOPAT	-9.36	-9.95	-8.64	-7.91	-8.41	-7.80	-10.14	-6.02	-5.35	-3.94	-2.95
Altman Z-Score	2.39	1.60	1.14	1.14	1.13	0.82	0.92	2.25	1.61	1.28	0.48
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	49.21	44.38	8.27	4.53	5.67	2.99	4.35	2.83	7.03	7.07	2.94
Quick Ratio	15.26	13.38	2.06	1.16	1.28	0.53	1.23	1.05	2.94	3.15	0.93
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,588	159	-1,158	-896	-438	-511	723	1,070	1,131	1,142	-385
Operating Cash Flow to CapEx	-6,022.22%	-2,225.00%	-4,987.50%	1,033.33%	-2,666.67%	-6,975.00%	41,150.00%	14,500.00%	2,333.33%	-6,150.00%	-14,360.00%
Free Cash Flow to Firm to Interest Expense	862.50	4.30	-37.37	-26.35	-13.27	-15.49	27.80	30.58	1.18	47.57	-13.27
Operating Cash Flow to Interest Expense	-180.67	-4.81	-12.87	1.82	-2.42	-8.45	31.65	12.43	0.07	-10.25	-24.76
Operating Cash Flow Less CapEx to Interest Expense	-183.67	-5.03	-13.13	1.65	-2.52	-8.58	31.58	12.34	0.07	-10.42	-24.93
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.37	1.18	1.20	1.34	1.54	1.53	1.65	1.54	1.58	1.40	1.11
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	2.07	2.29	2.44	2.62	2.40	2.22	2.53	2.71	2.61	2.07	1.76
Fixed Asset Turnover	112.03	80.11	68.30	77.78	90.40	93.18	95.94	104.87	116.56	114.14	106.69
Accounts Payable Turnover	74.24	62.68	59.87	65.49	60.51	55.05	59.92	53.59	46.76	46.65	36.26
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)	176.17	159.49	149.45	139.57	152.11	164.51	144.19	134.45	139.97	176.74	207.18
Days Payable Outstanding (DPO)	4.92	5.82	6.10	5.57	6.03	6.63	6.09	6.81	7.81	7.83	10.07
Cash Conversion Cycle (CCC)	171.25	153.67	143.36	134.00	146.08	157.88	138.10	127.64	132.17	168.92	197.11
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,888	2,007	2,365	2,272	2,260	2,479	1,633	1,154	1,024	1,226	1,917
Invested Capital Turnover	2.16	2.37	2.51	2.67	2.48	2.28	2.59	2.75	2.66	2.13	1.83
Increase / (Decrease) in Invested Capital	-2,668	-220	1,108	849	372	472	-732	-1,118	-1,236	-1,253	284
Enterprise Value (EV)	3,922	3,137	2,791	2,874	2,688	2,569	1,386	6,200	4,524	4,755	5,457
Market Capitalization	3,002	2,030	1,272	1,406	1,144	738	389	5,866	4,506	4,485	4,457
Book Value per Share	$1.44	$1.32	$1.22	$1.14	$1.00	$0.89	$0.87	$1.10	$1.30	$1.00	$0.95
Tangible Book Value per Share	$1.43	$1.31	$1.21	$1.14	$0.99	$0.89	$0.86	$1.10	$1.30	$0.99	$0.94
Total Capital	3,496	3,329	3,294	3,331	3,028	3,169	2,813	2,597	2,324	2,291	2,876
Total Debt	2,529	2,430	2,449	2,530	2,315	2,524	2,182	1,786	1,319	1,337	1,962
Total Long-Term Debt	2,529	2,430	2,134	1,887	1,883	1,578	1,632	973	1,074	1,076	1,077
Net Debt	920	1,107	1,519	1,468	1,544	1,831	997	334	18	270	1,000
Capital Expenditures (CapEx)	9.00	8.00	8.00	6.00	3.00	4.00	2.00	3.00	3.00	4.00	5.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,766	1,887	2,241	2,123	2,129	2,352	1,519	1,034	916	1,119	1,805
Debt-free Net Working Capital (DFNWC)	3,375	3,210	3,171	3,185	2,900	3,045	2,704	2,486	2,217	2,186	2,767
Net Working Capital (NWC)	3,375	3,210	2,856	2,542	2,468	2,099	2,154	1,673	1,972	1,925	1,882
Net Nonoperating Expense (NNE)	11	48	42	31	47	46	20	41	992	62	61
Net Nonoperating Obligations (NNO)	921	1,108	1,520	1,471	1,547	1,834	1,002	343	19	272	1,003
Total Depreciation and Amortization (D&A)	17	16	13	12	12	11	12	12	11	8.00	9.00
Debt-free, Cash-free Net Working Capital to Revenue	25.42%	37.69%	49.34%	42.98%	41.32%	45.89%	29.32%	21.91%	20.96%	28.42%	55.47%
Debt-free Net Working Capital to Revenue	48.59%	64.11%	69.82%	64.49%	56.28%	59.41%	52.19%	52.68%	50.72%	55.51%	85.03%
Net Working Capital to Revenue	48.59%	64.11%	62.88%	51.47%	47.89%	40.96%	41.58%	35.45%	45.12%	48.88%	57.84%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.14)	($0.16)	($0.13)	($0.11)	($0.16)	($0.12)	($0.04)	($0.12)	($1.42)	($0.18)	($0.17)
Adjusted Weighted Average Basic Shares Outstanding	657.11M	682.46M	693.45M	705.36M	699.46M	723.54M	729.48M	741.94M	766.53M	959.33M	965.78M
Adjusted Diluted Earnings per Share	($0.13)	($0.16)	($0.13)	($0.11)	($0.16)	($0.12)	($0.04)	($0.12)	($1.42)	($0.18)	($0.17)
Adjusted Weighted Average Diluted Shares Outstanding	657.11M	682.46M	693.45M	705.36M	699.46M	723.54M	729.48M	741.94M	766.53M	959.33M	965.78M
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	679.64M	691.58M	703.00M	715.07M	723.52M	728.90M	735.95M	772.85M	958.33M	964.74M	971.09M
Normalized Net Operating Profit after Tax (NOPAT)	-81	-61	-50	-47	-66	-37	-4.90	-47	-105	-111	-99
Normalized NOPAT Margin	-9.25%	-5.16%	-3.34%	-3.41%	-6.07%	-3.22%	-0.31%	-5.13%	-14.27%	-15.46%	-11.18%
Pre Tax Income Margin	-10.46%	-9.23%	-6.02%	-5.66%	-10.42%	-7.37%	-1.85%	-9.73%	-149.05%	-24.03%	-18.35%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-29.33	-1.95	-1.94	-1.29	-2.42	-1.58	-0.12	-1.54	-0.14	-6.21	-4.59
NOPAT to Interest Expense	-26.83	-1.65	-1.63	-1.38	-1.99	-1.19	-0.35	-1.36	-0.11	-4.64	-3.48
EBIT Less CapEx to Interest Expense	-32.33	-2.16	-2.19	-1.47	-2.52	-1.70	-0.19	-1.63	-0.14	-6.38	-4.76
NOPAT Less CapEx to Interest Expense	-29.83	-1.86	-1.88	-1.56	-2.08	-1.31	-0.43	-1.45	-0.11	-4.80	-3.65
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%	91.08%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Opendoor Technologies’ Q2 2026 results show a modest sequential recovery in revenue and net losses, but the company continues to face significant cash-burn, inventory and leverage risks. Revenue increased to $883 million from $720 million in Q1 2026, while the net loss narrowed to $162 million from $173 million. However, revenue remained well below the $1.57 billion reported in Q2 2025 and the $3.36 billion reported in Q3 2022.

The balance sheet remains heavily tied to housing inventory and debt financing. Opendoor ended Q2 with $896 million of cash and equivalents, $66 million of restricted cash and $1.85 billion of inventory. Total debt increased sharply during the quarter as the company issued $713 million of debt while repaying $90 million.

Sequential revenue improvement: Q2 2026 revenue rose 23% from Q1 2026, reversing part of the recent decline.
Gross profit increased: Gross profit improved to $86 million from $72 million in Q1, although the gross margin remained relatively thin at approximately 9.7%.
Operating losses narrowed modestly: The operating loss improved to $144 million from $159 million in Q1, while selling, general and administrative and marketing expenses both declined slightly.
Debt markets remain available: The $713 million debt issuance provided liquidity and helped fund operations, suggesting Opendoor still has access to financing.
Inventory is below 2024 levels: Net inventory of $1.85 billion was lower than the $2.23 billion reported in Q2 2024, indicating a smaller balance-sheet exposure than two years earlier.
Liquidity remains substantial but declining: Cash and equivalents declined from $999 million in Q1 2026 to $896 million in Q2. Including restricted cash, liquidity totaled approximately $962 million at quarter-end.
Capital spending is limited: Investing cash outflow was only $10 million in Q2, primarily reflecting $5 million of property and equipment purchases. This preserves cash but also suggests limited investment in long-term infrastructure.
Operating cash flow deteriorated sharply: Cash flow from operations was negative $718 million in Q2, compared with negative $246 million in Q1. The primary drag was a $696 million use of cash from changes in operating assets and liabilities.
Inventory increased substantially during Q2: Inventory rose from $1.14 billion in Q1 to $1.85 billion in Q2, consuming cash and increasing the risk of future valuation losses if home prices or transaction volumes weaken.
Losses, leverage and dilution remain major concerns: Opendoor has reported continuing net losses in every supplied quarter since Q3 2023, carries approximately $1.96 billion of total debt, has accumulated retained earnings of negative $5.37 billion and has seen weighted-average shares rise from 642.6 million in Q4 2022 to 965.8 million in Q2 2026.

Overall, the latest quarter offers some positive sequential trends, particularly in revenue, gross profit and operating losses. Nevertheless, the larger multi-year trend remains challenging: revenue has declined substantially, profitability has not been achieved, operating cash flow is volatile and the business increasingly depends on debt financing and equity-related capital. Investors should monitor whether revenue growth can continue without another significant buildup in inventory or increase in leverage.

08/30/26 10:36 PM ETAI Generated. May Contain Errors.

Opendoor Technologies Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Opendoor Technologies' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Opendoor Technologies' net income appears to be on an upward trend, with a most recent value of -$1.30 billion in 2025, rising from -$239.93 million in 2018. The previous period was -$392 million in 2024. View Opendoor Technologies' forecast to see where analysts expect Opendoor Technologies to go next.

Opendoor Technologies' total operating income in 2025 was -$287 million, based on the following breakdown:

Total Gross Profit: $350 million
Total Operating Expenses: $637 million

Over the last 7 years, Opendoor Technologies' total revenue changed from $1.84 billion in 2018 to $4.37 billion in 2025, a change of 137.8%.

Opendoor Technologies' total liabilities were at $1.40 billion at the end of 2025, a 41.9% decrease from 2024, and a 11.4% decrease since 2019.

In the past 6 years, Opendoor Technologies' cash and equivalents has ranged from $405.08 million in 2019 to $1.73 billion in 2021, and is currently $962 million as of their latest financial filing in 2025.

Over the last 7 years, Opendoor Technologies' book value per share changed from 0.00 in 2018 to 1.30 in 2025, a change of 130.0%.

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Financial statements for NASDAQ:OPEN last updated on 8/4/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Opendoor Technologies (OPEN) Financials

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Opendoor Technologies (OPEN) Financials

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Quarterly Metrics And Ratios for Opendoor Technologies

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Opendoor Technologies Financials - Frequently Asked Questions

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