Opendoor Technologies (OPEN) Financials

$4.40 +0.10 (+2.33%)

Closing price 04:00 PM Eastern

Extended Trading

$4.39 -0.01 (-0.14%)

As of 07:59 PM 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	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	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	-106	-91	-109	-92	-78	-113	-85	-29	-90	-1,096	-173
Consolidated Net Income / (Loss)	-106	-91	-109	-92	-78	-113	-85	-29	-89	-1,097	-173
Net Income / (Loss) Continuing Operations	-106	-91	-109	-92	-78	-113	-85	-29	-89	-1,097	-173
Total Pre-Tax Income	-106	-91	-109	-91	-78	-113	-85	-29	-89	-1,097	-173
Total Operating Income	-79	-115	-87	-72	-67	-94	-56	-13	-68	-150	-159
Total Gross Profit	96	72	114	129	105	85	99	128	66	57	72
Total Revenue	980	870	1,181	1,511	1,377	1,084	1,153	1,567	915	736	720
Operating Revenue	980	870	1,181	1,511	1,377	1,084	1,153	1,567	915	736	720
Total Cost of Revenue	884	798	1,067	1,382	1,272	999	1,054	1,439	849	679	648
Operating Cost of Revenue	884	798	1,067	1,382	1,272	999	1,054	1,439	849	679	648
Total Operating Expenses	175	187	201	201	172	179	155	141	134	207	231
Selling, General & Admin Expense	48	48	47	48	46	41	33	28	48	129	137
Marketing Expense	85	89	113	116	96	88	98	86	66	60	70
Research & Development Expense	42	46	41	37	30	33	21	21	19	18	24
Restructuring Charge	0.00	-	0.00	0.00	0.00	-	3.00	6.00	1.00	-	0.00
Total Other Income / (Expense), net	-27	24	-22	-19	-11	-19	-29	-16	-21	-947	-14
Interest Expense	47	3.00	37	31	34	33	33	26	35	961	24
Other Income / (Expense), net	20	27	15	12	23	14	4.00	10	14	14	10
Income Tax Expense	0.00	-	0.00	1.00	0.00	-	0.00	0.00	0.00	-	0.00
Basic Earnings per Share	($0.16)	($0.14)	($0.16)	($0.13)	($0.11)	($0.16)	($0.12)	($0.04)	($0.12)	($1.42)	($0.18)
Weighted Average Basic Shares Outstanding	662.15M	657.11M	682.46M	693.45M	705.36M	699.46M	723.54M	729.48M	741.94M	766.53M	959.33M
Diluted Earnings per Share	($0.16)	($0.13)	($0.16)	($0.13)	($0.11)	($0.16)	($0.12)	($0.04)	($0.12)	($1.42)	($0.18)
Weighted Average Diluted Shares Outstanding	662.15M	657.11M	682.46M	693.45M	705.36M	699.46M	723.54M	729.48M	741.94M	766.53M	959.33M
Weighted Average Basic & Diluted Shares Outstanding	670.03M	679.64M	691.58M	703.00M	715.07M	723.52M	728.90M	735.95M	772.85M	958.33M	964.74M

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	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	-426	-838	-254	-375	143	-291	-70	492	267	-151	-234
Net Cash From Operating Activities	-216	-542	-178	-399	62	-80	-279	823	435	70	-246
Net Cash From Continuing Operating Activities	-216	-542	-178	-399	62	-80	-279	823	435	70	-246
Net Income / (Loss) Continuing Operations	-106	-91	-109	-92	-78	-113	-85	-29	-90	-1,096	-173
Consolidated Net Income / (Loss)	-106	-91	-109	-92	-78	-113	-85	-29	-90	-1,096	-173
Depreciation Expense	11	15	14	12	11	11	10	12	11	11	8.00
Amortization Expense	1.00	2.00	2.00	1.00	1.00	1.00	1.00	-	1.00	-	0.00
Non-Cash Adjustments To Reconcile Net Income	61	8.00	36	61	33	39	16	34	43	1,052	123
Changes in Operating Assets and Liabilities, net	-183	-476	-121	-381	95	-18	-221	806	470	103	-204
Net Cash From Investing Activities	3.00	-4.00	22	9.00	-	-3.00	2.00	-2.00	-9.00	-3.00	-4.00
Net Cash From Continuing Investing Activities	3.00	-4.00	22	9.00	-	-3.00	2.00	-2.00	-9.00	-3.00	-4.00
Purchase of Property, Plant & Equipment	-11	-9.00	-8.00	-8.00	-6.00	-3.00	-4.00	-2.00	-3.00	-3.00	-4.00
Sale and/or Maturity of Investments	14	5.00	30	17	8.00	-	6.00	-	-	-	0.00
Net Cash From Financing Activities	-213	-292	-98	15	81	-208	207	-329	-159	-218	16
Net Cash From Continuing Financing Activities	-213	-292	-98	15	81	-210	207	-329	-159	-218	16
Repayment of Debt	-216	-293	-100	-202	-122	-291	-370	-499	-417	-1,402	-53
Issuance of Debt	2.00	-	0.00	217	200	81	576	170	13	-	68
Issuance of Common Equity	1.00	-	2.00	-	3.00	-	1.00	-	240	-	1.00
Cash Interest Paid	43	34	34	28	31	28	31	31	26	32	20

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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
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	9/30/2025	3/31/2026
Total Assets	9,784	5,112	4,223	3,947	3,404	3,372	3,411	3,277	2,907	2,700	2,349
Total Current Assets	9,584	4,972	4,093	3,819	3,284	3,249	3,263	3,152	2,797	2,587	2,242
Cash & Equivalents	1,327	1,143	1,120	1,154	953	790	829	559	789	962	999
Restricted Cash	1,752	1,515	1,684	1,224	333	121	225	134	396	490	68
Inventories, net	6,093	2,118	1,149	1,311	1,881	2,234	2,145	2,362	1,530	1,053	1,139
Other Current Assets	234	88	50	58	80	85	56	97	82	82	36
Plant, Property, & Equipment, net	62	59	62	68	66	71	59	44	37	31	25
Total Noncurrent Assets	138	81	68	60	54	52	89	81	73	82	82
Goodwill	62	4.00	4.00	4.00	4.00	4.00	3.00	3.00	3.00	3.00	3.00
Other Noncurrent Operating Assets	69	66	55	49	46	46	86	78	70	79	79
Total Liabilities & Shareholders' Equity	9,784	5,112	4,223	3,947	3,404	3,372	3,411	3,277	2,907	2,700	2,349
Total Liabilities	8,296	4,076	3,137	2,927	2,505	2,527	2,610	2,632	2,276	1,889	1,395
Total Current Liabilities	3,601	443	88	74	74	393	721	1,053	643	914	317
Short-Term Debt	3,372	355	15	0.00	-	315	643	946	550	813	261
Accounts Payable	209	77	65	67	69	73	71	102	86	91	53
Other Current Liabilities	6.00	7.00	7.00	6.00	4.00	4.00	4.00	2.00	2.00	1.00	1.00
Other Current Nonoperating Liabilities	14	4.00	1.00	1.00	1.00	1.00	3.00	3.00	5.00	9.00	2.00
Total Noncurrent Liabilities	4,695	3,633	3,049	2,853	2,431	2,134	1,889	1,579	1,633	975	1,078
Long-Term Debt	4,656	3,598	3,028	2,832	2,412	2,116	1,868	1,565	1,626	966	1,070
Capital Lease Obligations	-	-	21	20	18	18	19	13	6.00	7.00	6.00
Other Noncurrent Operating Liabilities	39	35	-	1.00	1.00	0.00	2.00	1.00	1.00	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	1,488	1,036	1,086	1,020	899	845	801	645	631	811	954
Total Preferred & Common Equity	1,488	1,036	1,086	1,020	899	845	801	645	631	811	954
Total Common Equity	1,488	1,036	1,086	1,020	899	845	801	645	631	811	954
Common Stock	4,152	4,198	4,224	4,263	4,341	4,379	4,413	4,455	4,470	4,740	6,160
Retained Earnings	-2,659	-3,159	-3,136	-3,242	-3,442	-3,534	-3,612	-3,810	-3,839	-3,929	-5,206
Accumulated Other Comprehensive Income / (Loss)	-5.00	-3.00	-2.00	-1.00	0.00	0.00	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	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	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	-	-	-	-	-	-	-	-	-	-	958,325,481.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	958,325,481.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.18
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-70.84%	-69.55%	-62.15%	-23.53%	40.51%	24.60%	-2.37%	3.71%	-33.55%	-32.10%	-37.55%
EBITDA Growth	94.04%	69.92%	30.86%	-487.50%	31.91%	4.23%	26.79%	119.15%	-31.25%	-83.82%	-243.90%
EBIT Growth	92.73%	66.28%	31.43%	-122.22%	25.42%	9.09%	27.78%	95.00%	-22.73%	-70.00%	-186.54%
NOPAT Growth	90.25%	57.56%	29.84%	22.66%	15.19%	18.26%	35.63%	81.94%	-1.49%	-59.57%	-183.93%
Net Income Growth	88.58%	77.19%	-7.92%	-500.00%	26.42%	-24.18%	22.02%	68.48%	-14.10%	-870.80%	-103.53%
EPS Growth	89.12%	79.69%	0.00%	-533.33%	31.25%	-23.08%	25.00%	69.23%	-9.09%	-787.50%	-50.00%
Operating Cash Flow Growth	32.92%	-138.85%	-108.23%	-142.45%	128.70%	85.24%	-56.74%	306.27%	601.61%	187.50%	11.83%
Free Cash Flow Firm Growth	1,293.45%	70.76%	-93.78%	-121.09%	-118.69%	-116.92%	-421.31%	162.41%	219.48%	358.34%	323.34%
Invested Capital Growth	-77.32%	-58.56%	-9.88%	88.15%	59.66%	19.70%	23.52%	-30.95%	-49.21%	-54.69%	-50.54%
Revenue Q/Q Growth	-50.40%	-11.22%	35.75%	27.94%	-8.87%	-21.28%	6.37%	35.91%	-41.61%	-19.56%	-2.17%
EBITDA Q/Q Growth	-487.50%	-51.06%	21.13%	16.07%	31.91%	-112.50%	39.71%	121.95%	-566.67%	-197.62%	-12.80%
EBIT Q/Q Growth	-118.52%	-49.15%	18.18%	16.67%	26.67%	-81.82%	35.00%	94.23%	-1,700.00%	-151.85%	-9.56%
NOPAT Q/Q Growth	15.14%	-45.57%	24.35%	17.24%	6.94%	-40.30%	40.43%	76.79%	-423.08%	-120.59%	-6.00%
Net Income Q/Q Growth	-560.87%	14.15%	-19.78%	15.60%	15.22%	-44.87%	24.78%	65.88%	-206.90%	-1,132.58%	84.23%
EPS Q/Q Growth	-633.33%	18.75%	-23.08%	18.75%	15.38%	-45.45%	25.00%	66.67%	-200.00%	-1,083.33%	87.32%
Operating Cash Flow Q/Q Growth	-122.98%	-150.93%	67.16%	-124.16%	115.54%	-229.03%	-248.75%	394.98%	-47.14%	-83.91%	-451.43%
Free Cash Flow Firm Q/Q Growth	-12.71%	-46.03%	-93.85%	-828.10%	22.66%	51.13%	-16.77%	241.41%	48.07%	5.66%	0.95%
Invested Capital Q/Q Growth	13.21%	32.68%	6.30%	17.84%	-3.93%	-0.53%	9.69%	-34.13%	-29.33%	-11.27%	19.73%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	9.80%	8.28%	9.65%	8.54%	7.63%	7.84%	8.59%	8.17%	7.21%	7.74%	10.00%
EBITDA Margin	-4.80%	-8.16%	-4.74%	-3.11%	-2.32%	-6.27%	-3.56%	0.57%	-4.59%	-16.98%	-19.58%
Operating Margin	-8.06%	-13.22%	-7.37%	-4.77%	-4.87%	-8.67%	-4.86%	-0.83%	-7.43%	-20.38%	-22.08%
EBIT Margin	-6.02%	-10.11%	-6.10%	-3.97%	-3.20%	-7.38%	-4.51%	-0.19%	-5.90%	-18.48%	-20.69%
Profit (Net Income) Margin	-10.82%	-10.46%	-9.23%	-6.09%	-5.66%	-10.42%	-7.37%	-1.85%	-9.73%	-149.05%	-24.03%
Tax Burden Percent	100.00%	100.00%	100.00%	101.10%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	179.66%	103.41%	151.39%	151.67%	177.27%	141.25%	163.46%	966.67%	164.81%	806.62%	116.11%
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)	-13.10%	-19.95%	-12.20%	-8.37%	-9.11%	-15.08%	-7.77%	-1.51%	-14.33%	-37.98%	-32.86%
ROIC Less NNEP Spread (ROIC-NNEP)	-15.05%	-20.43%	-16.38%	-13.29%	-12.42%	-18.91%	-10.88%	-3.08%	-18.90%	-164.67%	-38.72%
Return on Net Nonoperating Assets (RNNOA)	-31.14%	-43.69%	-19.46%	-11.63%	-12.79%	-27.77%	-20.73%	-5.27%	-21.26%	-150.10%	-51.00%
Return on Equity (ROE)	-44.24%	-63.63%	-31.66%	-20.00%	-21.89%	-42.86%	-28.50%	-6.77%	-35.59%	-188.08%	-83.86%
Cash Return on Invested Capital (CROIC)	116.18%	74.42%	-1.15%	-74.83%	-58.87%	-28.74%	-30.06%	28.56%	55.83%	63.04%	52.90%
Operating Return on Assets (OROA)	-7.83%	-13.81%	-7.17%	-4.75%	-4.29%	-11.36%	-6.92%	-0.32%	-9.11%	-29.20%	-28.97%
Return on Assets (ROA)	-14.07%	-14.28%	-10.85%	-7.28%	-7.60%	-16.05%	-11.31%	-3.05%	-15.02%	-235.49%	-33.64%
Return on Common Equity (ROCE)	-44.24%	-63.63%	-31.66%	-20.00%	-21.89%	-42.86%	-28.50%	-6.77%	-35.59%	-188.08%	-83.86%
Return on Equity Simple (ROE_SIMPLE)	-57.16%	0.00%	-31.48%	-47.10%	-46.19%	0.00%	-57.05%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-55	-81	-61	-50	-47	-66	-39	-9.10	-48	-105	-111
NOPAT Margin	-5.64%	-9.25%	-5.16%	-3.34%	-3.41%	-6.07%	-3.40%	-0.58%	-5.20%	-14.27%	-15.46%
Net Nonoperating Expense Percent (NNEP)	1.95%	0.48%	4.18%	4.92%	3.32%	3.83%	3.11%	1.58%	4.56%	126.69%	5.86%
Return On Investment Capital (ROIC_SIMPLE)	-1.43%	-2.30%	-1.83%	-1.53%	-1.41%	-2.17%	-1.24%	-0.32%	-1.83%	-4.52%	-4.86%
Cost of Revenue to Revenue	90.20%	91.72%	90.35%	91.46%	92.37%	92.16%	91.41%	91.83%	92.79%	92.26%	90.00%
SG&A Expenses to Revenue	4.90%	5.52%	3.98%	3.18%	3.34%	3.78%	2.86%	1.79%	5.25%	17.53%	19.03%
R&D to Revenue	4.29%	5.29%	3.47%	2.45%	2.18%	3.04%	1.82%	1.34%	2.08%	2.45%	3.33%
Operating Expenses to Revenue	17.86%	21.49%	17.02%	13.30%	12.49%	16.51%	13.44%	9.00%	14.64%	28.13%	32.08%
Earnings before Interest and Taxes (EBIT)	-59	-88	-72	-60	-44	-80	-52	-3.00	-54	-136	-149
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-47	-71	-56	-47	-32	-68	-41	9.00	-42	-125	-141
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.71	3.10	2.26	1.51	1.76	1.60	1.14	0.62	7.23	4.48	4.70
Price to Tangible Book Value (P/TBV)	1.72	3.13	2.28	1.52	1.76	1.61	1.15	0.62	7.26	4.50	4.72
Price to Revenue (P/Rev)	0.19	0.43	0.41	0.28	0.28	0.22	0.14	0.08	1.24	1.03	1.14
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)	1.51	2.08	1.56	1.18	1.27	1.19	1.04	0.85	5.37	4.42	3.88
Enterprise Value to Revenue (EV/Rev)	0.24	0.56	0.63	0.61	0.58	0.52	0.50	0.27	1.31	1.03	1.21
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)	0.50	1.67	784.30	0.00	0.00	0.00	0.00	2.63	6.90	4.31	4.39
Enterprise Value to Free Cash Flow (EV/FCFF)	0.48	1.64	0.00	0.00	0.00	0.00	0.00	2.43	6.48	4.37	4.85
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.80	2.62	2.70	2.90	3.16	3.25	3.91	3.46	2.20	1.31	1.40
Long-Term Debt to Equity	2.80	2.62	2.70	2.53	2.36	2.64	2.45	2.59	1.20	1.07	1.13
Financial Leverage	2.07	2.14	1.19	0.88	1.03	1.47	1.91	1.71	1.13	0.91	1.32
Leverage Ratio	5.47	4.96	4.40	3.93	4.04	3.98	4.33	4.25	3.79	3.22	3.52
Compound Leverage Factor	9.84	5.13	6.66	5.97	7.16	5.63	7.07	41.12	6.25	25.98	4.09
Debt to Total Capital	73.66%	72.34%	72.99%	74.35%	75.95%	76.45%	79.65%	77.57%	68.77%	56.76%	58.36%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	9.56%	19.30%	14.27%	29.85%	19.55%	31.31%	10.54%	11.39%
Long-Term Debt to Total Capital	73.66%	72.34%	72.99%	64.78%	56.65%	62.19%	49.79%	58.02%	37.47%	46.21%	46.97%
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	26.34%	27.66%	27.01%	25.65%	24.05%	23.55%	20.35%	22.43%	31.23%	43.24%	41.64%
Debt to EBITDA	-7.67	-12.22	-13.35	-11.08	-12.28	-11.40	-13.43	-16.53	-12.58	-6.63	-4.47
Net Debt to EBITDA	-1.08	-4.44	-6.08	-6.87	-7.13	-7.61	-9.74	-7.55	-2.35	-0.09	-0.90
Long-Term Debt to EBITDA	-7.67	-12.22	-13.35	-9.66	-9.16	-9.28	-8.39	-12.36	-6.85	-5.40	-3.60
Debt to NOPAT	-7.52	-9.36	-9.95	-9.91	-10.60	-10.33	-12.48	-13.55	-11.05	-6.57	-4.90
Net Debt to NOPAT	-1.06	-3.40	-4.53	-6.15	-6.15	-6.89	-9.05	-6.19	-2.07	-0.09	-0.99
Long-Term Debt to NOPAT	-7.52	-9.36	-9.95	-8.64	-7.91	-8.41	-7.80	-10.14	-6.02	-5.35	-3.94
Altman Z-Score	2.56	2.39	1.60	1.14	1.14	1.13	0.82	0.92	2.25	1.61	1.28
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	51.61	49.21	44.38	8.27	4.53	5.67	2.99	4.35	2.83	7.03	7.07
Quick Ratio	16.57	15.26	13.38	2.06	1.16	1.28	0.53	1.23	1.05	2.94	3.15
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	4,795	2,588	159	-1,158	-896	-438	-511	723	1,070	1,131	1,142
Operating Cash Flow to CapEx	-1,963.64%	-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%
Free Cash Flow to Firm to Interest Expense	102.01	862.50	4.30	-37.37	-26.35	-13.27	-15.49	27.80	30.58	1.18	47.57
Operating Cash Flow to Interest Expense	-4.60	-180.67	-4.81	-12.87	1.82	-2.42	-8.45	31.65	12.43	0.07	-10.25
Operating Cash Flow Less CapEx to Interest Expense	-4.83	-183.67	-5.03	-13.13	1.65	-2.52	-8.58	31.58	12.34	0.07	-10.42
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.30	1.37	1.18	1.20	1.34	1.54	1.53	1.65	1.54	1.58	1.40
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	2.28	2.07	2.29	2.44	2.62	2.40	2.22	2.53	2.71	2.61	2.07
Fixed Asset Turnover	137.43	112.03	80.11	68.30	77.78	90.40	93.18	95.94	104.87	116.56	114.14
Accounts Payable Turnover	61.21	74.24	62.68	59.87	65.49	60.51	55.05	59.92	53.59	46.76	46.65
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)	159.97	176.17	159.49	149.45	139.57	152.11	164.51	144.19	134.45	139.97	176.74
Days Payable Outstanding (DPO)	5.96	4.92	5.82	6.10	5.57	6.03	6.63	6.09	6.81	7.81	7.83
Cash Conversion Cycle (CCC)	154.00	171.25	153.67	143.36	134.00	146.08	157.88	138.10	127.64	132.17	168.92
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,423	1,888	2,007	2,365	2,272	2,260	2,479	1,633	1,154	1,024	1,226
Invested Capital Turnover	2.32	2.16	2.37	2.51	2.67	2.48	2.28	2.59	2.75	2.66	2.13
Increase / (Decrease) in Invested Capital	-4,850	-2,668	-220	1,108	849	372	472	-732	-1,118	-1,236	-1,253
Enterprise Value (EV)	2,142	3,922	3,137	2,791	2,874	2,688	2,569	1,386	6,200	4,524	4,755
Market Capitalization	1,740	3,002	2,030	1,272	1,406	1,144	738	389	5,866	4,506	4,485
Book Value per Share	$1.55	$1.44	$1.32	$1.22	$1.14	$1.00	$0.89	$0.87	$1.10	$1.30	$1.00
Tangible Book Value per Share	$1.53	$1.43	$1.31	$1.21	$1.14	$0.99	$0.89	$0.86	$1.10	$1.30	$0.99
Total Capital	3,872	3,496	3,329	3,294	3,331	3,028	3,169	2,813	2,597	2,324	2,291
Total Debt	2,852	2,529	2,430	2,449	2,530	2,315	2,524	2,182	1,786	1,319	1,337
Total Long-Term Debt	2,852	2,529	2,430	2,134	1,887	1,883	1,578	1,632	973	1,074	1,076
Net Debt	402	920	1,107	1,519	1,468	1,544	1,831	997	334	18	270
Capital Expenditures (CapEx)	11	9.00	8.00	8.00	6.00	3.00	4.00	2.00	3.00	3.00	4.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,295	1,766	1,887	2,241	2,123	2,129	2,352	1,519	1,034	916	1,119
Debt-free Net Working Capital (DFNWC)	3,745	3,375	3,210	3,171	3,185	2,900	3,045	2,704	2,486	2,217	2,186
Net Working Capital (NWC)	3,745	3,375	3,210	2,856	2,542	2,468	2,099	2,154	1,673	1,972	1,925
Net Nonoperating Expense (NNE)	51	11	48	42	31	47	46	20	41	992	62
Net Nonoperating Obligations (NNO)	403	921	1,108	1,520	1,471	1,547	1,834	1,002	343	19	272
Total Depreciation and Amortization (D&A)	12	17	16	13	12	12	11	12	12	11	8.00
Debt-free, Cash-free Net Working Capital to Revenue	14.50%	25.42%	37.69%	49.34%	42.98%	41.32%	45.89%	29.32%	21.91%	20.96%	28.42%
Debt-free Net Working Capital to Revenue	41.92%	48.59%	64.11%	69.82%	64.49%	56.28%	59.41%	52.19%	52.68%	50.72%	55.51%
Net Working Capital to Revenue	41.92%	48.59%	64.11%	62.88%	51.47%	47.89%	40.96%	41.58%	35.45%	45.12%	48.88%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.16)	($0.14)	($0.16)	($0.13)	($0.11)	($0.16)	($0.12)	($0.04)	($0.12)	($1.42)	($0.18)
Adjusted Weighted Average Basic Shares Outstanding	662.15M	657.11M	682.46M	693.45M	705.36M	699.46M	723.54M	729.48M	741.94M	766.53M	959.33M
Adjusted Diluted Earnings per Share	($0.16)	($0.13)	($0.16)	($0.13)	($0.11)	($0.16)	($0.12)	($0.04)	($0.12)	($1.42)	($0.18)
Adjusted Weighted Average Diluted Shares Outstanding	662.15M	657.11M	682.46M	693.45M	705.36M	699.46M	723.54M	729.48M	741.94M	766.53M	959.33M
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	670.03M	679.64M	691.58M	703.00M	715.07M	723.52M	728.90M	735.95M	772.85M	958.33M	964.74M
Normalized Net Operating Profit after Tax (NOPAT)	-55	-81	-61	-50	-47	-66	-37	-4.90	-47	-105	-111
Normalized NOPAT Margin	-5.64%	-9.25%	-5.16%	-3.34%	-3.41%	-6.07%	-3.22%	-0.31%	-5.13%	-14.27%	-15.46%
Pre Tax Income Margin	-10.82%	-10.46%	-9.23%	-6.02%	-5.66%	-10.42%	-7.37%	-1.85%	-9.73%	-149.05%	-24.03%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-1.26	-29.33	-1.95	-1.94	-1.29	-2.42	-1.58	-0.12	-1.54	-0.14	-6.21
NOPAT to Interest Expense	-1.18	-26.83	-1.65	-1.63	-1.38	-1.99	-1.19	-0.35	-1.36	-0.11	-4.64
EBIT Less CapEx to Interest Expense	-1.49	-32.33	-2.16	-2.19	-1.47	-2.52	-1.70	-0.19	-1.63	-0.14	-6.38
NOPAT Less CapEx to Interest Expense	-1.41	-29.83	-1.86	-1.88	-1.56	-2.08	-1.31	-0.43	-1.45	-0.11	-4.80
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%	91.08%	0.00%

Financials Breakdown Chart

Key Financial Trends

Here are notable trends for Opendoor Technologies (OPEN) based on quarterly statements from the last four years, focusing on how revenue, profitability, cash flow, and leverage have evolved. The company continues to show substantial net losses, but there have been episodes of improving operating cash flow and meaningful financing activity that affected liquidity.

Operating cash flow improvement: Net Cash From Continuing Operating Activities turned positive in mid-2025, with about $823M in Q2 2025 and $435M in Q3 2025, highlighting improving cash generation from core operations.
Equity financing boosts liquidity: In Q3 2025, Opendoor raised roughly $240M via issuance of common equity, providing additional liquidity to support operations and balance sheet evolution.
Positive net cash change in cash in Q3 2025: Net Change in Cash & Equivalents increased by about $267M, contributing to a more favorable near-term liquidity stance.
Revenue showed sequential improvement into Q2 2025: Revenue rose from about $1.153B in Q1 2025 to roughly $1.567B in Q2 2025, indicating a favorable quarter-over-quarter top-line move despite broader earnings pressure.
Revenue and margin variability: While quarterly revenue fluctuates (e.g., 2025 Q4 around $736M vs. Q2 2025 around $1.57B), margins remain thin and earnings volatile, suggesting sensitivity to mix and pricing dynamics.
Heavy non-cash items in late 2025: The quarter showed large non-cash adjustments to reconcile net income (about $1.05B in Q4 2025), indicating sizable non-cash charges that can distort cash vs. accrual earnings comparisons.
Thin gross margins in recent quarters: Recent quarters show gross margins in the ~7–8% range, implying ongoing pressure on profitability before operating expenses.
Persistent net losses: Net income repeatedly negative across quarters, with 2025 Q4 net income attributable to common shareholders around -$1.096B, underscoring ongoing profitability challenges.
Significant interest and non-operating expense headwinds: 2025 Q4 shows interest expense near $961M and Total Other Income/(Expense), net of about -$947M, weighing heavily on pretax income.
Leveraged balance sheet: As of 2025 Q3, Total Liabilities were about $1.889B and Total Equity around $0.811B, implying a relatively high debt load and negative equity under stress conditions; cash and equivalents have fluctuated but liquidity remains a concern given the scale of liabilities vs. equity.

Overall takeaway: Opendoor has made progress in converting operating activity into cash in some quarters and has actively tapped financing to bolster liquidity. However, the company continues to incur substantial net losses driven by high interest and non-operating expenses, and its balance sheet remains highly leveraged. Retail investors should weigh the improving cash-flow moments against the ongoing profitability and leverage risks when evaluating OPEN as a potential holding.

05/20/26 05:40 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. Find out what analysts predict for Opendoor Technologies in the coming months.

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%.

Related Companies

Financial statements for NASDAQ:OPEN last updated on 5/8/2026 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

Annual Income Statements for Opendoor Technologies

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Quarterly Cash Flow Statements for Opendoor Technologies

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Quarterly Balance Sheets for Opendoor Technologies

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Quarterly Metrics And Ratios for Opendoor Technologies

Financials Breakdown Chart

Key Financial Trends

Opendoor Technologies Financials - Frequently Asked Questions

When does Opendoor Technologies' fiscal year end?

How has Opendoor Technologies' net income changed over the last 7 years?

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How has Opendoor Technologies' revenue changed over the last 7 years?

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