This page shows Opendoor Technologies Inc (OPEN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Opendoor Technologies Inc has an operating margin of -6.6%, meaning the company retains $-7 of operating profit per $100 of revenue. This below-average margin results in a low score of 8/100, suggesting thin profitability after operating expenses. This is down from -6.2% the prior year.
Opendoor Technologies Inc's revenue declined 15.2% year-over-year, from $5.2B to $4.4B. This contraction results in a growth score of 8/100.
Opendoor Technologies Inc carries a low D/E ratio of 1.40, meaning only $1.40 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 74/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 7.03, Opendoor Technologies Inc holds $7.03 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
Opendoor Technologies Inc converts 23.7% of revenue into free cash flow ($1.0B). This strong cash generation earns a score of 84/100.
Opendoor Technologies Inc generates a -129.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -55.0% the prior year.
Opendoor Technologies Inc passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Opendoor Technologies Inc generates $-0.81 in operating cash flow ($1.0B OCF vs -$1.3B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Opendoor Technologies Inc earns $-2.2 in operating income for every $1 of interest expense (-$287.0M vs $131.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Opendoor Technologies Inc generated $4.4B in revenue in fiscal year 2025. This represents a decrease of 15.2% from the prior year.
Opendoor Technologies Inc's EBITDA was -$256.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 10.8% from the prior year.
Opendoor Technologies Inc reported -$1.3B in net income in fiscal year 2025. This represents a decrease of 231.6% from the prior year.
Opendoor Technologies Inc earned $-1.70 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 203.6% from the prior year.
Cash & Balance Sheet
Opendoor Technologies Inc generated $1.0B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 267.3% from the prior year.
Opendoor Technologies Inc held $962.0M in cash against $0 in long-term debt as of fiscal year 2025.
Opendoor Technologies Inc had 958M shares outstanding in fiscal year 2025. This represents an increase of 33.1% from the prior year.
Margins & Returns
Opendoor Technologies Inc's gross margin was 8.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.4 percentage points from the prior year.
Opendoor Technologies Inc's operating margin was -6.6% in fiscal year 2025, reflecting core business profitability. This is down 0.4 percentage points from the prior year.
Opendoor Technologies Inc's net profit margin was -29.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 22.1 percentage points from the prior year.
Opendoor Technologies Inc's ROE was -129.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 74.4 percentage points from the prior year.
Capital Allocation
Opendoor Technologies Inc invested $79.0M in research and development in fiscal year 2025. This represents a decrease of 44.0% from the prior year.
Opendoor Technologies Inc invested $12.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 52.0% from the prior year.
OPEN Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $736.0M-19.6% | $915.0M-41.6% | $1.6B+35.9% | $1.2B+6.4% | $1.1B-21.3% | $1.4B-8.9% | $1.5B+27.9% | $1.2B |
| Cost of Revenue | $679.0M-20.0% | $849.0M-41.0% | $1.4B+36.5% | $1.1B+5.5% | $999.0M-21.5% | $1.3B-8.0% | $1.4B+29.5% | $1.1B |
| Gross Profit | $57.0M-13.6% | $66.0M-48.4% | $128.0M+29.3% | $99.0M+16.5% | $85.0M-19.0% | $105.0M-18.6% | $129.0M+13.2% | $114.0M |
| R&D Expenses | $18.0M-5.3% | $19.0M-9.5% | $21.0M0.0% | $21.0M-36.4% | $33.0M+10.0% | $30.0M-18.9% | $37.0M-9.8% | $41.0M |
| SG&A Expenses | $129.0M+168.8% | $48.0M+71.4% | $28.0M-15.2% | $33.0M-19.5% | $41.0M-10.9% | $46.0M-4.2% | $48.0M+2.1% | $47.0M |
| Operating Income | -$150.0M-120.6% | -$68.0M-423.1% | -$13.0M+76.8% | -$56.0M+40.4% | -$94.0M-40.3% | -$67.0M+6.9% | -$72.0M+17.2% | -$87.0M |
| Interest Expense | $28.0M-17.6% | $34.0M-5.6% | $36.0M+9.1% | $33.0M+3.1% | $32.0M-5.9% | $34.0M+13.3% | $30.0M-18.9% | $37.0M |
| Income Tax | -$1.4M-240.0% | $1.0M+400.0% | $200K0.0% | $200K+200.0% | -$200K | $0-100.0% | $1.0M+400.0% | $200K |
| Net Income | -$1.1B-1117.8% | -$90.0M-210.3% | -$29.0M+65.9% | -$85.0M+24.8% | -$113.0M-44.9% | -$78.0M+15.2% | -$92.0M+15.6% | -$109.0M |
| EPS (Diluted) | N/A | $-0.12-200.0% | $-0.04+66.7% | $-0.12 | N/A | $-0.11+15.4% | $-0.13+18.8% | $-0.16 |
OPEN Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.4B-10.9% | $2.7B-7.1% | $2.9B-11.3% | $3.3B+4.8% | $3.1B-8.4% | $3.4B+1.2% | $3.4B-0.9% | $3.4B |
| Current Assets | $2.3B-11.1% | $2.6B-7.5% | $2.8B-11.3% | $3.2B+5.2% | $3.0B-8.2% | $3.3B+0.4% | $3.2B-1.1% | $3.3B |
| Cash & Equivalents | $962.0M0.0% | $962.0M+21.9% | $789.0M+41.1% | $559.0M-16.7% | $671.0M-19.1% | $829.0M+4.9% | $790.0M-17.1% | $953.0M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $3.0M0.0% | $3.0M0.0% | $3.0M0.0% | $3.0M0.0% | $3.0M0.0% | $3.0M-25.0% | $4.0M0.0% | $4.0M |
| Total Liabilities | $1.4B-25.8% | $1.9B-17.0% | $2.3B-13.5% | $2.6B+9.1% | $2.4B-7.5% | $2.6B+3.3% | $2.5B+0.9% | $2.5B |
| Current Liabilities | $327.0M-64.2% | $914.0M+42.1% | $643.0M-38.9% | $1.1B+99.1% | $529.0M-26.6% | $721.0M+83.5% | $393.0M+431.1% | $74.0M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $1.0B+23.9% | $811.0M+28.5% | $631.0M-2.2% | $645.0M-9.5% | $713.0M-11.0% | $801.0M-5.2% | $845.0M-6.0% | $899.0M |
| Retained Earnings | -$5.0B-28.1% | -$3.9B-2.3% | -$3.8B-0.8% | -$3.8B-2.3% | -$3.7B-3.1% | -$3.6B-2.2% | -$3.5B-2.7% | -$3.4B |
OPEN Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $70.0M-83.9% | $435.0M-47.1% | $823.0M+395.0% | -$279.0M-248.7% | -$80.0M-229.0% | $62.0M+115.5% | -$399.0M-124.2% | -$178.0M |
| Capital Expenditures | $3.0M0.0% | $3.0M+50.0% | $2.0M-50.0% | $4.0M+33.3% | $3.0M-50.0% | $6.0M-25.0% | $8.0M0.0% | $8.0M |
| Free Cash Flow | $67.0M-84.5% | $432.0M-47.4% | $821.0M+390.1% | -$283.0M-241.0% | -$83.0M-248.2% | $56.0M+113.8% | -$407.0M-118.8% | -$186.0M |
| Investing Cash Flow | -$3.0M+66.7% | -$9.0M-350.0% | -$2.0M-200.0% | $2.0M+166.7% | -$3.0M | $0-100.0% | $9.0M-59.1% | $22.0M |
| Financing Cash Flow | -$218.0M-37.1% | -$159.0M+51.7% | -$329.0M-258.9% | $207.0M+199.5% | -$208.0M-356.8% | $81.0M+440.0% | $15.0M+115.3% | -$98.0M |
| Dividends Paid | N/A | $0 | $0 | $0 | N/A | $0 | $0 | $0 |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
OPEN Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 7.7%+0.5pp | 7.2%-1.0pp | 8.2%-0.4pp | 8.6%+0.8pp | 7.8%+0.2pp | 7.6%-0.9pp | 8.5%-1.1pp | 9.7% |
| Operating Margin | -20.4%-13.0pp | -7.4%-6.6pp | -0.8%+4.0pp | -4.9%+3.8pp | -8.7%-3.8pp | -4.9%-0.1pp | -4.8%+2.6pp | -7.4% |
| Net Margin | -148.9%-139.1pp | -9.8%-8.0pp | -1.8%+5.5pp | -7.4%+3.0pp | -10.4%-4.8pp | -5.7%+0.4pp | -6.1%+3.1pp | -9.2% |
| Return on Equity | -109.0%-98.0pp | -11.1%-6.5pp | -4.6%+8.6pp | -13.2%+2.7pp | -15.8%-6.1pp | -9.7%+1.1pp | -10.9%+1.2pp | -12.1% |
| Return on Assets | -45.5%-42.2pp | -3.3%-2.3pp | -1.0%+1.6pp | -2.6%+1.0pp | -3.6%-1.3pp | -2.3%+0.4pp | -2.7%+0.5pp | -3.2% |
| Current Ratio | 7.03+4.2 | 2.83-1.5 | 4.35+1.4 | 2.99-2.7 | 5.67+1.1 | 4.53-3.7 | 8.27-36.1 | 44.38 |
| Debt-to-Equity | 1.40-0.9 | 2.33-1.3 | 3.61-0.5 | 4.08+0.7 | 3.38+0.1 | 3.26+0.3 | 2.99+0.2 | 2.79 |
| FCF Margin | 9.1%-38.1pp | 47.2%-5.2pp | 52.4%+76.9pp | -24.5%-16.9pp | -7.7%-11.7pp | 4.1%+31.0pp | -26.9%-11.2pp | -15.8% |
Similar Companies
Frequently Asked Questions
What is Opendoor Technologies Inc's annual revenue?
Opendoor Technologies Inc (OPEN) reported $4.4B in total revenue for fiscal year 2025. This represents a -15.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Opendoor Technologies Inc's revenue growing?
Opendoor Technologies Inc (OPEN) revenue declined by 15.2% year-over-year, from $5.2B to $4.4B in fiscal year 2025.
Is Opendoor Technologies Inc profitable?
No, Opendoor Technologies Inc (OPEN) reported a net income of -$1.3B in fiscal year 2025, with a net profit margin of -29.7%.
What is Opendoor Technologies Inc's EBITDA?
Opendoor Technologies Inc (OPEN) had EBITDA of -$256.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Opendoor Technologies Inc's gross margin?
Opendoor Technologies Inc (OPEN) had a gross margin of 8.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Opendoor Technologies Inc's operating margin?
Opendoor Technologies Inc (OPEN) had an operating margin of -6.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Opendoor Technologies Inc's net profit margin?
Opendoor Technologies Inc (OPEN) had a net profit margin of -29.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Opendoor Technologies Inc's return on equity (ROE)?
Opendoor Technologies Inc (OPEN) has a return on equity of -129.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Opendoor Technologies Inc's free cash flow?
Opendoor Technologies Inc (OPEN) generated $1.0B in free cash flow during fiscal year 2025. This represents a 267.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Opendoor Technologies Inc's operating cash flow?
Opendoor Technologies Inc (OPEN) generated $1.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Opendoor Technologies Inc's total assets?
Opendoor Technologies Inc (OPEN) had $2.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Opendoor Technologies Inc's capital expenditures?
Opendoor Technologies Inc (OPEN) invested $12.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Opendoor Technologies Inc spend on research and development?
Opendoor Technologies Inc (OPEN) invested $79.0M in research and development during fiscal year 2025.
What is Opendoor Technologies Inc's current ratio?
Opendoor Technologies Inc (OPEN) had a current ratio of 7.03 as of fiscal year 2025, which is generally considered healthy.
What is Opendoor Technologies Inc's debt-to-equity ratio?
Opendoor Technologies Inc (OPEN) had a debt-to-equity ratio of 1.40 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Opendoor Technologies Inc's return on assets (ROA)?
Opendoor Technologies Inc (OPEN) had a return on assets of -54.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Opendoor Technologies Inc's Piotroski F-Score?
Opendoor Technologies Inc (OPEN) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Opendoor Technologies Inc's earnings high quality?
Opendoor Technologies Inc (OPEN) has an earnings quality ratio of -0.81x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Opendoor Technologies Inc cover its interest payments?
Opendoor Technologies Inc (OPEN) has an interest coverage ratio of -2.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Opendoor Technologies Inc?
Opendoor Technologies Inc (OPEN) scores 46 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.