Opendoor Technologies Inc Financials
Opendoor Technologies Inc (OPEN) reported $4.4B in revenue for fiscal year 2025, down 15.2% from the prior fiscal year. This page shows its 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).
Positive cash flow is being created by a smaller balance sheet, while core profitability remains unrepaired.
In FY2025, operating cash flow was$1.0B while net loss was-$1.3B . Paired with assets falling from$3.1B to$2.4B since FY2024, that gap suggests cash is being released by running a smaller operation rather than by profits turning into cash.
Gross margin nearly doubled from
Leverage has eased: liabilities fell from
Financial Health Signals
Opendoor Technologies Inc does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Opendoor Technologies Inc scores 0.95, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($3.4B) relative to total liabilities ($1.4B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Opendoor Technologies Inc passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Opendoor Technologies Inc reported a net loss of $1.3B while generating $1.0B in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Opendoor Technologies Inc reported an operating loss of $287.0M against $131.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
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 as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
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.
Not reported for fiscal year 2025.
OPEN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.3B | $4.4B-15.2% | $5.2B-25.8% | $6.9B-55.4% | $15.6B+94.1% | $8.0B+210.5% | $2.6B-45.5% | $4.7B+157.9% | $1.8B |
| Cost of Revenue | $3.0B | $4.0B-14.8% | $4.7B-26.9% | $6.5B-56.7% | $14.9B+104.4% | $7.3B+208.5% | $2.4B-46.8% | $4.4B+160.5% | $1.7B |
| Gross Profit | $281.0M | $350.0M-19.2% | $433.0M-11.1% | $487.0M-27.0% | $667.0M-8.6% | $730.0M+231.8% | $220.0M-26.9% | $301.0M+125.6% | $133.4M |
| R&D Expenses | $88.0M | $79.0M-44.0% | $141.0M-15.6% | $167.0M-1.2% | $169.0M+26.1% | $134.0M+139.3% | $56.0M+9.8% | $51.0M+79.2% | $28.5M |
| SG&A Expenses | $449.0M | $238.0M+30.8% | $182.0M-11.7% | $206.0M-40.5% | $346.0M-44.2% | $620.0M+369.7% | $132.0M+15.8% | $114.0M+57.6% | $72.3M |
| Operating Income | -$521.0M | -$287.0M+10.3% | -$320.0M+17.1% | -$386.0M+58.5% | -$931.0M-63.9% | -$568.0M-205.4% | -$186.0M+25.0% | -$248.0M-51.5% | -$163.7M |
| Interest Expense | $114.0M | $131.0M-1.5% | $133.0M-37.0% | $211.0M-45.2% | $385.0M+169.2% | $143.0M+110.3% | $68.0M-38.2% | $110.0M+82.0% | $60.5M |
| Income Tax | -$200K | $0-100.0% | $1.0M0.0% | $1.0M-50.0% | $2.0M+100.0% | $1.0M | $0 | $0-100.0% | $377K |
| Net Income | -$1.5B | -$1.3B-231.6% | -$392.0M-42.5% | -$275.0M+79.7% | -$1.4B-104.4% | -$662.0M-161.7% | -$253.0M+25.8% | -$341.0M-41.3% | -$241.3M |
| EPS (Diluted) | — | -$1.70-203.6% | -$0.56-33.3% | -$0.42+80.6% | -$2.16-92.9% | -$1.12 | -$2.31 | -$4.37-38.3% | -$3.16 |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
OPEN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.4B-23.0% | $3.1B-12.4% | $3.6B-46.0% | $6.6B-30.5% | $9.5B+336.9% | $2.2B-2.5% | $2.2B | N/A |
| Current Assets | $2.3B-23.3% | $3.0B-13.0% | $3.4B-46.7% | $6.5B-30.8% | $9.3B+354.9% | $2.1B-1.7% | $2.1B | N/A |
| Cash & Equivalents | $962.0M+43.4% | $671.0M-32.8% | $999.0M-12.1% | $1.1B-34.3% | $1.7B+22.5% | $1.4B+248.9% | $405.0M+54.4% | $262.4M |
| Goodwill | $3.0M0.0% | $3.0M-25.0% | $4.0M0.0% | $4.0M-93.3% | $60.0M+93.5% | $31.0M+0.2% | $30.9M | N/A |
| Total Liabilities | $1.4B-41.9% | $2.4B-7.2% | $2.6B-52.9% | $5.5B-23.9% | $7.3B+1065.0% | $623.0M-79.0% | $3.0B | N/A |
| Current Liabilities | $327.0M-38.2% | $529.0M+655.7% | $70.0M-95.3% | $1.5B-65.8% | $4.4B+1019.6% | $393.0M-65.1% | $1.1B | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | $135.5M | N/A | N/A |
| Total Equity | $1.0B+41.0% | $713.0M-26.3% | $967.0M-11.0% | $1.1B-51.7% | $2.2B+44.8% | $1.6B+311.9% | -$733.0M-77.1% | -$414.0M |
| Retained Earnings | -$5.0B-35.1% | -$3.7B-11.8% | -$3.3B-9.0% | -$3.1B-79.4% | -$1.7B-63.5% | -$1.0B-31.9% | -$790.5M | N/A |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable.
OPEN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$459.0M | $1.0B+276.3% | -$595.0M-125.4% | $2.3B+221.1% | $730.0M+112.6% | -$5.8B-949.6% | $682.0M+350.7% | -$272.0M+76.9% | -$1.2B |
| Capital Expenditures | $15.0M | $12.0M-52.0% | $25.0M-32.4% | $37.0M0.0% | $37.0M+12.1% | $33.0M+94.1% | $17.0M-39.3% | $28.0M+39.8% | $20.0M |
| Free Cash Flow | -$474.0M | $1.0B+267.3% | -$620.0M-126.9% | $2.3B+232.9% | $693.0M+111.9% | -$5.8B-976.2% | $665.0M+321.7% | -$300.0M+75.0% | -$1.2B |
| Investing Cash Flow | -$26.0M | -$12.0M-142.9% | $28.0M-36.4% | $44.0M-81.2% | $234.0M+149.2% | -$476.0M-2063.6% | -$22.0M+76.8% | -$95.0M-1178.3% | -$7.4M |
| Financing Cash Flow | $262.0M | -$499.0M-137.6% | -$210.0M+92.0% | -$2.6B-50.7% | -$1.8B-123.8% | $7.3B+4460.2% | $161.0M-75.1% | $646.0M-56.8% | $1.5B |
| Dividends Paid | N/A | N/A | N/A | $0 | $0 | $0 | $0 | $0 | $0 |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | $0 | $0-100.0% | $3.0M-92.1% | $37.8M |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
OPEN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 8.0%-0.4pp | 8.4%+1.4pp | 7.0%+2.7pp | 4.3%-4.8pp | 9.1%+0.6pp | 8.5%+2.2pp | 6.3%-0.9pp | 7.3% |
| Operating Margin | -6.6%-0.4pp | -6.2%-0.7pp | -5.6%+0.4pp | -6.0%+1.1pp | -7.1%+0.1pp | -7.2%-2.0pp | -5.2%+3.7pp | -8.9% |
| Net Margin | -29.7%-22.1pp | -7.6%-3.6pp | -4.0%+4.7pp | -8.7%-0.4pp | -8.3%+1.5pp | -9.8%-2.6pp | -7.2%+5.9pp | -13.1% |
| Return on Equity | -129.4%-74.4pp | -55.0%-26.5pp | -28.4%+96.2pp | -124.6%-95.1pp | -29.4%-13.2pp | -16.3% | N/A | N/A |
| Return on Assets | -54.0%-41.5pp | -12.5%-4.8pp | -7.7%+12.8pp | -20.5%-13.5pp | -7.0%+4.7pp | -11.6%+3.6pp | -15.3% | N/A |
| Current Ratio | 7.03+1.4x | 5.67-43.5x | 49.21+44.9x | 4.30+2.2x | 2.12-3.1x | 5.22+3.4x | 1.85 | N/A |
| Debt-to-Equity | 1.40-2.0x | 3.38+0.7x | 2.69-2.4x | 5.08+1.9x | 3.23+3.1x | 0.09 | N/A | N/A |
| FCF Margin | 23.7%+35.8pp | -12.0%-45.2pp | 33.2%+28.8pp | 4.5%+77.1pp | -72.7%-98.4pp | 25.8%+32.1pp | -6.3%+58.9pp | -65.3% |
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Where Opendoor Technologies Inc Ranks
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 Altman Z-Score?
Opendoor Technologies Inc (OPEN) has an Altman Z-Score of 0.95, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Opendoor Technologies Inc's Piotroski F-Score?
Opendoor Technologies Inc (OPEN) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $1.3B while generating $1.0B in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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) reported an operating loss of $287.0M against $131.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.