Loading financials from SEC filings…
Real estate services · Real Estate · Fiscal year ends Dec 31
Opendoor Technologies reported revenue of $4.4B in the fiscal year ended Dec 2025, down 15.2% from the year before. Operating income was −$287M, an operating margin of −6.6%, and net income was −$1.3B. Operating cash flow of $1B less capital expenditure of $12M left free cash flow of $1B.
Ranks among the 18 real estate services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 8,021 | 15,567 | 6,946 | 5,153 | 4,371 |
| Cost of revenue | 7,291 | 14,900 | 6,459 | 4,720 | 4,021 |
| Gross profit | 730 | 667 | 487 | 433 | 350 |
| Research & development | 134 | 169 | 167 | 141 | 79.0 |
| Selling, general & admin | 1,164 | 1,352 | 692 | 595 | 548 |
| Operating income | −568 | −931 | −386 | −320 | −287 |
| Interest expense | 143 | 385 | 211 | 133 | 131 |
| Pre-tax income | −661 | −1,351 | −274 | −391 | −1,300 |
| Income tax | 1.0 | 2.0 | 1.0 | 1.0 | 0.0 |
| Net income | −662 | −1,353 | −275 | −392 | −1,300 |
| Diluted EPS | −1.12 | −2.16 | −0.42 | −0.56 | −1.70 |
| Diluted shares | 593 | 627 | 657 | 699 | 767 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,731 | 1,137 | 999 | 671 | 962 |
| Current assets | 9,340 | 6,466 | 3,445 | 2,997 | 2,299 |
| Net PP&E | 45.0 | 58.0 | 66.0 | 48.0 | 27.0 |
| Goodwill | 60.0 | 4.0 | 4.0 | 3.0 | 3.0 |
| Total assets | 9,506 | 6,608 | 3,567 | 3,126 | 2,407 |
| Payables | 3.0 | 5.0 | 2.0 | 9.0 | 0.0 |
| Current liabilities | 4,400 | 1,505 | 70.0 | 529 | 327 |
| Total liabilities | 7,258 | 5,522 | 2,600 | 2,413 | 1,402 |
| Shareholders' equity | 2,248 | 1,086 | 967 | 713 | 1,005 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −5,794 | 730 | 2,344 | −595 | 1,049 |
| Capital expenditure | 33.0 | 37.0 | 37.0 | 25.0 | 12.0 |
| Free cash flow | −5,827 | 693 | 2,307 | −620 | 1,037 |
| Depreciation & amortisation | 27.0 | 37.0 | 38.0 | 33.0 | 31.0 |
| Stock-based compensation | 536 | 171 | 126 | 114 | 159 |
| Acquisitions | 33.0 | 10.0 | 0.0 | 0.0 | – |
| Share buybacks | 0.0 | – | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 94.1% | −55.4% | −25.8% | −15.2% |
| Gross margin | 9.1% | 4.3% | 7.0% | 8.4% | 8.0% |
| Operating margin | −7.1% | −6.0% | −5.6% | −6.2% | −6.6% |
| Net margin | −8.3% | −8.7% | −4.0% | −7.6% | −29.7% |
| Return on equityBlank when equity is negative | −29.4% | −124.6% | −28.4% | −55.0% | −129.4% |
| ROCEEBIT ÷ (assets − current liabilities) | −11.1% | −18.2% | −11.0% | −12.3% | −13.8% |
| Free cash flow margin | −72.6% | 4.5% | 33.2% | −12.0% | 23.7% |
| Cash conversion (CFO ÷ net income) | 8.75x | −0.54x | −8.52x | 1.52x | −0.81x |
| Payable days | 0 | 0 | 0 | 1 | 0 |
| Interest cover | −3.97x | −2.42x | −1.83x | −2.41x | −2.19x |
| Current ratio | 2.12x | 4.30x | 49.2x | 5.67x | 7.03x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.