Opendoor Technologies (OPEN) financial statements
Opendoor Technologies reported revenue of $4.4B in fiscal 2025, up 13.2% a year over 7 years.
Net income was -$1.3B and the operating margin -6.6%, against -8.9% in 2018.
Free cash flow was $1.0B.
The diluted share count rose 876% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Opendoor Technologies's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.8B | $4.7B | $2.6B | $8.0B | $15.6B | $6.9B | $5.2B | $4.4B |
| Cost of revenue | $1.7B | $4.4B | $2.4B | $7.3B | $14.9B | $6.5B | $4.7B | $4.0B |
| Gross profit | $133M | $301M | $220M | $730M | $667M | $487M | $433M | $350M |
| Research and development | $28M | $51M | $56M | $134M | $169M | $167M | $141M | $79M |
| Selling, general and admin | $269M | $498M | $321M | $1.2B | $1.4B | $692M | $595M | $548M |
| Operating income | -$164M | -$248M | -$186M | -$568M | -$931M | -$386M | -$320M | -$287M |
| Interest expense | $60M | $110M | $68M | $143M | $385M | $211M | $133M | $131M |
| Pre-tax income | -$240M | -$339M | -$253M | -$661M | -$1.4B | -$274M | -$391M | -$1.3B |
| Income tax | $377,000 | $0 | $0 | $1M | $2M | $1M | $1M | $0 |
| Net income | -$241M | -$341M | -$253M | -$662M | -$1.4B | -$275M | -$392M | -$1.3B |
| EPS (diluted) | -$3.16 | -$4.37 | -$2.31 | -$1.12 | -$2.16 | -$0.42 | -$0.56 | -$1.70 |
| Diluted shares | 79M | 80M | 109M | 593M | 627M | 657M | 699M | 767M |
| Gross margin | 7.3% | 6.3% | 8.5% | 9.1% | 4.3% | 7.0% | 8.4% | 8.0% |
| Operating margin | -8.9% | -5.2% | -7.2% | -7.1% | -6.0% | -5.6% | -6.2% | -6.6% |
| Net margin | -13.1% | -7.2% | -9.8% | -8.3% | -8.7% | -4.0% | -7.6% | -29.7% |
Balance sheet
Fiscal years, from Opendoor Technologies's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $262M | $449M | $1.5B | $2.2B | $1.3B | $1.1B | $679M | $962M |
| Total current assets | — | $2.1B | $2.1B | $9.3B | $6.5B | $3.4B | $3.0B | $2.3B |
| Property, plant and equipment | — | $35M | $29M | $45M | $58M | $66M | $48M | $27M |
| Goodwill | — | $31M | $31M | $60M | $4M | $4M | $3M | $3M |
| Total assets | — | $2.2B | $2.2B | $9.5B | $6.6B | $3.6B | $3.1B | $2.4B |
| Total current liabilities | — | $1.1B | $393M | $4.4B | $1.5B | $70M | $529M | $327M |
| Total liabilities | — | $1.6B | $623M | $7.3B | $5.5B | $2.6B | $2.4B | $1.4B |
| Shareholders' equity | -$414M | -$733M | $1.6B | $2.2B | $1.1B | $967M | $713M | $1.0B |
| Net debt | -$262M | $669M | -$1.1B | -$1.7B | -$1.1B | -$999M | -$671M | -$962M |
Cash flow
Fiscal years, from Opendoor Technologies's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$1.2B | -$272M | $682M | -$5.8B | $730M | $2.3B | -$595M | $1.0B |
| Capital spending | $20M | $28M | $17M | $33M | $37M | $37M | $25M | $12M |
| Free cash flow | -$1.2B | -$300M | $665M | -$5.8B | $693M | $2.3B | -$620M | $1.0B |
| Stock-based compensation | $8M | $13M | $38M | $536M | $171M | $126M | $114M | $159M |
| Share buybacks (net) | -$38M | -$3M | $0 | $0 | — | — | — | — |
| Free cash flow margin | -65.3% | -6.3% | 25.7% | -72.6% | 4.5% | 33.2% | -12.0% | 23.7% |
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Open OPEN in InvestinglyQuestions
What was Opendoor Technologies's revenue in 2025?
$4.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Opendoor Technologies generate?
$1.0B in fiscal 2025 (operating cash flow minus capital spending).
From Opendoor Technologies's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.