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Opendoor Technologies Inc.

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Opendoor Technologies Inc. • NASDAQ
$7.66 ▼ -1.54% (-0.12)
Market Cap $5.58 B
52w High $10.87
52w Low $0.51
Dividend Yield 0%
P/E -17.41
Volume 55.42M
Outstanding Shares 727.90M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $915M ▼ $134M ▼ $-90M ▼ -9.836% ▼ $-0.12 ▼ $-50M ▼
Q2-2025 $1.567B ▲ $141M ▼ $-29M ▲ -1.851% ▲ $-0.04 ▲ $19M ▲
Q1-2025 $1.153B ▲ $155M ▼ $-85M ▲ -7.372% ▲ $-0.12 ▲ $-41M ▲
Q4-2024 $1.084B ▼ $179M ▲ $-113M ▼ -10.424% ▼ $-0.16 ▼ $-62M ▼
Q3-2024 $1.377B $172M $-78M -5.664% $-0.11 $-32M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $962M ▲ $2.7B ▼ $1.889B ▼ $811M ▲
Q2-2025 $789M ▲ $2.907B ▼ $2.276B ▼ $631M ▼
Q1-2025 $559M ▼ $3.277B ▲ $2.632B ▲ $645M ▼
Q4-2024 $679M ▼ $3.126B ▼ $2.413B ▼ $713M ▼
Q3-2024 $837M $3.411B $2.61B $801M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-90M ▼ $435M ▼ $-9M ▼ $-159M ▲ $267M ▼ $432M ▼
Q2-2025 $-29M ▲ $823M ▲ $-2M ▼ $-329M ▼ $492M ▲ $821M ▲
Q1-2025 $-85M ▲ $-279M ▼ $2M ▲ $207M ▲ $-70M ▲ $-283M ▼
Q4-2024 $-113M ▼ $-80M ▼ $-3M ▼ $-208M ▼ $-291M ▼ $-83M ▼
Q3-2024 $-78M $62M $0 $81M $143M $56M

Five-Year Company Overview

Income Statement

Income Statement Opendoor’s revenue has been very volatile, surging during the housing boom and then dropping sharply as the real estate market cooled and the company pulled back on home purchases. Despite positive gross profit, the core business has consistently lost money at the operating and net income level. Losses were particularly heavy around 2022 and have since narrowed, but the company is still clearly not yet sustainably profitable. Overall, the income statement shows a business in transition: shrinking in size from its peak, working to improve margins and discipline, but still absorbing meaningful losses as it reshapes its model.

Balance Sheet

Balance Sheet The balance sheet shows a company that once operated with a very large footprint and has since deliberately shrunk its inventory and overall asset base. Debt remains significant relative to equity, reflecting the capital-heavy nature of buying homes and financing them. On the positive side, Opendoor still carries a sizable cash balance, which provides some flexibility as it attempts its strategic shift. However, the combination of ongoing losses and meaningful leverage means the balance sheet needs to be managed cautiously, with careful control of inventory and borrowing levels.

Cash Flow

Cash Flow Cash flows have swung widely over the past few years, which is typical for a business that buys and sells homes at scale. During the growth phase, operating cash flow was deeply negative as the company aggressively built inventory. As it pulled back and focused on selling down homes, cash flow turned strongly positive for a period, then slipped negative again more recently as conditions changed. Capital spending on property and equipment is relatively modest, so the real story is working capital and housing inventory. Overall, cash generation is highly sensitive to housing cycles and Opendoor’s pace of buying versus selling, which adds uncertainty to the durability of any given year’s cash flow.

Competitive Edge

Competitive Edge Opendoor is still a leading name in the iBuying niche, with broader geographic reach than its main direct rival and a reputation for speed and convenience. Its main competitive edge is its large, proprietary dataset and pricing algorithms, which can make its home offers more accurate and its operations more efficient over time. The company is also repositioning itself from a pure home flipper to a broader real estate platform that works more closely with agents and offers multiple ways to sell. That said, the overall iBuying model has been tested hard by market swings, and Opendoor competes not just with digital peers but also with traditional agents, institutional buyers, and listing platforms. Its position is differentiated but not unchallenged, and it operates in a cyclical, high-risk segment of real estate.

Innovation and R&D

Innovation and R&D Innovation is one of Opendoor’s clear strengths. It relies heavily on artificial intelligence and automation to price homes, assess repairs, and streamline the transaction process from offer to closing. Tools like AI-powered home assessments, risk analysis systems, and automated title and escrow aim to cut costs and reduce the number of people needed per transaction, pushing the model toward more software-like efficiency. The company is also experimenting with new products—bundled buy/sell services, exclusive marketplaces, hybrid cash-plus-upside offerings for sellers, and a dedicated app for agents—to broaden its reach and reduce balance sheet risk. The key question is not whether Opendoor is innovating (it clearly is) but whether these innovations will translate into consistently better margins and a more resilient, capital-light business over time.

Summary

Opendoor is in the middle of a major reshaping of its business after a boom-and-bust period around the housing surge of the early 2020s. Financially, it has moved from rapid growth and heavy losses to a smaller, more controlled operation that still has not reached steady profitability. The balance sheet shows meaningful leverage alongside a useful cash cushion, underscoring both its financial resources and its risk. Cash flows and earnings remain highly tied to housing cycles and the company’s inventory decisions. Strategically, Opendoor’s strongest assets are its data, AI capabilities, and product innovation, which give it a differentiated position in digital home transactions. The path forward depends on whether it can turn those advantages into a more capital-light, platform-like model with stable profits, while navigating a cyclical and competitive real estate market.

NEWS

November 21, 2025 · 4:30 PM UTC

Opendoor Distributes Special Dividend of Tradable Warrants to Shareholders

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November 18, 2025 · 8:00 AM UTC

Labaton Keller Sucharow LLP Announces a Proposed Class Action Settlement Involving Purchasers of the Publicly Traded Common Stock of Opendoor Technologies Inc.

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November 12, 2025 · 10:30 AM UTC

NETFLIX HOUSE PHILADELPHIA IS NOW OPEN. WELCOME TO OUR HOME!

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November 6, 2025 · 4:36 PM UTC

Opendoor Announces Shareholder‑First Dividend of Tradable Warrants Aligning Shareholders and Management

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November 6, 2025 · 4:07 PM UTC

Q3 2025 Open House: Opendoor 2.0 Charts Path to Profitability Through Software and AI

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