Opendoor Technologies Inc. (OPEN) Cash Flow Statement
Where OPEN’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.05B
- Capital expenditures
- $12.0M 0.3% of revenue
- Free cash flow
- $1.04B 23.7% margin
- Returned to shareholders
- —
- Change in cash
- $538.0M cash at year-end $1.30B
Cash from operations
$1.05B
Capital expenditures
−$12.0M
Share buybacks (net)
+$1.18B
Net borrowing (repayment)
−$1.91B
Shares issued
+$1.42B
Other financing
−$1.20B
Change in cash
$538.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
OPEN operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
OPEN cash flow trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$218.6M2017 | $1.05B2025 | — | |
| Capital expenditures | $2.9M2017 | $12.0M2025 | +19.6%/yr | |
| Free cash flow | −$221.4M2017 | $1.04B2025 | — | |
| Free cash flow margin | −31.1%2017 | 23.7%2025 | +54.9 pts | |
| Stock-based compensation | $3.8M2017 | $159.0M2025 | +59.7%/yr | |
| Share buybacks (net) | $37.8M2018 | $02025 | −100.0% | |
| Capex / revenue | 0.4%2017 | 0.3%2025 | −0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
OPEN cash flow by activity
OperatingInvestingFinancingChange in cash
OPEN net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
OPEN cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||
| Net income | −$1.10B | −$392.0M | −$275.0M | −$1.35B | −$662.0M | −$253.0M | −$341.0M | −$239.9M | −$84.8M |
| Depreciation & amortization | $46.0M | $53.0M | $72.0M | $90.0M | $55.0M | $63.0M | $39.3M | $12.8M | $7.4M |
| Stock-based compensation | $159.0M | $114.0M | $126.0M | $171.0M | $536.0M | $38.0M | $13.0M | $8.4M | $3.8M |
| Change in working capital | $1.16B | −$429.0M | $2.56B | $956.0M | −$5.72B | $835.0M | −$11.5M | −$1.00B | −$150.4M |
| Other non-cash items | $778.0M | $59.0M | −$136.0M | $866.0M | $1.0M | −$1.0M | $28.1M | $41.5M | $5.5M |
| Cash from operating activities | $1.05B | −$595.0M | $2.34B | $730.0M | −$5.79B | $682.0M | −$272.1M | −$1.18B | −$218.6M |
| Investing activities | |||||||||
| Capital expenditures | −$12.0M | −$25.0M | −$37.0M | −$37.0M | −$33.0M | −$17.0M | −$28.0M | −$20.0M | −$2.9M |
| Investments (net) | $0 | $28.0M | $72.0M | $234.0M | −$409.0M | −$4.5M | −$34.3M | $17.4M | −$26.5M |
| Acquisitions & other investing | $0 | $25.0M | $9.0M | $37.0M | −$34.0M | −$475,000 | −$32.8M | −$4.9M | −$615,000 |
| Cash from investing activities | −$12.0M | $28.0M | $44.0M | $234.0M | −$476.0M | −$22.0M | −$95.1M | −$7.4M | −$29.9M |
| Financing activities | |||||||||
| Dividends paid | — | — | — | — | — | — | −$321.2M | — | — |
| Share repurchases & issuance (net) | $1.18B | — | — | — | $0 | $0 | −$3.0M | −$37.8M | — |
| Net borrowing (repayment) | −$1.91B | −$215.0M | −$2.64B | −$1.72B | $6.50B | −$816.4M | $347.0M | $837.5M | $160.5M |
| Shares issued | $1.42B | $0 | $0 | $0 | $886.0M | $2.2M | $318.0M | $708.2M | $0 |
| Other financing | −$1.20B | $5.0M | $0 | −$30.0M | −$39.0M | $975.2M | $305.4M | −$11.5M | $720,000 |
| Cash from financing activities | −$499.0M | −$210.0M | −$2.64B | −$1.75B | $7.34B | $161.0M | $646.2M | $1.50B | $161.2M |
| Summary | |||||||||
| Net change in cash | $538.0M | −$777.0M | −$251.0M | −$787.0M | $1.07B | $821.2M | $684.8M | $309.4M | −$87.3M |
| Cash at end of period | $1.30B | $763.0M | $1.54B | $1.79B | $2.58B | $1.51B | $684.8M | $405.8M | $96.3M |
| Free cash flow | $1.04B | −$620.0M | $2.31B | $693.0M | −$5.83B | $665.0M | −$300.0M | −$1.20B | −$221.4M |
| Free cash flow margin | 23.7% | −12.0% | 33.2% | 4.5% | −72.6% | 25.7% | −6.3% | −65.3% | −31.1% |
| Capex / revenue | 0.3% | 0.5% | 0.5% | 0.2% | 0.4% | 0.7% | 0.6% | 1.1% | 0.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$162.0M | −$173.0M | −$1.10B | −$90.0M | −$29.0M | −$85.0M | −$113.0M | −$78.0M | −$92.0M | −$109.0M | −$91.0M | −$106.0M |
| Depreciation & amortization | $9.0M | $8.0M | $11.0M | $5.0M | $12.0M | $11.0M | $12.0M | $12.0M | $13.0M | $16.0M | $15.0M | $12.0M |
| Stock-based compensation | $239.0M | $120.0M | $119.0M | $13.0M | $13.0M | $14.0M | $23.0M | $25.0M | $33.0M | $33.0M | $32.0M | $31.0M |
| Change in working capital | −$701.0M | −$213.0M | $123.0M | $468.0M | $812.0M | −$235.0M | −$10.0M | $101.0M | −$391.0M | −$129.0M | −$481.0M | −$188.0M |
| Other non-cash items | −$103.0M | $12.0M | $913.0M | $39.0M | $15.0M | $16.0M | $8.0M | $2.0M | $38.0M | $11.0M | −$17.0M | $35.0M |
| Cash from operating activities | −$718.0M | −$246.0M | $70.0M | $435.0M | $823.0M | −$279.0M | −$80.0M | $62.0M | −$399.0M | −$178.0M | −$542.0M | −$216.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$5.0M | −$4.0M | −$3.0M | −$3.0M | −$2.0M | −$4.0M | −$3.0M | −$6.0M | −$8.0M | −$8.0M | −$9.0M | −$11.0M |
| Investments (net) | −$5.0M | $0 | $0 | −$9.0M | −$2.0M | $2.0M | −$3.0M | $8.0M | $9.0M | $22.0M | −$4.0M | $3.0M |
| Acquisitions & other investing | $0 | $0 | $0 | $3.0M | $2.0M | $4.0M | $3.0M | — | $8.0M | $8.0M | $9.0M | $11.0M |
| Cash from investing activities | −$10.0M | −$4.0M | −$3.0M | −$9.0M | −$2.0M | $2.0M | −$3.0M | — | $9.0M | $22.0M | −$4.0M | $3.0M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | $1.18B | — | — | — | — | — | — | — | — | — |
| Net borrowing (repayment) | $623.0M | $15.0M | −$1.40B | −$402.0M | −$321.0M | $214.0M | −$208.0M | $78.0M | — | — | — | — |
| Shares issued | $0 | $0 | $1.18B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $1.0M | −$1.19B | $243.0M | −$8.0M | −$7.0M | $0 | $3.0M | $15.0M | −$98.0M | −$292.0M | −$213.0M |
| Cash from financing activities | $623.0M | $16.0M | −$218.0M | −$159.0M | −$329.0M | $207.0M | −$208.0M | $81.0M | $15.0M | −$98.0M | −$292.0M | −$213.0M |
| Summary | ||||||||||||
| Net change in cash | −$105.0M | −$234.0M | −$151.0M | $267.0M | $492.0M | −$70.0M | −$291.0M | $143.0M | −$375.0M | −$254.0M | −$838.0M | −$426.0M |
| Cash at end of period | $962.0M | $1.07B | $1.30B | $1.45B | $1.19B | $693.0M | $763.0M | $1.05B | $911.0M | $1.29B | $1.54B | $2.38B |
| Free cash flow | −$723.0M | −$250.0M | $67.0M | $432.0M | $821.0M | −$283.0M | −$83.0M | $56.0M | −$407.0M | −$186.0M | −$551.0M | −$227.0M |
| Free cash flow margin | −81.9% | −34.7% | 9.1% | 47.2% | 52.4% | −24.5% | −7.7% | 4.1% | −26.9% | −15.7% | −63.3% | −23.2% |
| Capex / revenue | 0.6% | 0.6% | 0.4% | 0.3% | 0.1% | 0.3% | 0.3% | 0.4% | 0.5% | 0.7% | 1.0% | 1.1% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
OPEN cash generation
In fiscal 2025 (ended December 31, 2025), Opendoor Technologies generated $1.0 billion of cash from operations and spent $12.0 million on capital expenditures, leaving free cash flow of $1.0 billion, 23.7% of revenue. Cash and equivalents rose by $538.0 million over the year.
Related: OPEN income statement, OPEN balance sheet. See the OPEN stock overview for the latest quote and news.
OPEN cash flow FAQ
What is Opendoor Technologies's free cash flow?
Opendoor Technologies's free cash flow was $1.0 billion in fiscal 2025: $1.0 billion of operating cash flow minus $12.0 million of capital expenditures It was -$620.0 million a year earlier..
How much cash does Opendoor Technologies generate from operations?
Opendoor Technologies generated $1.0 billion of cash from operating activities in fiscal 2025.
How much does Opendoor Technologies spend on capital expenditures?
Opendoor Technologies spent $12.0 million on capital expenditures in fiscal 2025, 0.3% of revenue, compared with $25.0 million the year before.