Opendoor Technologies Inc. (OPEN) Income Statement
OPEN 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsOPEN revenue and net income
Where OPEN's revenue goes
2025Each bar shows an amount and its share of revenue. OPEN kept −29.7% of revenue as net income.
OPEN profit margins
OPEN growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −15.2% | −34.5% | +11.1% | — |
| Gross profit | −19.2% | −19.3% | +9.7% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
OPEN quarterly EPS vs estimates
Opendoor Technologies beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 5, 2026 (estimate $-0.15).
OPEN income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.37B | $5.15B | $6.95B | $15.57B | $8.02B | $2.58B | $4.74B | $1.84B | $711.1M |
| Cost of revenue | $4.02B | $4.72B | $6.46B | $14.90B | $7.29B | $2.36B | $4.44B | $1.70B | $644.7M |
| Gross profit | $350.0M | $433.0M | $487.0M | $667.0M | $730.0M | $220.0M | $301.0M | $133.4M | $66.3M |
| Research & development | $79.0M | $141.0M | $167.0M | $169.0M | $134.0M | $58.0M | $51.0M | $28.5M | $16.1M |
| Sales, general & admin | $548.0M | $595.0M | $692.0M | $1.35B | $1.16B | $348.0M | $498.0M | $268.6M | $111.9M |
| Total operating expenses | $637.0M | $753.0M | $873.0M | $1.60B | $1.30B | $406.0M | $549.0M | $297.1M | $128.0M |
| Operating income | −$287.0M | −$320.0M | −$386.0M | −$931.0M | −$568.0M | −$186.0M | −$248.0M | −$163.7M | −$61.6M |
| Interest expense | $131.0M | $133.0M | $211.0M | $385.0M | $143.0M | $67.8M | $110.0M | $60.5M | $0 |
| Income before taxes | −$1.30B | −$391.0M | −$274.0M | −$1.35B | −$661.0M | −$253.0M | −$339.0M | −$239.6M | −$84.8M |
| Income taxes | — | $1.0M | $1.0M | $2.0M | $1.0M | $63,000 | $252,000 | $377,000 | $62,000 |
| Net income | −$1.30B | −$392.0M | −$275.0M | −$1.35B | −$662.0M | −$253.0M | −$341.0M | −$241.3M | −$84.8M |
| EBITDA | −$229.0M | −$243.0M | $9.0M | −$876.0M | −$509.0M | −$122.0M | −$190.0M | −$166.3M | −$54.2M |
| EPS (diluted) | −$0.25 | −$0.37 | −$1.19 | −$0.68 | −$0.60 | −$1.32 | −$4.71 | −$1.70 | — |
| Gross margin | 8.0% | 8.4% | 7.0% | 4.3% | 9.1% | 8.5% | 6.3% | 7.3% | 9.3% |
| Operating margin | −6.6% | −6.2% | −5.6% | −6.0% | −7.1% | −7.2% | −5.2% | −8.9% | −8.7% |
| Net margin | −29.7% | −7.6% | −4.0% | −8.7% | −8.3% | −9.8% | −7.2% | −13.1% | −11.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $883.0M | $720.0M | $736.0M | $915.0M | $1.57B | $1.15B | $1.08B | $1.38B | $1.51B | $1.18B | $870.0M | $980.0M |
| Cost of revenue | $797.0M | $648.0M | $690.0M | $849.0M | $1.44B | $1.05B | $999.0M | $1.27B | $1.38B | $1.07B | $798.0M | $884.0M |
| Gross profit | $86.0M | $72.0M | $46.0M | $66.0M | $128.0M | $99.0M | $85.0M | $105.0M | $129.0M | $114.0M | $72.0M | $96.0M |
| Research & development | $27.0M | $24.0M | $18.0M | $19.0M | $21.0M | $21.0M | $33.0M | $30.0M | $37.0M | $41.0M | $46.0M | $42.0M |
| Sales, general & admin | $200.0M | $207.0M | $129.0M | $114.0M | $114.0M | $131.0M | $129.0M | $142.0M | $164.0M | $160.0M | $137.0M | $133.0M |
| Total operating expenses | $230.0M | $231.0M | $197.0M | $134.0M | $141.0M | $155.0M | $179.0M | $172.0M | $201.0M | $201.0M | $187.0M | $175.0M |
| Operating income | −$144.0M | −$159.0M | −$151.0M | −$68.0M | −$13.0M | −$56.0M | −$94.0M | −$67.0M | −$72.0M | −$87.0M | −$115.0M | −$79.0M |
| Interest expense | $29.0M | $23.0M | $28.0M | $34.0M | $36.0M | $33.0M | $32.0M | $34.0M | $30.0M | $37.0M | $37.0M | $47.0M |
| Income before taxes | −$162.0M | −$173.0M | −$1.10B | −$89.0M | −$29.0M | −$85.0M | −$113.0M | −$78.0M | −$91.0M | −$109.0M | −$91.0M | −$106.0M |
| Income taxes | — | — | −$1.0M | $1.0M | — | — | — | — | $1.0M | $16.0M | −$120.0M | $67.0M |
| 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 |
| EBITDA | −$125.0M | −$142.0M | −$1.06B | −$50.0M | $19.0M | −$41.0M | −$62.0M | −$32.0M | −$48.0M | −$56.0M | −$37.0M | −$47.0M |
| EPS (diluted) | −$0.05 | −$0.05 | −$0.07 | −$0.08 | −$0.01 | −$0.09 | −$0.11 | −$0.10 | −$0.04 | −$0.12 | −$0.14 | −$0.11 |
| Gross margin | 9.7% | 10.0% | 6.2% | 7.2% | 8.2% | 8.6% | 7.8% | 7.6% | 8.5% | 9.7% | 8.3% | 9.8% |
| Operating margin | −16.3% | −22.1% | −20.5% | −7.4% | −0.8% | −4.9% | −8.7% | −4.9% | −4.8% | −7.4% | −13.2% | −8.1% |
| Net margin | −18.3% | −24.0% | −148.9% | −9.8% | −1.9% | −7.4% | −10.4% | −5.7% | −6.1% | −9.2% | −10.5% | −10.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in OPEN's financial statements (latest annual report filed February 19, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
OPEN financial results
In fiscal year 2025 (ended December 31, 2025), Opendoor Technologies reported revenue of $4.4 billion, down 15.2% from the year before. It had a net loss of $1.3 billion, a net profit margin of −29.7%. Diluted earnings per share came to −$0.25. Over five years revenue grew at an average rate of 11.1% a year.
See the OPEN stock overview for the latest quote and news, or the OPEN chart for price history and technical indicators.
OPEN income statement FAQ
What is Opendoor Technologies's annual revenue?
Opendoor Technologies reported total revenue of $4.4 billion for fiscal year 2025, which ended on December 31, 2025. That was down 15.2% from $5.2 billion the previous year.
Is Opendoor Technologies profitable?
No. Opendoor Technologies reported a net loss of $1.3 billion in fiscal 2025, a net profit margin of −29.7%; its operating margin was −6.6%.
What is Opendoor Technologies's gross margin?
Opendoor Technologies's gross margin was 8.0% in fiscal 2025: for every $100 of revenue, Opendoor Technologies kept $8 after the direct cost of its products and services.
How much does Opendoor Technologies spend on research and development?
Opendoor Technologies spent $79.0 million on research and development in fiscal 2025, 1.8% of revenue.
How fast is Opendoor Technologies growing?
Revenue grew 11.1% a year on average over the last five fiscal years, from $2.6 billion to $4.4 billion.
What are Opendoor Technologies's earnings per share?
Opendoor Technologies earned $-0.25 per diluted share in fiscal 2025, compared with $-0.37 a year earlier.
When will Opendoor Technologies report its next earnings?
Opendoor Technologies is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does Opendoor Technologies's fiscal year end?
Opendoor Technologies's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 19, 2026.