Free cash flow remains highly volatile and cyclical, swinging from a peak of $821 million in 2025Q2 to a deficit of $250 million in 2026Q1, largely driven by erratic working capital changes.
| Cash from Operations | 1.08B | 1.05B | -595M | 2.34B | 730M | -5.79B | 682M | -272.05M | -1.18B |
| Operating CF Margin % | - | 24% | -11.55% | 33.75% | 4.69% | -72.24% | 26.4% | -5.74% | -64.18% |
| Operating CF Growth % | 1107.21% | 276.3% | -125.38% | 221.1% | 112.6% | -949.56% | 350.69% | 76.94% | - |
| Net Income | -1.39B | -1.1B | -392M | -275M | -1.35B | -662M | -253M | -341.02M | -239.93M |
| Depreciation & Amortization | 43M | 46M | 53M | 72M | 90M | 55M | 63M | 39.31M | 12.78M |
| Stock-Based Compensation | 145M | 159M | 114M | 126M | 171M | 536M | 38M | 0 | 8.42M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21.02M |
| Other Non-Cash Items | 1.09B | 778M | 59M | -136M | 866M | 1M | -1M | 41.13M | 20.52M |
| Working Capital Changes | 1.19B | 1.16B | -429M | 2.56B | 956M | -5.72B | 835M | -11.48M | -1B |
| Change in Receivables | 8M | 7M | 3M | 21M | 54M | -83M | 12M | -3.11M | -8.09M |
| Change in Inventory | 1.16B | 1.17B | -449M | 2.61B | 896M | -5.66B | 834M | 16.95M | -1.02B |
| Change in Payables | -44M | -7M | 31M | -38M | -25M | 76M | -4M | -4.33M | 16.38M |
| Cash from Investing | -18M | -12M | 28M | 44M | 234M | -476M | -22M | -95.08M | -7.43M |
| Capital Expenditures | -12M | -12M | -25M | -37M | -37M | -34M | -17M | -27.97M | -20.02M |
| CapEx % of Revenue | 0.3% | 0.27% | 0.49% | 0.53% | 0.24% | 0.42% | 0.66% | 0.59% | 1.09% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -690M | -499M | -210M | -2.64B | -1.75B | 7.34B | 161M | 646.18M | 1.5B |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 245M | 0 | 5M | 5M | 6M | 894M | 981M | 317.59M | 662.4M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3M | -37.78M |
| Other Financing | 1.14B | 1.36B | 0 | -4M | -10M | 0 | 0 | -3.28M | -3.46M |
| Net Change in Cash | 374M | 538M | -777M | -251M | -787M | 1.07B | 821.18M | 684.82M | 309.43M |
| Free Cash Flow | 1.07B | 1.04B | -620M | 2.31B | 693M | -5.83B | 665M | -300.02M | -1.2B |
| FCF Margin % | 27.17% | 23.72% | -12.03% | 33.21% | 4.45% | -72.65% | 25.75% | -6.33% | -65.27% |
| FCF Growth % | 249.23% | 267.26% | -126.87% | 232.9% | 111.89% | -976.24% | 321.65% | 74.99% | - |
| FCF per Share | 1.12 | 1.35 | -0.89 | 3.51 | 1.11 | -9.83 | 6.08 | -3.75 | -2.20 |
| FCF Conversion (FCF/Net Income) | -0.77x | -0.81x | 1.52x | -8.52x | -0.54x | 8.75x | -2.70x | 0.80x | 4.89x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Inventory Liquidity and Volatility
According to the provided cash flow data, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from -28.38 in 2025Q2 to 1.42 in 2026Q1, indicating that accounting earnings provide little insight into the company's actual cash-generating capacity.
The extreme divergence between net income and operating cash flow suggests that non-cash inventory adjustments and working capital swings dominate the cash flow statement. Investors should interpret these fluctuations as evidence that the company's cash position is tethered to the velocity of home sales rather than underlying operational profitability.
As reported in financial statements, Opendoor's free cash flow trajectory is characterized by extreme volatility, ranging from a peak of $821 million in 2025Q2 to a low of -$551 million in 2023Q4, reflecting the company's sensitivity to the broader residential real estate market cycle.
The lack of a stable free cash flow trend suggests that the business model is currently unable to generate consistent internal funding for operations. This volatility warrants further investigation into whether the company can maintain liquidity during prolonged periods of market stagnation without external financing.
Based on reported figures, working capital changes are the primary determinant of cash flow, with quarterly swings as large as $812 million in 2025Q2, highlighting the company's reliance on rapid inventory turnover to manage its liquidity position in a high-interest rate environment.
The massive fluctuations in working capital suggest that Opendoor's cash flow is essentially a function of its inventory acquisition and liquidation strategy. When the company slows down acquisitions, cash flow may appear temporarily robust, but this often masks the underlying challenge of maintaining a sustainable inventory turnover rate.
Data indicates that capital expenditures remain consistently low, with CapEx/Revenue ratios hovering between 0.1% and 1.0% over the last ten quarters, suggesting that the company's primary operational risks are tied to inventory financing rather than heavy investment in physical property or infrastructure.
While the low capital intensity is typical for a service-oriented platform, it implies that the company's competitive moat is not built on physical assets that require constant reinvestment. Instead, the focus remains on the operational efficiency of the iBuying model, which appears to be highly sensitive to external market conditions.
Quick answers to the most common questions about buying OPEN stock.
Opendoor Technologies Inc. (OPEN) generated $1.05B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Opendoor Technologies Inc. (OPEN) generated $1.04B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Opendoor Technologies Inc. (OPEN) spent $12.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.