Revenue growth has shifted into a contractionary phase, evidenced by a 37.6% year-over-year decline in 2026Q1 alongside persistent margin compression that saw gross margins fluctuate between 6.2% and 10.0% over the last ten quarters.
| Sales/Revenue | 3.94B | 4.37B | 5.15B | 6.95B | 15.57B | 8.02B | 2.58B | 4.74B | 1.84B |
| Revenue Growth % | -23.16% | -15.18% | -25.81% | -55.38% | 94.08% | 210.53% | -45.52% | 157.93% | - |
| Cost of Goods Sold | 3.63B | 4.07B | 4.72B | 6.46B | 14.9B | 7.29B | 2.36B | 4.44B | 1.7B |
| COGS % of Revenue | - | 93.05% | 91.6% | 92.99% | 95.72% | 90.9% | 91.48% | 93.65% | 92.74% |
| Gross Profit | 312M | 304M | 433M | 487M | 667M | 730M | 220M | 301M | 133.43M |
| Gross Margin % | 7.92% | 6.95% | 8.4% | 7.01% | 4.28% | 9.1% | 8.52% | 6.35% | 7.26% |
| Gross Profit Growth % | - | -29.79% | -11.09% | -26.99% | -8.63% | 231.82% | -26.91% | 125.59% | - |
| Operating Expenses | 703M | 577M | 753M | 873M | 1.6B | 1.3B | 406M | 549M | 297.1M |
| OpEx % of Revenue | - | 13.2% | 14.61% | 12.57% | 10.27% | 16.18% | 15.72% | 11.58% | 16.16% |
| Selling, General & Admin | 624M | 548M | 595M | 692M | 1.35B | 1.16B | 348M | 498M | 268.64M |
| SG&A % of Revenue | - | 12.54% | 11.55% | 9.96% | 8.69% | 14.51% | 13.47% | 10.5% | 14.62% |
| Research & Development | 0 | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - |
| Operating Income | -391M | -273M | -320M | -386M | -931M | -568M | -186M | -248M | -163.67M |
| Operating Margin % | -9.93% | -6.25% | -6.21% | -5.56% | -5.98% | -7.08% | -7.2% | -5.23% | -8.9% |
| Operating Income Growth % | - | 14.69% | 17.1% | 58.54% | -63.91% | -205.38% | 25% | -51.52% | - |
| EBITDA | -363M | -227M | -267M | -314M | -841M | -513M | -123M | -209M | -150.89M |
| EBITDA Margin % | -9.22% | -5.19% | -5.18% | -4.52% | -5.4% | -6.4% | -4.76% | -4.41% | -8.21% |
| EBITDA Growth % | -50.62% | 14.98% | 14.97% | 62.66% | -63.94% | -317.07% | 41.15% | -38.51% | - |
| D&A (Non-Cash Add-back) | 28M | 46M | 53M | 72M | 90M | 55M | 63M | 39M | 12.78M |
| EBIT | -1.28B | -1.17B | -296M | -63M | -966M | -564M | -185M | -229M | -179.1M |
| Net Interest Income | -75M | -131M | -133M | -211M | -385M | -143M | -68M | -110M | -60.46M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - |
| Pretax Income | -1.39B | -1.3B | -391M | -274M | -1.35B | -661M | -253M | -339M | -239.55M |
| Pretax Margin % | -35.25% | -29.74% | -7.59% | -3.94% | -8.68% | -8.24% | -9.79% | -7.15% | -13.03% |
| Income Tax | 0 | 0 | 1M | 1M | 2M | 1M | 0 | 0 | 377K |
| Effective Tax Rate % | 0% | 0% | -0.26% | -0.36% | -0.15% | -0.15% | 0% | 0% | -0.16% |
| Net Income | -1.39B | -1.3B | -392M | -275M | -1.35B | -662M | -253M | -341M | -241.29M |
| Net Margin % | -35.25% | -29.74% | -7.61% | -3.96% | -8.69% | -8.25% | -9.79% | -7.19% | -13.13% |
| Net Income Growth % | -277.17% | -231.63% | -42.55% | 79.67% | -104.38% | -161.66% | 25.81% | -41.32% | - |
| Net Income (Continuing) | -1.39B | -1.3B | -392M | -275M | -1.35B | -662M | -253M | -339M | -239.93M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.49M |
| EPS (Diluted) | -1.45 | -1.70 | -0.56 | -0.42 | -2.16 | -1.12 | -2.31 | -4.26 | -0.46 |
| EPS Growth % | -238.42% | -203.57% | -33.33% | 80.56% | -92.86% | 51.52% | 45.82% | -826.93% | - |
| EPS (Basic) | - | -1.70 | -0.56 | -0.42 | -2.16 | -1.12 | -2.31 | -4.26 | -0.46 |
| Diluted Shares Outstanding | 959.33M | 766.53M | 699.46M | 657.11M | 627.11M | 592.57M | 109.3M | 79.98M | 544.42M |
| Basic Shares Outstanding | 959.33M | 766.53M | 699.46M | 657.11M | 627.11M | 592.57M | 109.3M | 79.98M | 544.42M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Inventory Liquidity and Volatility
As reported in recent financial statements, Opendoor's revenue growth has shifted into a contractionary phase, with the most recent quarterly figures showing a 37.6% year-over-year decline, signaling a deliberate reduction in acquisition volume to mitigate exposure to volatile housing market conditions and high interest rates.
The sharp decline in top-line performance suggests management is prioritizing unit economics over market share in a high-rate environment. Investors should monitor whether this contraction is a temporary defensive posture or a structural limitation of the iBuying model when capital costs remain elevated.
Based on historical income statement data, Opendoor's gross margins have struggled to maintain consistency, fluctuating between 6.2% and 10.0% over the last ten quarters, which underscores the inherent difficulty of capturing value in a transactional, inventory-heavy real estate business model during periods of market uncertainty.
The thin gross margin profile leaves little room for operational error, particularly when accounting for renovation and holding costs. The inability to consistently expand these margins suggests that the company lacks significant pricing power and remains highly susceptible to localized home price appreciation shifts.
According to quarterly filings, Opendoor continues to report negative operating margins, with the most recent period showing a -22.1% operating margin, indicating that the company has yet to achieve the necessary scale to offset its fixed administrative and technology-related overhead costs effectively.
The persistent gap between gross profit and operating income suggests that the company's cost structure is not yet optimized for its current transaction volume. This lack of operating leverage implies that significant revenue growth or a major reduction in SG&A is required to reach a break-even point.
As evidenced by the 2025Q4 net loss of $1.1 billion, Opendoor's bottom-line performance is frequently distorted by non-operating items and significant inventory adjustments, which complicates the assessment of the company's underlying operational health and long-term earnings potential for institutional investors.
The presence of large, lumpy charges suggests that the reported net income is not a reliable indicator of core business performance. Analysts should focus on adjusted metrics that strip out these non-cash inventory write-downs to better understand the true cash-generating capability of the platform.
While the company maintains a cash balance of $962 million, the fundamental risk remains the potential for a liquidity trap, where stagnant inventory forces deep discounting, as suggested by the recent trend of negative net margins and the inherent volatility of the residential real estate market.
Short-sellers would likely focus on the company's inability to turn inventory profitably during market downturns, which could lead to further capital erosion. The reliance on external warehouse financing to fund home purchases warrants further investigation into how sensitive the business remains to credit market tightening.
Quick answers to the most common questions about buying OPEN stock.
For fiscal year 2025, Opendoor Technologies Inc. (OPEN) reported total revenue of $4.37B. This represents a 137.8% increase compared to $1.84B in 2018.
Opendoor Technologies Inc. (OPEN) reported a net loss of $1.30B for the fiscal year ending 2025.
Opendoor Technologies Inc. (OPEN) reported an operating income of $-273.0M, resulting in an operating profit margin of -6.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Opendoor Technologies Inc. (OPEN) generated $304.0M in gross profit for the year, representing a gross profit margin of 7.0%. This demonstrates the company's core pricing power and production efficiency.