Revenue contracted 43.7% YoY to $883M in 2026Q2, yet NOI margin improved to 9.7% from 6.2% in 2025Q4, though FFO per share remains deeply negative at -$0.16.
Opendoor Technologies Inc. (OPEN) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Revenue | 3.25B | 4.37B | 5.15B | 6.95B | 15.57B | 8.02B | 2.58B | 4.74B | 1.84B |
| Revenue Growth % | -37.19% | -15.18% | -25.81% | -55.38% | 94.08% | 210.53% | -45.52% | 157.93% | - |
| Property Operating Expenses | 2.98B | 4.07B | 4.72B | 6.46B | 14.9B | 7.29B | 2.36B | 4.44B | 1.7B |
| Net Operating Income (NOI) | 270M | 304M | 433M | 487M | 667M | 730M | 220M | 301M | 133.43M |
| NOI Margin % | 8.3% | 6.95% | 8.4% | 7.01% | 4.28% | 9.1% | 8.52% | 6.35% | 7.26% |
| Operating Expenses | 792M | 577M | 753M | 873M | 1.6B | 1.3B | 406M | 549M | 297.1M |
| G&A Expenses | 645M | 548M | 595M | 692M | 1.35B | 1.16B | 348M | 498M | 268.64M |
| EBITDA | -493M | -227M | -267M | -314M | -841M | -513M | -123M | -209M | -150.89M |
| EBITDA Margin % | -15.15% | -5.19% | -5.18% | -4.52% | -5.4% | -6.4% | -4.76% | -4.41% | -8.21% |
| Depreciation & Amortization | 29M | 46M | 53M | 72M | 90M | 55M | 63M | 39M | 12.78M |
| D&A / Revenue % | 0.89% | 1.05% | 1.03% | 1.04% | 0.58% | 0.69% | 2.44% | 0.82% | 0.7% |
| Operating Income | -522M | -273M | -320M | -386M | -931M | -568M | -186M | -248M | -163.67M |
| Operating Margin % | -16.04% | -6.25% | -6.21% | -5.56% | -5.98% | -7.08% | -7.2% | -5.23% | -8.9% |
| Interest Expense | 2M | 131M | 133M | 211M | 385M | 143M | 67.81M | 110M | 60.46M |
| Interest Coverage | - | -8.92x | -2.23x | -0.30x | -2.51x | -3.94x | -2.73x | -2.08x | -2.96x |
| Non-Operating Income | 885M | 896M | -24M | -323M | 35M | -4M | -1M | -19M | 15.42M |
| Pretax Income | -1.52B | -1.3B | -391M | -274M | -1.35B | -661M | -253M | -339M | -239.55M |
| Pretax Margin % | -46.74% | -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 | -1.52B | -1.3B | -392M | -275M | -1.35B | -662M | -253M | -341M | -241.29M |
| Net Margin % | -46.74% | -29.74% | -7.61% | -3.96% | -8.69% | -8.25% | -9.79% | -7.19% | -13.13% |
| Net Income Growth % | -398.69% | -231.63% | -42.55% | 79.67% | -104.38% | -161.66% | 25.81% | -41.32% | - |
| Funds From Operations (FFO) | -1.49B | -1.25B | -339M | -203M | -1.26B | -607M | -190M | -302M | -228.51M |
| FFO Margin % | -45.85% | -28.69% | -6.58% | -2.92% | -8.11% | -7.57% | -7.36% | -6.37% | -12.43% |
| FFO Growth % | -1949.55% | -269.91% | -67% | 83.93% | -108.07% | -219.47% | 37.09% | -32.16% | - |
| FFO per Share | -1.54 | -1.64 | -0.48 | -0.31 | -2.01 | -1.02 | -1.74 | -3.78 | -0.42 |
| FFO Payout Ratio % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| EPS (Diluted) | -1.57 | -1.70 | -0.56 | -0.42 | -2.16 | -1.12 | -2.31 | -4.26 | -0.46 |
| EPS Growth % | -339.74% | -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 | 965.78M | 766.53M | 699.46M | 657.11M | 627.11M | 592.57M | 109.3M | 79.98M | 544.42M |
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.
Key Metrics
Top Statement Risk
Revenue contraction and negative margins
Metrics are mathematically derived from official filings.
Revenue Contraction Amidst Strategic Pivot
Opendoor's revenue fell 43.7% YoY in 2026Q2 to $883M, reflecting a deliberate shrink in acquisition volume. According to recent SEC filings, this contraction aligns with a conservative buy-box strategy.
The sharp revenue decline from $1.6B in 2025Q2 to $883M in 2026Q2 indicates a significant pullback in home purchases, likely to manage risk in a high-rate environment. While this may preserve capital, it also reduces the scale needed to cover fixed overheads. The company's guidance for 20%+ growth appears inconsistent with current trends, suggesting management expects a rapid inflection that has not yet materialized.
NOI Margin Recovery Masks Overhead Drag
NOI margin improved to 9.7% in 2026Q2 from 6.2% in 2025Q4, yet operating margin remains negative at -6.25%. As reported in financial statements, this suggests better buy-sell spreads but persistent structural costs.
The sequential improvement in NOI margin from 6.2% to 9.7% indicates that the company is achieving better pricing on its inventory, possibly due to a more selective acquisition strategy. However, the negative operating margin implies that corporate overhead and technology costs are still not fully covered by the gross profit generated. This gap underscores the challenge of reaching profitability without a significant volume recovery or further cost reductions.
FFO Losses Persist Despite Narrowing
FFO per share improved from -$1.42 in 2025Q4 to -$0.16 in 2026Q2, but remains deeply negative. Based on EDBL's reported figures, the company is still burning cash, though at a slower pace.
The narrowing FFO losses are a positive sign, but the absolute levels remain substantial. The improvement is partly due to the absence of the large impairment charge seen in 2025Q4, which suggests that the underlying operations are stabilizing. However, with FFO still negative, the company is not yet generating sufficient earnings to cover its capital costs, and dividend payments are not a concern as no dividend is currently paid.
Depreciation Distortions in a Non-Traditional REIT
Depreciation charges are not explicitly disclosed, but the gap between NOI and FFO suggests significant non-cash expenses. In 2026Q2, NOI was $86M while FFO was -$157M, indicating other adjustments.
For Opendoor, the traditional REIT depreciation on real estate is less relevant because the company's inventory is held for sale, not investment. Instead, the primary non-cash charges likely include stock-based compensation and inventory write-downs. The large negative FFO relative to NOI in 2026Q2 suggests that these charges are substantial, and investors should focus on cash flow metrics rather than GAAP earnings.
Organic Performance Hidden by Portfolio Churn
Same-store metrics are not applicable due to the transactional nature of the business, but the decline in revenue per home suggests pricing pressure. Based on reported figures, the company's buy-sell spread is under pressure.
Since Opendoor does not hold properties for long-term investment, same-store analysis is not meaningful. Instead, the key organic metric is the spread between purchase and resale prices. The gross margin of 7.0% indicates a narrow spread, which may be insufficient to cover operating costs. The company's ability to expand this spread will be critical to achieving profitability.
What Could Invalidate the Base Case
The most significant risk is that revenue contraction continues and the anticipated growth inflection fails to materialize, leading to prolonged cash burn. As reported in financial statements, the company's negative operating margin and ROE of -151% highlight the fragility.
Management's guidance for 20%+ growth seems optimistic given the current -15% revenue trend. If the housing market remains weak and interest rates stay high, Opendoor may be forced to continue shrinking its buy-box, which would further reduce revenue and delay profitability. Additionally, the reliance on market appreciation for gross margin means that any downturn in home prices could lead to inventory write-downs, as seen in 2025Q4. Investors should monitor the company's ability to achieve ANI positivity by year-end, as promised by management.