Opendoor Technologies Inc.
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets
(In millions, excepts hare data)
| December 31, | |||
|---|---|---|---|
| 2025 · 2024 | |||
| ASSETS | |||
| CURRENT ASSETS: | |||
| Cash and cash equivalents | $962 | $671 | |
| Restricted cash | 339 | 92 | |
| Marketable securities | — | 8 | |
| Escrow receivable | 4 | 6 | |
| Real estate inventory, net | 925 | 2,159 | |
| Other current assets | 69 | 61 | |
| Total current assets | 2,299 | 2,997 | |
| PROPERTY AND EQUIPMENT – Net | 27 | 48 | |
| RIGHT OF USE ASSETS | 8 | 18 | |
| GOODWILL | 3 | 3 | |
| OTHER ASSETS | 70 | 60 | |
| TOTAL ASSETS | (1) | $2,407 | $3,126 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||
| CURRENT LIABILITIES: | |||
| Accounts payable and other accrued liabilities | $80 | $92 | |
| Non-recourse asset-backed debt - current portion | 52 | 432 | |
| Convertible senior notes - current portion | 193 | — | |
| Interest payable | 1 | 3 | |
| Lease liabilities – current portion | 1 | 2 | |
| Total current liabilities | 327 | 529 | |
| NON-RECOURSE ASSET-BACKED DEBT – Net of current portion | 1,068 | 1,492 | |
| CONVERTIBLE SENIOR NOTES - Net of current portion | — | 378 | |
| LEASE LIABILITIES – Net of current portion | 6 | 13 | |
| OTHER LIABILITIES | 1 | 1 | |
| Total liabilities | (2) | 1,402 | 2,413 |
| COMMITMENTS AND CONTINGENCIES (See Note 19) | |||
| SHAREHOLDERS’ EQUITY: | |||
| Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 957,245,487 and 719,990,121 shares issued, respectively; 957,245,487 and 719,990,121 shares outstanding, respectively | — | — | |
| Additional paid-in capital | 6,038 | 4,438 | |
| Accumulated deficit | (5,033) | (3,725) | |
| Accumulated other comprehensive loss | — | — | |
| Total shareholders’ equity | 1,005 | 713 | |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $2,407 | $3,126 | |
(1)The Company’s consolidated assets at December 31, 2025 and 2024 include the following assets of certain variable interest entities (“VIEs”) that can only be used to settle the liabilities of those VIEs: Restricted cash, $334 and $81; Real estate inventory, net, $916 and $2,141; Escrow receivable, $4 and $6; Other current assets, $3 and $8; and Total assets of $1,257 and $2,236, respectively.
(2)The Company’s consolidated liabilities at December 31, 2025 and 2024 include the following liabilities for which the VIE creditors generally do not have recourse to Opendoor: Accounts payable and other accrued liabilities, $12 and $21; Current portion of non-recourse asset-backed debt, $52 and $432; Interest payable, $1 and $3; Non-recourse asset-backed debt, net of current portion, $1,068 and $1,492; and Total liabilities, $1,133 and $1,948, respectively. See “Note 4. Variable Interest Entities” for additional information regarding our VIEs.
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