Opendoor Technologies Inc.

For the period ended Dec 31, 2025. Filed Feb 19, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 19, 2026

OPEN$1.31-7.1%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 8. Consolidated Statements of Cash Flows

	Year Ended December 31,
	2025	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$(1,300)	$(392)	$(275)
Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash provided by (used in) operating activities:
Depreciation and amortization	44	48	65
Amortization of right of use asset	2	5	7
Stock-based compensation	159	114	126
Inventory valuation adjustment	57	57	65
Changes in fair value of equity securities	3	7	1
Other	5	7	13
Proceeds from sale and principal collections of mortgage loans held for sale	—	—	1
Loss (gain) on early extinguishment of debt	924	2	(216)
Gain on deconsolidation, net	—	(14)	—
Changes in operating assets and liabilities:
Escrow receivable	2	3	21
Real estate inventory	1,172	(449)	2,613
Other assets	(9)	(10)	(19)
Accounts payable and other accrued liabilities	(7)	31	(38)
Interest payable	(2)	2	(10)
Lease liabilities	(1)	(6)	(10)
Net cash provided by (used in) operating activities	1,049	(595)	2,344
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(12)	(25)	(37)
Proceeds from sales, maturities, redemptions and paydowns of marketable securities	6	55	80
Purchase of non-marketable equity securities	(6)	—	—
Proceeds from sale of non-marketable equity securities	—	—	1
Cash impact of deconsolidation of subsidiaries	—	(2)	—
Net cash (used in) provided by investing activities	(12)	28	44
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of convertible senior notes, net of discount	75	—	—
Repurchase of convertible senior notes	(1,176)	—	(362)
Settlement of Capped Calls related to convertible senior notes	1	2	—
Proceeds from exercise of stock options	4	—	3
Proceeds from issuance of common stock for ESPP	2	5	2
Proceeds from PIPE offering	41	—	—
Proceeds from the issuance of common stock under at-the-market offering, net	198	—	—
Issuance of common stock in connection with the repurchase of convertible notes	1,184	—	—
Proceeds from non-recourse asset-backed debt	684	498	238
Principal payments on non-recourse asset-backed debt	(1,489)	(715)	(2,515)
Payment of loan origination fees and debt issuance costs	(17)	—	(1)
Payment for early extinguishment of debt	(4)	—	(4)
Other financing activities	(2)	—	—
Net cash used in financing activities	(499)	(210)	(2,639)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	538	(777)	(251)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of year	763	1,540	1,791
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of year	$1,301	$763	$1,540
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest	$120	$121	$203
DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Stock-based compensation expense capitalized for internally developed software	$4	$15	$23
Principal value of 2026 Notes extinguished in Debt Exchange	$(246)	$—	$—
Principal value of 2030 Notes issued in Debt Exchange	$246	$—	$—
Investment in non-marketable equity securities due to deconsolidation	$3	$39	$—

RECONCILIATION TO CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	$962	$671	$999
Restricted cash	339	92	541
Cash, cash equivalents, and restricted cash	$1,301	$763	$1,540

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.