Opendoor Technologies (OPEN) 10-K Summaries & Annual Filing History
Review Opendoor Technologies Inc. (OPEN) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Opendoor Technologies reported a year with declining revenue and net losses, though it generated positive cash from operations. The company continues to face challenges in the residential real estate market.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$4.4B
Revenue reported for the fiscal year.
Operating income
-$287M
Income from operations reported for the year.
Net income
-$1.3B
Net income reported for the year.
Operating cash flow
$1B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $15.6B | +94.1% |
| Dec 31, 2023 | $6.9B | -55.4% |
| Dec 31, 2024 | $5.2B | -25.8% |
| Dec 31, 2025 | $4.4B | -15.2% |
Business overview
Opendoor operates a digital platform for residential real estate, using automated pricing and valuation technology to buy and sell homes. The company manages real estate inventories and relies on its technology to attract customers and complete transactions.
Financial performance
Revenue decreased compared to the prior year, reflecting a continued downward trend. The company reported an operating loss and a net loss, but operating cash flow was positive.
Material risks
The filing identifies risks related to the company's ability to access capital, satisfy debt obligations, and conduct financings. It also highlights risks from maintaining its digital platform, complying with regulations, and managing real estate inventories.
Liquidity and capital
The company's liquidity strategy involves accessing various capital sources, including debt and equity financings and securitizations to support real estate inventories. It also focuses on satisfying obligations related to its convertible notes.
What to watch
Monitor the company's ability to stabilize or grow revenue, given the consistent decline observed in recent periods.