For the year ending 2025-12-31, OPEN had $538M increase in cash & cash equivalents over the period. $1,037M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net loss | -1,300 | -392 | -275 | -1,353 |
| Depreciation and amortization | 44 | 48 | 65 | 83 |
| Amortization of right of use asset | 2 | 5 | 7 | 7 |
| Stock-based compensation | 159 | 114 | 126 | 171 |
| Warrant fair value adjustment | - | - | 0 | 0 |
| Gain on settlement of lease liabilities | - | - | - | 0 |
| Inventory valuation adjustment | 57 | 57 | 65 | 737 |
| Changes in fair value of derivative instruments | - | - | - | 0 |
| Goodwill impairment | - | 0 | 0 | 60 |
| Changes in fair value of equity securities | - | - | - | -35 |
| Payment-in-kind interest | - | - | - | 0 |
| Changes in fair value of equity securities | -3 | -7 | -1 | - |
| Net fair value adjustments and loss on sale of mortgage loans held for sale | - | - | - | 1 |
| Other | 5 | 7 | 13 | - |
| Origination of mortgage loans held for sale | - | 0 | 0 | 118 |
| Proceeds from sale and principal collections of mortgage loans held for sale | 0 | 0 | 1 | 128 |
| Loss (gain) on early extinguishment of debt | -924 | -2 | 216 | - |
| Loss on early extinguishment of debt | - | - | - | -25 |
| Gain on deconsolidation, net | 0 | 14 | - | - |
| Escrow receivable | -2 | -3 | -21 | -54 |
| Real estate inventory | -1,172 | 449 | -2,613 | -896 |
| Other assets | 9 | 10 | 19 | -37 |
| Accounts payable and other accrued liabilities | -7 | 31 | -38 | -25 |
| Interest payable | -2 | 2 | -10 | 2 |
| Lease liabilities | -1 | -6 | -10 | -8 |
| Net cash provided by (used in) operating activities | 1,049 | -595 | 2,344 | 730 |
| Purchase of property and equipment | 12 | 25 | 37 | 37 |
| Purchase of intangible assets | - | - | 0 | 0 |
| Purchase of marketable securities | - | 0 | 0 | 28 |
| Proceeds from sales, maturities, redemptions and paydowns of marketable securities | 6 | 55 | 80 | 328 |
| Purchase of non-marketable equity securities | 6 | 0 | 0 | 25 |
| Proceeds from sale of non-marketable equity securities | 0 | 0 | 1 | 3 |
| Capital returns from non-marketable equity securities | - | 0 | 0 | 3 |
| Acquisitions, net of cash acquired | - | 0 | 0 | 10 |
| Cash impact of deconsolidation of subsidiaries | 0 | 2 | - | - |
| Net cash (used in) provided by investing activities | -12 | 28 | 44 | 234 |
| Proceeds from issuance of seriese preferred stock-Series EConvertible Preferred Stock | - | - | - | 0 |
| Proceeds from issuance of convertible senior notes, net of discount | 75 | - | 0 | 0 |
| Repurchase of convertible senior notes | 1,176 | 0 | 362 | - |
| Purchase of capped calls related to the convertible senior notes | - | - | 0 | 0 |
| Settlement of capped calls related to convertible senior notes | 1 | 2 | - | - |
| Proceeds from exercise of stock options | 4 | 0 | 3 | 4 |
| Proceeds from issuance of common stock for espp | 2 | 5 | 2 | 2 |
| Proceeds from warrant exercise | - | - | 0 | 0 |
| Proceeds from business combination and pipe offering | - | - | - | 0 |
| Proceeds from pipe offering | 41 | - | - | - |
| Proceeds from the issuance of common stock under at-the-market offering, net | 198 | - | 0 | 0 |
| Issuance cost of common stock-Common Stock | - | - | 0 | 0 |
| Issuance of common stock in connection with the repurchase of convertible notes | 1,184 | - | - | - |
| Proceeds from non-recourse asset-backed debt | 684 | 498 | 238 | 10,108 |
| Principal payments on non-recourse asset-backed debt | 1,489 | 715 | 2,515 | 11,822 |
| Proceeds from other secured borrowings | - | 0 | 0 | 114 |
| Principal payments on other secured borrowings | - | 0 | 0 | 121 |
| Payment of loan origination fees and debt issuance costs | 17 | 0 | 1 | 26 |
| Payment for early extinguishment of debt | 4 | 0 | 4 | 10 |
| Other financing activities | -2 | - | - | - |
| Net cash used in financing activities | -499 | -210 | -2,639 | -1,751 |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 538 | -777 | -251 | -787 |
| Cash, cash equivalents, and restricted cashbeginning of year | 763 | 1,540 | - | - |
| Cash, cash equivalents, and restricted cashend of year | 1,301 | 763 | - | - |
Opendoor Technologies Inc. (OPEN)
Opendoor Technologies Inc. (OPEN)