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Opendoor Technologies cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$836M in Q3 2026 · −$1.7B over twelve months

Operating cash flow−$832M
Capital spending−$4.0M
Free cash flow−$836M

Analysis

In Q3 2026, Opendoor Technologies generated −$832M of operating cash flow and spent $4.0M on capital projects, leaving free cash flow of −$836M. That is $1.3B less than in Q3 2025 ($432M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$1.7B; the largest uses were operating cash flow ($1.7B), capital spending ($16.0M), other investing ($15.0M); besides operations, cash came from other financing ($954M), net borrowing (+) / repaid (−) ($358M); the cash balance fell by $444M.

Operating cash flow was −$832M against net income of −$218M. The largest differences: stock-based pay +$108M, payables −$15.0M, depreciation & amortization +$8.0M.

Free cash flow

Opendoor Technologies: free cash flow by quarterOpendoor Technologies: free cash flow by quarter−$83.0MQ4 2024−$283MQ1 2025$821MQ2 2025$432MQ3 2025$67.0MQ4 2025−$250MQ1 2026−$723MQ2 2026−$836MQ3 2026
Operating cash flow less capital spending.
Opendoor Technologies: operating cash flow against capital spendingOpendoor Technologies: operating cash flow against capital spendingOperating cash flowCapital spending−$80.0M$3.0MQ4 2024−$279M$4.0MQ1 2025$823M$2.0MQ2 2025$435M$3.0MQ3 2025$70.0M$3.0MQ4 2025−$246M$4.0MQ1 2026−$718M$5.0MQ2 2026−$832M$4.0MQ3 2026
Latest (Q3 2026): Operating cash flow −$832M, Capital spending $4.0M.

Capital allocation, year by year

Opendoor Technologies: where the cash came from (up) and went (down), by fiscal yearOpendoor Technologies: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY2021: Operating cash flow −$5.8BFY2021: Net borrowing $5.7BFY2021: Shares issued $901MFY2021: Capital spending −$33.0MFY2021: Acquisitions −$33.0M$6.6BFY2021FY2022: Operating cash flow $730MFY2022: Net borrowing −$1.7BFY2022: Shares issued $4.0MFY2022: Capital spending −$37.0MFY2022: Acquisitions −$10.0M$734MFY2022FY2023: Operating cash flow $2.3BFY2023: Net borrowing −$2.6BFY2023: Shares issued $3.0MFY2023: Capital spending −$37.0M$2.3BFY2023FY2024: Operating cash flow −$595MFY2024: Net borrowing −$217MFY2024: Capital spending −$25.0MFY2024FY2025: Operating cash flow $1.0BFY2025: Net borrowing −$1.9BFY2025: Shares issued $202MFY2025: Capital spending −$12.0M$1.3BFY2025
Over these 5 years operating cash flow totalled −$2.3B; the largest uses were net borrowing ($6.5B) and operating cash flow ($6.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$910M
Debtnone
Net cash$910M
Cash runway6 months

Opendoor Technologies is burning cash: its operations consume cash, a free cash flow of −$1.7B a year at the current rate against $910M of cash and investments: a runway of about 6 months before any new financing.

Where the cash came from and went

Opendoor Technologies: sources (+) and uses (−) of cash, Q3 2026Opendoor Technologies: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)$1.3BOperating cash flow−$832MOther financing−$360MCash drawn (+) / kept (−)−$46.0MOther investing−$10.0MCapital spending−$4.0M
Opendoor Technologies: sources (+) and uses (−) of cash, TTM to Q3 2026Opendoor Technologies: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow−$1.7BOther financing$954MCash drawn (+) / kept (−)$444MNet borrowing (+) / repaid (−)$358MCapital spending−$16.0MOther investing−$15.0MShares issued$1.0M

From profit to cash

Opendoor Technologies: net income to operating cash flow, Q3 2026Opendoor Technologies: net income to operating cash flow, Q3 2026Net income−$218MDepreciation & amortization$8.0MStock-based pay$108MPayables−$15.0MPrepaid and other assets$1.0MOperating cash flow−$832M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$832M−$4.0M$1.3B—−$46.0M−$836M
Q2 2026−$718M−$5.0M$623M—$105M−$723M
Q1 2026−$246M−$4.0M$15.0M$1.0M$234M−$250M
Q4 2025$70.0M−$3.0M−$1.4B—$151M$67.0M
Q3 2025$435M−$3.0M−$402M$1.0M−$267M$432M
Q2 2025$823M−$2.0M−$396M—−$492M$821M
Q1 2025−$279M−$4.0M$214M$1.0M$70.0M−$283M
Q4 2024−$80.0M−$3.0M−$210M—$291M−$83.0M

Opendoor Technologies: income statement and cash flow

Opendoor Technologies, Q3 2026: revenue $1.0B (+12% year over year), operating margin -18.3%. The chart follows the revenue to costs, profit and cash.

Opendoor Technologies: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.