Filing Flows › Opendoor Technologies (OPEN) › Q3 2025
Opendoor Technologies (OPEN) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Opendoor Technologies (OPEN) reported revenue of $915M for the third quarter 2025 (Q3 2025), -34% from a year earlier and -42% from the quarter before. Operating margin was -7.4%, net loss $90.0M (9.8% of revenue).
Opendoor Technologies, Q3 2025: revenue $915M (-34% year over year), operating margin -7.4%, net loss $90.0M, operating cash flow $435M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $915M | -42% | -34% |
| Operating profit | −$68.0M | — | — |
| Net earnings | −$90.0M | — | — |
| Operating cash flow | $435M | -47% | +602% |
| Free cash flow | $432M | -47% | +671% |
What changed
Revenue was $915.0M in Q3 2025, down 34% year over year and down 42% from the previous quarter.
Gross margin was 7.2%, down 0.4 points from a year earlier. Operating costs exceeded revenue by $68.0M, an operating margin of -7.4%. Operating expenses fell 22% while revenue fell 34%. The quarter ended with a net loss of $90.0M, wider than the previous quarter's $29.0M loss.
Operating cash flow was $435.0M (up 602% year over year). Non-cash charges added back $11.0M of depreciation and amortization and $27.0M of share-based compensation. Working capital and other items added $487.0M. Capital expenditures of $3.0M left free cash flow of $432.0M.
Questions
What was Opendoor Technologies' revenue in the third quarter 2025?
Opendoor Technologies (OPEN) reported revenue of $915M for the third quarter 2025 (Q3 2025), -34% from a year earlier and -42% from the quarter before.
Was Opendoor Technologies profitable in the third quarter 2025?
Operating loss was $68.0M (-7.4% of revenue) and net loss $90.0M.