What is a cash flow waterfall?

A cash flow waterfall is a bar chart that walks from operating cash flow through capital expenditure to free cash flow, then shows how the remaining cash is allocated — acquisitions, buybacks, dividends, debt, and other financing — ending at the net change in cash. Each step is colour-coded: green bars add to the running total, red bars subtract.

How does Opendoor Technologies (OPEN) spend its free cash flow?

For TTM through Q1 2026, Opendoor Technologies generated $1.08B of operating cash flow and $1.07B of free cash flow — a free cash flow margin of 98.9% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Opendoor Technologies (OPEN) return via buybacks and dividends?

The waterfall shows buybacks (share repurchases) and dividends paid as separate steps in the financing section. Together these represent Opendoor Technologies's shareholder returns for TTM through Q1 2026. You can compare these against free cash flow to assess the capital-return payout ratio.

Opendoor Technologies (OPEN) Cash Flow Waterfall

Operating CF

$1.08B

Capex

-$12M

Free Cash Flow

$1.07B

FCF Margin

+98.9%

Cash flow waterfall for Opendoor Technologies (OPEN) — TTM through Q1 2026

Free cash flow: $1.07B

Cash flow breakdown for Opendoor Technologies (OPEN) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$1.08B	$1.08B
Capital Expenditure	-$12M	$1.07B
Free Cash Flow	$1.07B	$1.07B
Other Investing	-$6M	$1.06B
Net Debt Change	-$2.1B	-$1.04B
Other Financing & FX	$1.41B	$374M
Net Cash Increase	$374M	$374M

Operating Cash Flow$1.08B
Capital Expenditure-$12M
Free Cash Flow$1.07B
Other Investing-$6M
Net Debt Change-$2.1B
Other Financing & FX$1.41B
Net Cash Increase$374M

Want to see what drove the FCF change?Free Cash Flow Bridge

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Opendoor Technologies (OPEN) Key Financials

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Income Statement

Balance Sheet

Profitability

Operating Margin-9.9%

Cash Flow

Capital Return

Forecast & Valuation

Operations

Employees1.0K

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