NET LOSS PER SHARE

Basic net loss per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed based on the weighted average number of common shares outstanding plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. During the periods when there is a net loss, potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share as their effect is anti-dilutive. No dividends, including preferred dividends, were declared, paid, or accumulated for the years ended December 31, 2025, 2024, or 2023.

The Company uses the two-class method to calculate net loss per share and applies the more dilutive of the two-class method, treasury stock method or if-converted method to calculate diluted net loss per share. Undistributed earnings for each period are allocated to participating securities, based on the contractual participation rights of the security to share in the current

earnings as if all current period earnings had been distributed. As there is no contractual obligation for participating securities to share in losses, the Company’s basic net loss per share is computed by dividing the net loss attributable to common shareholders by the weighted-average shares of common stock outstanding during periods with undistributed losses.

The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common shareholders for the years ended December 31, 2025, 2024, and 2023 (in millions, except share amounts which are presented in thousands, and per share amounts):


	Year Ended December 31,
	2025		2024		2023
Basic and diluted net loss per share:
Numerator:
Net loss	$	(1,300)	$	(392)	$	(275)



Denominator:
Weighted average shares outstanding – basic and diluted	766,531		699,457		657,111
Basic and diluted net loss per share	$	(1.70)	$	(0.56)	$	(0.42)

There were no preferred dividends declared or accumulated for the period.

The following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period (in thousands):


	Year Ended December 31,
	2025	2024	2023
Market condition RSUs	101,418	—	—
Common stock warrants	99,590	—	—


RSUs	32,698	45,247	60,896
Convertible Senior Notes	26,098	—	—
Options	3,327	7,233	7,820


Employee Stock Purchase Plan	794	2,185	1,992

Total anti-dilutive securities	263,925	54,665	70,708

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Opendoor Technologies Inc. Earnings Per Share Disclosure

About Earnings Per Share Disclosures

Other Available Disclosures