Opera (OPRA) Q2 2026 Earnings Call: 25% Revenue Growth and Higher Full-Year Guidance
Source Tradingkey
Key Takeaways
- Q2 2026 revenue increased 25% year over year to $178.1 million, exceeding the top end of Opera’s guidance range. Advertising revenue rose 27% to $115 million, while query revenue grew 21% to $62 million.
- Adjusted EBITDA reached a quarterly record of $42.4 million, up 32%, with a 24% margin. Adjusted net income increased 27% to $30 million, and adjusted diluted EPS rose 25% to $0.33.
- Opera raised its full-year outlook to revenue of $734 million to $742 million and adjusted EBITDA of $172 million to $175 million. The midpoint implies approximately 20% revenue growth and a 24% adjusted EBITDA margin.
- Monthly active users totaled 288 million. Western MAUs grew 4% to 61 million, including 8% mobile growth, while annualized ARPU increased 25% to $2.46.
- Management said AI users in Western markets spend more time in Opera and conduct more searches. Query revenue in Western markets grew 29%, compared with 21% globally.
- Opera’s addressable audience surpassed 700 million, up from more than 500 million six months earlier, supported by first-party inventory, OEM white-label solutions, content partnerships and the broader SDK reach of Opera apps.
Key Financial Data
| Metric | Q2 2026 | Year-over-year change | Commentary |
|---|---|---|---|
| Revenue | $178.1 million | +25% | Growth accelerated from 23% in Q1 |
| Advertising revenue | $115 million | +27% | E-commerce remained the leading growth driver |
| Query revenue | $62 million | +21% | Western-market query revenue increased 29% |
| Adjusted EBITDA | $42.4 million | +32% | Quarterly record; 24% margin |
| Adjusted net income | $30 million | +27% | Excludes items reflected in Opera’s adjusted measures |
| Adjusted diluted EPS | $0.33 | +25% | Share repurchases have supported longer-term EPS growth |
| Operating cash flow | $22 million | — | First-half conversion equaled 76% of adjusted EBITDA |
| Free cash flow from operations | $17 million | — | First-half conversion equaled 62% of adjusted EBITDA |
| Cost of revenue | 38% of revenue | — | In line with management’s prior indication |
| Marketing expense | $36.2 million | -6% sequentially | Management cited continued spending discipline |
| Cash-based compensation | $23.1 million | — | Included accelerated annual bonus accruals |
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