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Opera (OPRA) investor relations material
Opera Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved strong Q4 and full-year 2025 results, with revenue and adjusted EBITDA exceeding guidance midpoints by 8% and 7%, respectively.
Annual revenue grew 28% year-over-year to $614.8 million, accelerating from 21% in 2024.
Achieved 19 consecutive quarters of Rule of 40 performance, driven by organic growth, innovation, and AI integration across browser products.
Launched new browsers (Opera Air, Opera Neon), expanded AI features, and grew MiniPay wallet to 13 million activated wallets.
Ended 2025 with 284 million MAUs, including 60 million in Western markets, and ARPU up 26% to $2.49 in Q4.
Financial highlights
Q4 revenue reached $177.2 million, up 22% year-over-year and 8% above guidance midpoint.
Full-year 2025 revenue was $614.8 million, up 28% year-over-year.
Adjusted EBITDA for Q4 was $42 million (23.6–24% margin); full-year adjusted EBITDA was $143 million (23% margin).
Operating cash flow was $40 million in Q4 and $118 million for the year; free cash flow was $35 million in Q4 and $98 million for the year.
Q4 advertising revenue grew 25% year-over-year to $114.4 million (65% of total revenue); query revenue up 16% to $62.3 million.
Outlook and guidance
2026 full-year revenue guidance: $720–$735 million (17–20% growth); adjusted EBITDA: $167–$172 million (23% margin midpoint).
Q1 2026 revenue guidance: $169–$172 million (18–21% year-over-year growth); adjusted EBITDA: $38–$40 million (22.9–23% margin midpoint).
Cost of revenue expected to be about 38% of revenue in 2026, with gross margin headwind of 2 percentage points.
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