Opera (OPRA) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue and adjusted EBITDA, both exceeding guidance, with broad-based growth across advertising, carrier, and query segments, and 21 consecutive quarters of Rule of 40 performance driven by organic growth and innovation.

• User base reached 288 million MAUs, with strong growth in Western markets and significant gains in mobile, Opera GX, and MiniPay users.

• Continued expansion of AI-driven features and partnerships, including Browser Connector, open-source integrations, and agentic browsing, fueling engagement and monetization.

• MiniPay stablecoin wallet scaled to 18 million wallets and 518 million transactions, supporting 40+ currencies in 60+ countries, with Visa card launch expanding reach.

• Focused on profitable, organic growth with a proven monetization model and a loyal, attractive user base, especially in Western markets.

Financial highlights

• Q2 2026 revenue grew 25% year-over-year to $178.1 million, surpassing the seasonal Q4 peak.

• Adjusted EBITDA reached $42.4 million, up 32% year-over-year, with a 24% margin.

• Advertising revenue rose 27% to $115.4 million (65% of total); query revenue increased 21% to $62.1 million (35% of total).

• Adjusted net income was $30 million (17% margin, 27% growth); adjusted diluted EPS was $0.33.

• Operating cash flow was $22.2 million; free cash flow from operations was $16.9 million.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $734–$742 million (20% growth at midpoint); adjusted EBITDA guided at $172–$175 million (24% margin).

• Q3 2026 revenue expected at $181–$183 million (19–20% growth); adjusted EBITDA at $41–$43 million (23% margin).

• Guidance reflects ongoing double-digit growth and stable margins, with cost of revenue expected at ~39% and marketing costs at ~20% of revenue.