Revenue growth remains resilient at 23.2% year-over-year, though gross margins have compressed to 63.2% in 2026Q1, indicating potential scaling hurdles in the current advertising environment.
| Sales/Revenue | 647.66M | 616.73M | 480.65M | 396.83M | 331.04M | 250.99M | 165.06M | 177.08M | 172.28M | 128.89M | 107.28M |
| Revenue Growth % | 24.19% | 28.31% | 21.12% | 19.87% | 31.89% | 52.06% | -6.79% | 2.79% | 33.66% | 20.14% | - |
| Cost of Goods Sold | 268.74M | 350.72M | 132.56M | 93.25M | 54.59M | 13.69M | 8.33M | 2.55M | 13.32M | 42.49M | 42.57M |
| COGS % of Revenue | - | 56.87% | 27.58% | 23.5% | 16.49% | 5.45% | 5.04% | 1.44% | 7.73% | 32.97% | 39.68% |
| Gross Profit | 378.92M | 266.01M | 348.09M | 303.58M | 276.45M | 237.3M | 156.73M | 174.53M | 158.96M | 86.4M | 64.71M |
| Gross Margin % | 58.51% | 43.13% | 72.42% | 76.5% | 83.51% | 94.55% | 94.95% | 98.56% | 92.27% | 67.03% | 60.32% |
| Gross Profit Growth % | - | -23.58% | 14.66% | 9.81% | 16.5% | 51.41% | -10.2% | 9.79% | 83.98% | 33.51% | - |
| Operating Expenses | 278.54M | 173.33M | 255.83M | 240.69M | 234.64M | 243.51M | 159.18M | 175.06M | 113.65M | 115.41M | 82M |
| OpEx % of Revenue | - | 28.1% | 53.23% | 60.65% | 70.88% | 97.02% | 96.44% | 98.86% | 65.97% | 89.54% | 76.43% |
| Selling, General & Admin | 245.12M | 173.33M | 221.6M | 204.07M | 200.18M | 205.13M | 124.14M | 138.31M | 87.5M | 83.2M | 3.11M |
| SG&A % of Revenue | - | 28.1% | 46.1% | 51.42% | 60.47% | 81.73% | 75.21% | 78.11% | 50.79% | 64.55% | 2.9% |
| Research & Development | 0 | 0 | 46.5M | 0 | 0 | 0 | 0 | 0 | 21.81M | 19.95M | 19.24M |
| R&D % of Revenue | - | - | 9.67% | - | - | - | - | - | 12.66% | 15.48% | 17.93% |
| Other Operating Expenses | 3M | 0 | -12.27M | 36.62M | 34.46M | 38.38M | 35.03M | 36.75M | 28.21M | 32.21M | 0 |
| Operating Income | 100.37M | 92.68M | 92.26M | 62.89M | 41.81M | -6.21M | -2.45M | -536K | 45.3M | 10.24M | -3.37M |
| Operating Margin % | 15.5% | 15.03% | 19.2% | 15.85% | 12.63% | -2.47% | -1.48% | -0.3% | 26.3% | 7.94% | -3.14% |
| Operating Income Growth % | - | 0.46% | 46.7% | 50.43% | 773.13% | -153.72% | -356.72% | -101.18% | 342.44% | 403.56% | - |
| EBITDA | 120M | 111.6M | 107.84M | 76.06M | 55.75M | 13.39M | 17.94M | 18.4M | 57.96M | 26.9M | 9.29M |
| EBITDA Margin % | 18.53% | 18.1% | 22.44% | 19.17% | 16.84% | 5.33% | 10.87% | 10.39% | 33.64% | 20.87% | 8.66% |
| EBITDA Growth % | 8.4% | 3.48% | 41.8% | 36.43% | 316.36% | -25.38% | -2.48% | -68.26% | 115.43% | 189.43% | - |
| D&A (Non-Cash Add-back) | 19.63M | 18.92M | 15.58M | 13.16M | 13.94M | 19.6M | 20.39M | 18.93M | 12.66M | 16.66M | 12.67M |
| EBIT | 134.84M | 92.68M | 98.94M | 160.37M | 24.15M | -42.79M | 37.95M | 43.96M | 40.88M | 9.45M | -3.37M |
| Net Interest Income | 2.83M | 2.69M | 3.05M | 3.9M | 3.55M | -6.85M | -190.82K | 1.39M | 1.42M | -184.66K | 0 |
| Interest Income | 3.44M | 3.3M | 3.58M | 4.54M | 5.36M | 34.88K | 327.41K | 2.05M | 1.64M | 54.19K | 1.36M |
| Interest Expense | 606.81K | 611.89K | 530K | 645.66K | 1.81M | 6.89M | 518.23K | 655.37K | 1.7M | 238.86K | 0 |
| Other Income/Expense | 33.86M | 32.92M | 6.15M | 97.11M | -17.94M | -36.9M | 39.95M | 43.93M | -3.68M | -515K | -15.28M |
| Pretax Income | 134.23M | 125.6M | 98.41M | 160M | 23.87M | -43.11M | 37.51M | 43.4M | 41.64M | 7.5M | -18.65M |
| Pretax Margin % | 20.73% | 20.37% | 20.47% | 40.32% | 7.21% | -17.17% | 22.72% | 24.51% | 24.17% | 5.82% | -17.38% |
| Income Tax | 19.52M | 16.99M | 17.64M | 6.7M | 8.84M | 43K | 75K | 2.66M | 6.48M | 1.44M | -2.84M |
| Effective Tax Rate % | 14.54% | 13.52% | 17.93% | 4.19% | 37.01% | -0.1% | 0.2% | 6.12% | 15.56% | 19.19% | 15.22% |
| Net Income | 114.72M | 108.62M | 80.77M | 153.3M | 15.04M | -43.96M | 179.17M | 57.9M | 35.16M | 6.06M | -15.81M |
| Net Margin % | 17.71% | 17.61% | 16.8% | 38.63% | 4.54% | -17.52% | 108.55% | 32.7% | 20.41% | 4.7% | -14.74% |
| Net Income Growth % | 36.22% | 34.48% | -47.31% | 919.63% | 134.2% | -124.54% | 209.46% | 64.67% | 479.82% | 138.36% | - |
| Net Income (Continuing) | 114.72M | 108.62M | 80.77M | 153.3M | 15.04M | -43.15M | 37.43M | 40.74M | 34.22M | 6.06M | -15.81M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | -816K | 141.74M | 17.16M | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.26 | 1.19 | 0.90 | 1.69 | 0.14 | -0.38 | 1.48 | 0.50 | 0.34 | 0.06 | -0.14 |
| EPS Growth % | 32.98% | 32.22% | -46.75% | 1107.14% | 136.84% | -125.68% | 196% | 47.06% | 514.83% | 139.5% | - |
| EPS (Basic) | - | 1.21 | 0.91 | 1.72 | 0.14 | -0.38 | 1.50 | 0.52 | 0.35 | 0.06 | -0.14 |
| Diluted Shares Outstanding | 91.14M | 90.96M | 89.68M | 90.92M | 110.33M | 115.14M | 118.69M | 112.42M | 104.36M | 109.72M | 109.72M |
| Basic Shares Outstanding | 90.47M | 89.56M | 88.46M | 89.26M | 109.48M | 115.14M | 117.28M | 112.31M | 101.31M | 109.72M | 109.72M |
| Dividend Payout Ratio | - | 65.72% | 46.35% | 15.07% | - | - | - | - | - | - | - |
Geopolitical and regulatory exposure
According to reported financial statements, Opera Limited achieved a 23.2% year-over-year revenue growth in 2026Q1, reflecting a consistent upward trajectory that suggests the company's strategic shift toward high-ARPU Western markets and specialized gaming browser segments is successfully offsetting the volatility inherent in its legacy emerging-market user base.
The consistent double-digit revenue growth indicates that the company is successfully scaling its niche-focused products like Opera GX. Investors should monitor whether this growth remains durable as the company faces increased competition from larger browser ecosystems and potential shifts in digital advertising spend.
As indicated by the latest quarterly data, Opera's gross margin contracted to 63.2% in 2026Q1 from historical peaks exceeding 75%, suggesting that rising traffic acquisition costs or shifts in revenue-sharing agreements may be exerting structural pressure on the company's core profitability profile relative to its software peers.
The decline in gross margin suggests that the cost of acquiring and retaining users is rising, potentially due to increased competition for ad-tech inventory. This trend warrants further investigation into whether the company can achieve operating leverage through its proprietary Opera Ads platform to mitigate these rising variable costs.
Based on the provided income statement figures, Opera's operating margin of 17.3% in 2026Q1 demonstrates a stable but constrained ability to scale, as SG&A expenses continue to track closely with revenue growth, limiting the potential for significant margin expansion despite the company's ongoing efforts to optimize its cost structure.
The tight correlation between revenue and operating expenses suggests that the business model remains heavily dependent on continuous marketing investment to maintain its user base. Investors should monitor whether future periods show a decoupling of these metrics, which would indicate improved operational efficiency and a more sustainable long-term profit profile.
As reported in recent filings, Opera's net income has experienced significant fluctuations, such as the 2025Q4 spike to $55.6M, which appears largely disconnected from core operating performance and likely reflects non-operating items or equity-method investment impacts that complicate the assessment of the company's true underlying earnings power.
The inconsistency in net income relative to operating income suggests that investors should focus on operating margins as a more reliable indicator of business health. The presence of stock-based compensation and historical divestiture impacts further necessitates a cautious approach when evaluating the quality of reported bottom-line results.
Based on an analysis of the company's cost structure, the heavy reliance on third-party search partnerships and digital advertising creates a vulnerability to regulatory changes like the EU's Digital Markets Act, which may disrupt the distribution channels that currently underpin the company's primary revenue generation mechanisms.
Short-term growth may mask the long-term risk that Opera remains a secondary player in an ecosystem dominated by OS-level gatekeepers. If regulatory tailwinds shift or search partners adjust their revenue-sharing terms, the company's current profitability could face significant headwinds that are not yet fully reflected in the market's valuation.
Quick answers to the most common questions about buying OPRA stock.
For fiscal year 2025, Opera Limited (OPRA) reported total revenue of $616.7M. This represents a 474.9% increase compared to $107.3M in 2016.
Opera Limited (OPRA) is profitable, generating $108.6M in net income for the fiscal year ending 2025 with a net profit margin of 17.6%.
Opera Limited (OPRA) reported an operating income of $92.7M, resulting in an operating profit margin of 15.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Opera Limited (OPRA) generated $266.0M in gross profit for the year, representing a gross profit margin of 43.1%. This demonstrates the company's core pricing power and production efficiency.