OPRA

MKT CAP:$2B

Opera Limited

Market Cap

$2B

Communication Services·Internet Content & Information·🇳🇴 Norway·NASDAQ

Communication·Internet·🇳🇴·NASDAQ

Stock Price

$16.95+$2.72 (+19.15%)

Apr 16, 2026

Company Details

Opera Limited, together with its subsidiaries, provides mobile and PC web browsers. It operates in two segments, Browser and News, and Other. The company offers mobile browser products, such as Opera Mini, Opera for Android and iOS, Opera G...

CEO

Lin Song

IPO Date

Jul 27, 2018

Website

www.opera.com

Key Metrics TTM

Revenue

$515M

+83.3% YoY

Net Income

$196M

EPS (Diluted)

$2.36

Free Cash Flow

$106M

Revenue / Share

$5.66

Gross Margin

59.9%

Operating Margin

18.0%

Net Margin

38.0%

FCF Margin

20.6%

P/S

3.0x

P/E

7.9x

Earnings Reports

Q1 2026

Apr 27, 2026

PENDING

FY 2025

Dec 30, 2025

$617MEPS $1.19

Q4 2025

Feb 26, 2026

$177MEPS $0.61

Q3 2024

Sep 28, 2024

$123M+20.0%EPS $0.20

Q1 2024

Mar 31, 2024

$102MEPS $0.17

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 17	$26M	$15M	-$3M
Q3 17	$38M	$25M	$11M
Q4 17	$39M	$26M	$1M
Q3 18	$45M	$32M	$12M
Q4 18	$50M	$43M	$13M
Q1 19	$51M	$43M	$5M
Q3 19	$94M	$79M	$7M
Q2 20	$32M	$30M	-$265.0K
Q1 21	$52M	$49M	-$1M
Q2 21	$60M	$58M	-$8M
Q3 21	$67M	$63M	-$618.0K
Q3 23	$103M	$77M	$16M
Q4 23	$113M	$64M	$20M
Q1 24	$102M	$78M	$20M
Q3 24	$123M	$90M	$23M
Q4 25	$177M	$77M	$29M

Valuation

Quarter	P/S	P/E
Q2 17	—	—
Q3 17	—	—
Q4 17	—	—
Q3 18	6.6x	61.3x
Q4 18	3.6x	20.4x
Q1 19	3.9x	26.2x
Q3 19	4.6x	20.4x
Q2 20	4.4x	16.0x
Q1 21	5.2x	23.1x
Q2 21	5.2x	13.6x
Q3 21	5.0x	12.4x
Q3 23	3.4x	11.2x
Q4 23	3.3x	5.8x
Q1 24	3.5x	8.4x
Q3 24	3.1x	8.7x
Q4 25	2.5x	6.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 17	$0	$0
Q3 17	$9M	$9M
Q4 17	$10M	$7M
Q3 18	$7M	$7M
Q4 18	$12M	$9M
Q1 19	$9M	$8M
Q3 19	-$18M	-$18M
Q2 20	$7M	$3M
Q1 21	$7M	$6M
Q2 21	$6M	$6M
Q3 21	-$3M	-$4M
Q3 23	$17M	$16M
Q4 23	$25M	$25M
Q1 24	$31M	$11M
Q3 24	$35M	$31M
Q4 25	$41M	$40M

Capital Expenditures

Quarter	CapEx
Q2 17	$0
Q3 17	$0
Q4 17	$4M
Q3 18	$0
Q4 18	$3M
Q1 19	$1M
Q3 19	$0
Q2 20	$4M
Q1 21	$1M
Q2 21	$137.2K
Q3 21	$103.8K
Q3 23	$733.9K
Q4 23	$594.0K
Q1 24	$20M
Q3 24	$4M
Q4 25	$1M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 18	+89.5%	+27.5%
Q1 19	+34.7%	+67.4%
Q3 19	+141.0%	+131.6%
Q2 20	-27.9%	-1.0%
Q1 21	+2.7%	+43.4%
Q2 21	+17.3%	+48.6%
Q3 21	-28.9%	-22.7%
Q3 23	+218.6%	+166.5%
Q4 23	+119.1%	+74.7%
Q1 24	+69.3%	+20.9%
Q3 24	+84.9%	+48.8%
Q4 25	+72.4%	+70.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 17	$3M	10.6%
Q3 17	$3M	9.0%
Q4 17	$3M	8.4%
Q3 18	$761.0K	1.7%
Q4 18	$3M	6.0%
Q1 19	$1M	2.8%
Q3 19	$1M	1.6%
Q2 20	$1M	4.0%
Q1 21	$1M	2.0%
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$5M	4.0%
Q1 24	$3M	2.6%
Q3 24	$4M	2.9%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q2 17	—	$11M	—	—
Q3 17	—	$12M	—	—
Q4 17	$24M	$20M	$31M	—
Q3 18	—	$12M	$8M	—
Q4 18	$26M	$14M	$9M	—
Q1 19	—	$14M	$15M	—
Q3 19	—	$23M	$20M	—
Q2 20	—	$17M	$10M	—
Q1 21	—	$19M	$23M	—
Q2 21	—	$22M	$35M	—
Q3 21	—	$23M	$32M	—
Q3 23	—	$23M	$28M	—
Q4 23	$42M	$3M	$30M	—
Q1 24	—	$21M	$29M	—
Q3 24	—	$25M	$33M	—
Q4 25	—	—	—	$47M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$118M	$65M	$182M
Q2 22	$139M	$47M	$187M
Q3 22	$166M	$35M	$201M
Q4 22	$52M	$66M	$119M
Q1 23	$85M	$0	$85M
Q2 23	$98M	$0	$98M
Q3 23	$84M	$0	$84M
Q4 23	$94M	$0	$94M
Q1 24	$91M	$0	$91M
Q2 24	$104M	$0	$104M
Q3 24	$106M	$0	$106M
Q4 24	$127M	$0	$127M
Q1 25	$104M	$0	$104M
Q2 25	$134M	$0	$134M
Q3 25	$119M	$0	$119M
Q4 25	$155M	$0	$155M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 17	110M	—	—
Q3 17	110M	0.0%	—
Q4 17	110M	0.0%	—
Q3 18	108M	-1.2%	—
Q4 18	113M	+4.3%	+3.0%
Q1 19	112M	-1.0%	+2.1%
Q3 19	113M	+0.9%	+2.9%
Q2 20	120M	+6.2%	+10.7%
Q1 21	116M	-3.0%	+2.9%
Q2 21	116M	-0.5%	+3.4%
Q3 21	116M	+0.3%	+2.8%
Q3 23	91M	-21.5%	-24.0%
Q4 23	89M	-2.1%	-23.3%
Q1 24	89M	-0.0%	-22.9%
Q3 24	89M	+0.3%	-22.9%
Q4 25	91M	+1.7%	-0.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 17	—	—
Q3 17	—	—
Q4 17	—	—
Q3 18	—	—
Q4 18	$108.2K	464
Q1 19	$110.5K	464
Q3 19	$201.9K	464
Q2 20	$39.3K	819
Q1 21	$89.4K	577
Q2 21	$104.3K	577
Q3 21	$115.5K	577
Q3 23	$169.4K	606
Q4 23	$190.9K	592
Q1 24	$172.1K	592
Q3 24	$208.1K	592
Q4 25	$295.5K	599

Revenue / Employee