Opera Limited (NASDAQ: OPRA) reported second-quarter 2026 adjusted earnings per share of $0.33, meeting analyst consensus estimates. The result represents a 26.92 percent increase from the $0.26 per share recorded in the same period last year.

The company reported quarterly sales of $178.1 million, beating the analyst consensus estimate of $177.255 million by 0.46 percent. This marks a 25 percent increase over sales of $142.962 million in the corresponding period last year. Advertising revenue grew 27 percent to $115 million, while partner revenue grew 21 percent to $62 million.

Financial Performance

Adjusted EBITDA reached a quarterly record of $42.4 million, representing a 24 percent margin. This reflects a 32 percent year-over-year growth in operating profitability. Cost of revenue items combined came in at 38 percent of revenue, exactly as previously indicated. Marketing spend was $36.2 million, representing a sequential decline of 6 percent relative to Q1. Cash-based compensation was $23.1 million, which included accelerated annual bonus accruals following the strong underlying performance in the quarter.

Operating cash flow was $22 million in the quarter, with free cash flow from operations at $17 million. Year to date, the company has converted 76 percent of adjusted EBITDA to operating cash flow and 62 percent to free cash flow from operations.

Guidance and Capital Allocation

Opera raised its full-year 2026 guidance, expecting revenue between $734 million and $742 million (midpoint growth of 20 percent) and adjusted EBITDA between $172 million and $175 million (24 percent margin). For the third quarter, the company guides revenue of $181 million to $183 million and adjusted EBITDA of $41 million to $43 million.

The company continued returning capital to shareholders through dividends and buybacks. In July, it paid a semi-annual dividend of $0.40 per share ($35.6 million total), representing an annualized yield of 3.9 percent. During Q2, Opera repurchased 636,000 shares for $11.1 million, reducing total shares outstanding to 88.9 million as of June 30.

What the Numbers Show

Earnings growth outpaced revenue expansion in the quarter. Adjusted EPS rose 26.92 percent year-over-year, while revenue grew by 25 percent. Adjusted EBITDA grew even faster at 32 percent year-over-year. This divergence suggests improved operational leverage and margin efficiency during the period, as profit per share and operating income expanded at a faster rate than top-line sales. The stable cost of revenue at 38 percent of sales, despite significant revenue growth, indicates effective management of third-party inventory costs within the advertising platform.

Opera (NASDAQ: OPRA) has provided its financial outlook for the third quarter, projecting sales to fall within the range of $181.000 million to $183.000 million. This guidance positions the company to outperform the analyst consensus estimate of $180.119 million.

The forecast suggests that Opera anticipates maintaining revenue momentum sufficient to clear the market’s expectations by a margin of approximately $0.881 million at the lower end of its guidance range.

What the Numbers Show

The primary analytical takeaway from this disclosure is the narrow but positive divergence between the company’s conservative guidance floor and the street estimate. By setting the lower bound of its sales forecast at $181.000 million, Opera has effectively priced in a beat against the $180.119 million expectation. This indicates management confidence in its near-term revenue visibility, as the entire projected range sits above the consensus view. No other financial metrics, such as profit margins or cash flow, were disclosed in this update, limiting further operational analysis.