Opera stock was almost flat coming into this report, down around 9% over the past week and 7% over the past month. It ticked up less than 1% to $18.29 after the numbers. The reaction looks muted for a browser and ad tech company posting around $178.1m in quarterly revenue and a fresh record adjusted EBITDA margin near 24%. Short term traders may see a routine quarter. Long term investors will likely focus on whether this improving profitability and Opera’s relatively low P/E against peers can support a stronger multi year rerating story.

Is Opera stock a genuine value opportunity at 12.9x P/E and a share price of $18.29, or just flattered by that $38.0m one off gain? See how current pricing lines up with detailed cash flow assumptions in our valuation analysis for Opera.

Q2 2026 Earnings Summary

• Revenue (Q2 2026 vs. Q2 2025): US$178.1m vs. US$143.0m (higher year on year)
• Net Income (Excl. Extra Items, Q2 2026 vs. Q2 2025): US$27.6m vs. US$15.7m (higher year on year)
• Basic EPS (Q2 2026 vs. Q2 2025): US$0.31 vs. US$0.18 (higher year on year)
• Adjusted EBITDA Margin (Q2 2026 vs. Q2 2025): 24%, with the prior year quarter level not specified (quarterly record margin)

Tired of scrolling through walls of earnings text and raw figures? View Opera’s full financial picture in an easy visual dashboard that highlights its valuation in our company report for Opera.

Opera’s Growth Story: AI, Ads, Gaming Under Review

Bulls argue Opera is turning a large browser footprint into a broad internet platform where AI features, Opera Ads, gaming products and fintech all feed into rising monetization and durable profitability. Q2 supports parts of that story. Revenue of US$178.1m and a 24% adjusted EBITDA margin show Opera adding scale while keeping costs in check. Advertising at US$115m and search at US$62m both moved higher, with management pointing to longer AI driven search sessions and Western query growth that outpaced broader benchmarks. Opera GX reached 37m monthly users and MiniPay hit 18m wallets across 66+ countries, which backs the multi product thesis rather than a single browser dependency. Raised full year guidance and 76% year to date EBITDA to operating cash conversion also line up with the idea of a cash generative platform, not just a traffic aggregator.

Stress Testing Opera’s Bearish Concerns

Bears worry Opera is overexposed to intense browser competition, ad and search contracts, and AI initiatives that may never pay off. Q2 does not remove those risks, but it pushes back on some of the harsher claims. Advertising and query revenue both grew, which suggests no immediate hit from weaker ad markets or search partner changes. Western mobile users in the UK and US grew strongly and Opera GX added users, which counters the idea that larger rivals are choking off engagement everywhere. At the same time, management repeatedly framed AI, commerce and MiniPay as “early days,” which supports the concern that these bets are not yet fully proven profit engines. Guidance for slightly higher cost of revenue as Opera Ads scales is another watch point for bears focused on margin pressure if third party inventory terms worsen.

After a quarter that relies on one-off items and early-stage initiatives in AI, ads and MiniPay, it is fair to ask whether Opera’s current execution risk is fully visible on the surface. Review our independent risk analysis for Opera which shows 2 important warning signs

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.