Opera Beats 2025 Targets, Posts 28% Revenue Growth and Authorizes $300M Buyback
For full-year 2025, Opera delivered $615 million in revenue (up 28%) and $143 million adjusted EBITDA (23.2% margin), with Q4 revenue of $177 million (+22% YoY) and $42 million adjusted EBITDA. The company unveiled 2026 guidance and a new $300 million share repurchase authorization.
1. Financial Results
Opera posted full-year 2025 revenue of $615 million, up 28%, with adjusted EBITDA of $143 million (23.2% margin). In Q4, revenue reached $177 million (+22% YoY) and adjusted EBITDA was $42 million (23.6% margin), surpassing guidance midpoints by 8% and 7%, respectively.
2. Advertising and Query Revenue
Advertising revenue grew 25% YoY in Q4, driven by performance-based campaigns and scaling of Opera Ads. Intent query revenue increased 16% YoY, with non-search query revenue surging over 200% YoY and contributing more than $5 million in the quarter.
3. User Base and Product Developments
Opera ended 2025 with 284 million MAUs, including 60 million in Western markets, and ARPU rose 26% to $2.49 in Q4. Key launches included Opera Neon subscription, Opera Air, and AI-powered Opera AI enhancements, while GX gaming browser MAUs reached 34 million (+5% sequential).
4. Buyback and Guidance
Management introduced 2026 guidance and authorized a $300 million share repurchase, to be executed alongside majority shareholder transactions to maintain free float. Operating cash flow totaled $118 million for the year (83% of adjusted EBITDA), with free cash flow of $98 million.