Opera reported annual revenue of just over $700 million during a presentation at the Goldman Sachs Communacopia + Technology Conference on September 8, 2026, and set a goal of reaching $1 billion in a timeline CFO Song described as "not necessarily so far out."
The company has compounded revenue growth at a 21% annual rate over the past decade, rising from roughly $100 million a decade ago, while maintaining EBITDA margins of 23% to 24% and converting 69% of EBITDA into free cash flow in the most recent year.
CEO Frode outlined Opera's positioning in the artificial intelligence space, saying the company aims to be the "best orchestration layer" for AI tools rather than competing directly with platforms like OpenAI's ChatGPT, Google's Gemini, or Anthropic's Claude. "Everybody's thinking, who will win the AI race? It doesn't matter so much to us," Frode said. "I'm confident that there will be many tools and so long as we can make them work great in our browser, then that's good for the user and that becomes good for us."
Opera Neon, launched roughly a year prior as an R&D product, bundles agentic AI capabilities into a subscription offering designed to offset native computing costs. Features tested in Neon typically migrate to free products such as Opera One and Opera GX. The company also supports local offline language models to reduce compute expenses and bolster privacy, noting that users running local models effectively pay only for electricity.
On the commercial side, e-commerce advertising grew from about $40 million annually to a $240 million quarterly run rate over two and a half years, representing a six-fold increase. MiniPay, a blockchain-based stablecoin wallet partnered with Tether for emerging markets, generates approximately $20 million per year. Opera GX, its gaming-focused browser, logged 37 million monthly active users in the latest quarter.
Mobile expansion proved significant, with iOS share climbing from near zero—when links defaulted to Safari—to roughly 10% of total mobile traffic. In one illustrative case, Frode noted Opera holds about 5% of global browser market share while delivering 10% of an e-commerce partner's traffic.
Hosting costs rose by $1.5 million year-over-year against a $35 million revenue increase, underscoring the marginal cost of scaling.
On capital returns, Opera has disbursed more than $500 million to shareholders since 2020, split between roughly $250 million in buybacks—repurchasing 30% of outstanding shares—and $250 million in dividends. A $300 million buyback authorization remains in place, and the dividend yield stands at 4.15%. Frode stated the company expects to return its full free-cash-flow generation to shareholders by 2026 based on current run rates. The company's market capitalization is approximately $1.6 billion.
Frode characterized M&A activity as open but historically limited, saying past acquisitions have targeted specific teams or platforms rather than large revenue streams, keeping growth predominantly organic.
