GoPro reported Q4 2025 revenue of $201.7M (flat YoY) and a non-GAAP loss of $(0.02) per share, missing analyst EPS estimates of $0.04 and consensus revenue of ~$225M. The company slashed operating expenses by 26% and turned adjusted EBITDA positive at $0.8M, but shares fell ~11% on March 5 after weak Q1 2026 guidance of just $95–105M in revenue versus $175M consensus.
About GoPro, Inc.
GoPro, Inc. (NASDAQ: GPRO) is an American technology company founded in 2002 by Nick Woodman, headquartered in San Mateo, California. The company designs, manufactures, and markets action cameras, mounting accessories, and related software/subscription services. GoPro cameras are widely used for adventure sports, travel recording, and outdoor activities, and the brand has become synonymous with the action camera category.
As of March 5, 2026, GoPro’s market capitalization stands at approximately $160 million, with shares trading near $0.89–$1.00 on the NASDAQ. The company currently employs approximately 696 people, down roughly 30% from 937 in the prior year as part of aggressive cost-cutting measures. GoPro carries a P/E ratio of -1.30 (negative due to ongoing losses), does not pay a dividend, and has a beta of 1.76, reflecting high volatility relative to the broader market. The company’s price-to-sales ratio sits at 0.38x, and its price-to-book ratio is 2.91x.
Top Financial Highlights
- Q4 2025 Total Revenue: $201.7 million, essentially flat (+0.4%) year-over-year.
- Full Year 2025 Revenue: $651.5 million, down 18.7% from $801.5 million in 2024.
- Q4 Hardware Revenue: $175.1 million (+0.9% YoY); Full Year Hardware Revenue: $545.3 million (-21.5% YoY).
- Q4 Subscription & Service Revenue: $26.6 million (-2.5% YoY); Full Year: $106.3 million (-0.6% YoY).
- Q4 GAAP Net Loss: $9.1 million, or $(0.06) per share, improved from a $37.2 million loss ($(0.24)/share) in Q4 2024.
- Q4 Non-GAAP Net Loss: $2.7 million, or $(0.02) per share, improved from $14.4 million loss ($(0.09)/share).
- Q4 GAAP Gross Margin: 31.8%, down from 34.7% in Q4 2024; Non-GAAP Gross Margin: 31.9% vs. 35.1%.
- Q4 Adjusted EBITDA: Positive $0.8 million, a dramatic turnaround from negative $14.4 million in Q4 2024.
- Full Year Cash Flow from Operations: Improved by $104 million year-over-year.
- Full Year Operating Expenses: Reduced by $93 million (26%), from $406.3 million to $302.5 million.
- Camera Sell-Through: ~625,000 units in Q4 (-19% YoY); ~2 million units for full year (-20% YoY).
- Subscribers: 2.36 million at end of Q4, down 7% year-over-year.
- Cash on Hand: $49.7 million at December 31, 2025, down from $102.8 million at end of 2024.
- Q1 2026 Revenue Guidance: $95–$105 million, far below the consensus estimate of ~$174.8 million.
- Q1 2026 EPS Guidance: $(0.23) to $(0.17), versus consensus of $(0.06).
Beat or Miss?
GoPro’s Q4 2025 results missed analyst expectations on both the top and bottom lines. The Zacks Consensus EPS estimate was $0.04 (profit), but GoPro reported a non-GAAP loss of $(0.02), representing a -150% earnings surprise. Revenue of $201.7 million missed the Zacks Consensus by 10.4% and fell short of the Investing.com consensus of $244.7 million. Forward guidance for Q1 2026 also came in significantly below expectations.
| Metric | Reported | Analyst Estimate | Difference |
| Q4 Revenue | $201.7M | $225.1M (Zacks) | Missed by 10.4% |
| Q4 Non-GAAP EPS | $(0.02) | $0.04 (Zacks) | Missed by $0.06 |
| Q4 Adjusted EBITDA | $0.8M | N/A | Turned positive YoY |
| Q1 2026 Revenue Guidance | $95–105M | $174.8M (Consensus) | ~43% below consensus |
| Q1 2026 EPS Guidance | $(0.23) to $(0.17) | $(0.06) (Consensus) | Significantly worse |
What Leadership Is Saying?
“Looking ahead to Q2 2026, we’re excited to launch GP3, our new, next-generation AI-enabled image processor that will power several new GoPro cameras this year. GP3 enables a more premium camera lineup with category-leading image quality and processing performance, positioning GoPro to compete at even higher tiers of the digital imaging market while fortifying a leadership position in our existing product categories. With our first GP3-powered cameras launching in Q2 2026, GoPro is entering a new era of performance and innovation that we believe will expand our TAM and strengthen our financial performance.” — Nicholas Woodman, Founder and CEO, GoPro
“In 2025, we maintained subscription and service revenue of $106 million by improving attach rates, retention rates and driving ARPU higher. GAAP gross margin was flat despite absorbing $20 million in tariff expenses, and we reduced operating expenses by $93 million, or 26% from the prior year. In addition, we improved cash flow from operations by $104 million.” — Brian McGee, CFO and COO, GoPro
Historical Performance
Q4 2025 vs. Q4 2024
GoPro showed significant improvement in loss reduction despite flat revenue and declining margins. The company’s aggressive cost restructuring is the primary driver of narrowing losses.
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Total Revenue | $201.7M | $200.9M | +0.4% |
| Hardware Revenue | $175.1M | $173.6M | +0.9% |
| Subscription Revenue | $26.6M | $27.2M | -2.5% |
| GAAP Gross Margin | 31.80% | 34.70% | -290 bps |
| GAAP Net Loss | $(9.1M) | $(37.2M) | -75.5% improvement |
| Non-GAAP Net Loss | $(2.7M) | $(14.4M) | -81.5% improvement |
| GAAP Operating Loss | $(8.2M) | $(39.1M) | -78.9% improvement |
| Total Operating Expenses | $72.4M | $108.8M | -33.4% |
| Adjusted EBITDA | $0.8M | $(14.4M) | Turned positive |
| Camera Units Sold | ~625K | ~773K* | -19% |
*Note: Q4 2024 unit sell-through was approximately 581,000–773,000 units depending on metric used (sell-through vs. sell-in).
Full Year 2025 vs. Full Year 2024
| Category | FY 2025 | FY 2024 | Change (%) |
| Total Revenue | $651.5M | $801.5M | -18.7% |
| GAAP Net Loss | $(93.5M) | $(432.3M) | -78.4% improvement |
| Non-GAAP Net Loss | $(48.0M) | $(370.4M) | -87.0% improvement |
| Total Operating Expenses | $302.5M | $406.3M | -25.6% |
| Adjusted EBITDA | $(28.5M) | $(71.6M) | -60.2% improvement |
| Cash & Equivalents | $49.7M | $102.8M | -51.7% |
Competitor Landscape
YoY Performance Comparison
GoPro operates in an increasingly competitive action camera market where it has lost significant market share. As of Q3 2025, DJI commanded 66% of the global action camera market, with GoPro at 18% and Insta360 at 13%. Key peer comparisons are summarized below.
| Metric | GoPro (Q4 FY2025) | Sonos (Q4 CY2025) | Insta360 (Q3 2025) |
| Revenue | $201.7M | $545.7M | ~$413M (2.94B yuan) |
| Revenue YoY Change | +0.4% | Flat | +92.6% |
| Gross Margin | 31.8% (GAAP) | 43.7% (GAAP) | ~51.2% |
| Net Income | $(9.1M) | $(37.9M) GAAP | ~$38M (271.9M yuan)* |
| Market Cap | ~$160M | ~$1.8B | ~$16.8B (120B yuan) |
*Insta360 net profit declined 15.9% YoY in Q3 2025 due to heavy R&D investment.
Action Camera Market Share (Q1–Q3 2025)
| Company | Global Market Share |
| DJI | 66% |
| GoPro | 18% |
| Insta360 | 13% |
| Others | 3% |
The global action camera market is projected to reach $19.63 billion by 2034, expanding at an 11.56% CAGR from 2026–2034, suggesting significant long-term growth potential despite GoPro’s current market share erosion.
How the Market Reacted?
GoPro shares dropped sharply following the Q4 2025 earnings release on March 5, 2026. The stock fell approximately 7.4% to $1.00 during the regular session, then extended losses to close at $0.89, representing an 11.03% decline for the day on heavy trading volume of ~9.7 million shares (roughly 3x the average daily volume). The market reaction was driven primarily by the significant miss on revenue estimates and, more critically, the Q1 2026 guidance of just $95–105 million in revenue — approximately 43% below the consensus estimate of $174.8 million.
Stock Titan’s real-time tracker recorded a trough decline of -8.1% within minutes of the announcement, with 22 momentum alerts triggered, indicating elevated trading interest and volatility. Analyst sentiment remains bearish, with an average rating of “Sell” and an average price target of $0.75, suggesting further downside risk. The stock has lost roughly 23.4% year-to-date versus the S&P 500’s gain of 0.4%.
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