Truecaller (OM:TRUE B) has just posted its Q2 2026 scorecard, with revenue of SEK401.3 million and basic EPS of SEK0.16 setting the tone for the latest update. The company has seen quarterly revenue move from SEK506.2 million in Q2 2025 to SEK401.3 million in Q2 2026, while basic EPS shifted from SEK0.34 to SEK0.16 over the same period. This release therefore lands in a context where investors are closely watching how earnings quality and margins hold up through the current phase.

See our full analysis for Truecaller.

With the headline numbers on the table, the next step is to set these results against the stories investors already follow, testing how the latest margin picture lines up with the prevailing narratives around Truecaller’s growth, risks, and rewards.

See what the community is saying about Truecaller

Margins Slip as Net Profit Margin Moves to 14.8%

• On a trailing 12 month view, Truecaller’s net income of SEK253.0 million on SEK1,710.8 million of revenue works out to a 14.8% net profit margin, compared with 24.4% the year before in the data provided.
• Bears point to this margin compression as a risk for future earnings quality, and the latest numbers give them some support:
  • Trailing net income of SEK253.0 million is well below the prior year’s SEK487.98 million in the dataset, even though analysts still model earnings growth of about 24% per year.
  • That gap between lower recent margins and the earnings growth forecast is exactly what critics highlight when they question how durable profitability will be if costs or tax rates stay elevated.

For a closer look at how skeptics think these Q2 2026 results could limit Truecaller’s upside, see the bear case breakdown in 🐻 Truecaller Bear Case.

Truecaller’s EPS Trend versus Strong Growth Expectations

• Across the last six quarters, Basic EPS in the quarterly data runs from SEK0.29 to SEK0.34 in early 2025, compared with SEK0.16 in Q2 2026 and SEK0.10 in Q1 2026, while trailing 12 month EPS is SEK0.75.
• The bullish view leans heavily on the idea that earnings growth will accelerate from here, and the current figures create a clear tension with that storyline:
  • Bullish assumptions reference earnings of SEK319.4 million today rising to SEK1.0 billion by around 2029, yet the latest trailing net income in the dataset is SEK253.0 million, which is below that starting point.
  • Supporters argue that premium subscriptions and high margin direct ads can close this gap over time, but recent EPS readings of SEK0.16 and SEK0.10 per quarter mean investors are starting from a lower base than that optimistic path implies.

Bulls argue these Q2 numbers could be a stepping stone rather than a ceiling for Truecaller’s earnings story, so it is worth seeing how they frame the upside in 🐂 Truecaller Bull Case.

Valuation Signals versus Profitability Pressure

• Truecaller’s trailing P/E of 20.6x sits below both the 37.4x peer average and the 22.1x Swedish software industry, while the DCF fair value of SEK29.11 compares with a current share price of SEK15.91.
• Consensus narrative fans of the stock highlight this apparent discount, but the profitability trend in the recent data keeps the story balanced rather than one sided:
  • The DCF fair value of SEK29.11 is meaningfully above SEK15.91, and the single allowed analyst target of SEK34.17 is also above the current price, yet trailing net profit margin is 14.8% compared with 24.4% in the prior year of data.
  • Forecast revenue growth of about 11.6% per year and earnings growth of roughly 24% per year could justify the current multiples if achieved, but the recent margin step down reminds investors that execution on those forecasts matters as much as the headline valuation ratios.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Truecaller on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

Given the mix of pressure on margins and the potential upside investors see in Truecaller, it makes sense to check the numbers yourself and move quickly to form your own view using our breakdown of 3 key rewards and 2 important warning signs.

See What Else Is Out There Beyond Truecaller

Truecaller is wrestling with weaker margins and a softer EPS trend, which together raise questions about how comfortably the current growth story can be supported.

If this pressure on profitability has you looking for stocks where earnings quality looks more robust, put that curiosity to work and check out 290 resilient stocks with low risk scores.

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.

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