Opcode cache is a mechanism that temporarily stores compiled PHP code in your server's working memory. When a visitor requests a WordPress page, the server normally translates the PHP files into machine code with each request. With opcode cache, that translation operation happens only once, after which the compiled version is reused. For an average WordPress site, this results in a speed gain of 30 to 70 percent, especially with many simultaneous visitors.
How opcode cache speeds up the translation process
PHP is an interpreted language. That means that with each request, the server reads the source code, parses it, compiles it to bytecode and then executes it. For a WordPress homepage with dozens of plugins and a theme, this process can hit hundreds of files. Opcode cache stores the bytecode in RAM and skips parsing and compiling on subsequent requests. Only when a PHP file changes, the cache for that file is refreshed. This saves computing power and noticeably lowers your site's response time.
From APC to OPcache: the evolution
Early opcode caches such as APC (Alternative PHP Cache) were community extensions that you had to install manually. Since PHP 5.5, OPcache is the official opcode cache and comes with PHP by default. Modern hosting providers activate OPcache automatically, but many SMBs with older or self-managed servers have not yet enabled the extension. Check via phpinfo() that opcache.enable is set to 1. If it's not, you're missing out on a free performance boost that improves Google Core Web Vitals immediately.
What opcode cache brings to WordPress sites
For an ecommerce store running WooCommerce or a content site with many visitors, opcode cache makes the difference between a slow and a smooth experience. Every second of speed gain increases conversion and lowers bounce rate. In a thoughtful WordPress hosting environment, opcode cache is among the basic features, along with object cache and a CDN. In practice, we see with clients that enabling OPcache halves the server load during peak hours. That means you can continue to grow longer on the same hosting package and scale up less quickly. For an SMB with a limited IT budget, that's a tangible cost savings.