This is a note on Zhen Lin's answer, too long to be a comment.
According to J. Adámek, J. Rosicky, "Locally_Presentable and Accessible Categories"
Definition 3.34. An essentially algebraic theory is a quadruple $\Gamma = (\Sigma, E, \Sigma_t, \text{Def})$ consisting on a many-sorted signature $\Sigma$ of algebras (so, no relation symbols), a set $E$ of $\Sigma$-equations, a set $\Sigma_t\subseteq \Sigma$ of "total" operation symbols, and a function $\text{Def}$ assigning to each "partial" operation symbol $\sigma\colon \prod_{i \in I} s_i \to s$ in $\Sigma\setminus \Sigma_t$ a set $\text{Def}(\sigma)$ of $\Sigma_t$-equations in the standard variables $x_i \in V_i$ ($i \in I$).
A essentially algebraic theory $\Gamma$ is $\lambda$-ary, for a regular cardinal $\lambda$, provided that $\Sigma$ is $\lambda$-ary (i.e., each operation symbol has arity less than $\lambda$), each of the equation of $E$ and $\text{Def}(\sigma)$ uses less than $\lambda$ standard variables, and each $\text{Def}(\sigma)$ contains less than $\lambda$ equations.
Theorem 3.36. A category is locally $\lambda$-presentable iff it is equivalent to the category of models of a $\lambda$-ary essentially algebraic theory.
In the case of operads, $\Sigma$ is the signature described with care in Zhen Lin'answer but for the relation symbols $c_{m, n_1, \dots, n_m}$, which become "partial" operation symbols $c_{m, n_1, \dots, n_m}\colon A_m\times A_{n_1}\times\dots \times A_{n_M}\to A_{n_1+\dots, n_m}$. The second axiom scheme (in Zhen Lin's post) corresponds to the set $\text{Def}(c_{m, n_1, \dots, n_m})$, while the other axioms correspond to the elements (equations) of $E$.
In particular, the category of (planar or symmetric) operads is locally finitely presentable and thus bicomplete.