Adyen revenue rises 23% to €738.1 million as processing grows 30%

Key Facts

Adyen reported net revenue of €738.1 million in the third quarter of 2026, up 23% from the same period a year earlier, or 22% at constant exchange rates, according to the company’s business update. Processed payment volume rose 30% to €451.1 billion, outpacing revenue growth. The company maintained its 2026 net revenue growth forecast at 21% to 23% on a constant-currency basis, but lowered its full-year EBITDA margin forecast to 50%. It said merchants’ interest in its offering, which combines payments, loyalty, billing and financial products, gives it confidence to accelerate investment in its team, platform and products. The update sets business momentum against the cost of expansion, which the company expects to weigh on its margin during the year.

Revenue growth varied across the company’s activities, with platforms and unified commerce leading annual growth. Net revenue from platforms was €100.2 million, up 46%, or 44% at constant exchange rates, according to Adyen’s statement. Net revenue from unified commerce reached €250.5 million, an increase of 29%, or 27% in constant currency. Digital, the largest of the three activities cited in the update, generated €387.4 million, growing 16%, or 14% at constant exchange rates. Unified commerce combines payments across different channels, while the company said merchants’ interest also extends to loyalty, billing and financial products. The figures show that platforms and unified commerce outgrew digital during the quarter, while all activities increased year over year.

Management attributed its decision to accelerate spending to the initially positive response from merchants to its Talon.One and Orb products, and to the opportunity it sees for the company. The co-CEO said, "The very positive initial response from merchants to Talon.One and Orb has increased our enthusiasm," adding, "We see a significant opportunity ahead of us." Adyen said it had achieved early success with enterprise customers as it continued integrating the two companies, and had expanded new and existing partnerships with GetYourGuide, LillyDirect, Tod’s and Toast. It also said it had developed its Authenticate service, with improvements delivering double-digit conversion-rate gains for global merchants. In AI-powered commercial interactions, it announced a partnership with Sierra and Meta on the Personal Agent Protocol to help shape a standard for how agents interact with businesses.

The new margin forecast follows a change from the guidance Adyen gave in August. At the time, it said its underlying EBITDA margin for 2026 would remain in line with 2025, and that its gross margin would be 1 percentage point below 2025 after accounting for the Talon.One and Orb acquisitions, while it continued to target a margin above 55% by 2028. The company now expects an EBITDA margin of 50% in 2026 and has discontinued its medium-term margin target, according to the business update. In the first half of 2026, it recorded an EBITDA margin of 49%, or 50% excluding one-off transaction costs. In the same period, net revenue reached €1,302.9 million, up 19% year over year, while processing volume rose 24% to €803.8 billion. These figures provide the context of first-half growth preceding third-quarter revenue growth of 23% and processing volume growth of 30%.

Adyen expects capital expenditure to amount to 7% of net revenue in 2026, then return to roughly historical levels after that year. The spending is part of a plan to accelerate investment in its team, platform and products, while the company maintained its annual revenue growth forecast range at 21% to 23% at constant exchange rates. On business development, the company joined the European Central Bank’s digital euro pilot program as a payment acceptance service provider. It also nominated Niclas Neglen for the position of chief financial officer, effective February 1, 2027, subject to regulatory and shareholder approval. EL7 data showed ADYEY closing at 10.52 on October 27, 2026, with no currency specified. Adyen is due to announce its 2027 financial targets alongside its second-half 2026 results, while its investor relations calendar scheduled the results call for February 11, 2027.