Q3 net revenue reached €738.1m, up 23% YoY reported and 22% at constant currency; processed volume rose 30% to €451.1bn.
Growth reflected wallet-share gains, a record-sized cohort of new enterprise merchants and first-time consolidation of Orb and Talon.One.
Investment is accelerating to capture demand across payments, loyalty, billing and financial products; management reiterated confidence in long-term growth durability and operating leverage.
Transacting terminals reached 878k, up 25% YoY.
Orb and Talon.One together contributed ~2 percentage points to Q3 constant-currency net revenue growth.
FY2026 constant-currency net revenue growth guidance remains 21%–23%; management expressed confidence in achieving full-year guidance despite quarterly lumpiness.
FY2026 EBITDA margin is expected at 50% as investment accelerates; the medium-term EBITDA objective was discontinued, with 2027 objectives due in February 2027.
FY2026 CapEx is expected at 7% of net revenue, returning toward historical levels after 2026; management expects operating leverage over time.
FY hiring target is 550–650 underlying net hires and 1,000–1,100 total net-new FTEs including Orb and Talon.One.
Q4 Orb and Talon.One contributions are expected to be similar to Q3; 2026 includes acquisition-related and other charges not expected to recur in 2027.
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Adyen is one of the world's leading end-to-end payments platforms, enabling merchants to accept and process payments through its comprehensive payments infrastructure, both online and offline. Adyen has a broad product suite including integrated payment gateways, payment processing, virtual and physical card issuing, and acquiring processes for brick and mortar, ecommerce, and mobile. Every Adyen solution is built upon the same back-end infrastructure, which entails visibility and control across the entire value chain.
Further reading: The Payments Value Chain: A Complex Ecosystem
Adyen was founded in Amsterdam, 2006, by the current CEO Pieter van der Does and Arnout Schuijff. The company started out as a payment processor for online merchants, which still lies at its core. The business opportunity the founders observed was the mix of the rapidly growing ecommerce industry at the time, and the outdated infrastructure regarding payment processing supporting it. Thus, Adyen set off to build a financial technology platform for the modern era from the ground up, entirely in house. Having every part of the network built in house has proven to be a wise strategic choice, since this has entailed other business opportunities such as providing merchants with data analysis capabilities.
Adyen has a volume-based price offering, which has entailed that many online merchants have chosen Adyen at an early stage. Most of the company's competitors have operated with a flat pricing model instead, which has given Adyen advantages both in terms of attracting new customers and maintaining low churn over time. As of 2023, Adyen is one of the most highly valued companies within its specific niche, having surpassed a market cap of $40 billion. Some competitors who have been successful within the same field are Block, Paypal, and Stripe.
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