Adyen (ADYEN) Q3 2026 Pre Recorded earnings summary

Executive summary

• Growth came from wallet-share gains with existing merchants, new enterprise customers across regions and pillars, and demand for complex global commerce solutions.

• Strategic focus broadened across the commerce life cycle, including AI-native billing, loyalty, and foundations for agentic commerce.

Financial highlights

• Q3 net revenue was €738.1m, up 23% YoY reported and 22% at constant currency, in line with expectations and FY guidance.

• Processed volume rose 30% to €451.1bn, outperforming the market; Orb and Talon.One added ~2 percentage points to constant-currency revenue growth.

Outlook and guidance

• FY 2026 constant-currency net revenue growth guidance remains 21%–23%.

• FY 2026 EBITDA margin is expected at 50% as investment accelerates; the medium-term EBITDA objective was discontinued, with long-term operating leverage confidence maintained.

• FY 2026 CapEx guidance is 7% of net revenue, with normalization toward historical levels after 2026.

• FY net-new FTE guidance is 1,000–1,100 including Orb and Talon.One; underlying net hires remain 550–650. FY 2027 objectives will be provided in February with H2 results.