Adyen (ADYEN) Q3 2026 earnings summary

Executive summary

• 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.

Financial highlights

• Transacting terminals reached 878k, up 25% YoY.

• Orb and Talon.One together contributed ~2 percentage points to Q3 constant-currency net revenue growth.

Outlook and guidance

• 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.