Adyen’s faster payments growth accompanies a reset of margin targets

Adyen reported third-quarter net revenue of €738.1 million, up 23% year on year, and processed payment volume of €451.1 billion, up 30%, on 28 October. Net revenue growth was 22% at constant currencies.[1]

The faster growth in payment value than in revenue points to a changing relationship between throughput and income. Payment volume measures customers’ transactions; net revenue measures Adyen’s own earnings from its services before operating expenses. Neither is a direct tariff for an individual merchant.[1]

Investment takes priority over the old margin path

For 2026, management expects constant-currency net revenue growth of 21% to 23%, an EBITDA margin of 50% and capital expenditure equivalent to 7% of net revenue. It has discontinued its previously announced medium-term EBITDA margin objective to preserve room for investment.[1]

Adyen links that spending to integrating Talon.One and Orb, hiring and product development across payments, loyalty, billing and financial services. Platforms was the fastest-growing of the three reported businesses, although Digital remained the largest contributor by revenue.[1]

The update presents a clear trade-off: management is using revenue growth to support a broader product offering instead of holding itself to the previous medium-term margin objective. The 50% figure is full-year guidance, not a reported third-quarter margin. Adyen plans to set out 2027 objectives alongside its second-half results in February.[1]

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