Adyen (ADYEN) Q1 2026 earnings summary

Executive summary

• Net revenue for Q1 2026 grew 16% year-over-year to €620.8M, or 20% on a constant currency basis, with processed volume up 21% to €382B and broad-based growth across the global customer base.

• Growth driven by wallet share gains with existing merchants, strong new customer cohorts, and resilience in a challenging macroeconomic environment.

• Strategic focus is shifting from optimizing payment authorization to influencing pre- and post-payment decisions, expanding platform capabilities.

• The business remains well positioned to execute its strategy and deliver on long-term growth ambitions.

• Acquisition of Talon.One aims to integrate promotions and loyalty directly into the transaction flow, enhancing unified commerce.

Financial highlights

• Digital net revenue: €349.6M, up 13% year-over-year (constant currency), with processed volume up 15% and continued wallet share gains.

• Unified Commerce net revenue: €196.2M, up 28% year-over-year (constant currency), with processed volume up 26%, led by luxury and small format retail.

• Platforms net revenue: €75M, up 40% year-over-year (constant currency), with processed volume up 38%, driven by vertical SaaS and embedded financial products.

• Embedded financial products contributed about 1% of additional growth so far this year.

Outlook and guidance

• Full-year 2026 net revenue growth expected between 20%-22% (constant currency).

• 2026 EBITDA margin expected to remain broadly in line with 2025, with higher margins in H2 and a target to exceed 55% by 2028.

• Capital expenditures to be up to 5% of net revenue.

• Talon.One acquisition not expected to materially impact 2026 financials; 1%-2% additional growth expected in 2027, with 1% EBITDA margin dilution in 2027.