Adyen cuts 2026 margin goal, drops 2028 target

Adyen reduced its profitability ambitions by guiding to an EBITDA margin of 50% in 2026 and discontinuing its medium-term EBITDA objective. The Dutch payments company had previously signalled a target of an EBITDA margin above 55% by 2028, but it has now dropped the 2028 goal.

Adyen said it remains confident in the inherent operating leverage of its business model over time, despite the lowered margin expectations. It also reiterated its 2026 targets for constant-currency net revenue growth of 21%-23%, indicating that the company sees continued topline momentum even as it accepts lower near-term margins. Capital expenditure is expected to stay at 7% of net revenue in 2026, with a plan to normalize capex toward historical levels thereafter.

The company linked the reduction of its 2026 EBITDA margin target to stepped-up investment in product, engineering, and go-to-market capacity. Demand from merchants for the combined offerings of payments, loyalty, billing, and financial products, including those from Talon.One and Orb, was described as stronger than initially planned. Adyen said it is deliberately increasing its investment base to capture these platform opportunities, even though this weighs on near-term profitability. The updated guidance implies that management is prioritizing growth and product expansion while suspending explicit medium-term margin objectives to retain flexibility.

Earlier in 2026, Adyen had expected its 2026 margin to stay broadly in line with its 2025 EBITDA margin of 53% and to exceed 55% by 2028. Subsequent updates, including a first-half EBITDA margin of 49%, preceded the latest move to a 50% 2026 target and the scrapping of the 2028 goal.

Alongside the guidance changes, Adyen reported a third-quarter net revenue increase of 23% year on year to €738.1 million, which exceeded a company-compiled analyst forecast of €730.3 million. Processed volume rose 30% to €451.1 billion, also ahead of market expectations. The company said growth reflected expansion with existing and new customers as well as the first-time consolidation of recent acquisitions.

Growth was broad-based across segments. At constant currency, total net revenue grew 22%, with processed volume up 30%. Unified commerce included the first revenue contribution from Talon.One in what Adyen described as a subdued retail market.

Adyen highlighted that 46 platform customers now process more than €1 billion in volume annually, up from 37 in the prior quarter and 31 a year earlier. The company said smaller merchants signed up through software platforms drove the fastest growth within the platforms segment. Management described the business as balanced across its main segments while emphasizing that it is scaling investments to support these growth areas.