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 was driven by wallet share gains with existing merchants, strong new customer cohorts, and resilient macroeconomic conditions.

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

• Acquisition agreement signed to acquire 100% of Talon.One GmbH for €750 million, aiming to integrate real-time promotions and incentives, enhancing unified commerce and customer personalization; expected to close in H2 2026.

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

Financial highlights

• Digital net revenue reached €349.6M, up 13% year-over-year on a constant currency basis, with processed volume up 15%.

• Unified Commerce net revenue was €196.2M, up 28% year-over-year on a constant currency basis, with processed volume up 26%.

• Platforms net revenue grew to €75M, a 40% increase year-over-year on a constant currency basis, with processed volume up 38%.

• 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% and 22% on a constant currency basis.

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

• 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.