Adyen beats Q3 revenue estimates on payment volume growth

Adyen NV reported stronger-than-expected Q3 net revenues of €738 million, a 22% increase on a constant currency basis compared to the previous year, surpassing analysts' expectations by 1%. The company's total payment volume surged 30% year-over-year to €451 billion, accelerating from a 25% growth rate in the previous quarter and exceeding estimates of €436 billion. This strong performance was driven by contributions from recent acquisitions Talon.One and Orb, although the exact contribution amounts were not disclosed.

The company's take rate rose to 16 basis points, up 1% sequentially but down 2% year-over-year. However, Adyen adjusted its 2026 EBITDA margin target to around 50% from 52%, citing increased investments in the Talon.One and Orb teams. The revised EBITDA guidance is approximately 3% lower than the midpoint of analyst consensus.

In its Digital segment, payment volume grew 28% year-over-year, resulting in net revenue of €387 million, up 16% YoY. Growth in this segment was attributed to gains in wallet share within the Travel & Mobility and Content & Subscriptions verticals. The company's Unified Commerce segment saw a 22% increase in payment volume year-over-year, with net revenue of €250 million, up 29% YoY.

The Platforms segment continued to show strong momentum, with payment volume rising 55% year-over-year and net revenue of €100 million, up 46% YoY.

Adyen confirmed its 2026 revenue guidance of a 21-23% growth rate on a constant currency basis. During the quarter, the company's workforce expanded by 20% year-over-year to 5,596 full-time employees, including 399 new hires from the acquisitions of Talon.One and Orb. The Platforms offering now serves 312,000 businesses, up from 293,000 in the previous quarter, with 49 platforms processing over €1 billion in last twelve months' volume.