Adyen announced financial results for the half year ending June 30, 2026.
H1 2026 key metrics
. Net revenue was €1,302.9 million, up 19% year-on-year (YoY) (21% on a constant currency basis).
. Processed volume was €803.8 billion, up 24% YoY.
. EBITDA was €641.5 million, with an EBITDA margin of 49%, or 50% excluding one-time transaction costs.
. Free cash flow conversion ratio was 86%, with CapEx at 5% of net revenue.
Business highlights
. Closed the Talon.One and Orb acquisitions subsequent to H1, embedding omnichannel loyalty and flexible usage-based billing onto our platform.
. Launched Adyen Agentic, enabling enterprise merchants to securely process payments across AI agent protocols.
. Introduced Intelligent Money Movement, bringing enterprise payments, liquidity management, and payouts together on a single platform.
. Increased customer conversion by 0.9 percentage points on average by the end of H1, through Adyen Uplift and Dynamic Identification.
. Rolled out Adyen Personalize, leveraging our unified network dataset to help merchants deliver real-time, tailored shopping experiences.
. Expanded global partnership with Toast into the U.S. following success across international markets.
. Continued global customer expansion, securing major enterprise wins across high-growth verticals, including Aritzia, OpenAI, and Xiaomi, as well as public sector wins such as GOV.UK Pay.
. Secured direct access to France’s domestic interbank clearing system, and obtained a Retail Payment Services license from the Central Bank of the UAE to expand localized processing capabilities.
. Joined the x402 Foundation and Open Standard, driving open protocols for HTTP payments in agentic commerce and shaping stablecoin infrastructure via OpenUSD for global merchants.
Adyen’s customer base continues to diversify: 300 merchants now account for approximately 60% of total growth, down from over 70% three years ago. This broader base underscores the compounding nature of our merchant relationships, where the typical share of wallet scales from under 20% in early years to over 40% after a decade on our platform.
The number of transacting terminals across the platform reached 838K, up 27% YoY, driving strong processing momentum as in-person volume grew 28% YoY to €175.7 billion. In-person payments now represent 22% of total volume, up from 21% in H1 2025, providing a foundational touchpoint to deepen merchant relationships.
„H1 2026 was a strong and strategically important half year for Adyen. By expanding our role well beyond payments, we execute our long-term strategy and solve deeper structural complexity for our merchants, which fundamentally strengthens our customer relationships,” said Pieter van der Does, Co-founder and Co-CEO. “Through high-impact milestones — including the strategic acquisitions of Talon.One and Orb, alongside the launches of Adyen Agentic and Intelligent Money Movement — we built the complete financial operating system for modern commerce to position us for sustained, durable growth.”
Financial objectives
. Net revenue growth:We expect 2026 net revenue growth of 21% to 23% YoY on a constant currency basis, including the contribution of the acquisitions completed on July 1, 2026.
. EBITDA margin:We continue to expect EBITDA margin above 55% by 2028. In 2026, we expect underlying EBITDA margin to remain in line with 2025; including the acquisitions of Talon.One and Orb, we expect EBITDA margin to land one percentage point lower than 2025.
. Capital expenditures:The majority of our CapEx is invested in data centers. We are proactively pulling investment from 2027 into H2 2026 to secure compute and storage availability, and lock in pricing amid ongoing supply chain challenges. We now expect CapEx to be approximately 7% of net revenue this year. Through this active management, we expect CapEx to return towards historical levels post 2026.
You can find the full H1 2026 financial results and accompanying Shareholder Letter here.
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