Adyen stock drops as platform volumes spook market, despite jump in revenue
Adyen's second-half and full-year revenue metrics and guidance appear solid, but softer volumes from one big customer raised market eyebrows.
Adyen, Europe's leading payment apps, reported a strong rise in net revenue and processed volume in the second half of 2025, but, the numbers weren't sufficient to prop up the stock on Thursday morning.
In Amsterdam, the Dutch fintech stock was down 18.2%, at €945.90, with market watchers pointing to "softer" transaction volumes as investors' concern.
Adyen this morning reported H2 net revenue of €1.27 billion, up 17% year‑on‑year, or 21% on a constant currency basis.
The firm said it processed some €745.3 billion of transactions, up 19% year‑on‑year - but that number excluded the activities of one single large-volume customer, which processed less in the period, and, when that customer's volume was included, the KPI was trimmed to a growth rate of 12% compared to 2024.
The fintech said point-of-sale volumes were €173.1 billion, up 26% year‑on‑year.
Earnings (EBITDA) increased 23% year-over-year to €702.1 million, with EBITDA margin stated at 55%. Free cash flow conversion ratio was marked at 86%, and the firm's capital expenditure equated to 5% of net revenue.
Full-year 2025 net revenue totalled €2.364 billion, up 18% year‑on‑year, or 21% on a constant currency basis. Processed volume for the full year was €1,394.3 billion, up 21% excluding a single large-volume customer (or 8% when normalised to include its biggest customer).
Point-of-sale volumes were €311 billion, up 34% for the full year. EBITDA was €1.245 billion, up 26% year‑on‑year.
The company highlighted product, tools and commercial milestones, including the launch of Dynamic Identification and Adyen Uplift pilots that drove up to 6% conversion and up to 3% lower transaction costs.
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It highlighted business wins and scale ups with major enterprise customers like Starbucks and Uber. And boasted that it processed 837 million transactions during Black Friday Cyber Monday with 99.9999% uptime. And, Adyen pointed to its inclusion in the Agentic AI Foundation, and its deepening partnerships with OpenAI, Google, Cloudflare, Visa and Mastercard.
Looking ahead, Adyen said it expects 2026 net revenue growth of 20 to 22% year‑on‑year (on a constant currency basis), and expects to increase EBITDA margin levels to above 55% by 2028, adding that 2026 margin should remain broadly in line with 2025.
The Recap
- Adyen reported H2 2025 net revenue and volume growth.
- H2 processed volume was €745.3 billion, up 19%.
- Company expects 2026 net revenue growth of 20–22%.
