- Strong Revenue & EBITDA Growth: 21% net revenue growth (23% EBITDA growth, 55% margin) in 2H 2025 driven by existing and new customers like Starbucks and Uber.
- Platforms as Fastest-Growing Pillar: Platforms saw strong traction by unifying online/in-person payments and embedding financial products, outpacing Digital and Unified Commerce growth.
- 2026 Guidance Confirmed: 20-22% constant currency net revenue growth expected, with EBITDA margin maintained at 2025’s 55% level despite team and automation investments.
- North America Strength: 30%+ growth ex-FX in 2H 2025, driven by Unified Commerce adoption, expected to sustain into 2026 as the top investment market.
- AI & Agentic Commerce Focus: Dynamic Identification (AI layer) powers products like Personalize, while partnerships with OpenAI and Google explore AI agents as a sales channel.
Revenue Growth Drivers
The company's growth was driven by its existing merchants, such as Uber, and new customer launches, including Starbucks. Adyen's Platforms pillar continues to be its fastest-growing, with strong traction due to its ability to unify online and in-person payments and offer embedded financial products. The company's Dynamic Identification product suite is also helping merchants improve conversion and manage risk.
Outlook and Guidance
For 2026, Adyen expects net revenue growth between 20% and 22% on a constant currency basis, with EBITDA margin expected to be similar to 2025's level. The company's growth potential is driven by its customers' priorities, including expansion into new markets and initiatives like agentic commerce. Analysts estimate next year's revenue growth at 21.5%, which is within the company's guidance range.
Valuation
Adyen's current valuation metrics are as follows: P/E Ratio at 37.5, P/B Ratio at 6.06, P/S Ratio at 12.35, EV/EBITDA at 14.25, and ROE at 16.98%. These metrics suggest that the company is trading at a premium, but its growth prospects and strong financial performance may justify this valuation. As Ingo Uytdehaage stated, "the company is building for the long term and has confidence in its long-term growth trajectory," which may support the current valuation.
Investment Implications
The company's focus on driving growth and investing in its team and automation may lead to continued strong financial performance. With a strong pipeline across its three pillars and a focus on innovation, Adyen is well-positioned for long-term success. The company's guidance philosophy has shifted to sharing the annual view, giving the latest information from customer conversations, typically on a 12-month view.