Adyen Cuts 2026 EBITDA Margin Outlook to 50%, Ends Medium-Term Goal

Adyen lowered its full-year 2026 EBITDA margin outlook to 50% on Wednesday, Oct. 28, as it increases investment across payments and related merchant services following strong interest in a broader product offering.

The 50% forecast is 3 percentage points below Adyen’s 2025 margin of 53%. The company linked its investment increase to merchant interest in combining payments with loyalty, billing and financial products.

In August, Adyen expected its underlying 2026 margin to remain in line with 2025, with the Talon.One and Orb acquisitions expected to reduce that year’s margin by 1 percentage point. The company also aimed to exceed a 55% EBITDA margin by 2028. Both the medium-term objective and the earlier outlook have since changed.

For the three months ended Sept. 30, net revenue rose 23% year over year, or 22% on a constant-currency basis. Processed volume increased 30%. Those quarterly results accompany a lower full-year margin forecast, while Adyen’s revenue growth outlook remains unchanged.

The company kept its 2026 net revenue growth projection at 21% to 23% on a constant-currency basis. It expects capital expenditures to equal 7% of net revenue for the year. The unchanged revenue range and the revised margin outlook are separate parts of Adyen’s 2026 guidance.

Co-CEO Ingo Uytdehaage described the increased spending as an effort to capture the opportunity: “We see a significant opportunity ahead and are accelerating our investments across the business to capture it in full.”

Adyen completed its acquisitions of Talon.One, a loyalty and incentives platform, and Orb, an enterprise billing platform, on July 1. The businesses broaden the set of services Adyen is investing in for merchants.

Adyen plans to provide its financial objectives for 2027 in February 2027, alongside its second-half 2026 results.