Adyen Q1 Volume Surges as Tiny Revenue Miss Pulls Shares Lower
Guidance intact signals steady execution.
Overview
- Adyen reported net revenue of €620.8 million, missing the €621.3 million forecast and knocking the stock about 2.5% in early Amsterdam trading.
- Total payment volume rose 21% to €382 billion, beating the €374 billion estimate and pointing to strong transaction activity on the platform.
- J.P. Morgan flagged a softer take rate in the quarter, the share Adyen keeps from each transaction, which helps explain the revenue shortfall.
- After the quarter, Adyen agreed to buy Talon.One for €750 million, with closing expected in the second half of 2026 subject to regulatory approvals.
- Management kept its 20%–22% net revenue growth outlook and set medium‑term goals that include an EBITDA margin above 55% by 2028, capex up to 5% of revenue, and 550–650 net hires in 2026.