Amsterdam · February 12th, 2026
Adyen publishes H2 2025 financial results
Adyen reports a robust half, rounding off a year of strong growth on continued customer expansion
AMSTERDAM, February 12, 2026 — Adyen N.V. (AMS: ADYEN) today announced financial results for the half year ending December 31, 2025.
“We delivered another half of strong growth, in line with what we saw in the first half of the year. Continued expansion with existing customers and disciplined execution underscore the strength of our model.
As we shared in November at our Investor Day, we see a significant opportunity ahead and remain focused on our ambition to grow into one of the largest fintech players in the world. The second half moved us closer to that ambition, and we’re excited to continue building on that progress in the years ahead,” said Ethan Tandowsky, CFO.
H2 2025 key metrics
Net revenue [1] was €1,270.7 million, up 17% YoY, or 21% on a constant currency basis.
Processed volume was €745.3 billion, up 19% YoY excluding a single large-volume customer, or 12% including this customer.
Of these volumes, total point-of-sale accounts for €173.1 billion, up 26% YoY.
EBITDA [1] was €702.1 million, up 23% YoY, with EBITDA margin [1] landing at 55%.
Free cash flow conversion ratio [1] was 86%, with CapEx [1] at 5% of net revenue.
Full-year 2025 key metrics
Net revenue [1] was €2,364.2 million, up 18% YoY, or 21% on a constant currency basis.
Processed volume was €1,394.3 billion, up 21% excluding a single large-volume customer, or 8% YoY including this customer.
Of these volumes, point-of-sale volumes were €311 billion, up 34% for the full year.
EBITDA [1] was €1,245.7 million, up 26% YoY, with EBITDA margin1 landing at 53% for the full year, compared to 50% in 2024.
Free cash flow conversion ratio [1] was 87%, with CapEx [1] at 5% of net revenue for the full year, compared to 5% in 2024.
Business highlights
Launched Dynamic Identification at Investor Day, powered by trillions of online and in-person interactions across our platform.
Delivered tangible results with Adyen Uplift: the Personalize pilots drove up to 6% conversion and up to 3% lower transaction costs.
Won and scaled major enterprise customers, including Starbucks, rolling out to 943 stores in seven weeks, with 120+ stores onboarded every week during standard business hours.
Expanded globally with Uber across 70+ countries and six continents, rolling out in 40 key markets in the past year and launching Uber kiosk.
Proved resilience at peak scale: processed 837 million transactions during Black Friday Cyber Monday with 99.9999% uptime, recognizing nearly 95% of ~400 million unique shoppers in real time.
Accelerated Embedded Financial Products, with issuing volumes up 8x YoY as platforms embedded cards into core workflows.
Introduced Intelligent Money Movement, unifying money-in, money management, and money-out in a single operating environment.
Joined the Agentic AI Foundation to advance interoperable agentic commerce and deepened ecosystem partnerships with OpenAI, Google, Cloudflare, Visa, and Mastercard.
Financial objectives
Net revenue growth: We expect 2026 net revenue growth of 20 to 22% YoY on a constant currency basis.
EBITDA margin: We expect to increase EBITDA margin levels to above 55% by 2028; we expect 2026 EBITDA margin to remain broadly in line with 2025.
Capital expenditure: We expect to maintain a sustainable capital expenditure level of up to 5% of our net revenue.
This press release highlights key information and results from Adyen’s H2 2025 earnings. You can find the full H2 2025 financial results and shareholder letter here. Today, at 3pm CET, we will host our H2 2025 Earnings Call with our Co-CEO, Ingo Uytdehaage, and CFO, Ethan Tandowsky. You can access the livestream here. A recording will be made available shortly thereafter on the same webpage.
Footnote
[1] Refer to note 1.1 of the H2 2025 Interim Condensed Consolidated Financial Statements for further explanation on the non-IFRS measures reported by Adyen.
About Adyen
Adyen (ADYEN:AMS) is the financial technology platform of choice for leading companies. By providing end-to-end payments capabilities, data-driven insights, and financial products in a single global solution, Adyen helps businesses achieve their ambitions faster. With offices around the world, Adyen works with the likes of Meta, Uber, H&M, eBay, and Microsoft.
Important Legal Information
This press release contains information that qualifies, or may qualify, as inside information within the meaning of Article 7(1) to (4) of Regulation (EU) No 596/2014 (Market Abuse Regulation).
Any person who comes into possession of this document must inform themselves about and comply with any legal restrictions governing possession, distribution, or use of the document.
The information in this press release and the H2 2025 Shareholder Letter is unaudited.
For further details on the non-IFRS measures included in this press release, refer to the note ‘Non-IFRS financial measures’ to the Financial Statements (note 1.2 to the Interim Condensed Consolidated Financial Statements; note 2.2 to the Consolidated Financial Statements).
Forward-looking statements are not facts and only represent the current views and assumptions of Adyen N.V. ("Adyen") regarding future events, many of which are by nature inherently uncertain and beyond Adyen’s control. Factors that could cause actual results to deviate materially from those anticipated by forward-looking statements include, but are not limited to, macroeconomic, demographic and political conditions and risks, actions taken and policies applied by governments, financial regulators and private organizations (including payment schemes and credit rating agencies), market conditions and turbulence in financial and other markets, and the success of Adyen in managing the related risks. Subject to statutory obligations, Adyen does not intend to publicly update or revise forward-looking statements to reflect events or circumstances after the date the statements were made, and assumes no obligation to do so.
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