Amsterdam, Feb 12, 2026, 11:06 (CET) — Regular session
- Adyen shares dropped roughly 15% following the payments company’s warning of weaker-than-anticipated transaction volumes and its cautious outlook for 2026.
- The company posted H2 net revenue of 1.27 billion euros and processed a volume totaling 745.3 billion euros, with an EBITDA margin hitting 55%.
- Investors are tuning in to the 3 p.m. CET earnings call, eager for updates on volume trends and margin strategies.
Adyen shares dropped roughly 15% in Amsterdam on Thursday following the Dutch payments processor’s report of a second-half revenue surge that nonetheless fell short of payment volume forecasts. The company also took a cautious stance on growth prospects for 2026. (Reuters)
Processed volume—the total value of payments flowing through Adyen’s network—dipped, a key signal for how merchant spending and platform use are holding up. KBC Securities noted the earnings and forecast probably won’t lift the gloom weighing on payments stocks. (CNA)
Adyen forecasted net revenue growth of 20% to 22% for 2026 on a constant-currency basis, which excludes currency fluctuations, and anticipates its EBITDA margin will remain roughly steady compared to 2025. Jefferies noted that this guidance falls short of consensus estimates and pointed to currency challenges, including a weaker U.S. dollar, impacting the quarter. (Investing.com Nigeria)
Adyen reported second-half net revenue of 1,270.7 million euros and processed volume hitting 745.3 billion euros. EBITDA, their stand-in for operating profit, came in at 702.1 million euros, reflecting a 55% margin. For the full year, net revenue reached 2,364.2 million euros with an EBITDA margin climbing to 53%, up from 50% in 2024. “We delivered another half of strong growth, in line with what we saw in the first half of the year,” CFO Ethan Tandowsky said. (Adyen)
The company highlighted its product and platform messaging, introducing a new “Dynamic Identification” layer. It claimed peak events demonstrated the system could identify nearly 95% of Black Friday-Cyber Monday shoppers across multiple channels. Issuing volumes reportedly increased eightfold year-on-year. The firm also emphasized a move into “Intelligent Money Movement,” combining money-in, money management, and money-out services. (Adyen)
The stock’s plunge seemed steep compared to the modest guidance revision, a typical move in crowded growth plays. According to a Citi sales note quoted by MarketWatch, institutional investors expected growth between 21% and 22%, along with clearer signs of progress toward Adyen’s margin goal. Shares tumbled as much as 20% at one point. (MarketWatch)
The downside is clear. If payment volumes remain weak—or if a few major clients pull back—the revenue targets will become tougher to justify. Holding a flat margin in 2026 under those conditions would leave hardly any room for mistakes.
Traders will be keeping an eye on whether currency and mix effects ease up, and if growth in in-store payments and platform-led products can balance out any slowdown in the wider online payments market.
The upcoming trigger is the company’s earnings call set for 3 p.m. CET this Thursday. Investors are looking for updates on volume trends, pricing, and the pace at which margins might improve from the 2025 baseline. (Adyen)
