Adyen reported net revenue of €1,302.9 million for the first half of 2026 on August 13, up 19% from a year earlier, as processed volume climbed 24% to €803.8 billion. In-person payments grew faster than the business as a whole, and most of the growth came from merchants already on the platform. The Dutch payments company, which holds a banking license and processes payments for merchants and platforms on a single infrastructure, reports only twice a year, with no quarterly results.
A take rate of about 16 basis points
Processed volume is the total value of payments that run through the platform. Net revenue is what Adyen keeps after passing on interchange fees and card network fees, chiefly to Visa and Mastercard . Divide one by the other and the half-year yields an average net take rate of about 0.16%, or 16 basis points; Adyen puts it at 16.2 bps. That average hides very different pricing across the business.
| Segment | Processed volume | Change | Net revenue | Change |
|---|---|---|---|---|
| Digital | €427.9B | +17% | €719.7M | +13% |
| Unified Commerce | €240.9B | +27% | €417.7M | +25% |
| Platforms | €135.0B | +42% | €165.5M | +37% |
| Total | €803.8B | +24% | €1,302.9M | +19% |
Digital covers large retailers that take payments online. Unified Commerce covers merchants whose online and in-store sales run through one contract and one reconciliation. Platforms covers marketplaces and vertical software vendors that pay out funds to their own sellers. Platforms is the fastest-growing segment, yet it brings in the least net revenue of the three.
In-person payments grow faster than online
In-person volume reached €175.7 billion, up 28%, compared with 23% for the rest of the business. Its share of total volume rose from 21% in the first half of 2025 to 22% a year later. The number of transacting terminals reached 838,000. In-store payments are still a minority of the business, at just over a fifth of processed volume, but they are growing faster than the rest.
Existing merchants drive two-thirds of growth
Roughly two-thirds of first-half growth came from merchants onboarded in 2024 or earlier, the company said on August 13, 2026. Its top 300 merchants accounted for about 60% of total growth, down from more than 70% three years ago, so the customer base is becoming less concentrated. Adyen also said its Adyen Uplift optimization tools raised merchant conversion by an average of 0.9 percentage points by the end of the half, a figure it uses to justify expanding its scope.
Adyen pushes beyond payment acceptance
After the half closed, Adyen completed its acquisitions of Talon.One, a promotions and loyalty engine, and Orb, a usage-based billing platform. It also launched Adyen Agentic, for payments initiated by AI agents, and Intelligent Money Movement, which combines enterprise payments, liquidity management, and payouts. New customers signed in the half include Aritzia, OpenAI, Xiaomi, and GOV.UK Pay, the UK government’s payment service. Toast expanded its partnership with Adyen into the US.
Guidance for 2026 and beyond
- Net revenue growth of 21% to 23% in 2026 at constant currency, including acquisitions.
- Underlying EBITDA margin in line with 2025, and one percentage point lower once Talon.One and Orb are consolidated.
- An EBITDA margin above 55% by 2028.
- Capital expenditure of about 7% of net revenue for full-year 2026, after 5% in the first half.
- Free cash flow conversion of 86% in the half.
The results show a company still powered by payment acceptance, even as its announcements focus on the layer above it: promotions, billing, and agent-initiated payments. Segment net revenue in the coming years will show whether that expansion generates revenue of its own or mainly serves to keep existing merchants on board.