TLDR
- Adyen stock jumped 12% after reporting H1 results, hitting €1,014.80, its highest since February 12
- Net revenue grew 19% year-over-year to €1.30 billion; processed volume surged 24% to €803.8 billion
- Adyen raised its 2026 revenue growth outlook to 21-23%, up from 20-22%, boosted by Talon.One and Orb acquisitions
- EBITDA came in at €641.5 million, slightly below the consensus of €647.1 million
- Morgan Stanley retained its Overweight rating with a €1,685 price target
Adyen stock jumped 12% on Thursday after the Dutch payments company reported stronger-than-expected second-quarter revenue growth and lifted its full-year outlook.
The stock rose to €1,014.80 during the session, its highest level since February 12. It was the top performer on Europe’s STOXX 600 index on the day.
Net revenue for the first half of 2026 grew 21% on a constant-currency basis to €1.30 billion, coming in slightly above market expectations. Processed volume jumped 24% to €803.8 billion.
🚨 Adyen H1 2026 Results
Lifts full-year outlook…
but strong volume growth + continued investment are the real story 👀
📊 KEY METRICS (H1 2026)
🔹 Net Revenue: €1.30B (+21% YoY) 🟢
🔹 Adjusted Core Earnings: €641.5M (vs est. €647.2M) 🟡
🔹 2026 Revenue Growth Outlook: Raised… pic.twitter.com/HaJrhsiuiZ— Emmanuel – Big Tech & AI Investor (@EmmanuelInvest) August 13, 2026
EBITDA reached €641.5 million for the half, just below the Visible Alpha consensus of €647.1 million. The miss was largely tied to higher costs from recent acquisitions.
Adyen raised its 2026 net revenue growth forecast to between 21% and 23%, up from a previous range of 20% to 22%. The upgrade was driven by the acquisitions of Talon.One and Orb, the company’s first deals in its 20-year history.
Revenue Outlook Gets a Lift
Co-CEO Pieter van der Does told Reuters the forecast hike was directly tied to the Talon.One and Orb deals, both completed in July. Despite the acquisitions, he said there are no plans to buy another payments company.
“I think it’s better for merchants to move to Adyen than the merchants that are on such a payment service to be acquired and being forced to move to Adyen,” van der Does said.
The stock had been under pressure heading into results. Adyen had lost more than a third of its market value year-to-date after weak processed volume figures in February and a cautious outlook for the year.
Wall Street Reacts
Morgan Stanley kept its Overweight rating on Adyen and held its price target at €1,685. The bank called the second-quarter result better than expected and said it expects the stock to trade higher.
The bank noted that higher capital expenditure could weigh on near-term free cash flow, but viewed it as a timing issue rather than a structural concern.
Adyen said it expects capex to equal around 7% of net revenue in 2026, above historical levels. The company is bringing forward data-center investment to lock in compute and storage capacity.
Capex is expected to return toward historical levels after 2026.
Morgan Stanley also noted that customer concentration continued to decline, with older merchant cohorts driving the majority of growth. That points to broader-based expansion rather than reliance on individual large accounts.
Adyen added new customers including OpenAI, Aritzia and Xiaomi during the period. It also expanded its partnership with Toast in the U.S.
The company launched Adyen Agentic, a product that lets enterprises process payments across AI-agent protocols. It also introduced Intelligent Money Movement, a platform combining payments, liquidity management and payouts in one place.
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