Adyen Drops 2028 EBITDA Margin Target, Lowers 2026 Margin Outlook
Adyen dropped its target for an EBITDA margin above 55% by 2028 as it accelerates investment. Third-quarter 2026 net revenue rose 23%, or 22% at constant currency. It maintained 2026 revenue growth guidance of 21% to 23% and now expects an EBITDA margin of approximately 50%, versus its previous target of around 52%.
Adyen announced it is dropping its previous midterm profitability objective, which targeted an EBITDA margin above 55% by 2028, to maintain flexibility and accelerate investments in its team, platform, and products. For the third quarter of 2026, the company reported a 23% increase in net revenue to 738.1 million euros, or 22% on a constant-currency basis. While maintaining its full-year 2026 revenue growth guidance of 21% to 23%, the company adjusted its EBITDA margin expectation for the year to approximately 50%, down from its previous target of around 52%.
Management attributed the margin adjustment to higher investments in recently acquired companies, Talon.One and Orb. Despite the revenue performance exceeding analyst expectations, the market reacted negatively to the removal of the long-term margin target.