TLDR

  • Adyen shares plummeted 20% Thursday after the payments company reported Q4 revenue of €672 million that missed analyst forecasts by 2%.

  • The company issued weak 2026 guidance projecting 20-22% revenue growth, falling short of previous “low-to mid-20s” targets.

  • Currency headwinds from a weakening US dollar hurt results, with full-year revenue reaching €2.36 billion, up 21% on constant currency basis.

  • Q4 processed volumes totaled €398 billion, coming in 2% below consensus estimates despite 19% year-over-year growth.

  • EBITDA margins hit 55% in H2 2025, but flat margin guidance for 2026 disappointed investors expecting continued expansion.

Adyen stock suffered a brutal selloff Thursday, plunging more than 20% after the Dutch payments processor delivered disappointing fourth-quarter results and issued conservative 2026 guidance. Shares traded at €920.20 in Amsterdam by mid-morning, erasing billions in market value.

𝗔𝗱𝘆𝗲𝗻 𝗛𝟮 𝟮𝟬𝟮𝟱 𝗘𝗮𝗿𝗻𝗶𝗻𝗴𝘀 $ADYEN
Processed volume: €745.3B
Net revenue: €1,270.7M vs €1,290M est. ❌
EBITDA: €702.1M vs $682M est. ✅
EPS: €18.46 vs €18.16 est. ✅
Take rate: 17.1

Outlook 2026:
– Revenue growth 20%-22%
– Ebitda margin in line with 2025.… pic.twitter.com/Tcis1R76nC

— The Future Investors (@ftr_investors) February 12, 2026

The company reported Q4 net revenue of €672 million, representing 19% constant currency growth. However, that figure missed analyst expectations by 2%. Processed volumes for the quarter reached €398 billion, also falling 2% short of Wall Street forecasts.

For the full second half of 2025, Adyen posted net revenue of €1.27 billion, up 21% year-over-year. Full-year revenue climbed to €2.36 billion. The company processed €745 billion in total volume during H2, marking 19% growth compared to the prior year period.

Weak Guidance Triggers Selloff

The stock’s steep decline accelerated after management revealed 2026 revenue growth projections of 20-22% on a constant currency basis. That outlook came in below the company’s previous target of “low-to mid-20s” growth and sits roughly 2% under consensus estimates.

Currency headwinds played a role in the miss. Jefferies analysts noted that a weaker US dollar dampened reported numbers, though underlying business performance remained solid.

On profitability, Adyen delivered H2 EBITDA of €702.1 million, up 23% year-over-year and slightly ahead of estimates. Margins expanded to approximately 55%, showing improvement from earlier periods.

Margin Outlook Disappoints

The company’s 2026 margin guidance failed to inspire confidence. Management expects EBITDA margins to remain “in-line with 2025” levels, translating to roughly €1.47-1.51 billion in EBITDA. Jefferies calculated this figure as about 5% below Street expectations.

Adyen grew its workforce by 10% year-over-year to 4,771 employees at year-end. The expansion reflects ongoing investments in scaling operations across key markets.

Looking ahead to 2028, management reiterated its target of EBITDA margins exceeding 55%, compared to roughly 53% achieved last year.

Competitive pressures in the payments industry have intensified. Adyen faces challenges from established players and emerging fintech companies competing for merchant relationships. US tariff policies have also created headwinds for Asian e-commerce clients that represent a portion of the company’s customer base.

Jefferies described the quarterly results as “solid, albeit below expectations” and suggested management may have built conservatism into the 2026 forecast. The firm pointed to foreign exchange headwinds as the primary factor behind the revenue miss.

The stock finished the morning session down 20.41% as investors digested the combination of missed quarterly estimates and disappointing forward guidance. The sharp decline reflected concerns about slowing growth momentum heading into 2026.

The post Adyen Stock Tanks 20% After Missing Earnings Targets appeared first on Blockonomi.