ADYEN Adyen

S&P Global Ratings raised Adyen’s outlook to positive from stable while affirming its long-term issuer credit rating at A-, citing the Dutch payments platform’s continued growth in scale and breadth. S&P expects recent investments in employees and financial products, along with the Talon. One and Orb acquisitions, to support roughly 20% annual revenue growth and strong customer retention. The agency projects adjusted EBITDA margins to approach 50% by 2028, driven by operating leverage, while Adyen is expected to generate €1.2 billion-€1.3 billion of free cash flow in 2026. The company held about €4.5 billion in cash as of June 30, 2026, excluding €8.1 billion held separately for merchant settlement, and has no debt. S&P highlighted Adyen’s expansion beyond core payments into usage-based billing and merchant loyalty services, noting that more than 80% of growth comes from existing customers. $ADYEN