ADYEN FINANCIAL STATEMENTS

Adyen NV — balance sheet, income statement and cash flow trends

ADYENAdyen NV

🇳🇱 Netherlands · AS · Technology · Software - Infrastructure

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q2 2025 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue2.5 B €+45.0%

Gross Profit1.8 B €+42.9%

Operating Income1.4 B €+64.6%

EBITDA1.4 B €+137.6%

Net Income1.1 B €+52.2%

Peer Comparison· Software - Infrastructure

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
ADYEN	25.2%	73.1%	54.0%	42.1%
NTAP	5.4%	70.7%	28.3%	18.4%
TWLO	15.7%	48.7%	5.9%	2.0%
MDB	23.6%	72.0%	0.9%	-1.1%
OKTA	11.7%	77.4%	12.0%	8.2%
CPAY	18.3%	72.8%	53.4%	24.6%
Industry median	10.2%	70.5%	17.8%	8.9%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q2 2025

Equity5.3 B €43%
Current Liabilities69.1 M €1%
Long-term Liabilities6.9 B €56%

Key Figures

YoY change

Total Assets12.3 B €+28.1%

Total Liabilities7 B €+8.8%

Total Equity5.3 B €+67.3%

Cash & ST Investments10.8 B €+31.8%

Total Debt252.4 M €+13.1%

Net Debt-10.5 B €—

Peer Comparison· Software - Infrastructure

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
ADYEN	168.11	4.8%	-7.76	43.1%
NTAP	1.44	202.3%	-0.43	12.6%
TWLO	4.66	13.7%	-4.11	81.3%
MDB	4.95	1.0%	-101.19	79.5%
OKTA	1.39	6.0%	-6.05	73.8%
CPAY	0.98	295.2%	0.60	13.2%
Industry median	1.43	25.1%	-0.02	34.8%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q2 2025 · TTM

Key Figures

YoY change

Operating Cash Flow1 B €+154.3%

Capital Expenditures100.8 M €+44.5%

Free Cash Flow-401.3 M €-158.1%

Dividends Paid——

Peer Comparison· Software - Infrastructure

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
ADYEN	40.8%	-15.9%	4.0%	97.0%
NTAP	29.8%	27.0%	2.9%	162.0%
TWLO	18.9%	18.6%	1.6%	962.9%
MDB	23.3%	23.0%	0.2%	-2,080.3%
OKTA	30.7%	30.1%	0.6%	372.5%
CPAY	31.7%	27.4%	4.3%	129.0%
Industry median	23.2%	17.1%	2.9%	143.9%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 3, 26. This content is for informational purposes only and is not investment advice.