Adyen vs Stripe: Revenue, Profit and Business Model
Adyen reported ~$2.7B of revenue in FY2025 and ~$1.2B of net income. Stripe reported $6.8B of revenue in FY2025 and — of net income.
Latest financial snapshot
Financial summary
Adyen
Adyen reported 2025 net revenue of ~$2.67 billion (€2.3642 billion), up 18% year over year, while processed volume reached ~$1.58 trillion (€1.3943 trillion). EBITDA was ~$1.41 billion (€1.2457 billion) and the EBITDA margin was 53%. These measures must be kept distinct: processed volume is the value of payments handled, while net revenue is Adyen's primary top-line KPI after specified pass-through costs.
Stripe
Stripe does not publish audited financials. Reported figures put net revenue (after card network and bank costs) at about $5.1 billion in 2024 and $6.8 billion in 2025, roughly 33% growth, while total volume rose from $1.4 trillion to $1.9 trillion. Stripe has said it is robustly profitable. Its private valuation fell to $50 billion in a 2023 funding round, recovered to $91.5 billion in a 2025 tender, and reached $159 billion in a February 2026 tender offer.
Revenue and profit by year
Adyen
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$2.7B | ~$1.2B | 44.9% | +17.3% | Source |
| FY2024 | ~$2.3B | ~$1B | 45.9% | +23.9% | Source |
| FY2023 | ~$1.8B | ~$789.1M | 42.9% | +22.2% | Source |
| FY2022 | ~$1.5B | ~$637.5M | 42.4% | +32.8% | Source |
| FY2021 | ~$1.1B | ~$530.8M | 46.9% | +46.4% | Source |
| FY2020 | ~$773.1M | — | 0.0% | +37.7% | Source |
| FY2019 | ~$561.6M | — | 0.0% | +42.4% | Source |
| FY2018 | ~$394.3M | — | 0.0% | +60.0% | Source |
| FY2017 | ~$246.3M | — | 0.0% | — | Source |
Stripe
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $6.8B | — | 0.0% | +33.3% | Source |
| FY2024 | $5.1B | — | 0.0% | — | Source |
Where the revenue comes from
Adyen
- Settlement fees
Fees tied to payment acquiring and settlement; Adyen does not disclose this as a standalone percentage of net revenue.
- Processing fees
Per-transaction fees for platform services; no audited percentage split is disclosed.
- Other platform and financial-product fees
Includes services for platforms, issuing, accounts, capital, data, and optimization products without a reported percentage split.
Stripe
- Payment processing fees
- Connect platform fees
- Billing and invoicing
- Tax automation
- Fraud prevention through Radar
- Issuing and Treasury
- Terminal and in-person payments
- Stablecoin and money movement infrastructure
Business model and strategy
Adyen
How it makes money
Adyen earns net revenue from processing and settlement fees and from other services delivered through its platform. Interchange, scheme fees, and costs from financial institutions are generally passed through and are not the same as Adyen's net revenue. The company reports Digital, Unified Commerce, and Platforms as commercial pillars rather than separate reportable revenue segments.
Growth strategy
Adyen is expanding share of wallet with existing customers, adding local payment and acquiring capabilities, and extending its platform beyond payments. In 2026 it added Talon.One for loyalty and incentives and Orb for usage-based billing, while launching Adyen Agentic and Intelligent Money Movement.
Competitive advantage
Adyen operates gateway, risk, acquiring, payment processing, and financial products through a single technology platform. This structure gives merchants one integration and a unified data view across online and in-person channels.
Stripe
How it makes money
Stripe earns most of its money from fees on payments it processes, typically a percentage plus a fixed fee per card transaction, with negotiated rates for large enterprises.
Growth strategy
Stripe is growing by selling more products to existing users and by moving up-market to large enterprises, while building for new payment flows. In 2025 it shipped more than 350 product updates, expanded stablecoin accounts and payouts, and launched agentic commerce tools with OpenAI.
Competitive advantage
Stripe's edge is breadth plus developer adoption. A business can start with a simple payments integration and add billing, tax, fraud, payouts, cards and stablecoin rails without switching vendors. That integration depth raises switching costs, and Stripe's data across $1.9 trillion of annual volume feeds products such as Radar and payment optimization.
Questions about Adyen vs Stripe
Which company has higher revenue — Adyen N.V. or Stripe, Inc.?
Adyen N.V. reported ~$2.7B (FY2025), while Stripe, Inc. reported $6.8B (FY2025). By last reported revenue, Stripe, Inc. is the larger business, with Adyen N.V. reporting a smaller revenue base.
What is the market cap of Adyen N.V. vs Stripe, Inc.?
Adyen N.V. has a market capitalisation of $28.1B. A public market cap figure for Stripe, Inc. was not available (it may be privately held).
Which is more financially efficient — Adyen N.V. or Stripe, Inc.?
Adyen N.V. generates $560k / employee in revenue per employee, while Stripe, Inc. generates $756k / employee. Stripe, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Adyen N.V. and Stripe, Inc. make money?
Adyen N.V. and Stripe, Inc. generate revenue in fundamentally different ways. Adyen N.V.: Adyen earns net revenue from processing and settlement fees and from other services delivered through its platform. Stripe, Inc.: Stripe earns most of its money from fees on payments it processes, typically a percentage plus a fixed fee per card transaction, with negotiated rates for large enterprises.
Is Adyen N.V. bigger than Stripe, Inc.?
By last reported revenue, Stripe, Inc. ($6.8B (FY2025)) is the larger company compared to Adyen N.V. (~$2.7B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Adyen vs Stripe overview