Adyen vs Toast: Revenue, Profit and Business Model
Adyen reported ~$2.7B of revenue in FY2025 and ~$1.2B of net income. Toast reported $6.2B of revenue in FY2025 and $342M 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.
Toast
Toast's revenue rose from $665 million in 2019 to $1.71 billion in 2021, the year of its NYSE IPO, $3.87 billion in 2023, $4.96 billion in 2024 and $6.15 billion in 2025. It reported its first full year of GAAP net income in 2024 ($19 million) and earned $342 million in 2025, with adjusted EBITDA of $633 million. In Q2 2026, revenue grew 23% to $1.91 billion, net income was $154 million, GAAP operating margin reached 26% and the company raised its full-year adjusted EBITDA guidance. Market capitalization was roughly $16-18 billion in September 2026, with shares down about 20% over the prior year.
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 |
Toast
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $6.2B | $342M | 5.6% | +24.1% | Source |
| FY2024 | $5B | $19M | 0.4% | +28.3% | Source |
| FY2023 | $3.9B | -$246M | -6.4% | +41.5% | Source |
| FY2022 | $2.7B | -$275M | -10.1% | +60.2% | Source |
| FY2021 | $1.7B | -$487M | -28.6% | +107.2% | Source |
| FY2020 | $823M | -$248M | -30.1% | +23.8% | Source |
| FY2019 | $665M | -$209M | -31.4% | — | 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.
Toast
- Financial Technology Solutions~80%
Card processing fees on restaurant payment volume (about $195 billion of GPV in 2025), plus Toast Capital lending fees.
- Subscription Services~15%
Recurring fees for POS software, kitchen display, online ordering, payroll, scheduling, inventory and marketing modules.
- Hardware and Professional Services~5%
Terminals, Toast Go handhelds and installation, usually priced to win accounts rather than for profit.
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.
Toast
How it makes money
Toast sells restaurants a bundled platform and monetizes it in three ways. Financial technology solutions, mainly card processing on the gross payment volume that runs through Toast terminals and online ordering, make up the large majority of revenue (roughly four-fifths in recent filings), though payments carry thinner margins than software.
Growth strategy
Toast's growth strategy has four parts: keep adding small and mid-sized US restaurants through local field sales; win enterprise chains; expand into adjacent food and beverage verticals and international markets (Canada, the UK and Ireland); and raise revenue per location by attaching more software modules, including AI-driven marketing and analytics under the Toast IQ brand.
Competitive advantage
Toast's advantages are its restaurant-only focus, a single platform that ties POS, kitchen display, online ordering, payroll and payments to one data set, field sales density in major US metro areas, and switching costs once staff, menus, kitchens and payroll run on Toast. Its offline mode lets terminals keep taking orders during internet outages.
Questions about Adyen vs Toast
Which company has higher revenue — Adyen N.V. or Toast, Inc.?
Adyen N.V. reported ~$2.7B (FY2025), while Toast, Inc. reported $6.2B (FY2025). By last reported revenue, Toast, Inc. is the larger business, with Adyen N.V. reporting a smaller revenue base.
What is the market cap of Adyen N.V. vs Toast, Inc.?
Adyen N.V.'s market capitalisation stands at $28.1B, while Toast, Inc.'s is $17.0B. Adyen N.V. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Toast, Inc..
Which is more financially efficient — Adyen N.V. or Toast, Inc.?
Adyen N.V. generates $560k / employee in revenue per employee, while Toast, Inc. generates $947k / employee. Toast, 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 Toast, Inc. make money?
Adyen N.V. and Toast, 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. Toast, Inc.: Toast sells restaurants a bundled platform and monetizes it in three ways.
Which company is valued higher relative to revenue — Adyen N.V. or Toast, Inc.?
On a price-to-sales (P/S) basis, Adyen N.V. trades at 10.5x P/S and Toast, Inc. at 2.8x P/S. Adyen N.V. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Toast, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Adyen N.V. bigger than Toast, Inc.?
By last reported revenue, Toast, Inc. ($6.2B (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 Toast overview