Adyen vs Zerodha: Revenue, Profit and Business Model
Adyen had ~$2.7B of annual revenue in FY2025 and ~$1.2B of net income. Zerodha had ~$1B of annual revenue in FY2025 and ~$491.5M 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. Adyen is a major European financial technology firm, commanding a powerful market valuation frequently exceeding $40 billion.
Zerodha
Zerodha reported revenue of ~$1.03 billion (₹8,847 crore) and net profit of ~$491 million (₹4,237 crore) in FY25, down from about $1.16 billion (₹9,993 crore) and ~$638 million (₹5,496 crore) in FY24 after SEBI's F&O changes. FY26 profit was ~$497 million (₹4,283 crore) on roughly flat revenue, helped by margin trading income.
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 | — | — | +37.7% | Source |
| FY2019 | ~$561.6M | — | — | +42.4% | Source |
| FY2018 | ~$394.3M | — | — | +60.0% | Source |
| FY2017 | ~$246.3M | — | — | — | Source |
Zerodha
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$1B | ~$491.5M | 47.9% | -11.5% | Source |
| FY2024 | ~$1.2B | ~$637.5M | 55.0% | +45.3% | Source |
| FY2023 | ~$797.7M | ~$336.9M | 42.2% | — | Source |
Where the revenue comes from
Adyen
- Settlement fees
Not formally reported
Fees tied to payment acquiring and settlement; Adyen does not disclose this as a standalone percentage of net revenue.
- Processing fees
Not formally reported
Per-transaction fees for platform services; no audited percentage split is disclosed.
- Other platform and financial-product fees
Not formally reported
Includes services for platforms, issuing, accounts, capital, data, and optimization products without a reported percentage split.
Zerodha
- Brokerage (intraday and F&O)
~$318M (₹2,738 Cr) in FY26
Flat fee of up to ₹20 per executed order on intraday and derivatives trades. FY26 brokerage income fell about 11% from ~$356 million (₹3,066 crore) in FY25.
- Interest income
~$263M (₹2,269 Cr) in FY26
Interest earned on client margin funds and the company's own reserves; down about 4% year on year in FY26.
- Margin trading facility (MTF)
~10% of FY26 revenue
Launched in December 2024. Kamath said the MTF book reached about $1.04 billion (₹9,000 crore), with customers borrowing around $696 million (₹6,000 crore).
- Demat annual maintenance charges
~$20.9M (₹180 Cr) in FY26
Annual charges on demat accounts, up from ~$18.6 million (₹160 crore) in FY25. Accounts opened from 1 June 2026 get the first year free.
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.
Zerodha
How it makes money
Zerodha earns most of its money from trading and from client funds. Brokerage is charged only on intraday and futures and options orders, capped at ₹20 per executed order, while equity delivery trades are free. The second large stream is interest income, mainly on client margin money and on its own cash reserves.
Growth strategy
With retail derivatives activity slowing under SEBI's F&O rules, Zerodha is shifting its focus from adding traders to growing customer assets. Its levers are margin trading funding, the integration of mutual funds into Kite, Zerodha Fund House's passive funds, and new businesses in asset management, lending and insurance.
Competitive advantage
Zerodha keeps costs low through in-house technology, a team of fewer than 1,100 people and no advertising spend, which lets it stay highly profitable even as trading volumes slow.
Questions about Adyen vs Zerodha
Which company has higher revenue — Adyen N.V. or Zerodha?
Adyen N.V. had ~$2.7B (FY2025), while Zerodha had ~$1B (FY2025). By latest annual revenue, Adyen N.V. is the larger business, with Zerodha showing a smaller revenue base.
What is the market cap of Adyen N.V. vs Zerodha?
Adyen N.V. has a market capitalisation of $28.1B. A public market cap figure for Zerodha was not available (it may be privately held).
How does revenue per employee compare for Adyen N.V. and Zerodha?
Adyen N.V. has $560k / employee in revenue per employee, while Zerodha has $933k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Adyen N.V. and Zerodha make money?
Adyen N.V. and Zerodha 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. Zerodha: Zerodha earns most of its money from trading and from client funds.
Is Adyen N.V. bigger than Zerodha?
By last reported revenue, Adyen N.V. (~$2.7B (FY2025)) is the larger company compared to Zerodha (~$1B (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 Zerodha overview