| Account | Shares | Price | Value | % of acct | Cost/sh | Gain $ | Gain % | Target |
|---|---|---|---|---|---|---|---|---|
| 401K | 83 | $12.05 | $1,000 | 0.04% | $12.03 | $1 | +0.1% | — |
In short: Platform broadens. H1 net revenue +19% Y/Y to €1.30B (+21% cc) on processed volume +24% to €804B, EBITDA margin 49% and growth accelerating through the half to ~22% cc in Q2. Adyen is moving beyond payments: it closed its first two acquisitions in July — Talon.One (loyalty and promotions) and Orb (usage-based billing) — pushing toward what management calls a broader "financial operating system" for merchants, while OpenAI became a customer, "reinforcing Adyen's positioning around AI-native businesses and agentic commerce." The deals lifted FY26 cc revenue guidance to 21%–23% (from 20%–22%). The trade-off is profitability: Talon.One and Orb should dilute FY26 EBITDA margin by about one point, and pulled-forward data-centre investment lifts capex to ~7% of revenue. Bottom Line: "The acquisitions make the platform more valuable, but they also raise the execution bar" against a 55%+ long-term margin ambition. A disclosed author holding.
Adyen is the Dutch payments company that processes card and online transactions for large merchants — the machinery behind checkout for the likes of Spotify, Uber and eBay. It processed €804 billion of volume in the half, up 24%, with net revenue up 19% and an EBITDA margin of 49%, and growth accelerated as the half went on.
The strategic shift is that Adyen is no longer content to just move money. In July it made its first two acquisitions ever — Talon.One (loyalty programmes and promotions) and Orb (billing for subscription and usage-based pricing) — with the goal of becoming a "financial operating system" for merchants: the system that handles payments, billing, promotions and money movement together. It also signed OpenAI as a customer, which matters as a signal that AI-native companies and "agentic commerce" (software agents buying things on your behalf) will need payment rails.
The cost is honest and disclosed: the two deals will shave about a percentage point off this year's margin, and Adyen is pulling forward data-centre spending to roughly 7% of revenue. So the platform gets more valuable while the execution bar rises, against a long-term margin ambition of 55%+.
In short: Owned next-gen cloud-payments name ("Coke and Pepsi" with Stripe) taking share from legacy processors like Worldpay.
Adyen is a next-generation, cloud-based payments processor (the plumbing that lets merchants accept card and online payments). Sacerdote owned it as the "Pepsi" to Stripe's "Coke" — two modern winners taking share from clunky legacy processors like Worldpay.
Modern cloud payments were only ~5% of a roughly $80 trillion market when he looked, so the runway to take share was enormous. The "take rate" — the small cut a processor keeps on each dollar that flows through it (its TPV, total payment volume) — is how these businesses make money, and Adyen's was attractive.
17:23And we had a large investment at the time. This is 20 2018 2017 1819 we and 2020 we own Audion which is a fantastic payments company and they're a next-gen cloud payments company taking from world pay and you know the cloud the cloud modern payments was 5% of total you know $80 trillion market or what have you but you can't invest in aud unless you know Stripe like the back of your hand so we did tremendous amounts of due diligence talked to 200 customers in Audon but when we asked about audio and we asked about Stripe and we realized this is
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