The Revenue LinesNarrow moat

Adyen (ADYEN) — moat facet

Europe is most of the revenue and growing slowest; the case for one global platform rests on the other 45%.

Adyen reports net revenue by the billing location of its merchants, in four regions. In 2025 EMEA was €1,360.7 million, North America €633.4 million, Asia-Pacific €236.5 million and Latin America €133.8 million, out of €2,364.4 million 1. EMEA was 57.6% of the total 2.

Net revenue growth by region, H1 2026, constant currency (%)+15%EMEA+30%North America+26%Asia-Pacific+35%Latin AmericaAdyen H1 2026 shareholder letter
Every region outside Europe grew about twice as fast as Europe.

The regions are growing at different speeds. In the first half of 2026 EMEA grew 15%, North America 23% (30% in constant currency), Asia-Pacific 23% and Latin America 43% 3. Europe's share fell to 55% 4.

Adyen reports no profit by region; it runs one platform, and most of its engineers sit in Amsterdam, where 2,460 of its 5,020 staff work 5. The regional figures show where merchants are billed, not where costs fall.

The leaves follow the chart's four bands. The single platform, the enterprise focus and the take rate are argued under The Moat; the leaves keep to each region's size, growth and history. The test for the four together is the share of net revenue outside EMEA, 45% in the first half of 2026 against 42% a year earlier 6: one platform serving every region is working if that share keeps rising.

Moat trajectory: Widening

Net revenue outside EMEA rose to 45% in the first half of 2026 from 42%, with every region growing.

The number that tests this moat
Moat Explorer calc
EMEA share of net revenue, first half
55% in H1 2026 (€722.5M of €1,302.9M), from 58%

One platform serving every region works if this share keeps rising.

How it's calculated: EMEA net revenue / total net revenue: 722.5 / 1,302.9 and 631.0 / 1,093.5
Source: Adyen H1 2026 shareholder letter ↗
Dig deeper
DIG DEEPER 01
EMEA
The home market is 58% of revenue and grew 15% in the latest half, the slowest of the four.
DIG DEEPER 02
North America
Where the 2023 crash began and where Stripe is strongest, now growing 30% in constant currency.
DIG DEEPER 03
APAC
A tenth of revenue, growing in the mid-teens until a faster half in 2026.
DIG DEEPER 04
Latin America
The smallest region swings hardest: flat in 2024, up 43% in the first half of 2026.
References
  1. Moat Explorer calcIn 2025 EMEA was €1,360.7 million, North America €633.4 million, Asia-Pacific €236.5 million and Latin America €133.8 million, out of €2,364.4 million .
    Moat Explorer calculation from Adyen's half-year shareholder letters H1 2023 to H1 2026: annual regional net revenue as the sum of two halves, shares and growth rates — FY2023 to H1 2026 · publ. 2026-09-23 · source ↗
  2. Moat Explorer calcEMEA was 57.6% of the total .
    Moat Explorer calculation from Adyen's half-year shareholder letters H1 2023 to H1 2026: annual regional net revenue as the sum of two halves, shares and growth rates — FY2023 to H1 2026 · publ. 2026-09-23 · source ↗
  3. ReportedIn the first half of 2026 EMEA grew 15%, North America 23% (30% in constant currency), Asia-Pacific 23% and Latin America 43% .
    Adyen H1 2026 Shareholder Letter - net revenue by region (H1 2026 and H1 2025), regional growth in reported and constant currency, FTE by region and office — H1 2026 · publ. 13 August 2026 · source ↗
  4. ReportedEurope's share fell to 55% .
    Adyen H1 2026 Shareholder Letter - net revenue by region (H1 2026 and H1 2025), regional growth in reported and constant currency, FTE by region and office — H1 2026 · publ. 13 August 2026 · source ↗
  5. ReportedAdyen reports no profit by region; it runs one platform, and most of its engineers sit in Amsterdam, where 2,460 of its 5,020 staff work .
    Adyen H1 2026 Shareholder Letter - net revenue by region (H1 2026 and H1 2025), regional growth in reported and constant currency, FTE by region and office — H1 2026 · publ. 13 August 2026 · source ↗
  6. Moat Explorer calcThe test for the four together is the share of net revenue outside EMEA, 45% in the first half of 2026 against 42% a year earlier : one platform serving every region is working if that share keeps rising.
    Moat Explorer calculation from Adyen's half-year shareholder letters H1 2023 to H1 2026: annual regional net revenue as the sum of two halves, shares and growth rates — FY2023 to H1 2026 · publ. 2026-09-23 · source ↗
Sources
Generated September 23, 2026