North AmericaNarrow moat

Adyen (ADYEN) — moat facet

Where the 2023 crash began and where Stripe is strongest, now growing 30% in constant currency.

North America is Adyen's contested region. Net revenue billed there was €429.5 million in 2023, €536.0 million in 2024 and €633.4 million in 2025 1, 26.8% of the total 2.

North America net revenue, second half (€M)131H2 2021191H2 2022242H2 2023292H2 2024342H2 2025Adyen H2 shareholder letters 2022 to 2025
Two and a half times in four years, the fastest of the four regions, through the 2023 scare.

It grew 25% in 2024 and 18% in 2025 3. The second half grew from €131.3 million in 2021 4 to €341.6 million in 2025 5, faster than any other region over those four years 6.

This is where the 2023 crash began: a slowdown in North American growth and higher investment took the shares down about 40% in a day 7. It is also where Stripe, founded and strongest in the United States, competes for the same enterprise merchants.

The first half of 2026 was strong. North America net revenue grew 23% to €358.1 million, 30% in constant currency, and reached 27% of the company 8. Adyen added 91 staff there in the half, taking its North American headcount to 975, mostly in Chicago, San Francisco and New York 9.

The measure to watch is North America's constant-currency growth, 30% in the first half of 2026 10. Holding above the group's rate means Adyen is winning in the market where it was supposed to be most vulnerable; falling below it would repeat the 2023 question.

Moat trajectory: Widening

Constant-currency growth of 30% in the first half of 2026, above the group's, in the market where Stripe competes hardest.

The number that tests this moat
Reported
North America constant-currency growth, first half
+30% in H1 2026 (€358.1M, +23% reported)

Above the group's rate means Adyen is winning where Stripe is strongest.

Source: Adyen H1 2026 shareholder letter ↗
References
  1. Moat Explorer calcNet revenue billed there was €429.5 million in 2023, €536.0 million in 2024 and €633.4 million in 2025 , 26.8% 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 ↗
  2. Moat Explorer calcNet revenue billed there was €429.5 million in 2023, €536.0 million in 2024 and €633.4 million in 2025 , 26.8% 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. Moat Explorer calcIt grew 25% in 2024 and 18% in 2025 .
    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 ↗
  4. ReportedThe second half grew from €131.3 million in 2021 to €341.6 million in 2025 , faster than any other region over those four years .
    Adyen H2 2022 Shareholder Letter - net revenue by region and growth for H2 2022 and H2 2021 — H2 2022 · publ. February 2023 · source ↗
  5. ReportedThe second half grew from €131.3 million in 2021 to €341.6 million in 2025 , faster than any other region over those four years .
    Adyen H2 2025 Shareholder Letter - net revenue by region for H2 2025 and H2 2024 — H2 2025 · publ. February 2026 · source ↗
  6. Moat Explorer calcThe second half grew from €131.3 million in 2021 to €341.6 million in 2025 , faster than any other region over those four years .
    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 ↗
  7. ReportedThis is where the 2023 crash began: a slowdown in North American growth and higher investment took the shares down about 40% in a day .
    Adyen H1 2023 results - slowing North American growth and higher investment; the shares fell about 40% on 17 August 2023 — H1 2023 · publ. August 2023 · source ↗
  8. ReportedNorth America net revenue grew 23% to €358.1 million, 30% in constant currency, and reached 27% of the company .
    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 ↗
  9. ReportedAdyen added 91 staff there in the half, taking its North American headcount to 975, mostly in Chicago, San Francisco and New York .
    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 ↗
  10. ReportedThe measure to watch is North America's constant-currency growth, 30% in the first half of 2026 .
    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 ↗
Sources
Generated September 23, 2026