Checkout.com Hits Double-Digit EBITDA Margin

Crossing 10% adjusted EBITDA margin shows Checkout.com has moved from paying for growth to getting paid for scale. The business now looks less like a subsidized volume machine and more like a durable enterprise processor where each large merchant relationship can support licensing, local acquiring, fraud tools, and global coverage. That matters because enterprise payments usually come with heavy implementation work and thinner margins than simpler self serve payment APIs.1 2 3

• Checkout.com processed more than $300B in 2025 and reached profitability while serving about 1,700 enterprise merchants. That implies the company is generating meaningfully more gross profit per merchant, not just adding long tail volume from small businesses.1
• The trade off in this market is clear. Checkout.com is built for large merchants that want custom routing, local acquiring licenses, and hands on support, which supports retention but weighs on margin. Internal research compares its 10% EBITDA margin with Adyen at 40% plus at similar scale.1
• Stripe shows the other path. It pairs payments with higher margin software like billing and broader financial tooling, and internal estimates put Stripe at $6.8B revenue in 2025 versus Checkout.com at a $750M revenue run rate in August 2026. Checkout.com has less software mix, so payments efficiency matters more.2 3

The next step is turning enterprise processing into a thicker software and infrastructure bundle. If Checkout.com can keep growing volume toward its 2026 forecast while holding double digit EBITDA, it strengthens the case that global acquiring, better authorization, and merchant specific optimization can be a real moat, not just a service cost center.1 2