Waystar Holding Corp. (WAY) SEC Filings & Earnings Calls
EquiReason read 10 Waystar Holding Corp. SEC filings in the last 12 months. Latest: 10-Q on 2026-07-29 — Waystar reported strong Q2 2026 results with revenue up 18.1% YoY, net income up 27.0% YoY, and Adjusted EBITDA margin expansion..
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
- Market cap
- 5.5B
- P/E TTM
- 41.2
- Dividend yield
- —
- 52-week
- —
- Next earnings
- 2 Nov, in 9 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
29 Jul 202610-QWaystar reported strong Q2 2026 results with revenue up 18.1% YoY, net income up 27.0% YoY, and Adjusted EBITDA margin expansion.earningsopen
Figures in the filing · each found in the filing text
| Revenue · H1-2026 | $634M | +20% y/y |
| Net income · H1-2026 | $84M | +37% y/y |
| Adjusted EBITDA · H1-2026 | $272M | +24% y/y |
| Net Revenue Retention Rate · 12 months ended | 108.3% | |
| Clients · June 30, 2026 | 30,000 | |
| Clients >$100k · 12 months ended | 1,453 |
Risks flagged
Cybersecurity incident costs
“For the three and six months ended June 30, 2026, adjustments related to costs for the cybersecurity incident (see” · word for word
Integration risk from Iodine acquisition
“The acquisition was completed on October 1, 2025 for a total purchase price of $1.26 billion.” · word for word
29 Jul 20268-K · 2.02Waystar reported Q2 2026 revenue of $319.7M (+18% YoY), net income $40.9M, adjusted EBITDA $136.7M (43% margin). Raised FY2026 revenue and adjusted EBITDA guidance. Key metrics: NRR 108%, subscription revenue +34% YoY.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q2-2026 | $320M | +18% y/y |
| Net income · Q2-2026 | $41M | |
| Non-GAAP net income · Q2-2026 | $83M | |
| Adjusted EBITDA · Q2-2026 | $137M | |
| Adjusted EBITDA margin · Q2-2026 | 43.0% | |
| Net income margin · Q2-2026 | 13.0% | |
| Cash flow from operations · Q2-2026 | $59M | |
| Unlevered free cash flow · Q2-2026 | $64M | |
| Clients >$100k LTM revenue · Q2-2026 | 1,453 | +15% y/y |
| Net revenue retention rate · Q2-2026 | 108.0% |
Guidance
FY2026 total revenue expected $1.276B-$1.294B; adjusted EBITDA $535M-$545M; non-GAAP net income $322M-$340M; diluted non-GAAP EPS $1.61-$1.70
Raising revenue and adjusted EBITDA guidance for 2026, reflecting confidence in continued demand and operational execution.
Risks flagged
Volume-based revenue growth slowed to 3% YoY, indicating potential headwinds in transaction-based revenue streams.
“Volume-based revenue up only 3% YoY vs 18% total revenue growth”
29 Apr 202610-QRevenue $314M (+22% y/y); Net income $43M (+48% y/y); Operating cash flow $85M (+32% y/y)open
Figures in the filing · each found in the filing text
| Revenue · Q1-2026 | $314M | +22% y/y |
| Net income · Q1-2026 | $43M | +48% y/y |
| Operating cash flow · Q1-2026 | $85M | +32% y/y |
| Adjusted EBITDA · Q1-2026 | $135M | +26% y/y |
| Net Revenue Retention Rate · 2026-03-31 | 110.5% | |
| Clients >$100k revenue · 2026-03-31 | 1,433 | +15% y/y |
Risks flagged
Integration risk from Iodine acquisition
“Acquisition of Iodine completed on October 1, 2025 for $1.26 billion; integration costs and potential dilution.”
Dependence on competitor's cybersecurity incident for revenue boost
“Approximately $11 million in additional revenue in Q1 2025 due to competitor's cybersecurity incident; this benefit may not recur.” · word for word
29 Apr 20268-K · 2.02Revenue $314M (+22% y/y); Net income $43M; Adjusted EBITDA $135M; Guidance: Full year 2026 revenue guidance $1,274-1,294M, adjusted EBITDA $530-540Mearningsopen
Figures in the filing · each found in the filing text
| Revenue · Q1-2026 | $314M | +22% y/y |
| Net income · Q1-2026 | $43M | |
| Adjusted EBITDA · Q1-2026 | $135M | |
| Non-GAAP net income · Q1-2026 | $81M | |
| Subscription revenue · Q1-2026 | $172M | +38% y/y |
| Volume-based revenue · Q1-2026 | $140M | +7% y/y |
| Net revenue retention rate · Q1-2026 | 111.0% | |
| Clients over $100K LTM revenue · Q1-2026 | 1,433 | +15% y/y |
| Unlevered free cash flow · Q1-2026 | $90M |
Guidance
Full year 2026 revenue guidance $1,274-1,294M, adjusted EBITDA $530-540M
Guidance implies continued strong growth with revenue midpoint $1,284M vs Q1 annualized ~$1,256M
Risks flagged
Volume-based revenue growth (7%) lags subscription revenue growth (38%), indicating potential mix shift risk
“Volume-based revenue of $139.5 million, up 7% year-over-year vs subscription revenue up 38%” · word for word
GAAP net income margin of 14% is lower than adjusted EBITDA margin of 43%, indicating significant non-cash charges
“Net income margin of 14%; adjusted EBITDA margin of 43%” · word for word
17 Apr 2026DEF 14AAnnual proxy statement detailing executive compensation, governance, and 2025 financial results.open
Figures in the filing · each found in the filing text
| Revenue · FY2025 | $1.10B | +17% y/y |
| Net Income · FY2025 | $112M | |
| Adjusted EBITDA · FY2025 | $462M | |
| Net Revenue Retention Rate · FY2025 | 112.0% | |
| Operating Cash Flow · FY2025 | $310M |
Risks flagged
Key executive departure
“On April 14, 2026, Christopher Schremser notified the Company of his intention to resign from the Company effective June 12, 2026.” · word for word
Integration risk from Iodine acquisition
“We completed the acquisition of Iodine Software, expanding our addressable market into the clinical mid-cycle and adding more than 1,000 hospitals and health systems to our network.” · word for word
17 Feb 20268-K · 2.02Revenue $304M (+24% y/y); Adjusted EBITDA $129M; Non-GAAP net income $71M; Guidance: FY2026 revenue guidance $1.274B-$1.294B (midpoint ~$1.284B, +17% YoY); adjusted EBITDA $530M-$540M (midpoint ~$535M, +16% YoY)earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q4-2025 | $304M | +24% y/y |
| Adjusted EBITDA · Q4-2025 | $129M | |
| Non-GAAP net income · Q4-2025 | $71M | |
| Revenue · FY2025 | $1.10B | +17% y/y |
| Adjusted EBITDA · FY2025 | $462M | |
| Non-GAAP net income · FY2025 | $263M | |
| Subscription revenue · Q4-2025 | $168M | +38% y/y |
| Volume-based revenue · Q4-2025 | $134M | +11% y/y |
| Net revenue retention rate · FY2025 | 112.0% | |
| Clients >$100K LTM revenue · FY2025 | 1,391 | +16% y/y |
Guidance
FY2026 revenue guidance $1.274B-$1.294B (midpoint ~$1.284B, +17% YoY); adjusted EBITDA $530M-$540M (midpoint ~$535M, +16% YoY)
FY2026 guidance implies strong growth, reflecting robust pipeline, AI demand, and disciplined execution.
Risks flagged
No material risks disclosed; standard forward-looking statements.
“No specific risk factors in excerpt.”
17 Feb 202610-KNet Revenue Retention Rate 112; R&D Expense $55M (+12% y/y); Clients 30,000open
Figures in the filing · each found in the filing text
| Net Revenue Retention Rate · FY2025 | 112.0% | |
| R&D Expense · FY2025 | $55M | +12% y/y |
| Clients · 2025-12-31 | 30,000 | |
| Employees · 2025-12-31 | 1,700 |
Risks flagged
Competitive pressure from EHR/PM vendors and large tech companies
“Well-funded large technology companies are increasingly entering the revenue cycle technology market.” · word for word
Client concentration risk mitigated by diversification
“Our top 10 clients accounted for only 10.8% of our total revenue.”
6 Feb 20268-K · 5.02Reported a director or officer change (departure, election, appointment or pay arrangement)open
Risks flagged
Key executive departure could disrupt business operations or strategic initiatives.
“Chief Business Officer resigning to join another company; no severance provided.”
29 Oct 202510-QWaystar reported strong Q3 2025 results with revenue up 11.9% YoY and net income increasing significantly, driven by subscription and volume-based revenue growth.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q3-2025 | $269M | +12% y/y |
| Net income · Q3-2025 | $31M | +466% y/y |
| Operating cash flow · 9M-2025 | $243M | +132% y/y |
| Subscription revenue · Q3-2025 | $134M | +14% y/y |
| Volume-based revenue · Q3-2025 | $132M | +10% y/y |
Risks flagged
Competitive pressure
“We operate in a highly competitive industry.”
Client retention and acquisition
“Our ability to retain our existing clients and attract new clients.” · word for word
Acquisition integration risk
“Our ability to accurately assess the risks related to acquisitions and successfully integrate acquired businesses, including the acquisition of Iodine Software Holdings, Inc.” · word for word
Regulatory and compliance risk
“The heavily regulated industry in which we conduct business.” · word for word
Cybersecurity and data privacy risk
“Privacy concerns and security breaches or incidents relating to our platform.” · word for word
29 Oct 20258-K · 2.02Revenue $269M (+12% y/y); Net income $31M; Adjusted EBITDA $113M; Guidance: Revenue $1.085B-$1.093B; Adjusted EBITDA $451M-$455Mearningsopen
Figures in the filing · each found in the filing text
| Revenue · Q3-2025 | $269M | +12% y/y |
| Net income · Q3-2025 | $31M | |
| Adjusted EBITDA · Q3-2025 | $113M | |
| Adjusted EBITDA margin · Q3-2025 | 42.0% | |
| Subscription revenue · Subscription · Q3-2025 | $135M | +14% y/y |
| Volume-based revenue · Volume-based · Q3-2025 | $132M | +10% y/y |
| Net revenue retention rate · Q3-2025 | 113.0% | |
| Clients >$100k LTM revenue · Q3-2025 | 1,306 | +11% y/y |
| Unlevered free cash flow · Q3-2025 | $96M |
Guidance
Revenue $1.085B-$1.093B; Adjusted EBITDA $451M-$455M
Raised full-year 2025 revenue and adjusted EBITDA guidance due to continuing demand and focused execution.
Risks flagged
Integration of Iodine Software underway.
“Integration of Iodine Software is well underway.” · word for word
Waystar Holding Corp. — questions
- What did Waystar Holding Corp. file recently?
- 10 SEC filings in the last 12 months. Latest: 10-Q on 2026-07-29 — Waystar reported strong Q2 2026 results with revenue up 18.1% YoY, net income up 27.0% YoY, and Adjusted EBITDA margin expansion.
Every figure on this page comes from Waystar Holding Corp.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.