Inferra AI / Company / WAY
Waystar Holding Corp.
WAY · Information Technology
Last earnings Jul 29, 2026
Key results
Revenuequarter
15%
Waystar recorded strong Q2 results, including 15% revenue growth, driven by AI-powered innovations, trusted client relationships, and compelling and real ROI for healthcare providers, said Matt Hawkins, Chief Executive Officer of Waystar.
SEC original ↗Waystar Holding Corp. — Earnings release (8-K exhibit)EX-99Jul 30, 2025
Growthquarter
up 15%
Revenue of $270.7 million, up 15% year-over-year
SEC original ↗Waystar Holding Corp. — Earnings release (8-K exhibit)EX-99Jul 30, 2025
Net incomequarter
$32.2 million
Net income of $32.2 million, GAAP net income per diluted share of $0.18, and net income margin of 12%
SEC original ↗Waystar Holding Corp. — Earnings release (8-K exhibit)EX-99Jul 30, 2025
GAAP net incomequarter
$0.18
Net income of $32.2 million, GAAP net income per diluted share of $0.18, and net income margin of 12%
SEC original ↗Waystar Holding Corp. — Earnings release (8-K exhibit)EX-99Jul 30, 2025
Non-GAAP net incomequarter
$65.7 million
Non-GAAP net income of $65.7 million and non-GAAP net income per diluted share of $0.36 Adjusted EBITDA of $112.6 million and adjusted EBITDA margin of 42% Cash flow from operations of $97 million and unlevered
SEC original ↗Waystar Holding Corp. — Earnings release (8-K exhibit)EX-99Jul 30, 2025
Free cash flowquarter
$111 million
free cash flow of $111 million Key Metrics and Revenue Disaggregation 1,268 clients contributed over $100,000 in LTM revenue, up 14% year-over-year Net revenue retention rate (NRR) of 115%
SEC original ↗Waystar Holding Corp. — Earnings release (8-K exhibit)EX-99Jul 30, 2025
Net revenuequarter
14%
free cash flow of $111 million Key Metrics and Revenue Disaggregation 1,268 clients contributed over $100,000 in LTM revenue, up 14% year-over-year Net revenue retention rate (NRR) of 115%
SEC original ↗Waystar Holding Corp. — Earnings release (8-K exhibit)EX-99Jul 30, 2025
Subscription revenuequarter
$131.1 million
Subscription revenue of $131.1 million, up 17% year-over-year
SEC original ↗Waystar Holding Corp. — Earnings release (8-K exhibit)EX-99Jul 30, 2025
Customer Count with $100,000 of Revenue We regularly monitor and review our count of clients who generate more than $100,000 of revenue.
SEC original ↗Waystar Holding Corp. — Earnings release (8-K exhibit)EX-99Jul 30, 2025
Our count of clients who generate more than $100,000 of revenue is based on an accumulation of the amounts invoiced to clients over the preceding twelve months.
SEC original ↗Waystar Holding Corp. — Earnings release (8-K exhibit)EX-99Jul 30, 2025
AI analysis
Q2 2025 · reported Jul 30, 2025
Based on: Earnings release + parent 8-K + 10-Q — transcript not held
Headline figures
| Metric | Q2 2025 | Prior qtr | Year ago |
|---|---|---|---|
| Revenue | 15% | — | — |
| Growth | up 15% | — | — |
| Net income | $32.2 million | — | — |
| GAAP net income | $0.18 | — | — |
| Non-GAAP net income | $65.7 million | — | — |
| Free cash flow | $111 million | — | — |
| Net revenue | 14% | — | — |
| Subscription revenue | $131.1 million | — | — |
Guidance · company-stated
Direction: Raised
“htm EX-99.1 Document Waystar Reports Second Quarter 2025 Results Q2 revenue growth of 15% year-over-year Q2 net income of $32.2 million and non-GAAP net income of $65.7 million Q2 net income margin of 12% adjusted EBITDA margin of 42% Raising revenue and adjusted EBITDA guidance for 2025 LEHI, Utah and LOUISVILLE, Ky.”
Classified from the release's primary full-year outlook statement.
Cash flow & capex
Capital allocation
Additionally, these measures are not intended to be a measure of free cash flow available for management s discretionary use, as they do not consider certain cash requirements such as interest payments, tax payments, and debt service requirements.
The following non-GAAP financial measures and key performance metrics are defined below Adjusted EBITDA and adjusted EBITDA Margin We define adjusted EBITDA as net income (loss) before interest expense, net, income tax expense (benefit), depreciation and amortization, and as further adjusted for stock-based compensation expense, acquisition and integration costs, asset and lease impairments, costs related to amended debt agreements and IPO and secondary offering costs.
Event summary
Waystar Holding Corp. Q2 2025 — Waystar recorded strong Q2 results, including 15% revenue growth, driven by AI-powered innovations, trusted client relationships, and compelling and real ROI for healthcare providers, said Matt Hawkin…
Based on: Earnings release + parent 8-K + 10-Q — transcript not held
Guidance & outlook
Direction: Raised
Revenue: “htm EX-99.1 Document Waystar Reports Second Quarter 2025 Results Q2 revenue growth of 15% year-over-year Q2 net income of $32.2 million and non-GAAP net income of $65.7 million Q2 net income margin of 12% adjusted EBITDA margin of 42% Raising revenue and adjusted EBITDA guidance for 2025 LEHI, Utah and LOUISVILLE, Ky.”
Revenue — Raised (“Raising”)
“htm EX-99.1 Document Waystar Reports Second Quarter 2025 Results Q2 revenue growth of 15% year-over-year Q2 net income of $32.2 million and non-GAAP net income of $65.7 million Q2 net income margin of 12% adjusted EBITDA margin of 42% Raising revenue and adjusted EBITDA guidance for 2025 LEHI, Utah and LOUISVILLE, Ky.”
Revenue — Raised (“raise”)
“Our execution and momentum enable us to raise full-year revenue and adjusted EBITDA guidance.”
Classified from the release's primary full-year outlook statement.
Capital allocation
Additionally, these measures are not intended to be a measure of free cash flow available for management s discretionary use, as they do not consider certain cash requirements such as interest payments, tax payments, and debt service requirements.
SEC original ↗Waystar Holding Corp. — Earnings release (8-K exhibit)EX-99Jul 30, 2025
The following non-GAAP financial measures and key performance metrics are defined below Adjusted EBITDA and adjusted EBITDA Margin We define adjusted EBITDA as net income (loss) before interest expense, net, income tax expense (benefit), depreciation and amortization, and as further adjusted for stock-based compensation expense, acquisition and integration costs, asset and lease impairments, costs related to amended debt agreements and IPO and secondary offering costs.
SEC original ↗Waystar Holding Corp. — Earnings release (8-K exhibit)EX-99Jul 30, 2025
Non-GAAP Net Income (loss) and Non-GAAP Net Income (loss) Per Share We define non-GAAP net income as GAAP net income (loss) excluding the impact of stock-based compensation, acquisition and integration costs, asset and lease impairments, costs related to our IPO, and the Secondary Offering, and costs related to amended debt agreements and amortization of intangibles.
SEC original ↗Waystar Holding Corp. — Earnings release (8-K exhibit)EX-99Jul 30, 2025
Net Debt We define net debt as the sum of the current portion of long-term debt, long-term debt, and accounts receivable securitization less cash and equivalents and investment securities.
SEC original ↗Waystar Holding Corp. — Earnings release (8-K exhibit)EX-99Jul 30, 2025
Adjusted Net Leverage Ratio We define adjusted net leverage ratio as net debt divided by adjusted EBITDA over the preceding twelve months.
SEC original ↗Waystar Holding Corp. — Earnings release (8-K exhibit)EX-99Jul 30, 2025
Forward-Looking Statements This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that reflect our current views with respect to, among other things, statements regarding Waystar s expectations relating to future operating results and financial position, including full year 2025, and future periods the performance of our new product offerings our industry and market opportunities, business strategy, goals, and expectations concerning our market position, future operations, margins and profitability, capital expenditures, liquidity, and capital resources and other financial and operating information.
SEC original ↗Waystar Holding Corp. — Earnings release (8-K exhibit)EX-99Jul 30, 2025
Strategy & priorities
Management believes these non-GAAP financial measures are useful to investors in highlighting trends in our operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate, and capital investments.
SEC original ↗Waystar Holding Corp. — Earnings release (8-K exhibit)EX-99Jul 30, 2025
Management uses adjusted EBITDA and adjusted EBITDA margin to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, to establish discretionary annual incentive compensation, and to compare our performance against that of other peer companies using similar measures.
SEC original ↗Waystar Holding Corp. — Earnings release (8-K exhibit)EX-99Jul 30, 2025
Forward-Looking Statements This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that reflect our current views with respect to, among other things, statements regarding Waystar s expectations relating to future operating results and financial position, including full year 2025, and future periods the performance of our new product offerings our industry and market opportunities, business strategy, goals, and expectations concerning our market position, future operations, margins and profitability, capital expenditures, liquidity, and capital resources and other financial and operating information.
SEC original ↗Waystar Holding Corp. — Earnings release (8-K exhibit)EX-99Jul 30, 2025
About Waystar Waystar s mission-critical software is purpose-built to simplify healthcare payments so providers can prioritize patient care and optimize their financial performance.
SEC original ↗Waystar Holding Corp. — Earnings release (8-K exhibit)EX-99Jul 30, 2025
Waystar strives to transform healthcare payments so providers can focus on what matters most their patients and communities.
SEC original ↗Waystar Holding Corp. — Earnings release (8-K exhibit)EX-99Jul 30, 2025
Risks & headwinds
The forward-looking statements are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify.
SEC original ↗Waystar Holding Corp. — Earnings release (8-K exhibit)EX-99Jul 30, 2025
Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, our actual results may vary in material respects from those projected in these forward-looking statements.
SEC original ↗Waystar Holding Corp. — 10-Q Quarterly report10-QJul 29, 2026
Legal Proceedings 42 Item 1A.
SEC original ↗Waystar Holding Corp. — 10-Q Quarterly report10-QJul 29, 2026
Historically, we have not incurred costs to defend lawsuits or settle claims related to these indemnification agreements.
SEC original ↗Waystar Holding Corp. — 10-Q Quarterly report10-QJul 29, 2026
Significant estimates and assumptions are used for, but are not limited to: (1) revenue recognition, including estimated expected customer life; (2) recoverability of accounts receivable and taxes receivable; (3) impairment assessment of goodwill and long-lived intangible assets; (4) fair value of intangibles acquired in business combinations; (5) litigation reserves; (6) depreciation and amortization; (7) fair value of stock options issued to employees and assumed as part of business combinations; (8) fair value of interest rate swaps; and (9) leases, including incremental borrowing rate.
SEC original ↗Waystar Holding Corp. — 10-Q Quarterly report10-QJul 29, 2026
Competitors
Competitors & peers
Same GICS sector — classification peers, not declared competitors
Filings
30 documents- Q2 2026
- 10-QWAY
Jul 29, 2026
- 8-KWAY
Jul 29, 2026
- Q1 2026
- 8-KWAY
Jun 4, 2026
- 10-QWAY
Apr 29, 2026
- 8-KWAY
Apr 29, 2026
- Q4 2025
- 10-KWAY
Feb 17, 2026
- 8-KWAY
Feb 17, 2026
- 8-KWAY
Feb 6, 2026
- Q3 2025
- 10-QWAY
Oct 29, 2025
- 8-KWAY
Oct 29, 2025
- 8-KWAY
Oct 1, 2025
- Q2 2025
- 8-KWAY
Sep 11, 2025
- 8-KWAY
Aug 12, 2025
- 10-QWAY
Jul 30, 2025
- 8-KWAY
Jul 30, 2025
- 8-KWAY
Jul 23, 2025
- EX-99WAY
Jul 23, 2025
- Q1 2025
- 8-KWAY
Jun 5, 2025
- 8-KWAY
May 12, 2025
- 10-QWAY
Apr 30, 2025
- 8-KWAY
Apr 30, 2025
- Q4 2024
- 10-KWAY
Feb 18, 2025
- 8-KWAY
Feb 18, 2025
- Q3 2024
- 8-KWAY
Dec 30, 2024
- 10-QWAY
- 8-KWAY
Nov 6, 2024
- Q2 2024
- 10-QWAY
- 8-KWAY
Aug 7, 2024
- Q1 2024
- 8-KWAY
Jun 27, 2024
- 8-KWAY
Jun 12, 2024
Earnings releases
9 documentsPresentations
0 documentsNo presentations for Waystar Holding Corp. are held in this edition of the library.
Transcripts
0 documentsNo transcripts for Waystar Holding Corp. are held in this edition of the library.
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