Waystar Holding Corp.WAYEarnings & Financial Report
Waystar Holding Corp is a leading provider of integrated healthcare payment and revenue cycle management solutions. It serves healthcare providers, health systems, and payers across the United States, offering tools that streamline billing, claims processing, patient payment collection, and revenue optimization to reduce administrative burdens and improve financial performance for healthcare organizations.
WAY Q4 2025 Key Financial Metrics
Revenue
$303.5M
Gross Profit
N/A
Operating Profit
$59.0M
Net Profit
$20.0M
Gross Margin
N/A
Operating Margin
19.4%
Net Margin
6.6%
YoY Growth
24.3%
EPS
$0.10
Financial Flow
Waystar Holding Corp. Q4 2025 Financial Summary
Waystar Holding Corp. reported revenue of $303.5M (up 24.3% YoY) for Q4 2025, with a net profit of $20.0M (up 4.8% YoY) (6.6% margin). Cost of goods sold was N/A.
Key Financial Metrics
| Total Revenue | $303.5M |
|---|---|
| Net Profit | $20.0M |
| Gross Margin | N/A |
| Operating Margin | 19.4% |
| Report Period | Q4 2025 |
Revenue Breakdown
Waystar Holding Corp. Q4 2025 revenue of $303.5M breaks down across 3 segments, led by Subscription And Circulation at $167.8M (55.3% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Subscription And Circulation | $167.8M | 55.3% |
| Volume Based Revenue | $134.2M | 44.2% |
| Implementation Services And Other Revenue | $1.5M | 0.5% |
Waystar Holding Corp. Revenue by Segment — Quarterly Trend
Waystar Holding Corp. revenue by segment across the last 4 reported quarters, showing how each business line (such as Subscription And Circulation and Volume Based Revenue) has evolved quarter over quarter.
| Segment | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|
| Subscription And Circulation | $167.8M | $134.4M | $131.1M | $125.0M |
| Volume Based Revenue | $134.2M | $132.3M | $138.3M | $129.9M |
| Implementation Services And Other Revenue | $1.5M | $1.9M | $1.3M | $1.5M |
Waystar Holding Corp. Annual Revenue by Year
Waystar Holding Corp. annual revenue history includes year-by-year totals (for example, 2025 revenue was $1.1B). Click any linked year to see what changed vs the prior annual report.
Waystar Holding Corp. Quarterly Revenue & Net Profit History
Waystar Holding Corp. results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 2025 | $303.5M | +24.3% | $20.0M | 6.6% |
| Q3 2025 | $268.7M | +11.9% | $30.6M | 11.4% |
| Q2 2025 | $270.7M | +15.4% | $32.2M | 11.9% |
| Q1 2025 | $256.4M | +14.1% | $29.3M | 11.4% |
| Q4 2024 | $244.1M | — | $19.1M | 7.8% |
| Q3 2024 | $240.1M | +21.7% | $5.4M | 2.3% |
| Q2 2024 | $234.5M | +19.7% | $-27.7M | -11.8% |
| Q1 2024 | $224.8M | — | $-15.9M | -7.1% |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $224.8M | $234.5M | $240.1M | $244.1M | $256.4M | $270.7M | $268.7M | $303.5M |
| YoY Growth | N/A | 19.7% | 21.7% | N/A | 14.1% | 15.4% | 11.9% | 24.3% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | N/A | $4.57B | $4.54B | $4.58B | $4.62B | $4.68B | $4.75B | $5.79B |
| Liabilities | N/A | $1.62B | $1.49B | $1.50B | $1.49B | $1.50B | $1.52B | $1.91B |
| Equity | $2.04B | $2.95B | $3.05B | $3.08B | $3.13B | $3.17B | $3.22B | $3.88B |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|
| Operating CF | $10.7M | $15.4M | $78.8M | $64.2M | $96.8M | $82.0M | $66.6M |