Waystar Holding Corp. Earnings Recaps
Q2 2026
Aug 2, 2026
Shares declined 11.6% following Waystar’s Q2 report, driven by indications of decelerating growth momentum and a cautious outlook despite solid bookings and margin performance.
Key takeaways
- Revenue grew 18% year-over-year to $320 million, a solid increase but not enough to offset investor concerns on growth sustainability.
- Adjusted EBITDA margin reached 43%, reflecting operational efficiency and exceeding expectations.
- Bookings remained strong, with a notable number of $1 million-plus ACV deals and growth in large client relationships (clients >$100K revenue grew 15% YoY).
- Net revenue retention held steady at 108%, in line with historical trends but showing no acceleration.
- Market reaction suggests investors were wary of forward growth cadence and cautious commentary, reflected in the sizable stock selloff.
Q3 2025
Oct 31, 2025
Waystar reported robust third-quarter results with a 12% year-over-year revenue growth to $269 million, bolstered by successful client retention strategies and the recent acquisition of Iodine Software.
Key takeaways
- Achieved an adjusted EBITDA margin of 42%, exceeding growth expectations.
- Completed the acquisition of Iodine Software, expanding total addressable market by over 15% and enhancing product capabilities.
- Successfully hosted Waystar True North conference, demonstrating significant client ROI through improved operational efficiencies and revenue capture.
- Continued strengthening of market position with integration capabilities across over 500 electronic health records and practice management systems.