Waystar Holding Corp. Q2 2026 Earnings Recap

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.