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Waystar Holding Corp. (Nasdaq: WAY) lifts 2026 revenue and EBITDA outlook

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Waystar Holding Corp. reported second-quarter 2026 revenue of $319.7 million, up 18% year-over-year. Net income was $40.9 million, or $0.21 GAAP diluted EPS, with a net income margin of 13%. Non-GAAP net income was $83.3 million, or $0.43 diluted non-GAAP EPS. Adjusted EBITDA reached $136.7 million, delivering an adjusted EBITDA margin of 43%. Cash flow from operations was $59.4 million and unlevered free cash flow was $63.9 million.

Operating metrics showed 1,453 clients contributing over $100,000 in LTM revenue, up 15% year-over-year, and a net revenue retention rate of 108%. Q2 2026 subscription revenue was $176.3 million, up 34%, while volume-based revenue was $142.1 million, up 3%. Provider revenue was $231.8 million and patient revenue $87.9 million.

For full-year 2026, the company now expects total revenue between $1.276 billion and $1.294 billion, adjusted EBITDA between $535 million and $545 million, non-GAAP net income between $322 million and $340 million, and diluted non-GAAP EPS between $1.61 and $1.70, raising its revenue and adjusted EBITDA guidance. Net debt was $1.28 billion with a trailing twelve-month adjusted EBITDA of $514.0 million, implying an adjusted net leverage ratio of 2.5x.

Positive

  • Q2 2026 revenue grew 18% to $319.7 million, with a strong 43% adjusted EBITDA margin, indicating robust profitability alongside double-digit top-line growth.
  • The company raised full-year 2026 guidance, now targeting revenue of $1.276–$1.294 billion and adjusted EBITDA of $535–$545 million, signaling increased confidence in its financial outlook.
  • Waystar reported non-GAAP net income of $83.3 million in Q2 2026 and a net revenue retention rate of 108%, highlighting healthy profitability and strong expansion within the existing client base.

Negative

  • None.

Filing Explained

This furnished earnings filing excludes cybersecurity-related costs from non-GAAP measures and shows investment securities offsetting debt in reported net debt.

The July 29, 2026 Form 8-K records Waystar’s completed second-quarter report through an Item 2.02 earnings release; the release is furnished, not filed under Section 18, so its immediate consequence is disclosure status rather than a share or ownership transaction.

Waystar defines adjusted EBITDA, non-GAAP net income, and unlevered free cash flow as supplemental non-GAAP measures rather than substitutes for GAAP net income or operating cash flow; it also says unlevered free cash flow does not account for interest, taxes, or debt service.

The 2026 reconciliations identify costs associated with a cybersecurity incident as an adjustment and link that item to Item 1A of the company’s Form 10-Q.

At June 30, 2026, the net-debt reconciliation offsets $12,645 thousand of cash and equivalents and $178,954 thousand of investment securities against debt, while balance-sheet restricted cash was $32,767 thousand; reported net debt is therefore not a cash-only measure.

The filing points to the company’s Form 10-Q Item 1A for the cybersecurity-related item; that report covers quarterly risk and liquidity updates.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Revenue $319.7 million Revenue for the quarter ended June 30, 2026, up 18% year-over-year
Q2 2026 Net Income $40.9 million Net income for the quarter ended June 30, 2026; net margin 13%
Q2 2026 Adjusted EBITDA $136.7 million Adjusted EBITDA for Q2 2026 with a 43% adjusted EBITDA margin
Q2 2026 Non-GAAP Net Income $83.3 million Non-GAAP net income for the quarter ended June 30, 2026
Net Revenue Retention Rate 108% Net revenue retention rate based on twelve months of client invoices
Clients >$100K LTM Revenue 1,453 clients Clients contributing over $100,000 in last-twelve-month revenue, up 15% year-over-year
2026 Revenue Guidance Range $1.276–$1.294 billion Total revenue expected for full fiscal year 2026 as of July 29, 2026
Adjusted Net Leverage Ratio 2.5x Net debt divided by trailing twelve months adjusted EBITDA as of June 30, 2026
Adjusted EBITDA financial
"Management uses adjusted EBITDA and adjusted EBITDA margin to supplement GAAP measures"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Adjusted EBITDA margin financial
"Adjusted EBITDA margin represents adjusted EBITDA as a percentage of revenue"
Adjusted EBITDA margin shows how much profit a company makes from its core operations, expressed as a percentage of its total revenue, after removing certain one-time or unusual expenses and income. It helps investors understand the company's true earning ability from regular business activities, making it easier to compare performance over time or with other companies. Think of it as measuring the efficiency of a business in turning sales into profits, excluding irregular adjustments.
Net Revenue Retention Rate financial
"Our Net Revenue Retention Rate compares twelve months of client invoices"
Net revenue retention rate shows how much money a company keeps from its existing customers over time, after accounting for growth or losses. It helps measure if current customers are staying loyal and spending more or less, which is important for understanding the company's ongoing success and stability. Think of it like tracking how much your favorite subscription service keeps and grows its members' payments each year.
unlevered free cash flow financial
"We define unlevered free cash flow as cash from operations plus cash interest paid"
Unlevered free cash flow is the cash a company generates from its core business after paying operating costs and reinvesting in the business, but before any interest or debt repayments. It shows how much cash would be available to all providers of capital—owners and lenders alike—and helps investors compare underlying business performance and value companies without the distortion of different debt levels, like judging a car’s fuel efficiency before adding cargo weight.
accounts receivable securitization financial
"We define net debt as the sum of debt and accounts receivable securitization less cash"
A financing method where a company converts money owed by its customers (accounts receivable) into immediate cash by selling or pledging those customer payments to an outside lender or investor. Think of it like selling a bundle of IOUs to get money now instead of waiting, which can boost short-term cash flow and reduce visible borrowing; investors watch it because the terms and quality of the receivables affect a company’s liquidity, risk profile, and true leverage.
AltitudeAI technical
"the accelerating impact of our AltitudeAI capabilities — helps clients improve performance"
Revenue $319.7 million up 18% year-over-year
Net income $40.9 million net income margin 13%
Adjusted EBITDA $136.7 million adjusted EBITDA margin 43%
Non-GAAP net income $83.3 million diluted non-GAAP EPS $0.43
Net revenue retention rate 108% based on current vs prior twelve-month client invoices
Clients over $100K LTM revenue 1,453 up 15% year-over-year
Guidance

For full-year 2026, the company expects revenue of $1.276–$1.294 billion, adjusted EBITDA of $535–$545 million, non-GAAP net income of $322–$340 million, and diluted non-GAAP EPS of $1.61–$1.70.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did Waystar (WAY) perform financially in Q2 2026?
Waystar reported Q2 2026 revenue of $319.7 million, up 18% year-over-year, and net income of $40.9 million with a 13% net income margin. Adjusted EBITDA was $136.7 million, delivering a 43% adjusted EBITDA margin.

What were Waystar’s key non-GAAP results for Q2 2026?
In Q2 2026, Waystar generated non-GAAP net income of $83.3 million, or $0.43 diluted non-GAAP EPS, and adjusted EBITDA of $136.7 million with a 43% margin. Unlevered free cash flow for the quarter was $63.9 million.

What 2026 guidance did Waystar (WAY) provide in this 8-K?
For full-year 2026, Waystar expects revenue between $1.276 billion and $1.294 billion, adjusted EBITDA of $535–$545 million, non-GAAP net income of $322–$340 million, and diluted non-GAAP EPS of $1.61–$1.70.

How strong is Waystar’s client and retention profile as of Q2 2026?
Waystar reported 1,453 clients contributing over $100,000 in LTM revenue, up 15% year-over-year, and a net revenue retention rate of 108%. These metrics indicate expansion among existing clients and growth in larger customer relationships.

What revenue mix did Waystar (WAY) report for Q2 2026?
In Q2 2026, Waystar generated $176.3 million of subscription revenue, up 34% year-over-year, and $142.1 million of volume-based revenue, up 3% year-over-year. Provider revenue was $231.8 million and patient revenue $87.9 million.

What leverage metrics did Waystar disclose for June 30, 2026?
Waystar reported net debt of $1.28 billion and trailing twelve-month adjusted EBITDA of $514.0 million as of June 30, 2026. This resulted in an adjusted net leverage ratio of 2.5x and an adjusted gross leverage ratio of 2.9x.

Which non-GAAP metrics does Waystar (WAY) emphasize and why?
Waystar emphasizes adjusted EBITDA, non-GAAP net income, non-GAAP EPS, and unlevered free cash flow to highlight core operating performance. Management states these measures help compare results across periods and with peers by excluding non-cash and non-recurring items.
FALSE00019903542026Q200019903542026-07-292026-07-29

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 29, 2026
Waystar Holding Corp.
(Exact name of registrant as specified in its charter)
Delaware001-4212584-2886542
(State or other jurisdiction
of incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
1550 Digital Drive, #300
Lehi, Utah 84043
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (844) 492-9782
Not applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of
 each class		Trading
 Symbol		Name of each exchange
 on which registered
Common Stock, par value $0.01 per shareWAYThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨


Item 2.02             Results of Operations and Financial Condition.
On July 29, 2026, Waystar Holding Corp. (the “Company”) issued a press release announcing earnings and other financial results for the fiscal quarter ended June 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
The information in this Item 2.02, including the corresponding Exhibit 99.1, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any filings under Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01             Financial Statements and Exhibits.
(d)Exhibits.
Exhibit No.Description
99.1
Waystar Holding Corp. Press Release, dated July 29, 2026
104Cover Page Interactive Data File (embedded within Inline XBRL document)


Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed by the undersigned hereunto duly authorized.
Date: July 29, 2026
Waystar Holding Corp.
By:/s/ Gregory R. Packer
Name:Gregory R. Packer
Title:Chief Legal Officer




screenshot2025-03x28223155.jpg
Waystar Reports Second Quarter 2026 Results
Q2 revenue of $319.7M, up 18% YoY
Q2 net income of $40.9M and non-GAAP net income of $83.3M
Q2 net income margin of 13%; adjusted EBITDA margin of 43%
Raising revenue and adjusted EBITDA guidance for 2026
LEHI, Utah and LOUISVILLE, Ky., July 29, 2026 — Waystar Holding Corp. (Nasdaq: WAY), a provider of leading healthcare payment software, today reported results for the second quarter ended June 30, 2026.
“Waystar delivered another solid quarter, driven by healthy demand, disciplined execution, and growing provider adoption,” said Matt Hawkins, Chief Executive Officer of Waystar. “Our unique position connecting providers, payers, and patients — combined with the breadth of our platform, the scale of our data, and the accelerating impact of our AltitudeAI capabilities — helps clients improve performance and reinforces our confidence in the long-term opportunity ahead.”
Second Quarter 2026 Financial Highlights
•Revenue of $319.7 million, up 18% year-over-year
•Net income of $40.9 million, GAAP net income per diluted share of $0.21, and net income margin of 13%
•Non-GAAP net income of $83.3 million and non-GAAP net income per diluted share of $0.43
•Adjusted EBITDA of $136.7 million and adjusted EBITDA margin of 43%
•Cash flow from operations of $59.4 million and unlevered free cash flow of $63.9 million


Key Performance Metrics and Revenue Disaggregation
•1,453 clients contributed over $100,000 in LTM revenue, up 15% year-over-year
•Net revenue retention rate (NRR) of 108%
•Second quarter 2026 subscription revenue of $176.3 million, up 34% year-over-year
•Second quarter 2026 volume-based revenue of $142.1 million, up 3% year-over-year
•Second quarter 2026 provider revenue of $231.8 million, up 23% year-over-year
•Second quarter 2026 patient revenue of $87.9 million, up 7% year-over-year
Financial Outlook
As of July 29, 2026, Waystar provides the following guidance for its full fiscal year 2026.1
•Total revenue is expected to be between $1.276 billion and $1.294 billion
•Adjusted EBITDA is expected to be between $535 million and $545 million
•Non-GAAP net income is expected to be between $322 million and $340 million
•Diluted non-GAAP net income per share is expected to be between $1.61 and $1.70
Webcast Information
Waystar's financial results will be discussed on a conference call scheduled at 4:30 p.m. Eastern Time today, July 29, 2026. A live audio conference call will be available on Waystar's website at https://investors.waystar.com/news-events/events. The webcast will be archived on the site for those unable to listen in real time. This earnings release and the related Current Report on Form 8-K furnished July 29, 2026, are available on the Investor Relations page of the company’s website. We routinely post important information on our website, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included in the Investor Relations section of our website. Accordingly, investors should monitor this portion of our website, in addition to following our press releases, U.S. Securities and Exchange Commission (“SEC”) filings, and public conference calls and webcasts.
1We have not reconciled the forward-looking adjusted EBITDA, non-GAAP net income, and non-GAAP net income per share guidance included above to the most directly comparable GAAP measure because this cannot be done without unreasonable effort due to the variability and low visibility with respect to certain costs, the most significant of which are incentive compensation (including stock-based compensation), transaction-related expenses, and certain fair value measurements, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results.


Non-GAAP Financial Measures
To supplement the consolidated financial statements prepared and presented in accordance with U.S. generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures as defined below. We present non-GAAP financial measures as supplemental measures of financial performance that are not required by, or presented in accordance with, GAAP. We believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. 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. 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. Management uses non-GAAP net income and non-GAAP net income per share to evaluate our core operating profitability on an after-tax basis exclusive of certain non-cash and non-recurring items, and to facilitate comparison with peer companies that may have different capital structures, acquisition histories, or tax profiles. Management uses unlevered free cash flow to evaluate cash generation from our core business operations independent of our capital structure. Management supplements GAAP results with non-GAAP financial measures to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone provide.
Adjusted EBITDA, adjusted EBITDA margin, non-GAAP net income, non-GAAP net income per share and unlevered free cash flow are not recognized terms under GAAP and should not be considered as an alternative to net income (loss) or net income (loss) margin as measures of financial performance or cash provided by operating activities as a measure of liquidity, or any other performance measure derived in accordance with GAAP. 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 presentations of these measures have limitations as analytical tools and should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company. A reconciliation is provided below for our non-GAAP financial measures to the most directly comparable financial measure stated in accordance with GAAP. A quantitative reconciliation of the forward-looking non-GAAP financial measures included in our financial outlook is not provided for the reasons described under "Financial Outlook." Investors are encouraged to review the related GAAP financial measures and the reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate our business.
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, IPO and secondary offering costs and costs related to other unusual, non-recurring or otherwise notable items. Adjusted EBITDA margin represents adjusted EBITDA as a percentage of revenue.
Non-GAAP Net Income and Non-GAAP Net Income Per Share
We define non-GAAP net income as GAAP net income excluding the impact of stock-based compensation, acquisition and integration costs, asset and lease impairments, costs related to our IPO, and the Secondary Offerings, costs related to amended debt agreements and amortization of intangibles, and costs related to other unusual, non-recurring or otherwise notable items. The tax effects of the adjustments are calculated using a management estimated annual effective non-GAAP tax rate of 21%, which is based on our statutory federal tax rate and provides consistency across interim reporting periods by eliminating the effects of non-recurring and period specific items. Due to the differences in the tax treatment of items excluded from non-GAAP net income, our estimate tax rate on non-GAAP net income may differ from our GAAP tax rate. Non-GAAP net income per share is shown on both a basic and diluted basis and is defined as non-GAAP net income divided by the basic or diluted weighted-average shares, respectively.
Unlevered Free Cash Flow
We define unlevered free cash flow as cash from operations plus cash interest paid less capital expenses.
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.
Adjusted Net Leverage Ratio
We define adjusted net leverage ratio as net debt divided by adjusted EBITDA over the preceding twelve months.
Gross Debt
We define gross debt as the sum of the current portion of long-term debt, long-term debt, and accounts receivable securitization.
Adjusted Gross Leverage Ratio
We define adjusted gross leverage ratio as gross debt divided by adjusted EBITDA over the preceding twelve months.
Key Performance Metrics
Net Revenue Retention Rate
Our Net Revenue Retention Rate compares twelve months of client invoices for our solutions at two period end dates. To calculate our Net Revenue Retention Rate, we first accumulate the total amount invoiced during the twelve months ending with the prior period-end or Prior Period Invoices. We then calculate the total amount invoiced to those same clients for the twelve months ending with the current period-end, or Current Period


Invoices. Current Period Invoices are inclusive of upsell, downsell, pricing changes, clients that cancel or chose not to renew, and discontinued solutions with continuing clients. The Net Revenue Retention Rate is then calculated by dividing the Current Period Invoices by the Prior Period Invoices. Our total invoices included in the analysis are greater than 98% of reported revenue. We use Net Revenue Retention Rate to evaluate our ongoing operations and for internal planning and forecasting purposes. Acquired businesses are included in the last-twelve-month Net Revenue Retention Rate in the ninth quarter after acquisition, which is the earliest point that comparable post-acquisition invoices are available for both the current and prior twelve-month period.
Customer Count with >$100,000 of Revenue
We regularly monitor and review our count of clients who generate more than $100,000 of revenue.
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. The invoices for acquired clients are included starting in the first full calendar quarter after the date of acquisition.
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 2026, 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. Forward-looking statements include all statements that are not historical facts. These statements may include words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “will,” “seek,” “foreseeable,” “outlook,” the negative version of these words or similar terms and phrases to identify forward-looking statements in this press release, including the discussion of outlook for full fiscal year 2026.
The forward-looking statements contained in this press release are based on management’s current expectations and are not guarantees of future performance. The forward-looking statements are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs, and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs, and projections will result or be achieved. The following factors are among those that may cause actual results to differ materially from the forward-looking statements: our operation in a highly competitive industry; our ability to retain our existing clients and attract new clients; our ability to successfully execute on our business strategies in order to grow; our ability to accurately assess the risks related to acquisitions and successfully integrate acquired businesses, including the acquisition of Iodine; our ability to establish and maintain strategic relationships; the growth and success of our clients and overall healthcare transaction volumes; consolidation in the healthcare industry; our selling cycle of variable length to secure new client agreements; our implementation cycle that is dependent on our clients’ timing and resources; our dependence on our senior


management team and certain key employees, and our ability to attract and retain highly skilled employees; the accuracy of the estimates and assumptions we use to determine the size of our total addressable market; our ability to develop and market new solutions, or enhance our existing solutions, to respond to technological changes or evolving industry standards; the interoperability, connectivity, and integration of our solutions with our clients’ and their vendors’ networks and infrastructures; the performance and reliability of internet, mobile, and other infrastructure; the consequences if we cannot obtain, process, use, disclose, or distribute the highly regulated data we require to provide our solutions; our reliance on certain third-party vendors and providers; any errors or malfunctions in our products and solutions; failure by our clients to obtain proper permissions or provide us with accurate and appropriate information; the potential for embezzlement, identity theft, or other similar illegal behavior by our employees or vendors, and a failure of our employees or vendors to observe quality standards or adhere to environmental, social, and governance standards; our compliance with the applicable rules of the National Automated Clearing House Association and the applicable requirements of card networks; increases in card network fees and other changes to fee arrangements; the effect of payer and provider conduct which we cannot control; privacy concerns and security breaches or incidents relating to our platform or data (including personal information and other regulated data); the complex and evolving laws and regulations regarding privacy, data protection, and cybersecurity; our ability to adequately protect and enforce our intellectual property rights; our ability to use or license data and integrate third-party technologies; the development, deployment, and use of AI; our use of “open source” software; legal proceedings initiated by third parties alleging that we are infringing or otherwise violating their intellectual property rights; claims that our employees, consultants, or independent contractors have wrongfully used or disclosed confidential information of third parties; the heavily regulated industry in which we conduct business; the uncertain and evolving healthcare regulatory and political framework; healthcare laws and data privacy and security laws and regulations governing our Processing of personal information (which may also be referred to as “personal data” or “personally identifiable information”); reduced revenues in response to changes to the healthcare regulatory landscape; legal, regulatory, and other proceedings that could result in adverse outcomes; contractual obligations requiring compliance with certain provisions of the Bank Secrecy Act/anti-money laundering laws and regulations; existing laws that regulate our ability to engage in certain marketing activities; our full compliance with website accessibility standards; any changes in our tax rates, the adoption of new tax legislation, or exposure to additional tax liabilities; limitations on our ability to use our net operating losses to offset future taxable income; losses due to asset impairment charges; our substantial debt and restrictive covenants in the agreements governing our Credit Facilities; interest rate fluctuations; unavailability of additional capital on acceptable terms or at all; the impact of general macroeconomic conditions; our history of net losses and our ability to achieve or maintain profitability; the interests of the certain investors may be different than the interests of other holders of our securities; and each of the other factors discussed under the heading of “Risk Factors” in the Company’s 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 17, 2026, and in other reports filed with the SEC, all of which are available on the Investor Relations page of our website at investors.waystar.com.
Any forward-looking statements made by us in this press release speak only as of the date of this press release and are expressly qualified in their entirety by the cautionary statements included in this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. You should not place undue reliance on our forward-looking statements. We undertake no obligation to publicly update or review any forward-looking statement,


whether as a result of new information, future developments, or otherwise, except as may be required by any applicable securities laws.
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. Waystar serves approximately 30,000 clients, representing over 1 million distinct providers, including 16 of 20 institutions on the U.S. News Best Hospitals list. Waystar’s enterprise-grade platform annually processes over 7.5 billion healthcare payment transactions, including over $2.4 trillion in annual gross claims and spanning approximately 60% of U.S. patients. Waystar strives to transform healthcare payments so providers can focus on what matters most: their patients and communities. Discover the way forward at waystar.com.


Waystar Holding Corp.
Unaudited Consolidated Statements of Operations
(in thousands, except for share and per share data)
Three months ended June 30,Six months ended June 30,
2026202520262025
Revenue319,674 270,654 633,548 527,089 
Operating expenses
Cost of revenue (exclusive of depreciation and amortization expenses)97,686 87,044 194,721 170,389 
Sales and marketing50,379 43,524 96,209 83,647 
General and administrative36,378 29,192 67,102 52,492 
Research and development17,723 12,622 36,091 23,700 
Depreciation and amortization41,466 33,426 82,918 66,806 
Total operating expenses243,632 205,808 477,041 397,034 
Income from operations76,042 64,846 156,507 130,055 
Other expense
Interest expense, net(18,635)(17,325)(38,349)(35,582)
Related party interest expense(1,011)(930)(1,944)(1,573)
Income before income taxes56,396 46,591 116,214 92,900 
Income tax expense/(benefit)15,529 14,407 32,064 31,447 
Net income40,867 32,184 84,150 61,453 
Net income per share:
Basic0.21 0.19 0.44 0.36 
Diluted0.21 0.18 0.43 0.34 
Weighted-average shares outstanding:
Basic191,868,642173,358,382191,719,015172,467,988
Diluted194,513,042181,599,133194,902,172181,076,149


Waystar Holding Corp.
Unaudited Consolidated Balance Sheets
(in thousands, except for share and per share data)
June 30, 2026December 31, 2025
Assets
Current assets
Cash and cash equivalents$12,645 $61,355 
Restricted cash32,767 15,454 
Investment securities178,954 24,877 
Accounts receivable, net of allowance of $5,284 at June 30, 2026 and $6,170 at December 31, 2025
185,876 177,037 
Income tax receivable— 6,437 
Prepaid expenses24,866 20,078 
Other current assets3,866 3,174 
Total current assets438,974 308,412 
Property, plant and equipment, net68,532 51,649 
Operating lease right-of-use assets, net9,413 12,972 
Intangible assets, net1,223,891 1,292,839 
Goodwill4,014,781 4,016,818 
Deferred costs105,063 93,951 
Other long-term assets8,107 8,459 
Total assets$5,868,761 $5,785,100 
Liabilities and stockholders’ equity
Current liabilities
Accounts payable$56,219 $50,949 
Accrued compensation25,904 40,942 
Aggregated funds payable32,636 15,104 
Other accrued expenses42,812 22,990 
Deferred revenue60,874 67,855 
Current portion of long-term debt13,398 13,537 
Related party current portion of long-term debt795 657 
Current portion of operating lease liabilities5,083 6,029 
Total current liabilities237,721 218,063 
Long-term liabilities
Deferred tax liability175,322 211,320 
Long-term debt, net, less current portion1,376,348 1,394,523 
Related party long-term debt, net, less current portion76,199 64,186 
Operating lease liabilities, net of current portion9,897 11,994 
Deferred revenue - long-term6,754 5,496 
Other long-term liabilities278 692 
Total liabilities1,882,519 1,906,274 
Commitments and contingencies (Note 20)
Stockholders’ equity
Preferred stock $0.01 par value - 100,000,000 shares authorized as of June 30, 2026 and December 31, 2025, respectively; zero shares issued or outstanding as of June 30, 2026 and December 31, 2025, respectively
— — 
Common stock $0.01 par value - 2,500,000,000 shares authorized at June 30, 2026 and December 31, 2025, respectively; 192,583,037 and 191,587,193 shares outstanding at June 30, 2026 and December 31, 2025, respectively; 191,923,976 and 191,587,193 shares outstanding at June 30, 2026 and December 31, 2025, respectively
1,926 1,916 
Treasury stock, at cost(12,741)— 
Additional paid-in capital4,020,499 3,986,353 
Accumulated other comprehensive income (loss)1,219 (632)
Accumulated deficit(24,661)(108,811)
Total stockholders’ equity3,986,242 3,878,826 
Total liabilities and stockholders’ equity$5,868,761 $5,785,100 


Waystar
Unaudited Consolidated Statements of Cash Flows
(in thousands)
Six Months Ended June 30,
20262025
Cash flows from operating activities
Net income$84,150 $61,453 
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization82,918 66,806 
Stock-based compensation25,249 18,274 
Provision for bad debt expense2,049 1,872 
Loss on extinguishment of debt113 — 
Impairment expense1,990 — 
Deferred income taxes(36,682)7,437 
Amortization of debt discount and issuance costs1,329 1,346 
Other86 — 
Changes in:
Accounts receivable(10,889)(135)
Income tax refundable6,437 2,838 
Prepaid expenses and other current assets(5,463)(968)
Deferred costs(10,858)(5,140)
Other long-term assets44 58 
Accounts payable and accrued expenses10,544 9,308 
Deferred revenue(5,723)(1,181)
Operating lease right-of-use assets and lease liabilities(970)(959)
Net cash provided by operating activities144,324 161,009 
Cash flows from investing activities
Purchase of property and equipment and capitalization of internally developed software costs(31,440)(11,193)
Purchase of investment securities(260,167)(50,525)
Proceeds from sale or maturity of investment securities107,488 — 
Measurement period adjustments related to prior year acquisition2,037 — 
Net cash used in investing activities(182,082)(61,718)
Cash flows from financing activities
Change in aggregated funds liability17,532 (1,171)
Repurchase of common stock(12,741)— 
Proceeds from issuance of common stock from employee equity plans8,867 15,045 
Proceeds from issuances of debt, net of creditor fees19,800 — 
Payments on debt(27,097)(5,834)
Finance lease liabilities paid— (444)
Net cash provided by financing activities6,361 7,596 
Increase/(decrease) in cash and cash equivalents during the period(31,397)106,887 
Cash and cash equivalents and restricted cash–beginning of period76,809 204,582 
Cash and cash equivalents and restricted cash–end of period$45,412 $311,469 
Supplemental disclosures of cash flow information
Interest paid$41,290 $39,745 
Cash taxes paid (refunds received), net42,816 8,346 
Non-cash investing and financing activities
Fixed asset purchases in accounts payable114 195 
Reconciliation of Balance Sheet Cash Accounts to Cash Flow Statement
Balance sheet
Cash and cash equivalents12,645 290,300 
Restricted cash32,767 21,169 
Total45,412 311,469 


Waystar
Reconciliation of Adjusted EBITDA
(in thousands)
(unaudited)
Three months ended June 30,Six months ended June 30,
($ in thousands)2026202520262025
Net income$40,867 $32,184 $84,150 $61,453 
Interest expense, net19,646 18,255 40,293 37,155 
Income tax expense15,529 14,407 32,064 31,447 
Depreciation and amortization41,466 33,426 82,918 66,806 
Stock-based compensation expense13,803 11,530 25,249 18,274 
Acquisition and integration costs1,801 655 3,607 884 
Asset and lease impairments1,990 — 1,990 — 
Costs related to amended debt agreements— — 227 — 
IPO and Secondary Offering related expenses5 1,769 12 3,199 
Other (a)1,618 326 1,618 1,080 
Adjusted EBITDA$136,725 $112,552 $272,128 $220,298 
Revenue$319,674 $270,654 $633,548 $527,089 
Net income margin12.8 %11.9 %13.3 %11.7 %
Adjusted EBITDA margin42.8 %41.6 %43.0 %41.8 %
(a)For the three and six months ended June 30, 2026, adjustments reflect costs associated with a cybersecurity incident (see Item 1A of our Form 10-Q). For the three and six months ended June 30, 2025, adjustments include lease-related costs associated with the relocation of our Louisville office totaling $0.2 million and $0.4 million, respectively, and executive severance costs totaling $0.0 million and $0.5 million, respectively.


Waystar
Reconciliation of Non-GAAP Operating Expenses
(in thousands)
(unaudited)
Three months ended June 30,Six months ended June 30,
2026202520262025
Cost of revenue (exclusive of depreciation and amortization expenses)$97,686 $87,044 $194,721 $170,389 
Less Stock-based compensation expense(594)(415)(1,029)(646)
Less Acquisition and integration costs(1,110)- (2,255)- 
Cost of revenue (exclusive of depreciation and amortization expenses), adjusted$95,982 $86,629 $191,437 $169,743 
Sales and marketing50,379 43,524 96,209 83,647 
Add/(Less) Stock-based compensation expense(2,738)(2,414)(2,347)(3,806)
Add/(Less) Acquisition and integration costs21 - 54 - 
Less Other (a)(100)- (100)- 
Sales and marketing, adjusted$47,562 $41,110 $93,816 $79,841 
General and administrative36,378 29,192 67,102 52,492 
Less Stock-based compensation expense(9,565)(7,094)(18,317)(11,200)
Less Acquisition and integration costs(659)(552)(1,197)(659)
Less Asset and lease impairments(1,990)- (1,990)- 
Less Costs related to amended debt agreements- - (227)- 
Less IPO and Secondary Offering expenses(5)(1,769)(12)(3,199)
Less Other (a)(1,518)(326)(1,518)(1,080)
General and administrative, adjusted$22,641 $19,451 $43,841 $36,354 
Research and development17,723 12,622 36,091 23,700 
Less Stock-based compensation expense(906)(1,607)(3,556)(2,622)
Less Acquisition and integration costs(53)(103)(209)(225)
Research and development, adjusted$16,764 $10,912 $32,326 $20,853 
Depreciation and amortization41,466 33,426 82,918 66,806 
Less Intangible amortization(34,474)(28,115)(68,948)(56,230)
Depreciation and amortization, adjusted$6,992 $5,311 $13,970 $10,576 
Income tax expense15,529 14,407 32,064 31,447 
Plus Tax effect of adjustments11,275 8,903 21,347 16,730 
Income tax expense, adjusted$26,804 $23,310 $53,411 $48,177 
(a)For the three and six months ended June 30, 2026, adjustments reflect costs associated with a cybersecurity incident (see Item 1A of our Form 10-Q). For the three and six months ended June 30, 2025, adjustments include lease-related costs associated with the relocation of our Louisville office totaling $0.2 million and $0.4 million, respectively, and executive severance costs totaling $0.0 million and $0.5 million, respectively.


Waystar
Reconciliation of Non-GAAP Net Income
(in thousands, except share and per share amounts)
(unaudited)
Three months ended June 30,Six months ended June 30,
($ in thousands)2026202520262025
Net income$40,867 $32,184 $84,150 $61,453 
Stock-based compensation13,803 11,530 25,249 18,274 
Acquisition and integration costs1,801 655 3,607 884 
Asset and lease impairments1,990 — 1,990 — 
Costs related to amended debt agreements— — 227 — 
IPO and Secondary Offering related expenses5 1,769 12 3,199 
Other (a)1,618 326 1,618 1,080 
Intangible amortization34,474 28,115 68,948 56,230 
Tax effect of adjustments(11,275)(8,903)(21,347)(16,730)
Non-GAAP net income$83,283 $65,676 $164,454 $124,390 
Non-GAAP net income per share:
Basic$0.43 $0.38 $0.86 $0.72 
Diluted$0.43 $0.36 $0.84 $0.69 
Weighted-average shares outstanding:
Basic191,868,642 173,358,382 191,719,015 172,467,988 
Diluted194,513,042 181,599,133 194,902,172 181,076,149 
(a)For the three and six months ended June 30, 2026, adjustments reflect costs associated with a cybersecurity incident (see Item 1A of our Form 10-Q). For the three and six months ended June 30, 2025, adjustments include lease-related costs associated with the relocation of our Louisville office totaling $0.2 million and $0.4 million, respectively, and executive severance costs totaling $0.0 million and $0.5 million, respectively.

Waystar
Reconciliation of Unlevered Free Cash Flow
(in thousands)
(unaudited)
Three months ended June 30,Six months ended June 30,
2026202520262025
Net cash provided by operating activities59,411 96,760 144,324 161,009 
Interest paid20,610 19,785 41,290 39,745 
Purchase of PP&E and capitalization of internally developed software costs(16,113)(5,767)(31,440)(11,193)
Unlevered free cash flow63,908 110,778 154,174 189,561 


Waystar
Reconciliation of Net Debt
(in thousands)
(unaudited)
June 30,
20262025
First lien term loan facility outstanding debt, current14,194 11,668 
First lien term loan facility outstanding debt, net of current portion1,359,955 1,146,044 
Receivables facility outstanding debt100,000 80,000 
Cash and cash equivalents(12,645)(290,300)
Investment securities(178,954)(50,493)
Net debt1,282,550 896,919 
Trailing Twelve Months Adjusted EBITDA513,976 417,128 
Adjusted gross leverage ratio2.9x3.0x
Adjusted net leverage ratio2.5x2.2x


Waystar
Reconciliation of Trailing Twelve Months (TTM) Adjusted EBITDA
(in thousands)
(unaudited)
Three Months EndedTTM
June 30,
2026		March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2026
Net income40,867 43,283 19,988 30,648 134,786 
Interest expense, net19,646 20,647 22,872 17,515 80,680 
Income tax expense15,529 16,535 16,158 12,069 60,291 
Depreciation and amortization41,466 41,452 40,442 33,300 156,660 
Stock-based compensation expense13,803 11,446 12,198 11,597 49,044 
Acquisition and integration costs1,801 1,806 14,877 5,313 23,797 
Asset and lease impairments1,990 - - - 1,990 
Costs related to amended debt agreements- 227 1,931 649 2,807 
IPO and Secondary Offering expenses5 7 86 1,372 1,470 
Other (a)1,618 - 593 240 2,451 
Adjusted EBITDA136,725 135,403 129,145 112,703 513,976 
(a) Adjustments reflect costs associated with a cybersecurity incident (see Item 1A of our Form 10-Q and lease-related costs associated with the relocation of our Louisville office.

Media Contact
Kristin Lee
kristin.lee@waystar.com
Investor Contact
Edward Parker
investors@waystar.com

Source: View Original Filing on SEC EDGAR

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