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Waystar

WAY Q1 2026 Earnings

Reported Apr 29, 2026 at 4:01 PM ET · SEC Source

Q1 26 EPS

$0.42

BEAT +8.70%

Est. $0.39

Q1 26 Revenue

$313.9M

BEAT +0.70%

Est. $311.7M

vs S&P Since Q1 26

-17.6%

TRAILING MARKET

WAY -16.2% vs S&P +1.4%

Market Reaction

Did WAY Beat Earnings? Q1 2026 Results

Waystar posted a clean beat across both top and bottom lines in the first quarter of fiscal 2026, with revenue climbing 22.4% year-over-year to $313.87 million against a consensus estimate of $311.68 million, while non-GAAP diluted EPS of $0.42 clear… Read more Waystar posted a clean beat across both top and bottom lines in the first quarter of fiscal 2026, with revenue climbing 22.4% year-over-year to $313.87 million against a consensus estimate of $311.68 million, while non-GAAP diluted EPS of $0.42 cleared the $0.39 analyst estimate by 8.70%. The standout driver behind the quarter was a sharp acceleration in subscription revenue, which grew 38% year-over-year to $172.20 million, reflecting continued platform adoption and progress integrating the Iodine acquisition into Waystar's core offering. Adjusted EBITDA reached $135.40 million, with margins expanding to 43.1% from 42.0% a year ago, even as R&D spending rose 66% year-over-year. The company's net revenue retention rate of 111% and a 15% increase in high-value clients underscored the depth of customer engagement. Despite a sector-wide pullback that weighed on health technology stocks broadly, Waystar reaffirmed full-year 2026 guidance calling for revenue of $1.27 billion to $1.29 billion and diluted non-GAAP EPS of $1.59 to $1.68.

Key Takeaways

  • • 22% year-over-year revenue growth driven by strong execution and platform expansion
  • • Subscription revenue grew 38% YoY, reflecting shift toward recurring revenue
  • • Net revenue retention rate of 111%
  • • 1,433 clients with over $100,000 in LTM revenue, up 15% YoY
  • • Adjusted EBITDA margin expanded to 43.1% from 42.0%
  • • Bookings exceeded internal expectations

WAY Forward Guidance & Outlook

For full fiscal year 2026, Waystar expects total revenue between $1.274 billion and $1.294 billion, adjusted EBITDA between $530 million and $540 million, non-GAAP net income between $317 million and $335 million, and diluted non-GAAP net income per share between $1.59 and $1.68.

24/7 Wall St

WAY YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

WAY Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26

“Waystar delivered a solid first quarter, driven by strong execution and continued expansion across our platform.”

— Matt Hawkins, Q1 2026 Earnings Press Release

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