S&P 500
7,357.80
-0.44%
Dow Jones
51,945.60
-0.47%
Nasdaq 100
29,082.80
-1.56%
Russell 2000
3,005.17
-0.36%
FTSE 100
10,505.10
-0.38%
Nikkei 225
69,696.60
-2.22%
Waystar

WAY Q3 2025 Earnings

Reported Oct 29, 2025 at 4:02 PM ET · SEC Source

Q3 25 EPS

$0.37

BEAT +5.71%

Est. $0.35

Q3 25 Revenue

$268.7M

BEAT +4.63%

Est. $256.8M

vs S&P Since Q3 25

-57.1%

TRAILING MARKET

WAY -49.9% vs S&P +7.2%

Market Reaction

Did WAY Beat Earnings? Q3 2025 Results

Waystar delivered a clean beat across the board in Q3 2025, with the healthcare payments technology company posting non-GAAP earnings of $0.37 per diluted share against a consensus estimate of $0.35, a 5.71% beat, while revenue of $268.65 million top… Read more Waystar delivered a clean beat across the board in Q3 2025, with the healthcare payments technology company posting non-GAAP earnings of $0.37 per diluted share against a consensus estimate of $0.35, a 5.71% beat, while revenue of $268.65 million topped expectations by 4.63% and grew 11.9% year-over-year. The standout driver behind the quarter's profitability was a sharp expansion in operating leverage, most visibly reflected in depreciation and amortization charges falling to $33.30 million from $60.19 million a year ago, helping lift adjusted EBITDA to $112.70 million at a 42.0% margin, up from 40.3% in the prior-year period. Subscription revenue grew 14% and volume-based revenue added 10%, while the cohort of clients generating over $100,000 in trailing twelve-month revenue expanded 11% year-over-year to 1,306, with net revenue retention holding firm at 113%. Management raised its full-year 2025 outlook, now guiding for revenue between $1.08 billion and $1.09 billion and non-GAAP EPS between $1.46 and $1.47, signaling continued confidence in its AI-enhanced healthcare payment platform following the ongoing integration of Iodine Software.

Key Takeaways

  • • 12% year-over-year revenue growth driven by subscription and volume-based revenue
  • • Adjusted EBITDA margin expansion to 42.0% from 40.3% year-over-year
  • • Net revenue retention rate of 113%
  • • 1,306 clients contributing over $100,000 in LTM revenue, up 11% year-over-year
  • • Significant reduction in D&A expenses from $60.2 million to $33.3 million year-over-year
24/7 Wall St

WAY YoY Financials

Q3 2025 vs Q3 2024, source: SEC Filings

24/7 Wall St

WAY Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26

“Waystar delivered another quarter of double-digit revenue growth and strong margins, outpacing our guidance on both measures. Our integration of Iodine Software is well underway, enhancing Waystar's AI-powered platform and unlocking new opportunities to drive profitable growth. Continuing demand and focused execution reinforce our confidence in raising our full-year guidance.”

— Matt Hawkins, Q3 2025 Earnings Press Release

Back to WAY Stock Page