Waystar Holding Corp. Common Stock

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.