Waystar (WAY) Q4 2025 Earnings
How Did WAY Stock React to Q4 2025 Earnings?
Did WAY Beat Earnings? Q4 2025 Results
No. Waystar reported Q4 2025 earnings of $0.36 a share on Feb 17, 2026, missing the $0.40 consensus estimate by 9.0%. Revenue was $303.5M against a $294.8M estimate.
Waystar delivered a mixed fourth quarter to close fiscal year 2025, posting revenue of $303.54 million that grew 24.4% year-over-year and edged past the $294.79 million consensus estimate by 2.97%, while earnings of $0.36 per share fell short of the $0.40 analyst expectation by 8.98%. The revenue outperformance was fueled primarily by subscription revenue growth of 38%, reflecting accelerating adoption of the company's AI-enabled revenue cycle management platform, which recently ranked first in client satisfaction in an independent industry survey. Adjusted EBITDA margin expanded to 42.5% from 41.0% a year ago, and GAAP net income reached $19.99 million for the quarter. For the full year, revenue crossed $1.10 billion, up 17%, with the company swinging to a GAAP net income of $112.09 million from a prior-year loss of $19.13 million. Looking ahead, Waystar guided fiscal 2026 revenue to $1.27 billion to $1.29 billion, with non-GAAP diluted EPS of $1.59 to $1.68, as management cited a robust pipeline and deepening demand for AI-powered healthcare payment solutions.
- 24% year-over-year Q4 revenue growth
- 38% growth in subscription revenue in Q4
- Net revenue retention rate of 112%
- 1,391 clients contributing over $100,000 in LTM revenue, up 16% YoY
- Iodine acquisition integration ahead of plan
“Waystar is delivering strong growth and momentum—driving record bookings, integrating the Iodine acquisition ahead of plan, and accelerating AI-powered innovation across our platform.”
Waystar CEO, on the earnings call
What Was Waystar's Outlook in Q4 2025?
For 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. Management cited a robust pipeline, accelerating demand for AI-powered platform solutions, and disciplined execution as drivers for sustained profitable growth.
WAY YoY Financials
| Metric | Q4 2025 | Q4 2024 | Year over year |
|---|---|---|---|
| Revenue | $303.5M | $244.1M | +24.4% |
| Net Income | $20.0M | $19.1M | +4.8% |
| Operating Income | $59.0M | $53.1M | +11.1% |
WAY Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.