Companies /Healthcare
Waystar Holding Corp. Common Stock
NASDAQ: WAY Health Information Services
$26.68
▲ $0.20 (+0.76%) today
Markets closed · 2:21am ET

Waystar (WAY) Q1 2026 Earnings

Reported Apr 29, 2026, 4:01pm ET · SEC source
$0.42
Beat +8.70%
EPS · est. $0.39
$313.9M
Beat +0.70%
Revenue · est. $311.7M
−8.3%
Trailing market
WAY vs S&P since report
2 quarters
Consecutive EPS beats

How Did WAY Stock React to Q1 2026 Earnings?

% change · around the report
−18%−12%−6%0Apr 29Apr 30report 4:01pm ETearnings+1.1%−13.8%
−18%−12%−6%0Apr 29Apr 30earnings+1.1%−13.8%
WAY −13.8%S&P 500 +1.1%
−18%−12%−6%0Apr 29Apr 30report 4:01pm ETearnings+0.9%−13.8%
−18%−12%−6%0Apr 29Apr 30earnings+0.9%−13.8%
WAY −13.8%NASDAQ +0.9%
−14%−7%0+7%Apr 28May 7report 4:01pm ETearnings+3.0%−12.4%
−14%−7%0+7%Apr 28May 7earnings+3.0%−12.4%
WAY −12.4%S&P 500 +3.0%
−14%−7%0+7%Apr 28May 7report 4:01pm ETearnings+5.6%−12.4%
−14%−7%0+7%Apr 28May 7earnings+5.6%−12.4%
WAY −12.4%NASDAQ +5.6%
−15.41%
Day of report
−1.99%
Next session
−1.71%
One week
−2.60%
30 days

S&P 500 over the same 30 days: +5.69%.

Did WAY Beat Earnings? Q1 2026 Results

Yes. Waystar reported Q1 2026 earnings of $0.42 a share on Apr 29, 2026, beating the $0.39 consensus estimate by 8.7%. Revenue was $313.9M against a $311.7M estimate.

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

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

Waystar CEO, on the earnings call

What Was Waystar's Outlook in Q1 2026?

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.

WAY YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$0$90.0M$180.0M$270.0M$256.4M$313.9MRevenue$65.2M$80.5MOperating Income$29.3M$43.3MNet Income
$0$90.0M$180.0M$270.0MRevenueOperating IncomeNet Income
WAY income statement, Q1 2026 versus Q1 2025
Metric Q1 2026 Q1 2025 Year over year
Revenue $313.9M $256.4M +22.4%
Operating Income $80.5M $65.2M +23.4%
Net Income $43.3M $29.3M +47.9%

WAY Revenue by Segment

Subscription Revenue$172.2M+38.0%
Volume-Based Revenue$139.5M+7.0%

Figures from SEC filings and company reports. Not investment advice.