Companies /Healthcare

Waystar Holding Corp. Common Stock

NASDAQ: WAY Health Information Services
$25.38
â–² $1.21 (+5.01%) today
Markets open · 3:01pm ET

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

Market Reaction

% change · around the report
−18%−12%−6%0Apr 29Apr 30report 4:01pm ETearnings+1.2%−13.8%
−18%−12%−6%0Apr 29Apr 30earnings+1.2%−13.8%
WAY −13.8%S&P 500 +1.2%
−18%−12%−6%0Apr 29Apr 30report 4:01pm ETearnings+1.0%−13.8%
−18%−12%−6%0Apr 29Apr 30earnings+1.0%−13.8%
WAY −13.8%NASDAQ +1.0%
−14%−7%0+7%Apr 28May 7report 4:01pm ETearnings+3.2%−12.5%
−14%−7%0+7%Apr 28May 7earnings+3.2%−12.5%
WAY −12.5%S&P 500 +3.2%
−14%−7%0+7%Apr 28May 7report 4:01pm ETearnings+5.8%−12.5%
−14%−7%0+7%Apr 28May 7earnings+5.8%−12.5%
WAY −12.5%NASDAQ +5.8%
−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

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

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.

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 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.