WAY Q1 2026 Earnings
Reported Apr 29, 2026 at 4:01 PM ET · SEC Source
Q1 26 EPS
$0.42
BEAT +8.70%
Est. $0.39
Q1 26 Revenue
$313.9M
BEAT +0.70%
Est. $311.7M
vs S&P Since Q1 26
-22.0%
TRAILING MARKET
WAY -20.0% vs S&P +2.0%
Market Reaction
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 clear… Read more 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
WAY 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, source: SEC Filings
WAY Revenue by Segment
With YoY comparisons, source: SEC Filings
“Waystar delivered a solid first quarter, driven by strong execution and continued expansion across our platform.”
— Matt Hawkins, Q1 2026 Earnings Press Release
WAY Earnings Trends
WAY vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
WAY EPS Trend
Earnings per share: estimate vs actual
WAY Revenue Trend
Quarterly revenue: estimate vs actual
WAY Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.39 | $0.42 | +8.70% | $313.9M | +0.70% |
| Q4 25 MISS FY | $0.40 | $0.36 | -8.98% | $303.5M | +2.97% |
| FY Full Year | — | $1.42 | — | $1.10B | — |
| Q3 25 BEAT | $0.35 | $0.37 | +5.71% | $268.7M | +4.63% |
| Q2 25 BEAT | $0.34 | $0.36 | +6.19% | $270.7M | +4.93% |