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PR Newswire·

Waystar Reports Fourth Quarter and Fiscal Year 2025 Results, Provides 2026 Guidance

WAY
  • Waystar Holding Corp. reported Q4 2025 revenue of $303.5 million, a 24% increase year-over-year, with full-year 2025 revenue reaching $1,099.3 million, up 17% year-over-year.
  • Q4 2025 net income was $20.0 million (7% margin) while non-GAAP net income was $70.7 million; full-year 2025 net income was $112.1 million (10% margin) with non-GAAP net income at $262.9 million.
  • Adjusted EBITDA for Q4 2025 was $129.1 million (43% margin) and for the full year 2025 was $462.1 million (42% margin).
  • Unlevered free cash flow for Q4 2025 was $80 million, and for the full year 2025 was $365 million.
  • The company reported a Net Revenue Retention rate of 112% and had 1,391 clients contributing over $100,000 in LTM revenue, up 16% year-over-year.
  • Subscription revenue grew 38% year-over-year in Q4 2025 to $167.8 million, while volume-based revenue rose 11% to $134.2 million.
  • Waystar provided 2026 guidance projecting total revenue between $1.274 billion and $1.294 billion, adjusted EBITDA between $530 million and $540 million, and non-GAAP net income between $317 million and $335 million.
  • CEO Matt Hawkins highlighted record bookings, the ahead-of-plan integration of the Iodine acquisition, and accelerated AI-powered innovation across the platform.
  • The company serves approximately 30,000 clients representing over 1 million distinct providers, processing over 7.5 billion annual healthcare payment transactions.
  • Waystar's financial results were discussed on a conference call held on February 17, 2026, at 8:30 a.m. Eastern Standard Time.