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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Waystar
Waystar (WAY) investor relations material
Waystar Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary2 Nov, 2026
Executive summary
Q3 revenue rose 21.2% YoY to $325.6M; adjusted EBITDA was $139.3M, up 24%, with a 42.8% margin.
Strong bookings and demand reflected provider adoption of broader connected-platform and AI-enabled capabilities.
9M revenue reached $959.2M and adjusted EBITDA was $411.4M, supported by subscription revenue and higher client transaction volumes.
Financial highlights
Q3 subscription revenue was $180.7M, up 34%; volume-based revenue was $142.9M, up 8%.
Q3 operating income was $61.3M versus $60.2M; GAAP net income was $31.0M versus $30.6M, with diluted EPS of $0.16 versus $0.17.
Q3 non-GAAP net income was $87.1M and diluted non-GAAP EPS was $0.44.
Q3 operating cash flow was $103.9M and unlevered free cash flow was $114.8M; YTD UFCF conversion was 65%.
Outlook and guidance
FY2026 revenue guidance is $1.277B–$1.287B, midpoint $1.282B, representing 17% YoY growth; normalized organic growth at midpoint is 11%.
FY2026 adjusted EBITDA guidance is $543M–$549M, midpoint $546M, or 43% margin.
Q4 revenue growth faces ~4 points of pressure from print-to-digital mix, slower Iodine revenue conversion and prior-year fast-ramping implementations; normalized growth is ~10%.
Iodine is expected to be accretive in FY2027; formal 2027 guidance is expected next quarter.
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Latest events from Waystar
- AI-driven automation and data scale fuel growth, profitability, and measurable client outcomes.WAY
Investor Day 2026 - Q2 revenue up 18% to $320M, margins strong, guidance raised, and major acquisition completed.WAYQ2 2026
- AI-powered automation and data integration drive efficiency, growth, and industry leadership.WAY46th Annual William Blair Growth Stock Conference
- Q2 revenue rose 15% to $270.7M, guidance was raised, and a $1.25B acquisition was announced.WAYQ2 2025
- $1.25B AI-driven deal expands market by 15% and targets $15M+ in cost synergies.WAYM&A Announcement
- Q3 revenue up 22% to $240.1M, 40% EBITDA margin, $1B+ IPO, and raised full-year guidance.WAYQ3 2024
- Q2 revenue up 20% to $234.5M, with strong margins and $1B+ debt reduction post-IPO.WAYQ2 2024
- AI-driven healthcare payments platform achieves strong growth and industry leadership.WAY43rd Annual J.P. Morgan Healthcare Conference 2025
- 2024 revenue up 19%, EBITDA margin 40.6%, net leverage 2.8x; 2025 targets 10% normalized growth.WAYQ4 2024
Next Waystar earnings date
Q4 202616 Feb, 2027
Waystar
Next Waystar earnings date
Q4 202616 Feb, 2027
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Frequently asked questions
Waystar Holding Corp. provides healthcare organizations with mission-critical cloud software designed to simplify healthcare payments. The company's enterprise-grade platform automates and streamlines complex payment processes, enhancing accuracy in claims and billing, improving data integrity, and reducing labor costs for providers. Waystar serves approximately 30,000 clients, including physician practices, clinics, surgical centers, laboratories, and large hospitals, and is used by around one million providers across the United States. Waystar is headquartered in Lehi, Utah, and its shares are listed on the NASDAQ.