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Waystar
Waystar (WAY) investor relations material
Waystar Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary17 Feb, 2026
Executive summary
Achieved strong 4Q performance with revenue of $304M, up 24% year-over-year, and adjusted EBITDA margin of 43%, driven by organic growth and the lodine acquisition.
FY 2025 revenue reached $1.1B, up 17% year-over-year, with net income of $112.1M (10% margin).
Adjusted EBITDA margin was 43% for Q4 and 42% for FY 2025, surpassing long-term targets.
Net revenue retention reached 112% for the year, reflecting robust client expansion and retention.
Record bookings, successful integration of the lodine acquisition, and accelerated AI-powered innovation.
Financial highlights
4Q'25 revenue was $304M, with $31M attributed to the lodine acquisition.
Adjusted EBITDA for 4Q'25 was $129M, with a margin of 43%; FY adjusted EBITDA was $462.1M.
Unlevered free cash flow for FY'25 was $365M, with a conversion rate of 79%.
Non-GAAP net income for FY'25 was $263M, with diluted non-GAAP EPS of $1.42.
Q4 subscription revenue grew 38% YoY to $167.8M; volume-based revenue grew 11% YoY to $134.2M.
Outlook and guidance
FY'26 revenue guidance set at $1.284B at the midpoint, representing 17% year-over-year growth.
Adjusted EBITDA guidance for FY 2026 is $530M–$540M, with margin expected to remain strong at 42%.
Non-GAAP net income projected at $326M and diluted non-GAAP EPS at $1.63 for FY'26.
Normalized organic revenue growth aligns with low double-digit long-term targets, with 2026 growth reflecting one-time benefits from acquisitions and rapid client implementations.
How does AI drive autonomous revenue cycle?
Analyze subscription vs volume-based revenue growth.
What does 112% NRR imply for client growth?
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Next Waystar earnings date
Q1 202629 Apr, 2026
Waystar
Next Waystar earnings date
Q1 202629 Apr, 2026
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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.
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