Waystar
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Waystar (WAY) investor relations material

Waystar Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 earnings summary29 Apr, 2026

Executive summary

  • Q1 2026 revenue reached $314 million, up 22% year-over-year, with net income of $43.3 million and adjusted EBITDA of $135.4 million, driven by robust execution, innovation in AI-powered healthcare revenue cycle solutions, and strong client expansion.

  • AI capabilities are a key differentiator, with 40% of new bookings and nearly 40% of revenue tied to AI-embedded workflows, further enhanced by the integration of Iodine.

  • Client base expanded to 1,433 clients generating over $100,000 in trailing twelve-month revenue, up 15% year-over-year, with elevated win rates and a record sales pipeline.

  • Over 99% of revenue is recurring, driven by subscription and volume-based fees.

  • Continued platform expansion, successful integration of Iodine, and launch of new AI-powered recoupment solution.

Financial highlights

  • Q1 2026 revenue was $313.9 million, up 22% year-over-year; organic revenue grew 11%.

  • Adjusted EBITDA reached $135.4 million, up 26% year-over-year, with a 43% margin, slightly above expectations.

  • Subscription revenue grew 38% year-over-year to $172.2 million (55% of total); volume-based revenue increased 7% to $139.5 million.

  • Net income for Q1 2026 was $43.3 million, up from $29.3 million in Q1 2025; net income margin improved to 14%.

  • Unlevered free cash flow was $90.3 million, converting 67% of adjusted EBITDA.

Outlook and guidance

  • FY 2026 revenue guidance is $1.274–$1.294 billion (midpoint: $1.284 billion, 17% growth); adjusted EBITDA guidance is $530–$540 million.

  • Adjusted EBITDA margin expected to remain at 42–43% for FY 2026.

  • Non-GAAP net income projected at $317–$335 million; diluted non-GAAP EPS expected between $1.59 and $1.68.

  • Sequential Q2 revenue growth expected to be flat to 1%, with Q3 at 1–3%, reflecting updated seasonality.

Subscription vs volume revenue growth disparity
Impact of AI recoupment on Q1 bookings success
Q1 margin performance relative to FY26 guidance
Competitor cyber attack impact on 2025 revenue
CEO Matthew Hawkins 10b5-1 trading plan terms
Interest expense paid to affiliated debtholders
Explain the 9% cyberattack growth normalization
How will reinvestments impact future margins?
Explain the 40% AI-deployed revenue metric
AI's role in capturing the labor services TAM
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