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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
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 record Q4 and FY2025 results, with Q4 revenue of $304M (up 24% YoY) and FY revenue of $1.1B (up 17% YoY), surpassing guidance and long-term targets.
Adjusted EBITDA margin reached 43% in Q4 and 42% for FY2025, with Q4 adjusted EBITDA of $129M and FY adjusted EBITDA of $462M.
Completed and integrated the Iodine Software acquisition, expanding the addressable market and clinical intelligence capabilities.
Demonstrated strong demand for AI-powered revenue cycle software, with record bookings, robust client expansion, and accelerated AI innovation.
Entering 2026 with a robust sales pipeline, record bookings, and the largest implementation backlog in company history.
Financial highlights
Q4 revenue was $304M, up 24% YoY; organic growth was 12%.
Full-year revenue grew 17% to $1.1B; organic revenue up 13%.
Adjusted EBITDA for Q4 was $129M (43% margin), up 29% YoY; full-year adjusted EBITDA was $462M (42% margin), up 21%.
Subscription revenue in Q4 was $168M, up 38% YoY; volume-based revenue was $134M, up 11%.
Unlevered free cash flow for FY2025 was $365M, with a 79% conversion rate.
Outlook and guidance
FY2026 revenue guidance: $1.274–$1.294B (midpoint $1.284B), representing 17% YoY growth.
Adjusted EBITDA guidance: $530–$540M (midpoint $535M), 16% YoY growth, with ~42% margin.
Non-GAAP net income projected at $317M–$335M; diluted non-GAAP EPS at $1.59–$1.68.
Normalized organic growth expected at ~10% for both core and Iodine businesses.
Sequential revenue growth of 1–3% expected throughout 2026, with Q3 at the low end due to seasonality.
How does AI drive autonomous revenue cycle?
Analyze subscription vs volume-based revenue growth.
What does 112% NRR imply for client growth?
AI's effect on client spend and platform adoption
Iodine's role in new platform revenue opportunities
What makes Waystar's AI superior to new entrants?
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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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