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Waystar Holding Corp. (WAY)
NASDAQ:WAY
Earnings Data
Report Date
May 06, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.39Last Year’s EPS
0.32Same Quarter Last Year
Strong Buy
Based on 18 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized substantial positive execution: record bookings, strong top-line growth (Q4 +24% YoY; FY +17% YoY), robust margins (adjusted EBITDA margin ~42–43%), meaningful cash conversion and deleveraging progress, rapid AI adoption and measurable AI outcomes (>$15B denials prevented). Acquisition of Iodine materially expands addressable market and AI/clinical data capabilities with synergies ahead of plan. Key risks discussed include seasonality and deductible timing impacting patient payment revenue, near-term cost step-ups from the acquisition, leverage and cash levels, some one-off tailwinds to retention, and the multi-quarter ramp of large deals. On balance the positives substantially outweigh the challenges.Company Guidance
Record Annual Revenue and Guidance
Full-year 2025 revenue reached $1,100,000,000, up 17% year-over-year (organic +13%). Management guided 2026 revenue of $1,274,000,000 to $1,294,000,000 (midpoint $1,284,000,000), implying ~17% year-over-year growth with ~10% normalized organic growth.
Strong Q4 Revenue and Organic Growth
Q4 2025 revenue was $304,000,000, up 24% year-over-year and 12% organically. Both subscription and volume-based revenue contributed to growth.
Margin Expansion and Adjusted EBITDA Growth
Adjusted EBITDA for Q4 was $129,000,000 (margin ~43%), up 29% year-over-year. Full-year adjusted EBITDA was $462,000,000 (42% margin), up 21% year-over-year. 2026 adjusted EBITDA guidance midpoint $535,000,000 (approx. +16% YoY) targeting ~42% margin.
Record Bookings and Large Deal Activity
Company reported a record bookings quarter in Q4, including an elevated count of $1M+ bookings (15–20 each in Q3 and Q4, more than 2x the three-year quarterly average), supporting forward visibility despite multi-quarter ramp timelines.
Iodine Acquisition and Synergy Progress
Completed acquisition of Iodine: contributed $31,000,000 in Q4, added >1,000 hospitals/health systems with ~35% customer overlap. Integration is ahead of plan and management expects to realize >90% of committed $15,000,000 cost synergies in fiscal 2026 (~$14,000,000).
AI Performance and Adoption
Waystar Altitude AI prevented >$15,000,000,000 in denials in 2025, reduced appeal package generation time by 90%, drove double-digit increases in denial overturn rates, and launched agentic capabilities that cut documentation analysis by ~40%. About 50 solutions leverage AI and ~40% of revenue is driven by AI; ~30% of 2025 new bookings were AI-powered.
Strong Retention, NPS and Commercial Metrics
Net revenue retention (NRR) was 112% (last twelve months) with 97% gross revenue retention. Net promoter score exceeded 70. Clients with >$100k LTM revenue increased by 85 in Q4 to 1,391 (+16% YoY), and win rates improved above a historical ~80%.
Cash Flow, Leverage Improvement and Conversion
Unlevered free cash flow was $80,000,000 in Q4 and $365,000,000 for the full year, converting 79% of adjusted EBITDA to unlevered free cash flow. Net leverage was ~3.0x as of Dec 31, down ~0.5x since the Iodine close, with plan to run at or below 3.0x and delever ~1.0x per year.
WAY Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
WAY Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 17, 2026 | $22.41 | $24.31 | +8.48% |
Oct 29, 2025 | $39.62 | $37.06 | -6.46% |
Jul 30, 2025 | $35.64 | $36.98 | +3.76% |
Apr 30, 2025 | $37.17 | $39.46 | +6.16% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Waystar Holding Corp. (WAY) report earnings?
Waystar Holding Corp. (WAY) is schdueled to report earning on May 06, 2026, After Close (Confirmed).
What is Waystar Holding Corp. (WAY) earnings time?
Waystar Holding Corp. (WAY) earnings time is at May 06, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is WAY EPS forecast?
WAY EPS forecast for the fiscal quarter 2026 (Q1) is 0.39.