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Jun 30
Waystar Holding Corp Q2 2025 Earnings Report
Waystar reported strong Q2 2025 results, with double-digit revenue growth and improved profitability.
Key Takeaways
Waystar posted $270.7 million in revenue and $32.2 million in net income for Q2 2025, driven by growth in both subscription and volume-based revenue. Adjusted EBITDA margin reached 42%, and the company raised full-year guidance.
Revenue grew 15% YoY to $270.7 million
Net income reached $32.2 million, with a 12% margin
Adjusted EBITDA was $112.6 million, representing a 42% margin
Subscription and volume-based revenue segments grew 17% and 14%, respectively
Waystar Holding Corp
Waystar Holding Corp
Waystar Holding Corp Revenue by Segment
Revenue by Segment
Subscription Revenue
CapyFin.comVolume-Based Revenue
CapyFin.com Forward Guidance
Waystar raised its full-year 2025 guidance based on strong Q2 results and positive business momentum.
Positive Outlook
- Full-year revenue now guided between $1.030B and $1.042B
- Adjusted EBITDA outlook raised to $418M–$426M
- Non-GAAP net income guided between $251M and $257M
- Non-GAAP EPS projected between $1.36 and $1.40
- Acquisition of Iodine Software expected to expand addressable market and be financially accretive
Challenges Ahead
- No GAAP EPS guidance provided
- Guidance excludes impacts from Iodine Software acquisition
- Ongoing investment costs could pressure margins
- Macroeconomic conditions and healthcare regulatory changes remain potential risks
- No updates on capital expenditure or long-term debt strategy