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Dec 31, 2025
Waystar Holding Corp Q4 2025 Earnings Report
Waystar Holding Corp. reported strong fourth quarter and fiscal year 2025 results, exceeding revenue and net income expectations, driven by robust growth and strategic acquisitions.
Key Takeaways
Waystar Holding Corp. delivered a strong performance in Q4 2025, with revenue reaching $303.5 million, a 24% increase year-over-year, and net income of $20.0 million. The company also reported a non-GAAP net income of $70.7 million and an adjusted EBITDA margin of 43%, highlighting efficient operations and profitability. For the full fiscal year 2025, revenue was $1,099.3 million, up 17% year-over-year, with a net income of $112.1 million.
Q4 2025 revenue increased by 24% year-over-year to $303.5 million, demonstrating strong market demand.
Net income for Q4 2025 was $20.0 million, with a net income margin of 7%, indicating solid profitability.
Adjusted EBITDA reached $129.1 million in Q4 2025, with an adjusted EBITDA margin of 43%, reflecting operational efficiency.
The company reported robust cash flow from operations of $67 million and unlevered free cash flow of $80 million in Q4 2025.
Revenue by Segment
Forward Guidance
Waystar provides optimistic guidance for fiscal year 2026, anticipating continued strong revenue growth and increased profitability, driven by a robust pipeline and accelerating demand for its AI-powered platform.
Positive Outlook
- Total revenue is expected to be between $1.274 billion and $1.294 billion, indicating continued growth.
- Adjusted EBITDA is projected to be between $530 million and $540 million, reflecting anticipated operational efficiency.
- Non-GAAP net income is expected to be between $317 million and $335 million, showing strong profitability outlook.
- Diluted non-GAAP net income per share is forecasted to be between $1.59 and $1.68.
- The guidance reflects a robust pipeline and accelerating demand for an end-to-end AI-powered platform.
Challenges Ahead
- Forward-looking adjusted EBITDA, non-GAAP net income, and non-GAAP net income per share guidance are not reconciled to GAAP measures due to unreasonable effort.
- Variability and low visibility exist regarding certain costs, such as incentive compensation and transaction-related expenses.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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