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Waystar Holding Corp. WAY Q4 2025 Annual earnings

Reported February 17, 2026 · Before market open

Revenue$303.5MBeat by $8.7MDiluted EPS$0.36Miss by $0.03
Revenue estimate$294.8M
EPS estimate$0.39

Next report

Jul 29, 2026 (In 4 days)
Revenue estimate$316.2M
EPS estimate$0.40

Financials

Q4 2025

Income statement

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Revenue$303.5M+24.3%
Gross profit$210.9M+28.2%
Operating income$59.0M+11.1%
Net income$20.0M—
EPS (diluted)$0.10—

Balance sheet

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Cash & equivalents$76.8M-62.5%
Total debt$1.5B+18.0%
Total equity$3.9B+25.9%
Total assets$5.8B+26.4%

Cash flow

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Operating cash flow$66.6M+2.9%
CapEx$9.4M+51.2%
Free cash flow$57.2M-2.3%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$6.27B-0.8%
Enterprise value$7.68B+4.1%
P/E55.9×—
P/S5.7×-1.0×

Profitability

See full
Gross margin68.3%+1.8pp
Operating margin22.7%+9.6pp
Net margin10.2%—
FCF margin25.8%+10.7pp

Returns & leverage

See full
Return on equity3.2%—
Debt / equity0.4×0.0×
Current ratio1.4×-1.1×

Segments

By product

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Subscription revenue$167.8M+38.1%
Volume-based revenue$134.2M+10.7%
Implementation services and other revenue$1.5M+12.3%

By segment

See full
Reportable Segment$303.5M+24.3%

Versus estimates

Revenue

Q1 2026$313.9MBeat by $2.1M
Q4 2025$303.5MBeat by $8.7M
Q3 2025$268.7MMiss by $26.1MQ2 2025$270.7MBeat by $14.5MQ1 2025$256.4MBeat by $2.4MQ4 2024$244.1MMiss by $4.4M

Diluted EPS

Q1 2026$0.42Beat by $0.03
Q4 2025$0.36Miss by $0.03
Q3 2025$0.37Beat by $0.03Q2 2025$0.36Beat by $0.03Q1 2025$0.32In lineQ4 2024$0.29Beat by $0.14

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Questions, answered.

When did Waystar Holding Corp. report Q4 2025 earnings?
Waystar Holding Corp. (WAY) reported Q4 2025 earnings on February 17, 2026 before market open.
What were Waystar Holding Corp.'s Q4 2025 revenue and EPS?
Waystar Holding Corp. reported revenue of $303.5M and diluted EPS of $0.36 for Q4 2025.
Did Waystar Holding Corp. beat estimates in Q4 2025?
Revenue beat the consensus estimate of $294.8M by $8.7M. EPS missed the consensus estimate of $0.39 by $0.03.
How did Waystar Holding Corp.'s Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 24.3% from $244.1M a year earlier and diluted EPS grew 24.1% from $0.29.
Where can I find Waystar Holding Corp.'s Q4 2025 SEC filings?
You can read the 8-K earnings release (0001990354-26-000010) and the 10-K periodic report (0001990354-26-000011) directly on SEC EDGAR. The filing index links above go to sec.gov.