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Segments

By segment

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Reportable Segment$17.72M+40.4%

Other financials

Income statement

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Revenue$319.7M+18.1%
Gross profit$222.0M+20.9%
Operating income$76.0M+17.3%
Net income$40.9M+27.0%
EPS (diluted)$0.21+16.7%

Balance sheet

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Cash & equivalents$45.4M-85.4%
Total debt$1.5B+18.0%
Total equity$4.0B+25.6%
Total assets$5.9B+25.5%

Cash flow

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Operating cash flow$59.4M-38.6%
CapEx$16.1M+179%
Free cash flow$43.3M-52.4%

Valuation

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Market cap$4.48B-24.3%
Enterprise value$5.92B-13.8%
P/E33.3×
P/S3.7×-2.1×

Profitability

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Gross margin69.1%+1.8pp
Operating margin22.9%+2.1pp
Net margin11.2%
FCF margin20.4%-7.1pp

Returns & leverage

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Return on equity3.8%
Debt / equity0.4×0.0×
Current ratio1.8×-1.6×

Where this comes from

Reported directly by Waystar Holding Corp. in its filing.

Tagged under the XBRL concept us-gaap:ResearchAndDevelopmentExpense.

The source filing: Waystar Holding Corp.’s 10-Q, filed July 29, 2026.

Filed
Jul 29, 2026, 4:04 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001990354-26-000035
Line itemThree months ended June 30, 2026Three months ended June 30, 2025Six months ended June 30, 2026Six months ended June 30, 2025
Cost of revenue (exclusive of depreciation and amortization expenses)97,68687,044194,721170,389
Sales and marketing50,37943,52496,20983,647
General and administrative36,37829,19267,10252,492
Research and development17,72312,62236,09123,700
Depreciation and amortization41,46633,42682,91866,806
Total operating expenses243,632205,808477,041397,034
Income from operations76,04264,846156,507130,055
Other expense

Item 1. Financial Statements

FAQ

What is Waystar Holding Corp.'s R&D?
Waystar Holding Corp. (WAY) reported R&D of $17.72M in Q2 2026.
How has Waystar Holding Corp.'s R&D changed year-over-year?
Waystar Holding Corp.'s R&D increased by 40.4% year-over-year, from $12.62M to $17.72M.
What is the long-term trend for Waystar Holding Corp.'s R&D?
Over 3 years (2022 to 2025), Waystar Holding Corp.'s R&D has grown at a 18.5% compound annual growth rate (CAGR), from $32.81M to $54.62M.
What does R&D mean?
Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.

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