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Waystar Holding Corp. WAY Reportable Segment — Materials and connectivity

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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 way:MaterialsAndConnectivity.

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
($ in thousands)Three months ended June 30, 2026Three months ended June 30, 2025Six months ended June 30, 2026Six months ended June 30, 2025
Total Revenue$319,674$270,654$633,548$527,089
Less:
Materials and connectivity67,32462,271134,445122,724
Labor and associated expenses30,36224,77360,27647,665
Research and development17,72312,62236,09123,700
Sales and marketing50,37943,52496,20983,647
General and administrative36,37829,19267,10252,492
Depreciation6,9925,31013,97010,575

Item 1. Financial Statements

FAQ

What is Waystar Holding Corp.'s reportable segment — materials and connectivity?
Waystar Holding Corp. (WAY) reported reportable segment — materials and connectivity of $67.32M in Q2 2026.
How has Waystar Holding Corp.'s reportable segment — materials and connectivity changed year-over-year?
Waystar Holding Corp.'s reportable segment — materials and connectivity increased by 8.1% year-over-year, from $62.27M to $67.32M.
What is the long-term trend for Waystar Holding Corp.'s reportable segment — materials and connectivity?
Over 2 years (2023 to 2025), Waystar Holding Corp.'s reportable segment — materials and connectivity has grown at a 19.0% compound annual growth rate (CAGR), from $173.08M to $244.93M.
What does reportable segment — materials and connectivity mean?
Captures the direct costs associated with third-party data feeds, network infrastructure, and essential connectivity services required to deliver the segment's platform functionality. These expenses are variable in nature and scale with the volume of transactions processed through the platform. Monitoring this metric is critical for assessing the direct cost of service delivery and gross margin pressure.

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