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Waystar Holding Corp. WAY Subscription revenue — Revenue

Other product segments

Volume-based revenue
$139.46M+7.3%
Implementation services and other revenue
$2.24M+52.0%

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Other financials

Income statement

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Revenue$313.9M+22.4%
Gross profit$216.8M+25.3%
Operating income$80.5M+23.4%
Net income$43.3M+47.9%
EPS (diluted)$0.22+37.5%

Balance sheet

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Cash & equivalents$62.7M-74.9%
Total debt$1.5B+18.0%
Total equity$3.9B+26.0%
Total assets$5.8B+26.4%

Cash flow

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Operating cash flow$84.9M+32.2%
CapEx$15.3M+182%
Free cash flow$69.6M+18.3%

Valuation

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Market cap$3.54B-28.1%
Enterprise value$4.97B-18.8%
P/E28.1×
P/S3.1×-2.0×

Profitability

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Gross margin68.7%+1.9pp
Operating margin22.9%+7.1pp
Net margin10.9%
FCF margin25.4%+5.3pp

Returns & leverage

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Return on equity3.6%
Debt / equity0.4×0.0×
Current ratio1.8×-1.4×

Where this comes from

Reported directly by Waystar Holding Corp. in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The official record: Waystar Holding Corp.’s 10-Q, filed April 29, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Waystar Holding Corp.'s subscription revenue — revenue?
Waystar Holding Corp. (WAY) reported subscription revenue — revenue of $172.17M in Q1 2026.
How has Waystar Holding Corp.'s subscription revenue — revenue changed year-over-year?
Waystar Holding Corp.'s subscription revenue — revenue increased by 37.7% year-over-year, from $125.04M to $172.17M.
What is the long-term trend for Waystar Holding Corp.'s subscription revenue — revenue?
Over 3 years (2022 to 2025), Waystar Holding Corp.'s subscription revenue — revenue has grown at a 15.0% compound annual growth rate (CAGR), from $366.72M to $558.41M.
What does subscription revenue — revenue mean?
This metric represents the total revenue generated from recurring software-as-a-service (SaaS) subscriptions and platform access fees within the healthcare payments ecosystem. It reflects the core, predictable income stream derived from providing cloud-based technology solutions that automate billing, claims processing, and patient financial engagement. Growth in this segment indicates successful customer retention and the expansion of the platform's footprint within healthcare provider networks.