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Waystar Holding Corp. WAY Volume-based revenue — Revenue

Other product segments

Subscription revenue
$176.29M+34.5%
Implementation services and other revenue
$1.24M-1.4%

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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 us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

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, 2026 / Solution type / PatientThree months ended June 30, 2026 / Solution type / ProviderThree months ended June 30, 2026 / TotalThree months ended June 30, 2025 / Solution type / PatientThree months ended June 30, 2025 / Solution type / ProviderThree months ended June 30, 2025 / Total
Subscription revenue$3,487$172,800$176,287$3,381$127,727$131,108
Volume-based revenue84,08758,062142,14978,16860,122138,290
Implementation services and other revenue2969421,2384218351,256
Total revenues$87,870$231,804$319,674$81,970$188,684$270,654

Item 1. Financial Statements

FAQ

What is Waystar Holding Corp.'s volume-based revenue — revenue?
Waystar Holding Corp. (WAY) reported volume-based revenue — revenue of $142.15M in Q2 2026.
How has Waystar Holding Corp.'s volume-based revenue — revenue changed year-over-year?
Waystar Holding Corp.'s volume-based revenue — revenue increased by 2.8% year-over-year, from $138.29M to $142.15M.
What is the long-term trend for Waystar Holding Corp.'s volume-based revenue — revenue?
Over 3 years (2022 to 2025), Waystar Holding Corp.'s volume-based revenue — revenue has grown at a 16.8% compound annual growth rate (CAGR), from $335.45M to $534.75M.
What does volume-based revenue — revenue mean?
This metric represents the total revenue generated from services where pricing is directly tied to the volume of transactions, claims, or patient interactions processed through the platform. It serves as a key indicator of the company's operational scale and the adoption rate of its core healthcare payment processing solutions. Growth in this segment reflects increased utilization of the platform by healthcare providers and the successful expansion of transaction-based service offerings.

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