NASDAQ$WAY
Waystar Holding Corp · Q4 2025 earnings
Q4 2025 earnings · · Before market open · Investor relations
Briefing
Waystar reported Q4 2025 revenue of $303.5M (+24% YoY) with net income of $20.0M and non-GAAP EPS of $0.36.
Fourth quarter revenue was $303.5 million (+24%). Net income was $20.0 million ($0.10 GAAP EPS); non-GAAP net income was $70.7 million ($0.36 per share). Adjusted EBITDA margin was 43%. FY 2025 revenue was $1.10 billion (+17%) with net revenue retention of 112%.
- Q4 revenue $303.5M (+24%).
- Adjusted EBITDA margin 43%.
- FY 2025 revenue $1.10B; NRR 112%.
- Iodine acquisition integration ahead of plan.
Headline financials
Revenue & EPS history
Waystar Holding Corp · Revenue · Quarterly
$304M
Revenue by segment
Waystar Holding Corp · $223M total across 2 segments · Q1 2024
- Volume-Based Revenue$117M—52.5%
- Subscription Revenue$106M—47.5%
Forward guidance
2026 guidance reflects durable growth in AI-powered revenue cycle software with expanding subscription mix.
Tailwinds
- Record bookings and platform cross-sell momentum.
- Strong unlevered free cash flow generation.
- Healthcare AI product pipeline acceleration.
Headwinds
- GAAP profitability modest relative to adjusted metrics.
- Integration and competition in health IT.
- Customer concentration in large provider systems.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 9 quarterly earnings reports · overlaid with Q4 2025
+3.4%
Avg return
Earnings day
+3.3%
Avg return
5 days after
+4.1%
Avg return
30 days after
67%
6 / 9 earnings
Positive
+9.2%
Q3 2023
Best reaction
-13.4%
Q1 2026
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -13.4% | -18.4% | -21.3% | |
| Q4 2025 | +8.6% | +11.9% | +10.6% | |
| Q3 2025 | -6.5% | -5.4% | -6.8% | |
| Q1 2025 | +6.2% | +8.7% | +7.6% | |
| Q4 2024 | -0.5% | -6.9% | -15.9% | |
| Q3 2024 | +9.2% | +8.1% | +6.6% | |
| Q3 2023 | +9.2% | +8.1% | +6.6% | |
| Q2 2023 | +8.9% | +11.6% | +24.9% | |
| Q2 2024 | +8.9% | +11.6% | +24.9% | |
| Q1 2024 | — | — | — | |
| Q4 2023 | — | — | — | |
| Q1 2023 | — | — | — | |
| Q4 2022 | — | — | — | |
| Q3 2022 | — | — | — | |
| Q2 2022 | — | — | — | |
| Q1 2022 | — | — | — | |
| Q4 2021 | — | — | — | |
| Q3 2021 | — | — | — |
Discussion
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