WAY · Waystar Holding Corp.

Summary

Waystar Holding Corp. reported Q4 2025 revenue of $303.5 million, up 24% YoY, net income of $20.0 million, and adjusted EBITDA of $129.1 million with 43% margin. Full year 2025 revenue reached $1,099.3 million, up 17% YoY, and provided 2026 guidance for revenue between $1.274-$1.294 billion and adjusted EBITDA between $530-$540 million.

Key takeaways

• Q4 2025 revenue $303.5M, up 24% YoY
• Q4 2025 GAAP net income $20.0M, non-GAAP $70.7M
• FY 2025 revenue $1,099.3M, up 17% YoY
• FY 2025 GAAP net income $112.1M, adjusted EBITDA $462.1M
• 2026 guidance: revenue $1.274B-$1.294B, adjusted EBITDA $530M-$540M
• Net revenue retention rate 112%
• 1,391 clients >$100K LTM revenue, up 16% YoY