WAY · Waystar Holding Corp.

Waystar delivered a robust first quarter 2026, with revenue growing 22% year-over-year to $313.9 million, driven by strong subscription revenue growth of 38% YoY ($172.2M) and volume-based revenue growth of 7% YoY ($139.5M). Management attributed the performance to continued platform expansion, successful integration of Iodine, and launch of new AI-powered solutions like the recoupment tool—highlighting product-led growth and increasing standardization among providers. The 111% net revenue retention rate and 15% YoY increase in clients contributing over $100,000 in LTM revenue underscore durable client monetization and upsell strength. Margin performance was exceptional: adjusted EBITDA reached $135.4 million (43% margin), reflecting operating leverage and disciplined cost management, while GAAP net income margin stood at 14%. Notably, the company raised full-year 2026 guidance across all key metrics—revenue, adjusted EBITDA, and non-GAAP net income—indicating confidence in sustained demand, execution cadence, and integration progress. The upward revision, coupled with commentary on bookings exceeding internal expectations, suggests accelerating momentum in a consolidating healthcare payments landscape. Investors should monitor the trajectory of subscription vs. volume-based revenue mix, NRR sustainability, and integration milestones as leading indicators of long-term scalability.