0001990354-26-000040
SEC filingWaystar Q3营收3.256亿美元同比增21%，订阅收入增34%驱动增长，上调全年指引至12.77-12.87亿美元。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $325.6M | $268.651M | 21% |
| Gross Margin | — | — | — |
| Operating Income | $61.266M | $60.232M | — |
| Net Income | $31.025M | $30.648M | — |
| Diluted EPS (GAAP) | $0.16 | $0.17 | — |
| Non-GAAP Net Income | $87.1M | $67.795M | — |
| Non-GAAP Diluted EPS | $0.44 | $0.37 | — |
| Adjusted EBITDA | $139.302M | $112.703M | — |
| Adjusted EBITDA Margin | 42.8% | 42.0% | — |
| Net Income Margin | 9.5% | 11.4% | — |
| Operating Cash Flow | $103.863M | $82.030M | — |
| Unlevered Free Cash Flow | $114.778M | $95.712M | — |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | Total revenue | $1.277 billion – $1.287 billion | N/A |
| FY2026 | Adjusted EBITDA | $543 million – $549 million | Non-GAAP |
| FY2026 | Non-GAAP net income | $322 million – $337 million | Non-GAAP |
| FY2026 | Diluted non-GAAP net income per share | $1.63 – $1.71 | Non-GAAP |
Q3营收$325.6M同比增21%，增长几乎全部由订阅收入拉动：订阅收入$180.7M同比增34%，量级收入$142.9M仅增8%，说明公司正把更多收入周期工作流迁移到平台并叠加AI能力，而非单纯依赖交易量。分部看，Provider收入$243.4M增28%是主引擎，Patient收入$82.2M增5%相对温和；年收入超$100K客户达1,488家增14%，NRR 108%，客户扩张与留存仍稳健。
利润率呈"非GAAP改善、GAAP承压"的分化：调整后EBITDA利润率42.8%较去年42.0%提升，但GAAP净利率由11.4%降至9.5%，主因股权激励从$11.6M升至$24.4M、收购整合及交易费用$9.6M、无形资产摊销$34.5M，以及利息费用净额升至$19.3M。经营现金流$103.9M、无杠杆自由现金流$114.8M显示现金创造健康；净债务$1,193.7M，调整后净杠杆率2.2x。管理层给出FY2026营收$1.277-1.287B、调整后EBITDA $543-549M、非GAAP EPS $1.63-1.71的指引，并提示前瞻性非GAAP指标因股权激励等波动无法合理调节至GAAP。CEO Matt Hawkins强调客户正把更多收入周期整合到平台并采用AI与代理能力，是本季bookings强劲的核心叙事；需关注股权激励与整合费用对GAAP盈利的持续稀释。