Jun 2026 (Q2 FY26) — Jul 29, 2026
Waystar Q2 FY26 — Strong Bookings and Raised Full-Year Guidance Driven by Platform Adoption and AI Solutions
Read the full callWaystar (WAY) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Waystar earnings: last reported Wed, 29 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 320 | +18.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 23.8 | −0.2 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 40.9 | +27.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
10 of 10 judged targets kept · 8 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY26 adjusted EBITDA guidance | $530 million to $540 million, approximately 42% margin | Dec 2025 | We are also raising our adjusted EBITDA guidance to a range of $535 million to $545 million, with a midpoint of $540 million, an increase of $5 million versus prior guidance midpoint. | Revised Up |
| Adjusted EBITDA to unlevered free cash flow conversion | approximately 70% | Sep 2024 | Unlevered free cash flow was $64 million in the second quarter, and we converted 47% of adjusted EBITDA to unlevered free cash flow. Cash flow and the conversion ratio reflect the typical timing of estimated federal tax payments in the quarter. | On Track |
8 of Waystar Holding Corp.'s 18 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 16 more targets are in the full ledger.
Claimed
- Revenue reached $320 million, representing 18% year-over-year growth.
- Adjusted EBITDA was $137 million, resulting in a 43% adjusted EBITDA margin, exceeding consensus expectations.
- Achieved a double-digit number of $1 million-plus ACV bookings, reinforcing demand for connected platform solutions.
- Clients generating more than $100,000 of trailing 12-month revenue grew to 1,453, up 15% year-over-year.
- Net revenue retention was 108%, within the historical range of 108% to 110%.
- Raised the low end of full-year revenue guidance by $2 million to a range of $1.276 billion to $1.294 billion.
- Raised full-year adjusted EBITDA guidance to a range of $535 million to $545 million, an increase of $5 million at the midpoint.
Qualified
- Volume-based revenue grew 3% year-over-year (8% normalized organic), impacted by previously discussed comparability items and tough prior-year comps.
- Capital expenditures, including capitalized software development, increased year-over-year, impacting unlevered free cash flow conversion.
Price
$27.99 +2.30% · +$0.63
Performance −24.3% 1Y
1Y: $36.98 on 17 Oct 2025 → $27.99. High $39.62 (29 Oct 2025), low $17.31 (22 Jun 2026).
- Previous close
- $27.36
- 52-week range
- $17.31 – $39.62
- One year
- −24.27%
Overview
- Symbol
- WAY
- Sector
- Health Care
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
10 of 10 judged targets kept · 8 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY26 adjusted EBITDA guidance | $530 million to $540 million, approximately 42% margin | Dec 2025 | We are also raising our adjusted EBITDA guidance to a range of $535 million to $545 million, with a midpoint of $540 million, an increase of $5 million versus prior guidance midpoint. | Revised Up |
| Adjusted EBITDA to unlevered free cash flow conversion | approximately 70% | Sep 2024 | Unlevered free cash flow was $64 million in the second quarter, and we converted 47% of adjusted EBITDA to unlevered free cash flow. Cash flow and the conversion ratio reflect the typical timing of estimated federal tax payments in the quarter. | On Track |
Claimed
- Revenue reached $320 million, representing 18% year-over-year growth.
- Adjusted EBITDA was $137 million, resulting in a 43% adjusted EBITDA margin, exceeding consensus expectations.
- Achieved a double-digit number of $1 million-plus ACV bookings, reinforcing demand for connected platform solutions.
- Clients generating more than $100,000 of trailing 12-month revenue grew to 1,453, up 15% year-over-year.
- Net revenue retention was 108%, within the historical range of 108% to 110%.
- Raised the low end of full-year revenue guidance by $2 million to a range of $1.276 billion to $1.294 billion.
- Raised full-year adjusted EBITDA guidance to a range of $535 million to $545 million, an increase of $5 million at the midpoint.
Qualified
- Volume-based revenue grew 3% year-over-year (8% normalized organic), impacted by previously discussed comparability items and tough prior-year comps.
- Capital expenditures, including capitalized software development, increased year-over-year, impacting unlevered free cash flow conversion.
The full ledger
Open Waystar Holding Corp.’s full ledger
A free account opens 5 company ledgers a month. All 18 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 29, 2026
Waystar Q1 FY26 — Strong AI-Driven Growth Amidst Patient Payment Headwinds
Read the full callEvery analysed call
Waystar earnings calls (WAY)
Financials
What the filings say
Net profit, year on year: +27% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 240 | 244 | 256 | 271 | 269 | 304 | 314 | 320 |
| Expenses | 213 | 191 | 191 | 206 | 208 | 245 | 233 | 244 |
| Operating profit | 27 | 53 | 65 | 65 | 60 | 59 | 80 | 76 |
| Operating margin | 11.3% | 21.8% | 25.4% | 24.0% | 22.4% | 19.4% | 25.6% | 23.8% |
| Interest | 18 | — | 19 | 18 | 18 | — | 21 | 20 |
| Profit before tax | 9 | 33 | 46 | 47 | 43 | 36 | 60 | 56 |
| Tax rate | 37.7% | 42.3% | 36.8% | 30.9% | 28.3% | 44.7% | 27.6% | 27.5% |
| Net profit | 5 | 19 | 29 | 32 | 31 | 20 | 43 | 41 |
| EPS ($ per share) | 0.03 | — | 0.17 | 0.19 | 0.18 | — | 0.23 | 0.21 |
| Line item | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Equity capital | — | 1 | 2 | 2 |
| Reserves | — | -202 | -221 | -109 |
| Total liabilities | — | 2,533 | 1,497 | 1,906 |
| Fixed assets | — | 61 | 47 | 52 |
| Total assets | — | 4,583 | 4,577 | 5,785 |
| Line item | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash from operations | 103 | 51 | 170 | 310 |
| Cash from investing | -17 | -62 | -27 | -681 |
| Cash from financing | -67 | -17 | 17 | 243 |
| Net cash flow | — | -27 | 159 | -128 |
| Capital expenditure | -17 | -22 | -27 | -26 |
| Free cash flow | 85 | 30 | 143 | 283 |
WAY revenue by segment
| Segment | Q2 FY2024 | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|
| Reportable | — | — | — | 100% | 100% | 100% | 100% | +18.1% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
60 filings between Oct 20, 2025 and Oct 6, 2026.
Open market
decisions to buy or sellPurchases
$189.0K
1 purchase by 1 insider
Sales
$10.91M
13 sales by 4 insiders
92% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 21
- Award — granted as compensation
- 14
- Option exercise — converted options into shares
- 11
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Hawkins Matthew J. | — | $7.98M | Oct 6, 2026 |
| Sinclair III Eric L. (Ric) | — | $2.23M | Jan 20, 2026 |
| Schremser Christopher L. | — | $573.7K | Dec 10, 2025 |
| MILLER HEIDI | $189.0K | — | Mar 2, 2026 |
| Miller Melissa F. (Missy) | — | $125.8K | Nov 25, 2025 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 6, 2026 | Hawkins Matthew J. Chief Executive Officer | Sale 10b5-1 plan | 82,500 | $2.16M |
| Oct 6, 2026 | Hawkins Matthew J. Chief Executive Officer | Option exercise 10b5-1 plan | 82,500 | $341.6K |
| Oct 5, 2026 | Chan William Chief Product & AI Officer | Tax withheld | 9,560 | $249.2K |
| Sep 2, 2026 | Hawkins Matthew J. Chief Executive Officer | Sale 10b5-1 plan | 82,500 | $2.14M |
| Sep 2, 2026 | Hawkins Matthew J. Chief Executive Officer | Option exercise 10b5-1 plan | 82,500 | $341.6K |
| Sep 1, 2026 | Bridge T. Craig Chief Transformation Officer | Tax withheld | 30,792 | $792.3K |
| Sep 1, 2026 | PACKER GREGORY R Chief Legal officer | Tax withheld | 6,754 | $173.8K |
| Sep 1, 2026 | Hawkins Matthew J. Chief Executive Officer | Tax withheld 10b5-1 plan | 30,287 | $779.3K |
| Aug 17, 2026 | Khanna Amit Chief Prod. & Tech. Officer | Award | 390,625 | $0 |
| Aug 13, 2026 | Hawkins Matthew J. Chief Executive Officer | Sale 10b5-1 plan | 60,038 | $1.50M |
| Aug 13, 2026 | Hawkins Matthew J. Chief Executive Officer | Option exercise 10b5-1 plan | 60,038 | $248.6K |
| Aug 11, 2026 | Hawkins Matthew J. Chief Executive Officer | Sale 10b5-1 plan | 22,462 | $562.4K |
| Aug 11, 2026 | Hawkins Matthew J. Chief Executive Officer | Option exercise 10b5-1 plan | 22,462 | $93.0K |
| Aug 1, 2026 | Woods Todd Charles Chief Commercial Officer | Award | 90,827 | $0 |
| Aug 1, 2026 | Bridge T. Craig Chief Transformation Officer | Award | 205,470 | $0 |
| Aug 1, 2026 | PACKER GREGORY R Chief Legal officer | Award | 232,061 | $0 |
| Aug 1, 2026 | Hawkins Matthew J. Chief Executive Officer | Award | 908,265 | $0 |
| Jul 24, 2026 | Wegner Alpana Chief Financial Officer | Award | 162,112 | $0 |
| Jul 16, 2026 | Hawkins Matthew J. Chief Executive Officer | Sale 10b5-1 plan | 36,901 | $851.9K |
| Jul 16, 2026 | Hawkins Matthew J. Chief Executive Officer | Option exercise 10b5-1 plan | 36,901 | $152.8K |
| Jul 15, 2026 | Hawkins Matthew J. Chief Executive Officer | Sale 10b5-1 plan | 33,099 | $762.0K |
| Jul 15, 2026 | Hawkins Matthew J. Chief Executive Officer | Option exercise 10b5-1 plan | 33,099 | $137.0K |
| Jun 9, 2026 | Oreskovich Steven M Chief Financial Officer | Tax withheld | 12,583 | $242.0K |
| Jun 9, 2026 | Miller Melissa F. (Missy) Chief Marketing Officer | Tax withheld | 2,887 | $55.5K |
| Jun 9, 2026 | Wittman Kimberly S. Chief People Officer | Tax withheld | 2,731 | $52.5K |
| Jun 9, 2026 | Schremser Christopher L. Chief Technology Officer | Tax withheld | 14,751 | $283.7K |
| Jun 9, 2026 | Bridge T. Craig Chief Transformation Officer | Tax withheld | 12,212 | $234.8K |
| Jun 9, 2026 | Hawkins Matthew J. Chief Executive Officer | Tax withheld | 47,754 | $918.3K |
| Jun 3, 2026 | DRISCOLL JOHN PATRICK Director | Award | 10,446 | $0 |
| Jun 3, 2026 | MILLER HEIDI Director | Award | 10,446 | $0 |
| Jun 3, 2026 | Hung Priscilla Director | Award | 10,446 | $0 |
| Jun 3, 2026 | Roman Michael F Director | Award | 10,446 | $0 |
| Jun 3, 2026 | DeMichiei Robert Director | Award | 10,446 | $0 |
| Jun 3, 2026 | Riefberg Vivian E. Director | Award | 10,446 | $0 |
| Jun 3, 2026 | Gupta Aashima Director | Award | 10,446 | $0 |
| Apr 6, 2026 | PACKER GREGORY R Chief Legal officer | Tax withheld | 4,016 | $95.1K |
| Mar 9, 2026 | Hawkins Matthew J. Chief Executive Officer | Award | 257,096 | $0 |
| Mar 9, 2026 | Oreskovich Steven M Chief Financial Officer | Award | 82,271 | $0 |
| Mar 9, 2026 | Chan William Chief Product & AI Officer | Award | 82,271 | $0 |
| Mar 9, 2026 | Wittman Kimberly S. Chief People Officer | Award | 61,703 | $0 |
| Mar 9, 2026 | Schremser Christopher L. Chief Technology Officer | Award | 87,413 | $0 |
| Mar 9, 2026 | Bridge T. Craig Chief Transformation Officer | Award | 87,413 | $0 |
| Mar 9, 2026 | Miller Melissa F. (Missy) Chief Marketing Officer | Award | 61,703 | $0 |
| Mar 9, 2026 | PACKER GREGORY R Chief Legal officer | Award | 65,817 | $0 |
| Mar 2, 2026 | MILLER HEIDI Director | Purchase | 7,200 | $189.0K |
| Jan 20, 2026 | Sinclair III Eric L. (Ric) Chief Business Officer | Option exercise 10b5-1 plan | 32,663 | $135.2K |
| Jan 20, 2026 | Sinclair III Eric L. (Ric) Chief Business Officer | Sale 10b5-1 plan | 40,225 | $1.21M |
| Jan 20, 2026 | Sinclair III Eric L. (Ric) Chief Business Officer | Option exercise 10b5-1 plan | 7,562 | $137.6K |
| Dec 22, 2025 | Sinclair III Eric L. (Ric) Chief Business Officer | Option exercise 10b5-1 plan | 9,701 | $40.2K |
| Dec 22, 2025 | Sinclair III Eric L. (Ric) Chief Business Officer | Sale 10b5-1 plan | 9,701 | $318.4K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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