Waystar Holding Corp.
investors.waystar.comWhat Do They Do?
Provides cloud-based software that helps healthcare providers manage payment workflows, from patient onboarding and insurance checks through claims, collections and denial appeals.
10-K for FY2025, filed Feb 17, 2026Waystar provides healthcare organizations with mission-critical AI-powered software that simplifies healthcare payments for providers…View ↗
Our purpose-built software platform is designed to addresses these challenges and help optimize healthcare payments across all stages of…View ↗
Our software is used daily by providers of all types and sizes across the continuum of care, including physician practices, clinics…View ↗
How Do They Make Money?
Healthcare providers pay recurring subscription fees for ongoing access to the software, invoiced monthly; volume-based fees vary with transactions, dollar volume or provider count and are charged as activity occurs. Implementation fees are due when the contract is signed.
10-K for FY2025, filed Feb 17, 2026Revenue from our subscription services as well as from our volume-based services represents a single promise to provide continuous access…View ↗
Revenue from our subscription services is recognized over time on a ratable basis over the contract term beginning on the date that the…View ↗
We derive our revenue from contracts with clients primarily through subscription fees and volume-based fees. Our payment terms with the…View ↗
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10-K for FY2025, filed Feb 17, 2026
FY2025 revenue by product or service ↗
$1.1B
-
10-K for FY2025, filed Feb 17, 2026
$1.1B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Subscription revenue
Recurring
10-K for FY2025, filed Feb 17, 2026 |
51%
FY2022: 52%
|
Subscription revenue, FY2025
$558.4M Sources
|
Recurring |
|
Volume-based revenue
Usage-based
10-K for FY2025, filed Feb 17, 2026 |
49%
FY2022: 48%
|
Volume-based revenue, FY2025
$534.8M Sources
|
Usage-based |
|
Implementation services and other revenue
|
0.6%
FY2022: 0.4%
|
Implementation services and other revenue, FY2025
$6.1M Sources
|
Who Are Their Customers?
Waystar sells directly to ambulatory providers and hospitals and health systems; it also reaches providers through strategic partners, and sells to outsourced revenue-cycle and billing service providers that use its technology for provider workflows.
10-K for FY2025, filed Feb 17, 2026We sell our platform through our sales team, which is comprised of over 100 representatives. Our sales teams are dedicated to either…View ↗
In addition to our direct sales force, we have a team focused on strengthening and expanding our channel partner and alliance…View ↗
Our clients represent healthcare providers across all types of care settings, including physician practices, clinics, surgical centers, and…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 10 cents of every revenue dollar as net income in FY2025 and turned 26 cents into free cash flow.
10-K for FY2025, filed Feb 17, 2026
$249.3MView ↗
10-K for FY2025, filed Feb 17, 2026
$112.1MView ↗
10-K for FY2025, filed Feb 17, 2026
$283.2MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Jul 29, 2026
$40.9MView ↗
- ▲ +27%
- vs $32.2M in Q2 FY2025
10-Q for Q2 FY2026, filed Jul 29, 2026
Open tableView ↗
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Jul 29, 2026
Raises full-year revenue and adjusted EBITDA guidance
Revenue guidance is $1.276 billion to $1.294 billion; adjusted EBITDA guidance is $535 million to $545 million.
Sources
8-K, filed Jul 29, 2026
Total revenue is expected to be between $1.276 billion and $1.294 billion Adjusted EBITDA is expected to be between $535 million and $545…View ↗
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