Revenue: As of FY2026 Q2, the actual value is USD 319.67 M, beating the estimate of USD 316.17 M.

EPS: As of FY2026 Q2, the actual value is USD 0.21, beating the estimate of USD 0.206.

EBIT: As of FY2026 Q2, the actual value is USD 76.04 M.

Waystar Holding Corp. reported strong financial and operational performance for the second quarter and six months ended June 30, 2026, and updated its full fiscal year 2026 guidance, driven by healthy demand, disciplined execution, growing provider adoption, and the accelerating impact of AltitudeAI capabilities.

Second Quarter 2026 Financial Highlights

• Net Income: $40.9 million, with a net income margin of 13%.
• Non-GAAP Net Income: $83.3 million.
• Adjusted EBITDA: $136.7 million, with an adjusted EBITDA margin of 43%.
• Cash Flow from Operations: $59.4 million.
• Unlevered Free Cash Flow: $63.9 million.

Key Performance Metrics (Second Quarter 2026)

• Clients with over $100,000 in LTM revenue: 1,453 clients, an increase of 15% year-over-year.
• Net Revenue Retention Rate (NRR): 108%.
• Subscription Revenue: $176.3 million, up 34% year-over-year.
• Volume-Based Revenue: $142.1 million, up 3% year-over-year.
• Provider Revenue: $231.8 million, up 23% year-over-year.
• Patient Revenue: $87.9 million, up 7% year-over-year.

Six Months Ended June 30, 2026 vs. 2025

• Net Income: $84,150 thousand in 2026 compared to $61,453 thousand in 2025.
• Income from Operations: $156,507 thousand in 2026 vs $130,055 thousand in 2025.
• Interest Expense, Net: -$38,349 thousand in 2026 vs -$35,582 thousand in 2025.
• Related Party Interest Expense: -$1,944 thousand in 2026 vs -$1,573 thousand in 2025.
• Income Before Income Taxes: $116,214 thousand in 2026 vs $92,900 thousand in 2025.
• Income Tax Expense: $32,064 thousand in 2026 vs $31,447 thousand in 2025.

Operating Expenses

• Cost of revenue: $194,721 thousand (2026) vs $170,389 thousand (2025).
• Sales and marketing: $96,209 thousand (2026) vs $83,647 thousand (2025).
• General and administrative: $67,102 thousand (2026) vs $52,492 thousand (2025).
• Research and development: $36,091 thousand (2026) vs $23,700 thousand (2025).
• Depreciation and amortization: $82,918 thousand (2026) vs $66,806 thousand (2025).
• Total operating expenses: $477,041 thousand (2026) vs $397,034 thousand (2025).

Cash Flow (Six Months Ended June 30, 2026 vs. 2025)

• Net Cash Provided by Operating Activities: $144,324 thousand in 2026 compared to $161,009 thousand in 2025.
• Net Cash Used in Investing Activities: -$182,082 thousand in 2026 compared to -$61,718 thousand in 2025.
• Net Cash Provided by Financing Activities: $6,361 thousand in 2026 compared to $7,596 thousand in 2025.
• Interest Paid: $41,290 thousand in 2026 vs $39,745 thousand in 2025.
• Cash Taxes Paid (Refunds Received), Net: $42,816 thousand in 2026 vs $8,346 thousand in 2025.

Reconciliation of Non-GAAP Measures (Six Months Ended June 30, 2026 vs. 2025)

• Adjusted EBITDA: $272,128 thousand in 2026 vs $220,298 thousand in 2025, with margins of 43.0% and 41.8% respectively.
• Non-GAAP Net Income: $164,454 thousand in 2026 vs $124,390 thousand in 2025.
• Unlevered Free Cash Flow: $154,174 thousand in 2026 vs $189,561 thousand in 2025.

Net Debt and Leverage Ratios (June 30, 2026 vs. June 30, 2025)

• Net Debt: $1,282,550 thousand in 2026 vs $896,919 thousand in 2025.
• Adjusted Gross Leverage Ratio: 2.9x in 2026 vs 3.0x in 2025.
• Adjusted Net Leverage Ratio: 2.5x in 2026 vs 2.2x in 2025.

Financial Outlook for Full Fiscal Year 2026

Waystar Holding Corp. is raising its guidance for the full fiscal year 2026, projecting total revenue between $1.276 billion and $1.294 billion. Adjusted EBITDA is anticipated to range from $535 million to $545 million, while non-GAAP net income is expected to be between $322 million and $340 million. Diluted non-GAAP net income per share is forecasted to be between $1.61 and $1.70.