Waystar二季度业绩小幅超预期并上调全年利润指引

Q2 revenue of
$319.7M
, up 18% YoY
Q2 net income of
$40.9M
and non-GAAP net income of
$83.3M
Q2 net income margin of 13%; adjusted EBITDA margin of 43%
Raising revenue and adjusted EBITDA guidance for 2026
LEHI, Utah
and
LOUISVILLE, Ky.
,
July 29, 2026
/PRNewswire/ --
Waystar Holding Corp.
(Nasdaq: WAY), a provider of leading healthcare payment software, today reported results for the second quarter ended
June 30, 2026
.
"Waystar delivered another solid quarter, driven by healthy demand, disciplined execution, and growing provider adoption," said
Matt Hawkins
, Chief Executive Officer of Waystar. "Our unique position connecting providers, payers, and patients — combined with the breadth of our platform, the scale of our data, and the accelerating impact of our AltitudeAI capabilities — helps clients improve performance and reinforces our confidence in the long-term opportunity ahead."
Second Quarter 2026 Financial Highlights
Revenue of
$319.7 million
, up 18% year-over-year
Net income of
$40.9 million
, GAAP net income per diluted share of
$0.21
, and net income margin of 13%
Non-GAAP net income of
$83.3 million
and non-GAAP net income per diluted share of
$0.43
Adjusted EBITDA of
$136.7 million
and adjusted EBITDA margin of 43%
Cash flow from operations of
$59.4 million
and unlevered free cash flow of
$63.9 million
Key Performance Metrics and Revenue Disaggregation
1,453 clients contributed over
$100,000
in LTM revenue, up 15% year-over-year
Net revenue retention rate (NRR) of 108%
Second quarter 2026 subscription revenue of
$176.3 million
, up 34% year-over-year
Second quarter 2026 volume-based revenue of
$142.1 million
, up 3% year-over-year
Second quarter 2026 provider revenue of
$231.8 million
, up 23% year-over-year
Second quarter 2026 patient revenue of
$87.9 million
, up 7% year-over-year
Financial Outlook
As of
July 29, 2026
, Waystar provides the following guidance for its full fiscal year 2026.
1
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 million
Non-GAAP net income is expected to be between
$322 million
and
$340 million
Diluted non-GAAP net income per share is expected to be between
$1.61
and
$1.70
Webcast Information
Waystar's financial results will be discussed on a conference call scheduled at 4:30 p.m.  Eastern Time today,
July 29, 2026
. A live audio conference call will be available on Waystar's website at
https://investors.waystar.com/news-events/events
. The webcast will be archived on the site for those unable to listen in real time. This earnings release and the related Current Report on Form 8-K furnished
July 29, 2026
, are available on the Investor Relations page of the company's website. We routinely post important information on our website, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included in the Investor Relations section of our website. Accordingly, investors should monitor this portion of our website, in addition to following our press releases, U.S. Securities and Exchange Commission ("
SEC
") filings, and public conference calls and webcasts.
Non-GAAP Financial Measures
To supplement the consolidated financial statements prepared and presented in accordance with
U.S
. generally accepted accounting principles ("GAAP"), this press release contains certain non-GAAP financial measures as defined below. We present non-GAAP financial measures as supplemental measures of financial performance that are not required by, or presented in accordance with, GAAP. We believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Management believes these non-GAAP financial measures are useful to investors in highlighting trends in our operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate, and capital investments. Management uses adjusted EBITDA and adjusted EBITDA margin to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, to establish discretionary annual incentive compensation, and to compare our performance against that of other peer companies using similar measures. Management uses non-GAAP net income and non-GAAP net income per share to evaluate our core operating profitability on an after-tax basis exclusive of certain non-cash and non-recurring items, and to facilitate comparison with peer companies that may have different capital structures, acquisition histories, or tax profiles. Management uses unlevered free cash flow to evaluate cash generation from our core business operations independent of our capital structure. Management supplements GAAP results with non-GAAP financial measures to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone provide.
Adjusted EBITDA, adjusted EBITDA margin, non-GAAP net income, non-GAAP net income per share and unlevered free cash flow are not recognized terms under GAAP and should not be considered as an alternative to net income (loss) or net income (loss) margin as measures of financial performance or cash provided by operating activities as a measure of liquidity, or any other performance measure derived in accordance with GAAP. Additionally, these measures are not intended to be a measure of free cash flow available for management's discretionary use, as they do not consider certain cash requirements such as interest payments, tax payments, and debt service requirements. The presentations of these measures have limitations as analytical tools and should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company. A reconciliation is provided below for our non-GAAP financial measures to the most directly comparable financial measure stated in accordance with GAAP. A quantitative reconciliation of the forward-looking non-GAAP financial measures included in our financial outlook is not provided for the reasons described under "Financial Outlook." Investors are encouraged to review the related GAAP financial measures and the reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate our business.
The following non-GAAP financial measures and key performance metrics are defined below:
Adjusted EBITDA and adjusted EBITDA Margin
We define adjusted EBITDA as net income / (loss) before interest expense, net, income tax expense / (benefit), depreciation and amortization, and as further adjusted for stock-based compensation expense, acquisition and integration costs, asset and lease impairments, costs related to amended debt agreements, IPO and secondary offering costs and costs related to other unusual, non-recurring or otherwise notable items. Adjusted EBITDA margin represents adjusted EBITDA as a percentage of revenue.
Non-GAAP Net Income and Non-GAAP Net Income Per Share
We define non-GAAP net income as GAAP net income excluding the impact of stock-based compensation, acquisition and integration costs, asset and lease impairments, costs related to our IPO, and the Secondary Offerings, costs related to amended debt agreements and amortization of intangibles, and costs related to other unusual, non-recurr