Waystar Narrows 2026 Outlook After Faster Growth

The Tip Desk · November 3, 2026 · 2 min read

Third-quarter revenue reached $325.6 million as year-over-year growth accelerated to 21% from 18% in the second quarter.

Waystar Holding Corp. (WAY), a provider of healthcare payment software, reported third-quarter revenue of $325.6 million, up 21% from a year earlier, accelerating from 18% year-over-year growth in the second quarter.

Chief Executive Officer Matt Hawkins said the company delivered “another quarter of robust bookings and healthy demand across the business,” and that providers were consolidating more of the revenue cycle onto its connected platform as they adopted AI-powered capabilities.

GAAP net income was $31.0 million, or $0.16 a share, and the net income margin was 10%. Non-GAAP net income was $87.1 million, or $0.44 a share. Adjusted EBITDA was $139.3 million, with a 43% margin that matched the second-quarter rate.

Subscription revenue was $180.7 million, up 34% year-over-year, matching the second-quarter subscription growth rate. Volume-based revenue was $142.9 million, up 8% year-over-year, after 3% growth in the second quarter. Provider revenue was $243.4 million, up 28% year-over-year, after 23% growth in the second quarter. Patient revenue was $82.2 million, up 5% year-over-year.

The company said 1,488 clients contributed more than $100,000 in last-twelve-months revenue, up 14% year-over-year. Net revenue retention was 108%.

Cash flow from operations was $103.9 million and unlevered free cash flow was $114.8 million. Cash and cash equivalents were $30.8 million at September 30, 2026, with investment securities of $246.1 million. Net debt was $1.19 billion, and the adjusted net leverage ratio was 2.2 times.

As of November 2, 2026, Waystar narrowed its full-year 2026 outlook. Total revenue is expected to be between $1.277 billion and $1.287 billion, compared with a prior range of $1.276 billion to $1.294 billion. Adjusted EBITDA is expected to be between $543 million and $549 million. Non-GAAP net income is expected to be between $322 million and $337 million, and diluted non-GAAP net income per share is expected to be between $1.63 and $1.71.

The company said it had not reconciled the forward-looking adjusted EBITDA, non-GAAP net income, and non-GAAP net income per share guidance to the most directly comparable GAAP measure because of variability in costs including incentive compensation, transaction-related expenses, and certain fair value measurements.