Waystar Reports Q4 Earnings Beat with Strong 2026 Guidance
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 17 2026
0mins
Should l Buy WAY?
Source: seekingalpha
- Earnings Highlights: Waystar's Q4 non-GAAP EPS of $0.36 missed expectations by $0.04, yet revenue of $303.5 million, reflecting a 24.3% year-over-year increase, surpassed estimates by $8.71 million, indicating robust revenue growth.
- Client Growth: The company reported 1,391 clients contributing over $100,000 in LTM revenue, a 16% year-over-year increase, showcasing significant progress in expanding its customer base and diversifying revenue streams.
- Subscription Revenue Surge: Q4 2025 subscription revenue reached $167.8 million, up 38% year-over-year, while total subscription revenue for fiscal year 2025 hit $558.4 million, a 22% increase, reflecting success in attracting and retaining customers.
- Future Guidance: Waystar projects total revenue for fiscal year 2026 to be between $1.274 billion and $1.294 billion, with adjusted EBITDA expected between $530 million and $540 million, demonstrating confidence in future growth, alongside anticipated non-GAAP net income per share of $1.59 to $1.68, slightly above consensus.
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Analyst Views on WAY
Wall Street analysts forecast WAY stock price to rise
17 Analyst Rating
16 Buy
1 Hold
0 Sell
Strong Buy
Current: 25.650
Low
40.00
Averages
47.81
High
54.00
Current: 25.650
Low
40.00
Averages
47.81
High
54.00
About WAY
Waystar Holding Corp. provides healthcare organizations with mission-critical cloud software that simplifies healthcare payments. The Company’s enterprise-grade platform, Waystar, streamlines the complex processes. It leverages internally developed artificial intelligence (AI) as well as proprietary, advanced algorithms to automate payment-related workflow tasks and drive continuous improvement, which enhances claim and billing accuracy, enriches data integrity, and reduces labor costs for providers. Its software is used daily by providers of all types and sizes across the continuum of care, including physician practices, clinics, surgical centers, and laboratories, as well as large hospitals and health systems. The Company’s clients utilize its software to manage pre-encounter workflows, such as eligibility checks and prior authorization approvals, as well as mid- and post-encounter workflows, such as co-pay collection, claims submission and monitoring, and payer remittances.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- AI Technology Leadership: Waystar AltitudeAI prevented over $15 billion in denials for clients in Q4, reduced appeal times by 90%, and drove double-digit increases in denial overturn rates, solidifying the company's leadership in AI-driven healthcare solutions.
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- Client Growth: The company reported 1,391 clients contributing over $100,000 in LTM revenue, a 16% year-over-year increase, showcasing significant progress in expanding its customer base and diversifying revenue streams.
- Subscription Revenue Surge: Q4 2025 subscription revenue reached $167.8 million, up 38% year-over-year, while total subscription revenue for fiscal year 2025 hit $558.4 million, a 22% increase, reflecting success in attracting and retaining customers.
- Future Guidance: Waystar projects total revenue for fiscal year 2026 to be between $1.274 billion and $1.294 billion, with adjusted EBITDA expected between $530 million and $540 million, demonstrating confidence in future growth, alongside anticipated non-GAAP net income per share of $1.59 to $1.68, slightly above consensus.
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See More
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- Live Nation Growth Potential: Live Nation is viewed as a leader in global live entertainment, with analyst Peter Henderson highlighting robust demand and healthy consumer spending trends that will underpin its medium to long-term growth; despite regulatory pressures, the stock remains attractive, having risen 16% in the past month.
- Medline Market Leader: Analyst Andrew Obin initiated coverage of Medline with a buy rating, forecasting sustainable high-single digit organic growth driven by market share gains in the $175 billion U.S. market, with the stock up 13% over the past month.
- Waystar Steady Growth: Waystar is well-positioned for steady growth supported by stable end-market demand for revenue cycle management solutions, with analysts believing the company can expand relationships with 18 of the top 22 hospitals, driving further growth opportunities.
See More
Waystar Achieves Top Client Satisfaction in Healthcare Payment Software
- Leading Client Satisfaction: An independent survey by Black Book reveals that Waystar ranks first in client satisfaction within the healthcare revenue cycle management industry, outperforming 49 competitors and demonstrating exceptional performance in AI execution and outcomes.
- Significant AI Capabilities: In less than a year, Waystar AltitudeAI has prevented $15 billion in denials and accelerated appeal package generation by 90%, significantly enhancing operational efficiency by reducing processing time from days to minutes.
- Efficient Claims Processing: The Waystar platform achieves approximately 99% clean claim and first-pass acceptance rates, which not only speeds up reimbursement but also enhances accuracy, further solidifying its leadership position in the healthcare payment sector.
- Extensive Client Base: Waystar serves over 30,000 clients, representing more than 1 million providers, including 16 of the institutions on the U.S. News Best Hospitals list, showcasing its broad influence and market penetration in the healthcare industry.
See More
Waystar Achieves Top Client Satisfaction in Healthcare Payment Software
- Leading Client Satisfaction: Waystar achieved a composite score of 9.75 in the Black Book survey, significantly surpassing the second-place score of 8.27, with nearly 100% of surveyed leaders indicating a strong likelihood to renew, highlighting the sustained value and loyalty of its AI platform.
- Exceptional AI Execution: Waystar received the highest score of 9.56 for AI execution, covering critical metrics such as time-to-value, workflow quality, and ROI clarity, underscoring its leadership position in the industry.
- Superior Client Outcomes: Waystar exceeded all benchmarks for client-reported AI operations outcomes, achieving a KPI score of 9.56, reflecting strong performance in denial prevention and workflow automation, which drives faster reimbursement processes.
- Significant Operational Impact: In less than a year, Waystar AltitudeAI has prevented $15 billion in denials and accelerated appeal package generation by 90%, enhancing operational efficiency and ensuring a 99% clean claim rate.
See More
Waystar Reports Record Q4 2025 Revenue and AI Advancements
- Revenue Milestone: Waystar achieved $304 million in Q4 2025 revenue, marking a 24% year-over-year increase that exceeded expectations, positioning the company for a projected 17% revenue growth in 2026.
- Acquisition Integration: The completion of the Iodine Software acquisition adds over 1,000 hospitals and health systems, with expectations to realize over 90% of committed cost synergies in 2026, further expanding Waystar's market share.
- AI Technology Leadership: Waystar AltitudeAI prevented over $15 billion in denials for clients in Q4, reduced appeal times by 90%, and drove double-digit increases in denial overturn rates, solidifying the company's leadership in AI-driven healthcare solutions.
- Improved Client Retention: Waystar reported a 112% net revenue retention rate and a 97% gross revenue retention rate, indicating high customer satisfaction with its services, which will continue to drive revenue and market share growth.
See More
Waystar Reports Q4 Earnings Beat with Strong 2026 Guidance
- Earnings Highlights: Waystar's Q4 non-GAAP EPS of $0.36 missed expectations by $0.04, yet revenue of $303.5 million, reflecting a 24.3% year-over-year increase, surpassed estimates by $8.71 million, indicating robust revenue growth.
- Client Growth: The company reported 1,391 clients contributing over $100,000 in LTM revenue, a 16% year-over-year increase, showcasing significant progress in expanding its customer base and diversifying revenue streams.
- Subscription Revenue Surge: Q4 2025 subscription revenue reached $167.8 million, up 38% year-over-year, while total subscription revenue for fiscal year 2025 hit $558.4 million, a 22% increase, reflecting success in attracting and retaining customers.
- Future Guidance: Waystar projects total revenue for fiscal year 2026 to be between $1.274 billion and $1.294 billion, with adjusted EBITDA expected between $530 million and $540 million, demonstrating confidence in future growth, alongside anticipated non-GAAP net income per share of $1.59 to $1.68, slightly above consensus.
See More
Waystar Recognized as Inc.'s Best in Business for AI Implementation
- Excellence in AI Implementation: Waystar has been honored as an Inc. Best in Business award winner, particularly in the AI Implementation category, highlighting its leadership and market recognition in healthcare payment software.
- Significant Business Impact: Since launching AltitudeAI, Waystar clients have prevented $15.5 billion in denials, achieved 95% time savings in denial prevention workflows, and increased denial overturn rates by double digits, demonstrating the profound impact of its technology on client operational efficiency.
- Client Success Story: Advocate Health leverages Waystar's software platform to streamline administrative workflows and support rapid growth, with Associate Vice President Jonathan Johnson stating that AltitudeAI provides better service for patients, further solidifying Waystar's market position in the healthcare sector.
- Vision for Future Development: Waystar CEO Matt Hawkins emphasizes the company's commitment to advancing the industry's first autonomous revenue cycle, aiming to simplify healthcare payment processes to enhance client experience and business growth potential.
See More
