Waystar Holding Corp. income statement
In fiscal 2025, Waystar Holding Corp. reported revenue of $1.10bn, up 16.5% on the year before, operating income of $249m (a 22.7% margin) and net income of $112m, or $0.61 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMSept 2026 |
|---|---|---|---|---|---|
| Revenue | 705 | 791 | 944 | 1,099 | 1,263 |
| Research and development | 33 | 35 | 49 | 55 | 75 |
| Selling and marketing | 111 | 124 | 157 | 178 | 197 |
| General and administrative | 73 | 63 | 112 | 129 | 162 |
| Operating income | 89 | 142 | 124 | 249 | 277 |
| Income before tax | −66 | −64 | −23 | 172 | 194 |
| Income tax | −14 | −13 | −3 | 60 | 59 |
| Net income | −51 | −51 | −19 | 112 | 135 |
| Diluted EPS | −$0.42 | −$0.42 | −$0.13 | $0.61 | $0.69 |
| Diluted shares (average) | 122m | 122m | 150m | 185m | 195m |
| EBITDA | 273 | 319 | 310 | 390 | 442 |
| Quarter | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 | 2026 Q3Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 244 | 256 | 271 | 269 | 304 | 314 | 320 | 326 |
| Research and development | 11 | 11 | 13 | 12 | 19 | 18 | 18 | 20 |
| Selling and marketing | 39 | 40 | 44 | 45 | 49 | 46 | 50 | 52 |
| General and administrative | 23 | 23 | 29 | 32 | 44 | 31 | 36 | 51 |
| Operating income | 53 | 65 | 65 | 60 | 59 | 80 | 76 | 61 |
| Interest expense | — | 19 | 18 | 18 | — | 21 | 20 | 19 |
| Income before tax | 33 | 46 | 47 | 43 | 36 | 60 | 56 | 42 |
| Income tax | 14 | 17 | 14 | 12 | 16 | 17 | 16 | 11 |
| Net income | 19 | 29 | 32 | 31 | 20 | 43 | 41 | 31 |
| Diluted EPS | $0.14 | $0.16 | $0.18 | $0.17 | $0.10 | $0.22 | $0.21 | $0.16 |
| EBITDA | 91 | 99 | 98 | 94 | 99 | 122 | 118 | 103 |
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