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Waystar (WAY) Financials

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$18.71 +0.02 (+0.10%)
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Annual Income Statements for Waystar

Annual Income Statements for Waystar

This table shows Waystar's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -51 -51 -19 112
Consolidated Net Income / (Loss)		 -51 -51 -19 112
Net Income / (Loss) Continuing Operations		 -51 -51 -19 112
Total Pre-Tax Income 		-66 -64 -23 172
Total Operating Income		 89 142 124 249
Total Gross Profit		 490 791 628 751
Total Revenue		 705 791 944 1,099
Operating Revenue		 705 791 944 1,099
Total Cost of Revenue		 215 0.00 316 348
Operating Cost of Revenue		 215 - 316 348
Total Operating Expenses		 401 649 504 502
Selling, General & Admin Expense		 73 63 112 129
Marketing Expense		 111 124 157 178
Research & Development Expense		 33 35 49 55
Depreciation Expense		 183 176 187 141
Total Other Income / (Expense), net		 -155 -206 -146 -78
Interest Expense		 155 206 146 78
Income Tax Expense		 -14 -13 -3.42 60
Basic Earnings per Share		 ($0.42) ($0.42) ($0.13) $0.63
Weighted Average Basic Shares Outstanding		 121.68M 121.68M 149.92M 177.93M
Diluted Earnings per Share		 ($0.42) ($0.42) ($0.13) $0.61
Weighted Average Diluted Shares Outstanding		 121.68M 121.68M 149.92M 184.78M
Weighted Average Basic & Diluted Shares Outstanding		 - - 172.15M 191.68M

Quarterly Income Statements for Waystar

This table shows Waystar's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -11 -15 -16 -28 5.41 19 29 32 31 20 43
Consolidated Net Income / (Loss)		 -11 -15 -16 -28 5.41 19 29 32 31 20 43
Net Income / (Loss) Continuing Operations		 -11 -15 -16 -28 5.41 19 29 32 31 20 43
Total Pre-Tax Income 		-14 -20 -22 -42 8.69 33 46 47 43 36 60
Total Operating Income		 37 32 35 8.25 27 53 65 65 60 59 80
Total Gross Profit		 196 197 225 235 160 8.92 256 271 269 -45 217
Total Revenue		 196 197 225 235 240 244 256 271 269 304 314
Operating Revenue		 196 197 225 235 240 244 256 271 269 304 314
Total Cost of Revenue		 0.00 0.00 0.00 0.00 81 235 0.00 0.00 0.00 348 97
Operating Cost of Revenue		 - - - - 81 - - - - - 97
Total Operating Expenses		 159 165 190 226 132 -44 191 206 208 -104 136
Selling, General & Admin Expense		 14 17 26 40 23 23 23 29 32 44 31
Marketing Expense		 31 32 34 46 38 39 40 44 45 49 46
Research & Development Expense		 8.25 8.97 10 16 11 11 11 13 12 19 18
Depreciation Expense		 44 44 44 44 60 38 33 33 33 40 41
Total Other Income / (Expense), net		 -51 -52 -57 -51 -18 -20 -19 -18 -18 -23 -21
Interest Expense		 51 52 57 51 18 20 19 18 18 23 21
Income Tax Expense		 -3.15 -4.71 -6.06 -15 3.27 14 17 14 12 16 17
Basic Earnings per Share		 ($0.09) ($0.13) ($0.13) ($0.21) $0.03 $0.18 $0.17 $0.19 $0.18 $0.09 $0.23
Weighted Average Basic Shares Outstanding		 121.68M 121.67M 121.68M 133.53M 171.58M 149.92M 172.19M 173.36M 174.35M 177.93M 191.67M
Diluted Earnings per Share		 ($0.09) ($0.13) ($0.13) ($0.21) $0.03 $0.18 $0.16 $0.18 $0.17 $0.10 $0.22
Weighted Average Diluted Shares Outstanding		 121.68M 121.67M 121.68M 133.53M 176.18M 149.92M 180.69M 181.60M 181.24M 184.78M 195.16M
Weighted Average Basic & Diluted Shares Outstanding		 - - - 166.66M 172.09M 172.15M 173.02M 174.24M 191.32M 191.68M 191.81M

Annual Cash Flow Statements for Waystar

This table details how cash moves in and out of Waystar's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 18 -27 159 -128
Net Cash From Operating Activities		 103 51 170 310
Net Cash From Continuing Operating Activities		 103 51 170 310
Net Income / (Loss) Continuing Operations		 -51 -51 -19 112
Consolidated Net Income / (Loss)		 -51 -51 -19 112
Depreciation Expense		 183 176 187 141
Amortization Expense		 10 10 3.95 2.70
Non-Cash Adjustments To Reconcile Net Income		 21 10 77 44
Changes in Operating Assets and Liabilities, net		 -61 -95 -79 9.99
Net Cash From Investing Activities		 -17 -62 -27 -681
Net Cash From Continuing Investing Activities		 -17 -62 -27 -681
Purchase of Property, Plant & Equipment		 -17 -22 -27 -26
Acquisitions		 0.00 -40 0.00 -630
Purchase of Investments		 - 0.00 0.00 -231
Sale and/or Maturity of Investments		 - 0.00 0.00 206
Net Cash From Financing Activities		 -67 -17 17 243
Net Cash From Continuing Financing Activities		 -67 -17 17 243
Repayment of Debt		 -65 -38 -1,585 -152
Repurchase of Common Equity		 -2.45 -0.69 -4.25 0.00
Issuance of Debt		 0.00 20 576 390
Issuance of Common Equity		 0.65 0.43 1,019 26
Other Financing Activities, net		 -0.28 1.31 12 -20
Cash Interest Paid		 144 193 123 82

Quarterly Cash Flow Statements for Waystar

This table details how cash moves in and out of Waystar's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -52 -7.43 25 9.65 64 60 45 62 134 -369 -14
Net Cash From Operating Activities		 -10 11 11 15 79 65 64 97 82 67 85
Net Cash From Continuing Operating Activities		 -10 11 11 15 79 65 64 97 82 67 85
Net Income / (Loss) Continuing Operations		 -15 -14 -16 -28 5.41 19 29 32 31 20 43
Consolidated Net Income / (Loss)		 -15 -14 -16 -28 5.41 19 29 32 31 20 43
Depreciation Expense		 44 45 44 44 60 38 33 33 33 40 41
Amortization Expense		 2.69 2.56 1.68 0.97 0.66 0.65 0.67 0.68 0.68 0.68 0.66
Non-Cash Adjustments To Reconcile Net Income		 2.31 3.53 12 47 10 8.22 7.52 12 13 13 12
Changes in Operating Assets and Liabilities, net		 -44 -25 -31 -49 2.19 -1.17 -6.59 19 4.79 -7.02 -13
Net Cash From Investing Activities		 -36 -16 -5.56 -6.87 -8.62 -6.22 -30 -32 45 -664 -112
Net Cash From Continuing Investing Activities		 -36 -16 -5.56 -6.87 -8.62 -6.22 -30 -32 45 -664 -112
Purchase of Property, Plant & Equipment		 -6.24 -5.79 -5.56 -6.87 -8.62 -6.22 -5.43 -5.77 -5.88 -9.41 -15
Acquisitions		 - -9.97 - - - - 0.00 - - - 2.04
Purchase of Investments		 - - 0.00 - - - -24 -26 -156 -25 -124
Sale and/or Maturity of Investments		 - - - - - - 0.00 - - - 25
Net Cash From Financing Activities		 -5.38 -3.12 20 1.07 -6.31 1.69 11 -3.15 7.21 229 13
Net Cash From Continuing Financing Activities		 -5.38 -3.12 20 1.07 -6.31 1.69 11 -3.15 7.21 229 13
Repayment of Debt		 -4.50 -25 -518 -909 -124 -34 -2.92 -2.92 -2.92 -144 -24
Issuance of Debt		 - 20 535 - 10 31 0.00 - - 390 20
Issuance of Common Equity		 0.00 0.14 0.07 914 104 0.20 11 -11 22 3.34 2.41
Other Financing Activities, net		 -0.88 1.46 3.34 -1.45 4.90 4.76 2.98 10 -12 -21 15
Cash Interest Paid		 49 49 41 42 19 22 20 20 20 22 21
Cash Income Taxes Paid		 31 15 -0.05 26 12 13 0.53 7.81 1.09 - 0.15

Annual Balance Sheets for Waystar

This table presents Waystar's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Total Assets		 4,583 4,577 5,785
Total Current Assets		 222 371 308
Cash & Equivalents		 36 182 61
Restricted Cash		 9.85 22 15
Short-Term Investments		 - 0.00 25
Accounts Receivable		 126 145 177
Prepaid Expenses		 13 14 20
Current Deferred & Refundable Income Taxes		 6.81 2.84 6.44
Other Current Assets		 30 3.97 3.17
Plant, Property, & Equipment, net		 0.00 0.00 0.00
Total Noncurrent Assets		 4,361 4,206 5,477
Goodwill		 3,030 3,020 4,017
Intangible Assets		 1,187 1,039 1,293
Other Noncurrent Operating Assets		 144 147 167
Total Liabilities & Shareholders' Equity		 4,583 4,577 5,785
Total Liabilities		 2,533 1,497 1,906
Total Current Liabilities		 123 146 218
Short-Term Debt		 18 12 14
Accounts Payable		 45 47 51
Accrued Expenses		 11 16 23
Current Deferred Revenue		 11 11 68
Current Employee Benefit Liabilities		 23 32 41
Other Current Liabilities		 15 29 21
Total Noncurrent Liabilities		 2,410 1,352 1,688
Long-Term Debt		 2,200 1,221 1,459
Noncurrent Deferred Revenue		 6.17 5.74 5.50
Noncurrent Deferred & Payable Income Tax Liabilities		 174 101 211
Other Noncurrent Operating Liabilities		 29 25 13
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 2,050 3,080 3,879
Total Preferred & Common Equity		 2,050 3,080 3,879
Preferred Stock		 0.00 0.00 0.00
Total Common Equity		 2,050 3,080 3,879
Common Stock		 2,236 3,300 3,988
Retained Earnings		 -202 -221 -109
Accumulated Other Comprehensive Income / (Loss)		 16 0.88 -0.63

Quarterly Balance Sheets for Waystar

This table presents Waystar's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 4,567 4,541 4,619 4,678 4,746 5,839
Total Current Assets		 271 305 441 524 614 387
Cash & Equivalents		 68 127 224 290 421 34
Restricted Cash		 12 17 26 21 24 28
Short-Term Investments		 - - 24 50 - 125
Accounts Receivable		 148 138 147 143 146 173
Prepaid Expenses		 15 14 17 16 21 23
Current Deferred & Refundable Income Taxes		 11 4.58 0.00 0.00 0.00 0.00
Other Current Assets		 16 4.32 2.25 3.08 1.99 3.33
Plant, Property, & Equipment, net		 0.00 48 47 0.00 48 61
Total Noncurrent Assets		 4,296 4,187 4,132 4,153 4,085 5,392
Goodwill		 3,030 3,020 3,020 3,020 3,020 4,015
Intangible Assets		 1,109 1,070 1,011 983 955 1,258
Other Noncurrent Operating Assets		 157 98 101 151 110 118
Total Liabilities & Shareholders' Equity		 4,567 4,541 4,619 4,678 4,746 5,839
Total Liabilities		 1,621 1,488 1,493 1,505 1,524 1,902
Total Current Liabilities		 126 133 141 153 158 220
Short-Term Debt		 13 13 12 12 12 14
Accounts Payable		 51 48 45 47 51 59
Accrued Expenses		 11 12 26 35 27 29
Current Deferred Revenue		 10 10 11 9.54 9.02 65
Current Employee Benefit Liabilities		 23 27 16 22 28 18
Other Current Liabilities		 18 23 32 27 31 36
Total Noncurrent Liabilities		 1,495 1,355 1,352 1,352 1,366 1,682
Long-Term Debt		 1,334 1,222 1,218 1,216 1,214 1,456
Noncurrent Deferred Revenue		 5.88 - - 5.55 5.39 5.16
Noncurrent Deferred & Payable Income Tax Liabilities		 131 101 105 108 123 210
Other Noncurrent Operating Liabilities		 24 32 29 23 23 11
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 2,946 3,053 3,126 3,173 3,223 3,937
Total Preferred & Common Equity		 2,946 3,053 3,126 3,173 3,223 3,937
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 2,946 3,053 3,126 3,173 3,223 3,937
Common Stock		 3,180 3,293 3,317 3,333 3,352 4,002
Retained Earnings		 -245 -240 -192 -159 -129 -66
Accumulated Other Comprehensive Income / (Loss)		 11 0.19 0.32 -0.43 -0.54 0.85

Annual Metrics And Ratios for Waystar

This table displays calculated financial ratios and metrics derived from Waystar's official financial filings.

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - -
Revenue Growth		 0.00% 12.22% 19.28% 16.50%
EBITDA Growth		 0.00% 16.31% -4.47% 24.90%
EBIT Growth		 0.00% 58.84% -12.92% 101.50%
NOPAT Growth		 0.00% 58.84% -12.92% 87.85%
Net Income Growth		 0.00% 0.24% 62.74% 686.09%
EPS Growth		 0.00% 0.00% 69.05% 569.23%
Operating Cash Flow Growth		 0.00% -49.86% 229.90% 82.41%
Free Cash Flow Firm Growth		 0.00% 0.00% 104.88% -586.82%
Invested Capital Growth		 0.00% 0.00% -2.72% 27.82%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 5.72%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% 2.17%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% 2.41%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% 1.39%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% 0.82%
EPS Q/Q Growth		 0.00% 0.00% 0.00% -11.59%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 0.00% 0.61%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 31.15%
Profitability Metrics		 - - - -
Gross Margin		 69.51% 100.00% 100.00% 68.33%
EBITDA Margin		 40.13% 41.60% 33.31% 35.71%
Operating Margin		 12.69% 17.96% 13.11% 22.68%
EBIT Margin		 12.69% 17.96% 13.11% 22.68%
Profit (Net Income) Margin		 -7.30% -6.49% -2.03% 10.20%
Tax Burden Percent		 78.11% 80.42% 84.83% 65.26%
Interest Burden Percent		 -73.64% -44.93% -18.22% 68.90%
Effective Tax Rate		 0.00% 0.00% 0.00% 34.74%
Return on Invested Capital (ROIC)		 0.00% 4.71% 2.08% 3.48%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -9.17% -4.53% -0.74%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -9.72% -2.83% -0.26%
Return on Equity (ROE)		 0.00% -5.01% -0.75% 3.22%
Cash Return on Invested Capital (CROIC)		 0.00% -195.29% 4.83% -20.94%
Operating Return on Assets (OROA)		 0.00% 3.10% 2.70% 4.81%
Return on Assets (ROA)		 0.00% -1.12% -0.42% 2.16%
Return on Common Equity (ROCE)		 0.00% -5.01% -0.75% 3.22%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -2.50% -0.62% 0.00%
Net Operating Profit after Tax (NOPAT)		 63 99 87 163
NOPAT Margin		 8.88% 12.57% 9.18% 14.80%
Net Nonoperating Expense Percent (NNEP)		 0.00% 13.88% 6.61% 4.22%
Return On Investment Capital (ROIC_SIMPLE)		 - 2.33% 2.01% 3.04%
Cost of Revenue to Revenue		 30.49% 0.00% 0.00% 31.67%
SG&A Expenses to Revenue		 10.37% 7.95% 11.84% 11.70%
R&D to Revenue		 4.65% 4.47% 5.17% 4.97%
Operating Expenses to Revenue		 56.82% 82.04% 86.89% 45.65%
Earnings before Interest and Taxes (EBIT)		 89 142 124 249
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 283 329 314 393
Valuation Ratios		 - - - -
Price to Book Value (P/BV)		 0.00 0.47 2.05 1.62
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 1.37 1.22 6.69 5.70
Price to Earnings (P/E)		 0.00 0.00 0.00 55.90
Dividend Yield		 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 1.79%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.74 1.79 1.45
Enterprise Value to Revenue (EV/Rev)		 0.00 3.97 7.78 6.95
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 9.54 23.36 19.45
Enterprise Value to EBIT (EV/EBIT)		 0.00 22.10 59.35 30.63
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 31.57 84.79 46.94
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 61.01 43.25 24.66
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 36.48 0.00
Leverage & Solvency		 - - - -
Debt to Equity		 0.00 1.08 0.40 0.38
Long-Term Debt to Equity		 0.00 1.07 0.40 0.38
Financial Leverage		 0.00 1.06 0.62 0.34
Leverage Ratio		 0.00 2.24 1.79 1.49
Compound Leverage Factor		 0.00 -1.00 -0.33 1.03
Debt to Total Capital		 0.00% 51.97% 28.58% 27.52%
Short-Term Debt to Total Capital		 0.00% 0.42% 0.27% 0.27%
Long-Term Debt to Total Capital		 0.00% 51.54% 28.31% 27.26%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% 48.03% 71.42% 72.48%
Debt to EBITDA		 0.00 6.74 3.92 3.75
Net Debt to EBITDA		 0.00 6.60 3.27 3.49
Long-Term Debt to EBITDA		 0.00 6.69 3.88 3.72
Debt to NOPAT		 0.00 22.30 14.23 9.05
Net Debt to NOPAT		 0.00 21.84 11.87 8.43
Long-Term Debt to NOPAT		 0.00 22.12 14.09 8.97
Altman Z-Score		 0.00 0.47 2.82 2.30
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - -
Current Ratio		 0.00 1.80 2.55 1.41
Quick Ratio		 0.00 1.31 2.25 1.21
Cash Flow Metrics		 - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -4,123 201 -980
Operating Cash Flow to CapEx		 588.73% 239.16% 622.59% 1,169.42%
Free Cash Flow to Firm to Interest Expense		 0.00 -20.02 1.38 -12.64
Operating Cash Flow to Interest Expense		 0.66 0.25 1.16 3.99
Operating Cash Flow Less CapEx to Interest Expense		 0.55 0.15 0.97 3.65
Efficiency Ratios		 - - - -
Asset Turnover		 0.00 0.17 0.21 0.21
Accounts Receivable Turnover		 0.00 6.27 6.96 6.82
Inventory Turnover		 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 7.08
Days Sales Outstanding (DSO)		 0.00 58.18 52.48 53.50
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 51.53
Cash Conversion Cycle (CCC)		 0.00 58.18 52.48 1.97
Capital & Investment Metrics		 - - - -
Invested Capital		 0.00 4,222 4,107 5,250
Invested Capital Turnover		 0.00 0.37 0.23 0.24
Increase / (Decrease) in Invested Capital		 0.00 4,222 -115 1,143
Enterprise Value (EV)		 0.00 3,140 7,343 7,637
Market Capitalization		 968 968 6,316 6,266
Book Value per Share		 $0.00 $16.85 $17.90 $20.27
Tangible Book Value per Share		 $0.00 ($17.81) ($5.69) ($7.48)
Total Capital		 0.00 4,268 4,312 5,352
Total Debt		 0.00 2,218 1,232 1,473
Total Long-Term Debt		 0.00 2,200 1,221 1,459
Net Debt		 0.00 2,172 1,028 1,371
Capital Expenditures (CapEx)		 17 22 27 26
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 71 32 2.86
Debt-free Net Working Capital (DFNWC)		 0.00 117 237 105
Net Working Capital (NWC)		 0.00 99 225 90
Net Nonoperating Expense (NNE)		 114 151 106 51
Net Nonoperating Obligations (NNO)		 0.00 2,172 1,028 1,371
Total Depreciation and Amortization (D&A)		 193 187 191 143
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 8.99% 3.44% 0.26%
Debt-free Net Working Capital to Revenue		 0.00% 14.73% 25.13% 9.51%
Net Working Capital to Revenue		 0.00% 12.46% 23.89% 8.22%
Earnings Adjustments		 - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 ($0.13) $0.63
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 149.92M 177.93M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 ($0.13) $0.61
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 149.92M 184.78M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 172.15M 191.68M
Normalized Net Operating Profit after Tax (NOPAT)		 63 99 87 163
Normalized NOPAT Margin		 8.88% 12.57% 9.18% 14.80%
Pre Tax Income Margin		 -9.35% -8.07% -2.39% 15.63%
Debt Service Ratios		 - - - -
EBIT to Interest Expense		 0.58 0.69 0.85 3.22
NOPAT to Interest Expense		 0.40 0.48 0.59 2.10
EBIT Less CapEx to Interest Expense		 0.46 0.59 0.66 2.87
NOPAT Less CapEx to Interest Expense		 0.29 0.38 0.41 1.76
Payout Ratios		 - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 -4.77% -1.34% -22.23% 0.00%

Quarterly Metrics And Ratios for Waystar

This table displays calculated financial ratios and metrics derived from Waystar's official financial filings.

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 191,681,592.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 191,681,592.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.23
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 19.68% 21.72% 0.00% 14.08% 15.40% 11.89% 24.35% 22.40%
EBITDA Growth		 0.00% 0.00% 0.00% -62.97% 11.97% 0.00% 22.47% 85.00% 7.07% 9.10% 23.50%
EBIT Growth		 0.00% 0.00% 0.00% -77.83% -15.73% 0.00% 85.30% 686.49% 121.88% 11.06% 23.40%
NOPAT Growth		 0.00% 0.00% 0.00% -77.83% -24.99% 0.00% 67.31% 676.13% 155.48% 6.40% 41.27%
Net Income Growth		 0.00% 0.00% 0.00% -156.11% 134.95% 0.00% 283.71% 216.25% 466.19% 4.76% 47.88%
EPS Growth		 0.00% 0.00% 0.00% -133.33% 123.08% 0.00% 223.08% 185.71% 466.67% -44.44% 37.50%
Operating Cash Flow Growth		 0.00% 0.00% 0.00% 0.00% 854.46% 465.38% 498.78% 526.28% 4.08% 2.88% 32.16%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 105.20% 104.44% 0.00% 73.27%
Invested Capital Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -4.13% -3.38% 27.82% 27.89%
Revenue Q/Q Growth		 0.00% 0.66% 0.00% 0.00% 2.37% 1.66% 0.00% 5.54% -0.74% 12.99% 3.41%
EBITDA Q/Q Growth		 0.00% -44.60% 0.00% 0.00% 67.53% 4.32% 0.00% -0.31% -4.79% 6.29% 22.41%
EBIT Q/Q Growth		 0.00% -13.37% 0.00% 0.00% 229.24% 95.77% 0.00% -0.56% -7.12% -2.02% 36.34%
NOPAT Q/Q Growth		 0.00% -13.37% 0.00% 0.00% 193.08% 81.33% 0.00% 8.69% -3.53% -24.48% 78.40%
Net Income Q/Q Growth		 0.00% -43.26% 0.00% 0.00% 119.55% 252.47% 0.00% 9.96% -4.77% -34.78% 116.54%
EPS Q/Q Growth		 0.00% -44.44% 0.00% 0.00% 114.29% 500.00% 0.00% 12.50% -5.56% -41.18% 120.00%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% -6.34% 0.00% 0.00% -17.82% -0.80% 50.60% -15.22% -18.77% 27.43%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 1.92% 100.00% 0.00% 105.41% -16.25% -705.92% 2.69%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 0.00% -1.65% -0.86% 0.00% -1.05% -0.88% 31.15% -0.57%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 65.70% 66.46% 3.65% 100.00% 100.00% 100.00% -14.70% 69.08%
EBITDA Margin		 72.37% 39.83% 36.05% 22.39% 36.64% 37.60% 38.71% 36.56% 35.07% 32.99% 39.05%
Operating Margin		 18.98% 16.33% 15.65% 3.52% 11.31% 21.77% 25.43% 23.96% 22.42% 19.44% 25.64%
EBIT Margin		 18.98% 16.33% 15.65% 3.52% 11.31% 21.77% 25.43% 23.96% 22.42% 19.44% 25.64%
Profit (Net Income) Margin		 -5.52% -7.85% -7.09% -11.80% 2.25% 7.82% 11.41% 11.89% 11.41% 6.59% 13.79%
Tax Burden Percent		 77.45% 76.68% 72.44% 65.46% 62.31% 57.72% 63.20% 69.08% 71.75% 55.30% 72.36%
Interest Burden Percent		 -37.53% -62.69% -62.50% -512.99% 32.00% 62.20% 71.02% 71.85% 70.92% 61.25% 74.34%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 37.69% 42.28% 36.80% 30.92% 28.25% 44.70% 27.64%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 2.89% 7.68% 4.06% 4.11% 2.53% 4.61%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 1.76% 5.18% 2.87% 2.76% 1.47% 3.28%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.59% 1.58% 1.00% 0.82% 0.51% 1.04%
Return on Equity (ROE)		 0.00% 0.00% 0.00% 0.00% 0.00% 3.47% 9.26% 5.06% 4.93% 3.03% 5.65%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 4.90% 0.00% 0.00% 0.00% -20.94% -20.60%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 4.49% 5.37% 5.24% 5.02% 4.13% 5.67%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 1.61% 2.41% 2.60% 2.55% 1.40% 3.05%
Return on Common Equity (ROCE)		 0.00% 0.00% 0.00% 0.00% 0.00% 3.47% 9.26% 5.06% 4.93% 3.03% 5.65%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.83% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 26 23 25 5.77 17 31 41 45 43 33 58
NOPAT Margin		 13.28% 11.43% 10.96% 2.46% 7.04% 12.57% 16.07% 16.55% 16.09% 10.75% 18.55%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 5.28% 2.11% 1.13% 2.50% 1.18% 1.34% 1.05% 1.33%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - 0.71% 0.95% 1.02% 0.97% 0.61% 1.08%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 34.30% 33.54% 96.35% 0.00% 0.00% 0.00% 114.70% 30.92%
SG&A Expenses to Revenue		 7.39% 8.80% 11.63% 17.04% 9.46% 9.41% 9.09% 10.79% 12.07% 14.40% 9.79%
R&D to Revenue		 4.21% 4.55% 4.59% 6.78% 4.62% 4.70% 4.32% 4.66% 4.62% 6.10% 5.85%
Operating Expenses to Revenue		 81.02% 83.67% 84.35% 62.18% 55.15% -18.12% 74.57% 76.04% 77.58% -34.14% 43.45%
Earnings before Interest and Taxes (EBIT)		 37 32 35 8.25 27 53 65 65 60 59 80
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 142 79 81 53 88 92 99 99 94 100 123
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.33 1.52 2.05 2.06 2.23 2.05 1.62 1.17
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 0.00 6.69 6.60 6.99 6.35 5.70 4.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 246.65 82.28 59.43 55.90 36.65
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.41% 1.22% 1.68% 1.79% 2.73%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.53 1.39 1.79 1.81 1.97 1.85 1.45 1.13
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 7.78 7.58 7.85 7.10 6.95 5.10
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 23.36 22.22 21.00 19.23 19.45 14.20
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 59.35 48.05 37.73 30.35 30.63 22.32
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 84.79 84.32 59.11 46.04 46.94 32.79
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 43.25 33.08 26.06 24.00 24.66 17.87
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.46 0.40 0.40 0.39 0.39 0.38 0.38 0.37
Long-Term Debt to Equity		 0.00 0.00 0.00 0.45 0.40 0.40 0.39 0.38 0.38 0.38 0.37
Financial Leverage		 0.00 0.00 0.00 0.43 0.36 0.33 0.31 0.35 0.30 0.34 0.32
Leverage Ratio		 0.00 0.00 0.00 1.55 1.49 1.79 1.48 1.51 1.48 1.49 1.48
Compound Leverage Factor		 0.00 0.00 0.00 -7.95 0.48 1.11 1.05 1.09 1.05 0.91 1.10
Debt to Total Capital		 0.00% 0.00% 0.00% 31.38% 28.80% 28.58% 28.24% 27.89% 27.56% 27.52% 27.18%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.30% 0.30% 0.27% 0.27% 0.27% 0.26% 0.27% 0.26%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 31.08% 28.50% 28.31% 27.97% 27.63% 27.29% 27.26% 26.92%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% 0.00% 0.00% 68.62% 71.20% 71.42% 71.76% 72.11% 72.44% 72.48% 72.82%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 3.92 3.70 3.25 3.19 3.75 3.53
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 3.27 2.87 2.29 2.03 3.49 3.08
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 3.88 3.66 3.22 3.16 3.72 3.50
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 14.23 14.04 9.14 7.64 9.05 8.16
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 11.87 10.91 6.45 4.86 8.43 7.12
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 14.09 13.90 9.06 7.57 8.97 8.08
Altman Z-Score		 0.00 0.00 0.00 0.00 0.00 2.77 2.86 3.13 2.94 2.19 1.72
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.00 0.00 0.00 2.15 2.29 2.55 3.12 3.43 3.89 1.41 1.76
Quick Ratio		 0.00 0.00 0.00 1.72 1.99 2.25 2.80 3.17 3.59 1.21 1.51
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 0.00 0.00 -4,207 -4,126 0.00 -4,040 219 183 -1,110 -1,080
Operating Cash Flow to CapEx		 0.00% -167.31% 192.99% 0.00% 914.79% 1,040.65% 1,184.10% 1,677.82% 1,396.02% 707.97% 554.01%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 -83.24 -223.53 0.00 -213.78 11.98 10.46 -48.53 -52.31
Operating Cash Flow to Interest Expense		 0.00 -0.20 0.19 0.00 4.27 3.22 3.40 5.30 4.68 2.91 4.11
Operating Cash Flow Less CapEx to Interest Expense		 0.00 -0.32 0.09 0.00 3.80 2.91 3.11 4.98 4.35 2.50 3.37
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.21 0.21 0.22 0.22 0.21 0.22
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 6.96 6.62 6.94 7.33 6.82 7.23
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 20.91 0.00 21.62 0.00 21.52
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 6.80 0.00 0.00 0.00 7.08 8.57
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 52.48 55.12 52.60 49.77 53.50 50.46
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 53.67 0.00 0.00 0.00 51.53 42.58
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 -1.19 55.12 52.60 49.77 1.97 7.88
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 0.00 0.00 0.00 4,213 4,143 4,107 4,082 4,039 4,003 5,250 5,220
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.00 0.23 0.48 0.25 0.26 0.24 0.25
Increase / (Decrease) in Invested Capital		 0.00 0.00 0.00 4,213 4,143 0.00 4,082 -174 -140 1,143 1,138
Enterprise Value (EV)		 0.00 0.00 0.00 2,234 5,738 7,343 7,387 7,937 7,388 7,637 5,904
Market Capitalization		 968 968 968 968 4,648 6,316 6,432 7,071 6,607 6,266 4,621
Book Value per Share		 $0.00 $0.00 $0.00 $22.06 $18.32 $17.90 $18.16 $18.34 $18.50 $20.27 $20.54
Tangible Book Value per Share		 $0.00 $0.00 $0.00 ($8.93) ($6.22) ($5.69) ($5.26) ($4.80) ($4.32) ($7.48) ($6.97)
Total Capital		 0.00 0.00 0.00 4,293 4,287 4,312 4,356 4,401 4,448 5,352 5,407
Total Debt		 0.00 0.00 0.00 1,347 1,235 1,232 1,230 1,228 1,226 1,473 1,470
Total Long-Term Debt		 0.00 0.00 0.00 1,334 1,222 1,221 1,218 1,216 1,214 1,459 1,456
Net Debt		 0.00 0.00 0.00 1,267 1,090 1,028 956 866 781 1,371 1,282
Capital Expenditures (CapEx)		 0.00 6.24 5.56 0.00 8.62 6.22 5.43 5.77 5.88 9.41 15
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 0.00 0.00 77 41 32 37 21 22 2.86 -6.45
Debt-free Net Working Capital (DFNWC)		 0.00 0.00 0.00 158 185 237 311 383 468 105 181
Net Working Capital (NWC)		 0.00 0.00 0.00 145 172 225 299 372 456 90 167
Net Nonoperating Expense (NNE)		 37 38 41 33 12 12 12 13 13 13 15
Net Nonoperating Obligations (NNO)		 0.00 0.00 0.00 1,267 1,090 1,028 956 866 781 1,371 1,282
Total Depreciation and Amortization (D&A)		 105 46 46 44 61 39 34 34 34 41 42
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 3.44% 3.77% 2.11% 2.14% 0.26% -0.56%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 25.13% 31.88% 37.90% 44.97% 9.51% 15.63%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 23.89% 30.69% 36.75% 43.85% 8.22% 14.41%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 ($0.21) $0.03 $0.18 $0.17 $0.19 $0.18 $0.09 $0.23
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 133.53M 171.58M 149.92M 172.19M 173.36M 174.35M 177.93M 191.67M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 ($0.21) $0.03 $0.18 $0.16 $0.18 $0.17 $0.10 $0.22
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 133.53M 176.18M 149.92M 180.69M 181.60M 181.24M 184.78M 195.16M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 0.00 166.66M 172.09M 172.15M 173.02M 174.24M 191.32M 191.68M 191.81M
Normalized Net Operating Profit after Tax (NOPAT)		 26 23 25 5.77 17 31 41 45 43 33 58
Normalized NOPAT Margin		 13.28% 11.43% 10.96% 2.46% 7.04% 12.57% 16.07% 16.55% 16.09% 10.75% 18.55%
Pre Tax Income Margin		 -7.12% -10.24% -9.78% -18.03% 3.62% 13.54% 18.06% 17.21% 15.90% 11.91% 19.06%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.73 0.61 0.62 0.16 1.47 2.65 3.45 3.55 3.44 2.58 3.90
NOPAT to Interest Expense		 0.51 0.43 0.43 0.11 0.92 1.53 2.18 2.45 2.47 1.43 2.82
EBIT Less CapEx to Interest Expense		 0.00 0.50 0.52 0.00 1.00 2.34 3.16 3.24 3.10 2.17 3.15
NOPAT Less CapEx to Interest Expense		 0.00 0.31 0.33 0.00 0.45 1.22 1.89 2.14 2.13 1.02 2.08
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% -22.23% 15.44% 1.66% 0.03% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Here is a concise, data-driven read on Waystar Holding Corp. (WAY) based on quarterly statements from the last four years. The sections below highlight the most relevant points for retail investors, grouped with positives first, then neutral items, then negatives.

  • Q4 2025 revenue strength: Operating Revenue and Total Revenue reached $303.5 million, up year over year from Q4 2024’s $244.1 million, signaling a notable uptick in top-line activity.
  • Q2 2025 net income leadership: Net income attributable to common shareholders was $32.2 million in Q2 2025, the strongest quarterly net income among 2025 data provided.
  • Q2 2025 operating cash flow: Net cash from continuing operating activities was $96.8 million, the highest quarterly level in the latest four quarters, indicating improving cash generation from core operations.
  • Liquidity progression into late 2025: Cash and cash equivalents rose to about $421.1 million as of 2025-09-30, up from prior quarters (roughly $290.3 million in Q2 2025 and $223.9 million in Q1 2025), suggesting improving liquidity momentum.
  • Data quirks on cost reporting: Total Cost of Revenue is shown as 0.0 in Q2 2025 and Q3 2025 in the dataset, while other quarters show nonzero costs. This may reflect reporting nuances or data alignment rather than a practical zero-cost environment.
  • Leverage stability: Long-term debt sits around $1.21 billion across 2025 (slightly varying quarter to quarter), indicating a relatively stable leverage profile rather than sharp debt acceleration.
  • Equity base consistency: Total Common Equity sits in the low-to-mid $3.1–$3.2 billion range in 2025, reflecting a solid and growing equity base through 2H 2025.
  • Q4 2025 gross profit deterioration: Total Gross Profit was negative at -$44.6 million in Q4 2025 because Total Cost of Revenue exceeded Operating Revenue, signaling margin compression at the end of the year.
  • Quarterly cash outflow in Q4 2025: Net change in cash and equivalents for Q4 2025 was negative (-$368.5 million), contributing to a lower end-of-period cash balance despite positive net income.
  • Q4 2025 profit direction vs prior quarter: Net income declined from $30.65 million in Q3 2025 to $19.99 million in Q4 2025, suggesting a pullback in quarterly profitability even as revenue rose.
05/14/26 08:39 AM ETAI Generated. May Contain Errors.

Waystar Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Waystar's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Waystar's net income appears to be on a downward trend, with a most recent value of $112.09 million in 2025, falling from -$51.46 million in 2022. The previous period was -$19.13 million in 2024. Find out what analysts predict for Waystar in the coming months.

Waystar's total operating income in 2025 was $249.31 million, based on the following breakdown:
  • Total Gross Profit: $751.12 million
  • Total Operating Expenses: $501.81 million

Over the last 3 years, Waystar's total revenue changed from $704.87 million in 2022 to $1.10 billion in 2025, a change of 56.0%.

Waystar's total liabilities were at $1.91 billion at the end of 2025, a 27.3% increase from 2024, and a 24.7% decrease since 2023.

In the past 2 years, Waystar's cash and equivalents has ranged from $35.58 million in 2023 to $182.13 million in 2024, and is currently $61.36 million as of their latest financial filing in 2025.

Over the last 3 years, Waystar's book value per share changed from 0.00 in 2022 to 20.27 in 2025, a change of 2,027.4%.


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Financial statements for NASDAQ:WAY last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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