AI-extracted from the 10-Q filed 2026-07-29 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Revenue rose 18.1% YoY to $319.7M and net income rose 27.0% to $40.9M, led by 34.5% subscription growth, even as Net Revenue Retention slowed to 108.3% from 114.6% and the company disclosed a June 2026 cybersecurity incident.
Biggest Revenue Drivers
Subscription revenue$176.3M+34.5% YoY
Increase attributed to subscription revenue from existing and acquired clients, almost all generated by provider solutions
Volume-based revenue$142.1M+2.8% YoY
Primarily related to the expansion of existing client usage
Biggest Revenue Drivers
Total revenue: $319.7M+18.1% YoY
Subscription revenue$176.3M+34.5% YoY
Increase attributed to subscription revenue from existing and acquired clients, almost all generated by provider solutions
Volume-based revenue$142.1M+2.8% YoY
Primarily related to the expansion of existing client usage
Within Volume-based revenue
Patient payments solutions$84.1M+$5.9M YoY
Growth from expansion of existing client usage in patient payments solutions
Provider solutions$58.1M-$2.1M YoY
Decrease in provider solutions volume-based revenue
Implementation services and other revenue$1.2M-1.4% YoY
Implementation fees and hardware sales, less than 1% of total revenue
Largest Expense Items
Cost of revenue (exclusive of D&A)$97.7M+12.2% YoY
Higher transaction volumes and associated third-party costs, plus increased personnel costs net of capitalized expense
Sales and marketing$50.4M+15.7% YoY
Increase in channel partner fees, amortization of commission asset, and personnel costs
Depreciation and amortization$41.5M+24.1% YoY
Additional amortization from new Iodine intangible assets acquired October 1, 2025
General and administrative$36.4M+24.6% YoY
Higher stock-based compensation and personnel costs plus a $2.0M impairment on an office being exited
Margins: GAAP operating margin dipped slightly to 23.8% from 24.0% on higher D&A and personnel costs, but Adjusted EBITDA margin expanded to 42.8% from 41.6% YoY.
Watch Items from the Filing
In early June 2026 the company disclosed unauthorized acquisition of test source code copies and inactive data files, affecting PHI/PII for fewer than 1% of clients.
Net Revenue Retention Rate declined to 108.3% for the twelve months ended June 30, 2026 from 114.6% a year earlier.
New CFO Alpana Wegner takes over as Principal Financial Officer effective August 1, 2026, replacing Steven Oreskovich, who departed without cause and moves into a paid advisory role through June 2027.
Board authorized a $200 million stock repurchase plan on May 19, 2026; $187.3 million remained available as of June 30, 2026, with 659,061 shares already repurchased.
Related-party institutional investors (Bain, Advent) hold both client and vendor relationships with the company, generating $0.8M-$1.3M combined quarterly revenue/expense exposure.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Officers, directors and 10% owners with a Form 4 filed in the last 24 months, most recent first. From SEC EDGAR.
Wegner AlpanaChief Financial OfficerShares withheld for tax or exercise price · Oct 23, 2026
Hawkins Matthew J.Chief Executive OfficerOption exercise · Oct 6, 2026
Chan WilliamChief Product & AI OfficerShares withheld for tax or exercise price · Oct 5, 2026
Packer Gregory RChief Legal officerShares withheld for tax or exercise price · Sep 1, 2026
Bridge T. CraigChief Transformation OfficerShares withheld for tax or exercise price · Sep 1, 2026
Khanna AmitChief Prod. & Tech. OfficerGrant or award · Aug 17, 2026
Woods Todd CharlesChief Commercial OfficerGrant or award · Aug 1, 2026
Schremser Christopher L.Chief Technology OfficerShares withheld for tax or exercise price · Jun 9, 2026
Miller Melissa F. (Missy)Chief Marketing OfficerShares withheld for tax or exercise price · Jun 9, 2026
Oreskovich Steven MChief Financial OfficerShares withheld for tax or exercise price · Jun 9, 2026
About Waystar Holding Corp. (WAY): stock profile, AI score and financials
Waystar Holding Corp. (WAY) stock profile, AI quality score, and SEC EDGAR financial data, a Technology sector company. 13F Pro's AI-powered ranking engine scores WAY at 65.1/100 on a composite quality score built from its SEC filings, placing it at rank #493 of 2,925 stocks — the top 25% of the AI-ranked universe. WAY scores in the top quartile across revenue growth (78.3). Shareholder dilution risk is elevated at 27.8/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), Waystar Holding Corp. reports quarterly revenue of $319.7M, net income of $40.9M, an operating margin of 23.8%. Top institutional holders of WAY by reported 13-F value include EQT Fund Management S.a r.l., CANADA PENSION PLAN INVESTMENT BOARD, BlackRock, based on the most recent SEC filings. WAY trades on the Nasdaq exchange and files with the SEC under CIK 1990354. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate WAY daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Waystar Holding Corp. directly from SEC EDGAR.