Waystar Holding Corp (Nasdaq: WAY) shares closed at $24.29 at the latest U.S. market close following the company’s fourth-quarter and full-year 2025 earnings release.
Market Capitalization
Based on approximately 191.6 million shares outstanding as of December 31, 2025, Waystar’s market capitalization stands at roughly $4.65 billion.
Latest Quarterly Results
For the quarter ended December 31, 2025, Waystar reported revenue of $303.5 million, compared with $244.1 million in the fourth quarter of 2024, reflecting 24% year-over-year growth.
Net income was $20.0 million, versus $19.1 million in the prior-year period. Diluted earnings per share were $0.10, compared with $0.11 a year earlier.
Adjusted EBITDA for the quarter was $129.1 million, with an adjusted EBITDA margin of 43%.
Full-Year Results Context
For fiscal year 2025, Waystar reported revenue of $1,099.3 million, compared with $943.5 million in fiscal 2024, representing 17% year-over-year growth.
Net income for fiscal 2025 was $112.1 million. Diluted earnings per share were $0.61, versus a loss per share of $0.13 in the prior year.
Adjusted EBITDA for the full year was $462.1 million, with an adjusted EBITDA margin of 42%.
Business & Operations Update
Waystar reported 1,391 clients generating more than $100,000 in last-twelve-month revenue, up 16% year over year. Net revenue retention rate was 112%.
Fourth-quarter subscription revenue totaled $167.8 million, up 38% year over year, while volume-based revenue reached $134.2 million, up 11%.
The company processed over 7.5 billion healthcare payment transactions annually, spanning approximately 60% of US patients, according to company disclosures.
M&A or Strategic Moves
Cash flow statements show $629.5 million in acquisition-related cash outflows during fiscal 2025, net of cash acquired, reflecting completed transactions during the year.
Equity Analyst Commentary
Institutional coverage following the earnings release focused on subscription revenue growth, adjusted EBITDA margins, and the return to positive GAAP net income compared with the prior-year loss, based on company filings.
Guidance & Outlook
For fiscal year 2026, Waystar expects total revenue between $1.274 billion and $1.294 billion. Adjusted EBITDA is projected between $530 million and $540 million, and non-GAAP net income between $317 million and $335 million.
Performance Summary
WAY shares closed at $24.29. Fourth-quarter revenue increased 24% year over year. Net income rose modestly. Fiscal 2025 revenue grew 17%, and the company reported positive annual net income. Subscription revenue and client retention expanded. Fiscal 2026 guidance was issued.