Waystar Holding Corp.

Listed Company

WAYCIK 0001990354NasdaqLarge AcceleratedServices-Computer Integrated Systems DesignDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.10B

Net Income

$112.09M

Total Assets

$5.79B

Equity

$3.88B

Shares Out

191.81M

Op. Cash Flow

$309.67M

WAY$23.46−39.39% · past yearDBEQ Basic

Daily closing prices

Business

Waystar provides healthcare organizations with cloud-based, AI-powered software that simplifies healthcare payments across the continuum of care. The platform automates payment workflows including pre-encounter eligibility verification, mid-encounter coding and utilization management, and post-encounter claims management and denial recovery. Waystar serves healthcare clients of varying sizes—physician practices, clinics, surgical centers, hospitals, and health systems—across the United States, processing billions of healthcare payment transactions annually. The company generates substantially all of its recurring subscription and volume-based revenue from clients typically under multi-year contracts with automatic renewals.

Summary from 10-K filed 2026-02-17

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Revenue	1,099	944	791	705
Cost of revenue (exclusive of depreciation and amortization expenses)	348	316	250	215
Sales and marketing	178	157	124	111
General and administrative	129	112	63	73
Research and development	55	49	35	33
Depreciation and amortization	141	187	176	183
Total operating expenses	850	820	649	615
Income from operations	249	124	142	89
Income/(loss) before income taxes	172	−23	−64	−66
Income tax expense / (benefit)	60	−3	−13	−14
Net income/(loss)	112	−19	−51	−51
Basic (in dollars per share)	0.63	−0.13	−0.42	−0.42
Diluted (in dollars per share)	0.61	−0.13	−0.42	−0.42
Basic (in shares)	178	150	122	122
Diluted (in shares)	185	150	122	122

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	61	182	36	65	—
Restricted cash	15	22	10	8	—
Investment securities	25	0	—	—	—
Accounts receivable, net of allowance of $6,170 as of December 31, 2025 and $5,885 as of December 31, 2024	177	145	126	—	—
Income tax receivable	6	3	7	—	—
Prepaid expenses	20	14	13	—	—
Other current assets	3	4	30	—	—
Total current assets	308	371	222	—	—
Property, plant and equipment, net	52	47	61	—	—
Operating lease right-of-use assets, net	13	11	10	—	—
Intangible assets, net	1,293	1,039	1,187	—	—
Goodwill	4,000	3,000	3,030	3,010	3,010
Deferred costs	94	83	66	—	—
Other long-term assets	8	7	7	—	—
Total assets	5,785	4,577	4,583	—	—
Accounts payable	51	47	45	—	—
Accrued compensation	41	32	23	—	—
Aggregated funds payable	15	22	10	—	—
Other accrued expenses	23	16	11	—	—
Deferred revenue	68	11	11	—	—
Current portion of long-term debt	14	12	18	—	—
Current portion of operating lease liabilities	6	6	4	—	—
Current portion of finance lease liabilities	0	904,000	821,000	—	—
Total current liabilities	218	146	123	—	—
Deferred tax liability	211	101	174	—	—
Total long-term debt, net	1,459	1,221	2,200	—	—
Operating lease liabilities, net of current portion	12	13	14	—	—
Finance lease liabilities, net of current portion	0	11	12	—	—
Deferred revenue - long-term	5	6	6	—	—
Other long-term liabilities	692,000	278,000	3	—	—
Total liabilities	1,906	1,497	2,533	—	—
Commitments and contingencies (Note 21)	—	—	—	—	—
Preferred stock 0.01 par value - 100,000,000 shares authorized as of December 31, 2025 and December 31, 2024, respectively; zero shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	0	0	—	—	—
Common stock 0.01 par value - 2,500,000,000 shares authorized as of December 31, 2025 and December 31, 2024, respectively; 191,587,193 and 172,108,240 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	2	2	1	—	—
Additional paid-in capital	3,986	3,298	2,235	—	—
Accumulated other comprehensive income (loss)	−632,000	881,000	16	—	—
Accumulated deficit	−109	−221	−202	—	—
Total stockholders equity	3,879	3,080	2,050	2,106	2,121
Total liabilities and stockholders equity	5,785	4,577	4,583	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Depreciation and amortization	141	187	176	183
Stock-based compensation	42	54	9	8
Provision for bad debt expense	3	3	2	3
Loss on extinguishment of debt	821,000	21	393,000	1
Loss on lease termination	800,000	0	0	—
Deferred income taxes	45	−59	−62	−27
Amortization of debt discount and issuance costs	3	4	10	10
Other	154,000	−99,000	485,000	66,000
Accounts receivable	−7	−22	−17	−17
Income tax refundable	−17	4	−2	6
Prepaid expenses and other current assets	−2	−2	−10	−570,000
Deferred costs	−11	−16	−14	−17
Other long-term assets	−2	−472,000	−2	−79,000
Accounts payable and accrued expenses	9	18	12	−3
Deferred revenue	−5	−842,000	−167,000	−1
Operating lease right-of-use assets and lease liabilities	−3	−419,000	−2	−1
Other long-term liabilities	0	0	45,000	−30,000
Net cash provided by operating activities	310	170	51	103
Purchase of property and equipment and capitalization of internally developed software costs	−26	−27	−22	−17
Acquisitions, net of cash and cash equivalents acquired	−630	0	−40	—
Purchase of investment securities	−231	0	0	—
Proceeds from sale of investment securities	206	0	0	—
Net cash used in investing activities	−681	−27	−62	−17
Change in aggregated funds liability	−7	12	2	626,000
Proceeds from equity offering, net of underwriting discounts	0	1,017	0	—
Payments of third-party IPO issuance costs	0	−3	0	—
Repurchase of shares	0	−844,000	−688,000	−2
Proceeds from issuance of common stock from employee equity plans	26	2	425,000	—
Proceeds from issuances of debt, net of creditor fees	390	576	20	—
Payments on debt	−152	−1,584	−38	−65
Third-party fees paid in connection with issuance of new debt	−42,000	−1	−219,000	—
Finance lease liabilities paid	−13	−821,000	−791,000	−832,000
Net cash provided by (used in) financing activities	243	17	−17	−67
Increase/(decrease) in cash and cash equivalents during the period	−128	159	−27	—
Interest paid	82	123	193	144
Cash taxes paid (refunds received), net	32	51	51	—
Fixed asset purchases in accounts payable	280,000	283,000	1	—
Unpaid third-party IPO issuance costs	0	15,000	0	—
Common stock issued in connection to acquisitions (see Note 7)	621	0	0	—

Filings

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Frequently asked questions

What is Waystar Holding Corp.'s CIK number?

Waystar Holding Corp.'s SEC CIK number is 0001990354 (1990354). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find Waystar Holding Corp.'s SEC filings?

All of Waystar Holding Corp.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did Waystar Holding Corp. last report earnings?

Waystar Holding Corp. (WAY) most recently filed an earnings 8-K with the SEC on Apr 29, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001990354-26-000024). This is Waystar Holding Corp.'s most recent earnings filing of record — not a forecast of its next earnings date.

What is Waystar Holding Corp.'s most recent earnings 8-K?

Waystar Holding Corp.'s latest earnings 8-K (Item 2.02) was filed Apr 29, 2026 under accession 0001990354-26-000024. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View Waystar Holding Corp.'s latest earnings 8-K →
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