Waystar Posts $112M Profit, Guides $317M–$335M Income; Price Target Cut to $42
Waystar reported 2025 net income of $112M reversing a $19M loss and revenues of $1.099B, with 2026 guidance of $317M–$335M non-GAAP income and $1.274B–$1.294B revenue. Meanwhile, Mizuho cut its price target to $42 on competitive risks, and CBO Eric Sinclair III will resign March 2.
1. Financial Results and Guidance
Waystar swung to a net income of $112 million in 2025 from a $19 million loss in 2024, with revenues rising 16% to $1.099 billion. In Q4, revenue reached $303.5 million, up 24% year-over-year, and the company targets 2026 non-GAAP income of $317 million to $335 million on $1.274 billion to $1.294 billion in revenue.
2. Analyst Price Target Revision
Mizuho reduced its price target for Waystar to $42 from $50, citing reassessed competitive risks in the healthcare technology sector, while Leerink initiated coverage with an Outperform rating and a $43 target, highlighting strengthened AI capabilities and expanded market reach.
3. Leadership Change and AI Enhancements
Chief Business Officer Eric Sinclair III will resign effective March 2, 2026, with no additional severance beyond his 2025 bonus, as the company continues to integrate agentic intelligence into its AltitudeAI platform, which has prevented $15.5 billion in claim denials over the past year.