Waystar Posts 22% Revenue Growth to $314M, Raises Full-Year Guidance
Waystar delivered Q1 revenue of $314 million, up 22% year-over-year, with adjusted EBITDA of $135 million and a 43% margin. The company generated $90 million in unlevered free cash flow, achieved 111% net revenue retention and raised full-year revenue guidance to $1.274–$1.294 billion.
1. Q1 Financial Highlights
In Q1 2026, Waystar reported revenue of $314 million, a 22% increase versus prior year, driven by subscription revenue growth to $172 million (up 38%) and volume-based revenue of $139 million (up 7%). Adjusted EBITDA reached $135 million with a 43% margin, while unlevered free cash flow was $90 million, converting 67% of EBITDA.
2. AI Integration and Customer Metrics
Net revenue retention held at 111%, reflecting strong customer loyalty, and the client base added 42 new accounts each generating over $100,000 in quarterly revenue. Approximately 40% of new bookings were AI-powered, underscoring the impact of AI capabilities on market expansion and sales momentum.
3. Guidance and Outlook
Full-year revenue guidance was raised to $1.274–$1.294 billion, with adjusted EBITDA expected between $530 million and $540 million. Management forecasts flat to 1% sequential revenue growth in Q2 and maintains a leverage ratio of 2.7x, balancing growth investments with debt management.