Waystar Q1 Revenue Climbs 22% to $313.9M with 43% EBITDA Margin
Waystar generated first-quarter revenue of $313.9 million, a 22% year-over-year increase, achieving GAAP net income of $43.3 million and non-GAAP net income of $81.2 million with a 43% adjusted EBITDA margin. Subscription revenue rose 38% to $172.2 million while net revenue retention reached 111%.
1. Q1 Financial Results
Waystar delivered Q1 revenue of $313.9 million, up 22% year-over-year, with GAAP net income of $43.3 million and non-GAAP net income of $81.2 million. The company achieved a GAAP net income margin of 14% and an adjusted EBITDA margin of 43%, driving $84.9 million of operating cash flow.
2. Product and Platform Developments
During the quarter the company completed the Iodine platform integration and launched an AI-powered recoupment solution, leading to bookings ahead of internal forecasts. These innovations underscore Waystar's strategy to enhance its healthcare payment software offerings and support provider standardization on its platform.
3. Client and Revenue Metrics
Client momentum remained strong with 1,433 clients generating over $100,000 in trailing twelve-month revenue, up 15% year-over-year, and a net revenue retention rate of 111%. Subscription revenue increased 38% to $172.2 million, while volume-based revenue grew 7% to $139.5 million.
4. Full-Year 2026 Guidance
For fiscal 2026, Waystar expects total revenue between $1.274 billion and $1.294 billion, adjusted EBITDA of $530 million to $540 million, and non-GAAP net income of $317 million to $335 million, or $1.59 to $1.68 per diluted share, reinforcing its growth outlook.