Waystar Holding Corp. (WAY) Income Statement
WAY 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsWAY revenue and net income
Where WAY's revenue goes
2025Each bar shows an amount and its share of revenue. WAY kept 10.2% of revenue as net income.
WAY profit margins
WAY growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +16.5% | +16.0% | — | — |
| Gross profit | +19.6% | +15.3% | — | — |
| Operating income | +101.5% | +40.7% | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | +227.9% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
WAY quarterly EPS vs estimates
Waystar beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 2, 2026 (estimate $0.36).
WAY income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | $1.10B | $943.5M | $791.0M | $704.9M | $578.6M |
| Cost of revenue | $348.2M | $315.7M | $249.8M | $214.9M | $151.8M |
| Gross profit | $751.1M | $627.8M | $541.2M | $490.0M | $426.8M |
| Research & development | $54.6M | $48.8M | $35.3M | $32.8M | $28.3M |
| Sales, general & admin | $306.6M | $268.7M | $187.4M | $184.6M | $162.1M |
| Total operating expenses | $501.8M | $504.1M | $399.2M | $400.5M | $366.5M |
| Operating income | $249.3M | $123.7M | $142.1M | $89.5M | $60.3M |
| Interest expense | $77.5M | $146.3M | $205.9M | $155.3M | $127.0M |
| Income before taxes | $171.8M | −$22.5M | −$63.8M | −$65.9M | −$66.7M |
| Income taxes | $59.7M | −$3.4M | −$12.5M | −$14.4M | −$19.6M |
| Net income | $112.1M | −$19.1M | −$51.3M | −$51.5M | −$47.1M |
| EBITDA | $389.9M | $310.4M | $318.6M | $272.6M | $236.4M |
| EPS (diluted) | $1.41 | $0.43 | −$0.31 | −$0.31 | −$0.28 |
| Gross margin | 68.3% | 66.5% | 68.4% | 69.5% | 73.8% |
| Operating margin | 22.7% | 13.1% | 18.0% | 12.7% | 10.4% |
| Net margin | 10.2% | −2.0% | −6.5% | −7.3% | −8.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $319.7M | $313.9M | $303.5M | $268.7M | $270.7M | $256.4M | $244.1M | $240.1M | $234.5M | $224.8M | $206.7M | $197.3M |
| Cost of revenue | $97.7M | $97.0M | $92.6M | $85.1M | $87.0M | $83.3M | $79.5M | $80.5M | $80.5M | $75.2M | $67.2M | $62.9M |
| Gross profit | $222.0M | $216.8M | $210.9M | $183.5M | $183.6M | $173.1M | $164.6M | $159.6M | $154.1M | $149.6M | $139.5M | $134.3M |
| Research & development | $17.7M | $18.4M | $18.5M | $12.4M | $12.6M | $11.1M | $11.5M | $11.1M | $15.9M | $10.3M | $9.8M | $9.0M |
| Sales, general & admin | $86.8M | $76.6M | $92.9M | $77.6M | $72.7M | $63.4M | $61.9M | $61.2M | $85.7M | $59.9M | $47.3M | $49.5M |
| Total operating expenses | $145.9M | $136.4M | $151.9M | $123.3M | $118.8M | $107.9M | $111.4M | $132.4M | $145.8M | $114.4M | $101.8M | $102.1M |
| Operating income | $76.0M | $80.5M | $59.0M | $60.2M | $64.8M | $65.2M | $53.1M | $27.1M | $8.2M | $35.2M | $37.7M | $32.2M |
| Interest expense | $19.6M | $20.6M | $22.9M | $17.5M | $18.3M | $18.9M | $20.1M | $18.5M | $50.5M | $57.2M | $52.9M | $52.4M |
| Income before taxes | $56.4M | $59.8M | $36.1M | $42.7M | $46.6M | $46.3M | $33.1M | $8.7M | −$42.3M | −$22.0M | −$15.2M | −$20.2M |
| Income taxes | $15.5M | $16.5M | $16.2M | $12.1M | $14.4M | $17.0M | $14.0M | $3.3M | −$14.6M | −$6.1M | −$757,000 | −$4.7M |
| Net income | $40.9M | $43.3M | $20.0M | $30.6M | $32.2M | $29.3M | $19.1M | $5.4M | −$27.7M | −$15.9M | −$14.4M | −$15.5M |
| EBITDA | $117.5M | $121.9M | $99.5M | $93.5M | $98.3M | $98.6M | $91.2M | $87.3M | $52.5M | $79.4M | $82.4M | $75.9M |
| EPS (diluted) | $0.37 | $0.42 | $0.36 | $0.37 | $0.36 | $0.32 | $0.29 | $0.14 | $0.04 | −$0.04 | — | — |
| Gross margin | 69.4% | 69.1% | 69.5% | 68.3% | 67.8% | 67.5% | 67.4% | 66.5% | 65.7% | 66.6% | 67.5% | 68.1% |
| Operating margin | 23.8% | 25.6% | 19.4% | 22.4% | 24.0% | 25.4% | 21.8% | 11.3% | 3.5% | 15.7% | 18.2% | 16.3% |
| Net margin | 12.8% | 13.8% | 6.6% | 11.4% | 11.9% | 11.4% | 7.8% | 2.3% | −11.8% | −7.1% | −7.0% | −7.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in WAY's financial statements (latest annual report filed February 17, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
WAY financial results
In fiscal year 2025 (ended December 31, 2025), Waystar reported revenue of $1.1 billion, up 16.5% from the year before. It had net income of $112.1 million, a net profit margin of 10.2%. Diluted earnings per share came to $1.41.
See the WAY stock overview for the latest quote and news, or the WAY chart for price history and technical indicators.
WAY income statement FAQ
What is Waystar's annual revenue?
Waystar reported total revenue of $1.1 billion for fiscal year 2025, which ended on December 31, 2025. That was up 16.5% from $943.5 million the previous year.
Is Waystar profitable?
Yes. Waystar reported net income of $112.1 million in fiscal 2025, a net profit margin of 10.2%; its operating margin was 22.7%.
What is Waystar's gross margin?
Waystar's gross margin was 68.3% in fiscal 2025: for every $100 of revenue, Waystar kept $68 after the direct cost of its products and services.
How much does Waystar spend on research and development?
Waystar spent $54.6 million on research and development in fiscal 2025, 5.0% of revenue.
What are Waystar's earnings per share?
Waystar earned $1.41 per diluted share in fiscal 2025, compared with $0.43 a year earlier.
When will Waystar report its next earnings?
Waystar is expected to report results for the quarter ending September 30, 2026 on November 2, 2026 after the market closes.
When does Waystar's fiscal year end?
Waystar's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 17, 2026.