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Waystar Holding (WAY) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 2, 2026 · Waystar Holding (WAY) Q3 2026 earnings results →
Q3 2026 Revenue up 21% year over year to $326M · 10¢ of every $1 of revenue kept as net profit · operating margin 18.8%
Waystar Holding made $326M in Q3 2026 (+21% Y/Y): Subscription revenue $181M, Volume-based revenue $143M, Implementation services and other revenue $2.0M. Operating margin 18.8%, net earnings $31.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 2, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $325.6M in Q3 2026, up 21% year over year and up 2% from the previous quarter. Subscription revenue was the largest line at 56% of revenue. Subscription revenue added $46.3M year over year (up 34%), 81% of the total change.
Operating profit was $61.3M, a 18.8% margin (down 3.6 points year over year). Of the extra revenue versus Q3 2025, 2% reached operating profit, below the 22% margin then. Total costs grew 27% against revenue growth of 21%. The fastest-growing cost line was Research & development (+64%). Net earnings were $31.0M, up 1% year over year. The effective tax rate was 26.1%.
Operating cash flow was $103.9M (up 27% year over year), 335% of net earnings. Non-cash charges added back $41.5M of depreciation and amortization and $24.4M of share-based compensation. Working capital and other items added $6.9M. Capital expenditures of $9.9M left free cash flow of $93.9M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 2, 2026 | $326M | +21% | 18.8% | $31.0M | $104M |
| Q2 2026 | 10-Q | Jul 29, 2026 | $320M | +18% | 23.8% | $40.9M | $59.4M |
| Q1 2026 | 10-Q | Apr 29, 2026 | $314M | +22% | 25.6% | $43.3M | $84.9M |
| Q4 2025 | 10-K | Feb 17, 2026 | $304M | +24% | 19.4% | $20.0M | $66.6M |
| Q3 2025 | 10-Q | Oct 29, 2025 | $269M | +12% | 22.4% | $30.6M | $82.0M |
| Q2 2025 | 10-Q | Jul 30, 2025 | $271M | +15% | 24.0% | $32.2M | $96.8M |
| Q1 2025 | 10-Q | Apr 30, 2025 | $256M | +14% | 25.4% | $29.3M | $64.2M |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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About Waystar Holding
Our mission is to simplify healthcare payments through our modern cloud-based software, enabling our healthcare clients to prioritize patient care and optimize their financial performance. Waystar provides healthcare organizations with mission-critical AI-powered software that simplifies healthcare payments for providers across the continuum of care. Our enterprise-grade platform streamlines the complex and disparate processes providers must manage to ensure accurate reimbursement and improves the payments experience for providers, patients, and payers. We leverage internally developed AI as well as proprietary, advanced algorithms to automate payment-related workflow tasks and drive continuous improvement, which enhances claim and billing accuracy, strengthens data integrity, and reduces labor costs for providers.
In its own words, from its 10-K, filed Feb 17, 2026.
Waystar Holding against its Services-Computer Integrated Systems Design peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +21% against the peers' median +4%. Operating margin: 18.8% against the peers' median 11.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| WAY Waystar Holding | Q3 2026 | $326M | +21% | 18.8% |
| LDOS Leidos Holdings | Q3 2026 | $4.6B | +4% | 11.9% |
| KD Kyndryl Holdings | Q2 FY27 | $3.7B | -2% | 3.1% |
| CACI CACI International | Q3 2026 | $2.5B | +8% | 10.0% |
| SAIC Science Applications International | Q2 FY27 | $1.9B | +6% | 8.1% |
| PSN Parsons | Q3 2026 | $1.7B | +2% | 6.3% |
| GDDY GoDaddy | Q3 2026 | $1.3B | +6% | 27.0% |
| OTEX Open Text | Q1 FY27 | $1.2B | -4% | 20.3% |
| LAWIL Light & Wonder | Q3 2026 | $824M | -2% | 29.4% |
Source: Waystar Holding 10-Q on SEC EDGAR · CIK 1990354 · Services-Computer Integrated Systems Design
Guidance and outlook
13F: who owns WAY and who is buying
More on WAY
- How Waystar Holding makes money: revenue by segment
- Waystar Holding next earnings date and what analysts expect
- Waystar Holding stock forecast, price target and fair value
- Who owns Waystar Holding stock: holders, funds and Congress trades
- Waystar Holding guidance and outlook
- Is Waystar Holding a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Waystar Holding guidance history: guided vs reported
- Waystar Holding operating margin by quarter
- Waystar Holding net income by quarter
- Waystar Holding free cash flow by quarter
- Waystar Holding R&D spending by quarter
- Waystar Holding capital expenditures by quarter
- Waystar Holding Subscription revenue revenue by quarter
- Waystar Holding Volume-based revenue revenue by quarter
- Waystar Holding Implementation services and other revenue revenue by quarter