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Waystar Holding cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$93.9M in Q3 2026 · $264M over twelve months

Operating cash flow$104M
Capital spending−$9.9M
Free cash flow+$93.9M
Cash / net income3.3×
Cash conversion cycle-5 days

Analysis

In Q3 2026, Waystar Holding generated $104M of operating cash flow and spent $9.9M on capital projects, leaving free cash flow of $93.9M. That is $17.8M more than in Q3 2025 ($76.2M).

Over the twelve months to Sep 30, 2026, operating cash flow was $315M; the largest uses were other investing ($872M), capital spending ($50.8M), buybacks ($33.5M); besides operations, cash came from net borrowing (+) / repaid (−) ($220M), shares issued ($28.0M); the cash balance fell by $390M.

Operating cash flow was $104M against net income of $31.0M — 3.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$41.5M, stock-based pay +$24.4M, payables +$10.3M.

Its cash conversion cycle was -5 days (receivables 53 + inventory 0 − payables 58): suppliers fund its working capital.

Free cash flow

Waystar Holding: free cash flow by quarterWaystar Holding: free cash flow by quarter$58.5MQ4 2024$58.8MQ1 2025$91.0MQ2 2025$76.2MQ3 2025$57.2MQ4 2025$69.6MQ1 2026$43.3MQ2 2026$93.9MQ3 2026
Operating cash flow less capital spending.
Waystar Holding: operating cash flow against capital spendingWaystar Holding: operating cash flow against capital spendingOperating cash flowCapital spending$64.8M$6.2MQ4 2024$64.2M$5.4MQ1 2025$96.8M$5.8MQ2 2025$82.0M$5.9MQ3 2025$66.6M$9.4MQ4 2025$84.9M$15.3MQ1 2026$59.4M$16.1MQ2 2026$104M$9.9MQ3 2026
Latest (Q3 2026): Operating cash flow $104M, Capital spending $9.9M.

Capital allocation, year by year

Waystar Holding: where the cash came from (up) and went (down), by fiscal yearWaystar Holding: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2022: Operating cash flow $103MFY2022: Net borrowing −$65.0MFY2022: Shares issued $649KFY2022: Capital spending −$17.4MFY2022: Buybacks −$2.5M$103MFY2022FY2023: Operating cash flow $51.5MFY2023: Net borrowing −$18.0MFY2023: Shares issued $850KFY2023: Capital spending −$21.5MFY2023: Acquisitions −$40.0MFY2023: Buybacks −$688K$52.3MFY2023FY2024: Operating cash flow $170MFY2024: Net borrowing −$1.0BFY2024: Shares issued $3.4MFY2024: Capital spending −$27.3MFY2024: Buybacks −$844K$173MFY2024FY2025: Operating cash flow $310MFY2025: Net borrowing $221MFY2025: Shares issued $25.8MFY2025: Capital spending −$26.5MFY2025: Acquisitions −$630M$557MFY2025
Over these 4 years operating cash flow totalled $634M; the largest uses were net borrowing ($1.1B) and acquisitions ($670M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$277M
Debt$1.5B
Net debt$1.2B
Due within a year$14.2M

Waystar Holding funds itself: free cash flow was $264M over the last twelve months, and $277M of cash and investments stands against $1.5B of debt ($14.2M due within a year, 19.5× covered by cash).

Waystar Holding: debt maturities by year (FY2025)Waystar Holding: debt maturities by year (FY2025)$14.2MYear 1$14.2MYear 2$14.2MYear 3$1.4BYear 4
Principal due in each year as disclosed in the annual report, against $277M of cash and investments now.

Where the cash came from and went

Waystar Holding: sources (+) and uses (−) of cash, Q3 2026Waystar Holding: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$104MOther investing−$66.6MBuybacks−$20.7MShares issued$15.8MCapital spending−$9.9MCash drawn (+) / kept (−)−$9.6MOther financing−$9.3MNet borrowing (+) / repaid (−)−$3.5M
Waystar Holding: sources (+) and uses (−) of cash, TTM to Q3 2026Waystar Holding: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$872MCash drawn (+) / kept (−)$390MOperating cash flow$315MNet borrowing (+) / repaid (−)$220MCapital spending−$50.8MBuybacks−$33.5MShares issued$28.0MOther financing$2.4M

From profit to cash

Waystar Holding: net income to operating cash flow, Q3 2026Waystar Holding: net income to operating cash flow, Q3 2026Net income$31.0MDepreciation & amortization$41.5MStock-based pay$24.4MDeferred taxes−$808KReceivables−$2.0MPayables$10.3MDeferred revenue$2.7MPrepaid and other assets$565KOperating cash flow$104M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202653—58-5
Q2 202651—54-3
Q1 202650—51-1
Q4 202549—51-2
Q3 202550—53-4
Q2 202549—481
Q1 202551—501
Q4 202453—55-2

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$104M−$9.9M−$20.7M−$3.5M$15.8M−$9.6M$93.9M
Q2 2026$59.4M−$16.1M—−$3.5M$6.5M$17.3M$43.3M
Q1 2026$84.9M−$15.3M—−$3.7M$2.4M$14.1M$69.6M
Q4 2025$66.6M−$9.4M—$231M$3.3M$369M$57.2M
Q3 2025$82.0M−$5.9M——$7.4M−$134M$76.2M
Q2 2025$96.8M−$5.8M—−$3.5M$4.4M−$61.8M$91.0M
Q1 2025$64.2M−$5.4M—−$3.3M$21.4M−$45.1M$58.8M
Q4 2024$64.8M−$6.2M—−$3.6M$390K−$60.2M$58.5M

Waystar Holding: income statement and cash flow

Waystar Holding, Q3 2026: revenue $326M (+21% year over year), operating margin 18.8%. The chart follows the revenue to costs, profit and cash.

Waystar Holding: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.