Filing Flows › Waystar Holding (WAY) › Q1 2025
Waystar Holding (WAY) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 30, 2025
Waystar Holding (WAY) reported revenue of $256M for the first quarter 2025 (Q1 2025), +14% from a year earlier and +5% from the quarter before. Operating margin was 25.4%, net earnings $29.3M (11.4% of revenue).
Waystar Holding, Q1 2025: revenue $256M (+14% year over year), operating margin 25.4%, net earnings $29.3M, operating cash flow $64.2M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $256M | +5% | +14% |
| Operating profit | $65.2M | +23% | +85% |
| Net earnings | $29.3M | +53% | — |
| Operating cash flow | $64.2M | -0.8% | +499% |
| Free cash flow | $58.8M | +0.5% | 11× |
What changed
Revenue was $256.4M in Q1 2025, up 14% year over year and up 5% from the previous quarter. Volume-based revenue was the largest line at 51% of revenue. Subscription revenue added $19.0M year over year (up 18%), 60% of the total change. Implementation services and other revenue declined 6%.
Operating profit was $65.2M, a 25.4% margin (up 9.8 points year over year). Of the extra revenue versus a year earlier, 95% reached operating profit, above the 16% margin then. Total costs grew 1% against revenue growth of 14%. The fastest-growing cost line was Sales & marketing (+19%). Net earnings were $29.3M. The effective tax rate was 36.8%.
Operating cash flow was $64.2M (up 499% year over year), 220% of net earnings. Non-cash charges added back $33.4M of depreciation and amortization and $6.7M of share-based compensation. Working capital and other items used $5.1M. Capital expenditures of $5.4M left free cash flow of $58.8M.
Questions
What was Waystar Holding's revenue in the first quarter 2025?
Waystar Holding (WAY) reported revenue of $256M for the first quarter 2025 (Q1 2025), +14% from a year earlier and +5% from the quarter before.
Was Waystar Holding profitable in the first quarter 2025?
Operating profit was $65.2M (25.4% of revenue) and net earnings $29.3M.
Source: Waystar Holding 10-Q on SEC EDGAR.