Filing Flows › Waystar Holding (WAY) › Q1 2026
Waystar Holding (WAY) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 29, 2026
Waystar Holding (WAY) reported revenue of $314M for the first quarter 2026 (Q1 2026), +22% from a year earlier and +3% from the quarter before. Operating margin was 25.6%, net earnings $43.3M (13.8% of revenue).
Waystar Holding, Q1 2026: revenue $314M (+22% year over year), operating margin 25.6%, net earnings $43.3M, operating cash flow $84.9M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $314M | +3% | +22% |
| Operating profit | $80.5M | +36% | +23% |
| Net earnings | $43.3M | +117% | +48% |
| Operating cash flow | $84.9M | +27% | +32% |
| Free cash flow | $69.6M | +22% | +18% |
What changed
Revenue was $313.9M in Q1 2026, up 22% year over year and up 3% from the previous quarter. Subscription revenue was the largest line at 55% of revenue. Subscription revenue added $47.1M year over year (up 38%), 82% of the total change.
Operating profit was $80.5M, a 25.6% margin (up 0.2 points year over year). Of the extra revenue versus Q1 2025, 27% reached operating profit, above the 25% margin then. Total costs grew 22% against revenue growth of 22%. The fastest-growing cost line was Research & development (+66%). Net earnings were $43.3M, up 48% year over year. The effective tax rate was 27.6%.
Operating cash flow was $84.9M (up 32% year over year), 196% of net earnings. Non-cash charges added back $41.5M of depreciation and amortization and $11.4M of share-based compensation. Working capital and other items used $11.3M. Capital expenditures of $15.3M left free cash flow of $69.6M.
Questions
What was Waystar Holding's revenue in the first quarter 2026?
Waystar Holding (WAY) reported revenue of $314M for the first quarter 2026 (Q1 2026), +22% from a year earlier and +3% from the quarter before.
Was Waystar Holding profitable in the first quarter 2026?
Operating profit was $80.5M (25.6% of revenue) and net earnings $43.3M.
Source: Waystar Holding 10-Q on SEC EDGAR.