Filing Flows › Waystar Holding (WAY) › Q2 2025
Waystar Holding (WAY) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 30, 2025
Waystar Holding (WAY) reported revenue of $271M for the second quarter 2025 (Q2 2025), +15% from a year earlier and +6% from the quarter before. Operating margin was 24.0%, net earnings $32.2M (11.9% of revenue).
Waystar Holding, Q2 2025: revenue $271M (+15% year over year), operating margin 24.0%, net earnings $32.2M, operating cash flow $96.8M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $271M | +6% | +15% |
| Operating profit | $64.8M | -0.6% | +686% |
| Net earnings | $32.2M | +10% | — |
| Operating cash flow | $96.8M | +51% | +526% |
| Free cash flow | $91.0M | +55% | +960% |
What changed
Revenue was $270.7M in Q2 2025, up 15% year over year and up 6% from the previous quarter. Volume-based revenue was the largest line at 51% of revenue. Subscription revenue added $18.8M year over year (up 17%), 52% of the total change. Implementation services and other revenue declined 3%.
Operating profit was $64.8M, a 24.0% margin (up 20.4 points year over year). Of the extra revenue versus a year earlier, 157% reached operating profit, above the 4% margin then. Total costs fell 9% while revenue rose 15%. Net earnings were $32.2M. The effective tax rate was 30.9%.
Operating cash flow was $96.8M (up 526% year over year), 301% of net earnings. Non-cash charges added back $33.4M of depreciation and amortization and $11.5M of share-based compensation. Working capital and other items added $19.6M. Capital expenditures of $5.8M left free cash flow of $91.0M.
Questions
What was Waystar Holding's revenue in the second quarter 2025?
Waystar Holding (WAY) reported revenue of $271M for the second quarter 2025 (Q2 2025), +15% from a year earlier and +6% from the quarter before.
Was Waystar Holding profitable in the second quarter 2025?
Operating profit was $64.8M (24.0% of revenue) and net earnings $32.2M.
Source: Waystar Holding 10-Q on SEC EDGAR.