Filing Flows › Waystar Holding (WAY) › Q2 2026 › vs Q1 2026
Waystar Holding (WAY) Q2 2026 vs Q1 2026 (quarter over quarter)
Waystar Holding's revenue rose $5.8M (+2%) from $314M in Q1 2026 to $320M in Q2 2026. The biggest changes: Subscription revenue +$4.1M (+2%); Volume-based revenue +$2.7M (+2%); Implementation services and other revenue −$1.0M (-45%). Operating margin 23.8% against 25.6% (-1.8 pts).
Waystar Holding, Q2 2026: revenue $320M (+18% year over year), operating margin 23.8%, net earnings $40.9M, operating cash flow $59.4M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 23.8% | 25.6% | -1.8 pts |
| Net margin | 12.8% | 13.8% | -1.0 pts |
| Free cash flow margin | 13.5% | 22.2% | -8.6 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Subscription revenue | $176M | $172M | $4.1M | +2% |
| Volume-based revenue | $142M | $139M | $2.7M | +2% |
| Implementation services and other revenue | $1.2M | $2.2M | −$1.0M | -45% |
| Revenue | $320M | $314M | $5.8M | +2% |
| Operating profit | $76.0M | $80.5M | −$4.4M | -5% |
| Costs & expenses | $244M | $233M | $10.2M | +4% |
| Pre-tax earnings | $56.4M | $59.8M | −$3.4M | -6% |
| Other expense, net | $19.6M | $20.6M | −$1.0M | -5% |
| Cost of revenue | $97.7M | $97.0M | $651K | +0.7% |
| Research & development | $17.7M | $18.4M | −$645K | -4% |
| Sales & marketing | $50.4M | $45.8M | $4.5M | +10% |
| General & admin | $36.4M | $30.7M | $5.7M | +18% |
| Other operating costs | $41.5M | $41.5M | $14K | 0% |
| Net earnings | $40.9M | $43.3M | −$2.4M | -6% |
| Income tax | $15.5M | $16.5M | −$1.0M | -6% |
| Depreciation & amortization | $41.5M | $41.5M | $14K | 0% |
| Share-based compensation | $13.8M | $11.4M | $2.4M | +21% |
| Working capital & other | $36.7M | $11.3M | $25.5M | +226% |
| Operating cash flow | $59.4M | $84.9M | −$25.5M | -30% |
| Free cash flow (OCF − capex) | $43.3M | $69.6M | −$26.3M | -38% |
| Capital expenditures | $16.1M | $15.3M | $786K | +5% |
Questions
How much did Waystar Holding's revenue grow quarter over quarter in Q2 2026?
Waystar Holding's revenue rose $5.8M (+2%) from $314M in Q1 2026 to $320M in Q2 2026.
What drove Waystar Holding's revenue change in Q2 2026?
Subscription revenue +$4.1M (+2%); Volume-based revenue +$2.7M (+2%); Implementation services and other revenue −$1.0M (-45%).