Filing Flows › Waystar Holding (WAY) › Q2 2026 › vs Q2 2025
Waystar Holding (WAY) Q2 2026 vs Q2 2025 (year over year)
Waystar Holding's revenue rose $49.0M (+18%) from $271M in Q2 2025 to $320M in Q2 2026. The biggest changes: Subscription revenue +$45.2M (+34%); Volume-based revenue +$3.9M (+3%); Implementation services and other revenue −$18K (-1%). Operating margin 23.8% against 24.0% (-0.2 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 23.8% | 24.0% | -0.2 pts |
| Net margin | 12.8% | 11.9% | +0.9 pts |
| Free cash flow margin | 13.5% | 33.6% | -20.1 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Subscription revenue | $176M | $131M | $45.2M | +34% |
| Volume-based revenue | $142M | $138M | $3.9M | +3% |
| Implementation services and other revenue | $1.2M | $1.3M | −$18K | -1% |
| Revenue | $320M | $271M | $49.0M | +18% |
| Operating profit | $76.0M | $64.8M | $11.2M | +17% |
| Costs & expenses | $244M | $206M | $37.8M | +18% |
| Pre-tax earnings | $56.4M | $46.6M | $9.8M | +21% |
| Other expense, net | $19.6M | $18.3M | $1.4M | +8% |
| Cost of revenue | $97.7M | $87.0M | $10.6M | +12% |
| Research & development | $17.7M | $12.6M | $5.1M | +40% |
| Sales & marketing | $50.4M | $43.5M | $6.9M | +16% |
| General & admin | $36.4M | $29.2M | $7.2M | +25% |
| Other operating costs | $41.5M | $33.4M | $8.0M | +24% |
| Net earnings | $40.9M | $32.2M | $8.7M | +27% |
| Income tax | $15.5M | $14.4M | $1.1M | +8% |
| Depreciation & amortization | $41.5M | $33.4M | $8.0M | +24% |
| Share-based compensation | $13.8M | $11.5M | $2.3M | +20% |
| Working capital & other | $36.7M | −$19.6M | $56.3M | — |
| Operating cash flow | $59.4M | $96.8M | −$37.3M | -39% |
| Free cash flow (OCF − capex) | $43.3M | $91.0M | −$47.7M | -52% |
| Capital expenditures | $16.1M | $5.8M | $10.3M | +179% |
Questions
How much did Waystar Holding's revenue grow year over year in Q2 2026?
Waystar Holding's revenue rose $49.0M (+18%) from $271M in Q2 2025 to $320M in Q2 2026.
What drove Waystar Holding's revenue change in Q2 2026?
Subscription revenue +$45.2M (+34%); Volume-based revenue +$3.9M (+3%); Implementation services and other revenue −$18K (-1%).