Filing Flows › Waystar Holding (WAY) › Q3 2025
Waystar Holding (WAY) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 29, 2025
Waystar Holding (WAY) reported revenue of $269M for the third quarter 2025 (Q3 2025), +12% from a year earlier and -0.7% from the quarter before. Operating margin was 22.4%, net earnings $30.6M (11.4% of revenue).
Waystar Holding, Q3 2025: revenue $269M (+12% year over year), operating margin 22.4%, net earnings $30.6M, operating cash flow $82.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $269M | -0.7% | +12% |
| Operating profit | $60.2M | -7% | +122% |
| Net earnings | $30.6M | -5% | +466% |
| Operating cash flow | $82.0M | -15% | +4% |
| Free cash flow | $76.2M | -16% | +8% |
What changed
Revenue was $268.7M in Q3 2025, up 12% year over year and down 1% from the previous quarter. Subscription revenue was the largest line at 50% of revenue. Subscription revenue added $16.5M year over year (up 14%), 58% of the total change.
Operating profit was $60.2M, a 22.4% margin (up 11.1 points year over year). Of the extra revenue versus a year earlier, 116% reached operating profit, above the 11% margin then. Total costs fell 2% while revenue rose 12%. The fastest-growing cost line was General & admin (+43%). Net earnings were $30.6M, up 466% year over year. The effective tax rate was 28.3%.
Operating cash flow was $82.0M (up 4% year over year), 268% of net earnings. Non-cash charges added back $33.3M of depreciation and amortization and $11.6M of share-based compensation. Working capital and other items added $6.5M. Capital expenditures of $5.9M left free cash flow of $76.2M.
Questions
What was Waystar Holding's revenue in the third quarter 2025?
Waystar Holding (WAY) reported revenue of $269M for the third quarter 2025 (Q3 2025), +12% from a year earlier and -0.7% from the quarter before.
Was Waystar Holding profitable in the third quarter 2025?
Operating profit was $60.2M (22.4% of revenue) and net earnings $30.6M.
Source: Waystar Holding 10-Q on SEC EDGAR.