Filing Flows › Waystar Holding (WAY) › Q3 2026 › vs Q2 2026
Waystar Holding (WAY) Q3 2026 vs Q2 2026 (quarter over quarter)
Waystar Holding's revenue rose $6.0M (+2%) from $320M in Q2 2026 to $326M in Q3 2026. The biggest changes: Subscription revenue +$4.4M (+3%); Implementation services and other revenue +$800K (+65%); Volume-based revenue +$711K (+0.5%). Operating margin 18.8% against 23.8% (-5.0 pts).
Waystar Holding, Q3 2026: revenue $326M (+21% year over year), operating margin 18.8%, net earnings $31.0M, operating cash flow $104M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 18.8% | 23.8% | -5.0 pts |
| Net margin | 9.5% | 12.8% | -3.3 pts |
| Free cash flow margin | 28.9% | 13.5% | +15.3 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Subscription revenue | $181M | $176M | $4.4M | +3% |
| Volume-based revenue | $143M | $142M | $711K | +0.5% |
| Implementation services and other revenue | $2.0M | $1.2M | $800K | +65% |
| Revenue | $326M | $320M | $6.0M | +2% |
| Operating profit | $61.3M | $76.0M | −$14.8M | -19% |
| Costs & expenses | $264M | $244M | $20.7M | +9% |
| Pre-tax earnings | $42.0M | $56.4M | −$14.4M | -26% |
| Other expense, net | $19.3M | $19.6M | −$349K | -2% |
| Cost of revenue | $99.2M | $97.7M | $1.5M | +2% |
| Research & development | $20.3M | $17.7M | $2.6M | +15% |
| Sales & marketing | $52.0M | $50.4M | $1.6M | +3% |
| General & admin | $51.4M | $36.4M | $15.0M | +41% |
| Other operating costs | $41.5M | $41.5M | $0 | 0% |
| Net earnings | $31.0M | $40.9M | −$9.8M | -24% |
| Income tax | $10.9M | $15.5M | −$4.6M | -30% |
| Depreciation & amortization | $41.5M | $41.5M | $0 | 0% |
| Share-based compensation | $24.4M | $13.8M | $10.6M | +77% |
| Working capital & other | $6.9M | −$36.7M | $43.7M | — |
| Operating cash flow | $104M | $59.4M | $44.5M | +75% |
| Free cash flow (OCF − capex) | $93.9M | $43.3M | $50.6M | +117% |
| Capital expenditures | $9.9M | $16.1M | −$6.2M | -38% |
Questions
How much did Waystar Holding's revenue grow quarter over quarter in Q3 2026?
Waystar Holding's revenue rose $6.0M (+2%) from $320M in Q2 2026 to $326M in Q3 2026.
What drove Waystar Holding's revenue change in Q3 2026?
Subscription revenue +$4.4M (+3%); Implementation services and other revenue +$800K (+65%); Volume-based revenue +$711K (+0.5%).