Filing Flows › Waystar Holding (WAY) › Q3 2026 › vs Q3 2025
Waystar Holding (WAY) Q3 2026 vs Q3 2025 (year over year)
Waystar Holding's revenue rose $57.0M (+21%) from $269M in Q3 2025 to $326M in Q3 2026. The biggest changes: Subscription revenue +$46.3M (+34%); Volume-based revenue +$10.5M (+8%); Implementation services and other revenue +$179K (+10%). Operating margin 18.8% against 22.4% (-3.6 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 18.8% | 22.4% | -3.6 pts |
| Net margin | 9.5% | 11.4% | -1.9 pts |
| Free cash flow margin | 28.9% | 28.3% | +0.5 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Subscription revenue | $181M | $134M | $46.3M | +34% |
| Volume-based revenue | $143M | $132M | $10.5M | +8% |
| Implementation services and other revenue | $2.0M | $1.9M | $179K | +10% |
| Revenue | $326M | $269M | $57.0M | +21% |
| Operating profit | $61.3M | $60.2M | $1.0M | +2% |
| Costs & expenses | $264M | $208M | $55.9M | +27% |
| Pre-tax earnings | $42.0M | $42.7M | −$748K | -2% |
| Other expense, net | $19.3M | $17.5M | $1.8M | +10% |
| Cost of revenue | $99.2M | $85.1M | $14.1M | +17% |
| Research & development | $20.3M | $12.4M | $7.9M | +64% |
| Sales & marketing | $52.0M | $45.2M | $6.8M | +15% |
| General & admin | $51.4M | $32.4M | $19.0M | +59% |
| Other operating costs | $41.5M | $33.3M | $8.2M | +25% |
| Net earnings | $31.0M | $30.6M | $377K | +1% |
| Income tax | $10.9M | $12.1M | −$1.1M | -9% |
| Depreciation & amortization | $41.5M | $33.3M | $8.2M | +25% |
| Share-based compensation | $24.4M | $11.6M | $12.8M | +111% |
| Working capital & other | $6.9M | $6.5M | $445K | +7% |
| Operating cash flow | $104M | $82.0M | $21.8M | +27% |
| Free cash flow (OCF − capex) | $93.9M | $76.2M | $17.8M | +23% |
| Capital expenditures | $9.9M | $5.9M | $4.0M | +69% |
Questions
How much did Waystar Holding's revenue grow year over year in Q3 2026?
Waystar Holding's revenue rose $57.0M (+21%) from $269M in Q3 2025 to $326M in Q3 2026.
What drove Waystar Holding's revenue change in Q3 2026?
Subscription revenue +$46.3M (+34%); Volume-based revenue +$10.5M (+8%); Implementation services and other revenue +$179K (+10%).