Filing Flows › Waystar Holding (WAY) › Q4 2025
Waystar Holding (WAY) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 17, 2026
Waystar Holding (WAY) reported revenue of $304M for the fourth quarter 2025 (Q4 2025), +24% from a year earlier and +13% from the quarter before. Operating margin was 19.4%, net earnings $20.0M (6.6% of revenue).
Waystar Holding, Q4 2025: revenue $304M (+24% year over year), operating margin 19.4%, net earnings $20.0M, operating cash flow $66.6M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $304M | +13% | +24% |
| Operating profit | $59.0M | -2% | +11% |
| Net earnings | $20.0M | -35% | +5% |
| Operating cash flow | $66.6M | -19% | +3% |
| Free cash flow | $57.2M | -25% | -2% |
What changed
Revenue was $303.5M in Q4 2025, up 24% year over year and up 13% from the previous quarter. Subscription revenue was the largest line at 55% of revenue.
Operating profit was $59.0M, a 19.4% margin (down 2.3 points year over year). Of the extra revenue versus a year earlier, 10% reached operating profit, below the 22% margin then. Total costs grew 28% against revenue growth of 24%. The fastest-growing cost line was General & admin (+90%). Net earnings were $20.0M, up 5% year over year. The effective tax rate was 44.7%.
Operating cash flow was $66.6M (up 3% year over year), 333% of net earnings. Non-cash charges added back $40.4M of depreciation and amortization and $12.2M of share-based compensation. Working capital and other items used $6.0M. Capital expenditures of $9.4M left free cash flow of $57.2M.
Questions
What was Waystar Holding's revenue in the fourth quarter 2025?
Waystar Holding (WAY) reported revenue of $304M for the fourth quarter 2025 (Q4 2025), +24% from a year earlier and +13% from the quarter before.
Was Waystar Holding profitable in the fourth quarter 2025?
Operating profit was $59.0M (19.4% of revenue) and net earnings $20.0M.
Source: Waystar Holding 10-K on SEC EDGAR.