Filing Flows › Waystar Holding (WAY) › How it makes money
How Waystar Holding (WAY) makes money
Waystar Holding (WAY) made $326M of revenue in the third quarter 2026 (Q3 2026), +21% from a year earlier. Subscription revenue brought in $181M (56%); Volume-based revenue brought in $143M (44%); Implementation services and other revenue brought in $2.0M (1%). Of every dollar of revenue, 19¢ was left as operating profit, 10¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Subscription revenue | $181M | 55.5% | +3% | +34% |
| Volume-based revenue | $143M | 43.9% | +0.5% | +8% |
| Implementation services and other revenue | $2.0M | 0.6% | +65% | +10% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $326M | 100.0% |
| Operating profit | $61.3M | 18.8% |
| Income tax | $10.9M | 3.4% |
| Net earnings | $31.0M | 9.5% |
| Operating cash flow | $104M | 31.9% |
| Free cash flow | $93.9M | 28.9% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $326M | +21% |
| Q2 2026 | $320M | +18% |
| Q1 2026 | $314M | +22% |
| Q4 2025 | $304M | +24% |
| Q3 2025 | $269M | +12% |
| Q2 2025 | $271M | +15% |
| Q1 2025 | $256M | +14% |
From Waystar Holding's 10-Q filed Nov 2, 2026 (on EDGAR).
Questions
How does Waystar Holding make money?
Waystar Holding (WAY) made $326M of revenue in the third quarter 2026 (Q3 2026), +21% from a year earlier. Subscription revenue brought in $181M (56%); Volume-based revenue brought in $143M (44%); Implementation services and other revenue brought in $2.0M (1%). Of every dollar of revenue, 19¢ was left as operating profit, 10¢ was left as net earnings.
What is Waystar Holding's biggest business?
Subscription revenue: $181M in the third quarter 2026, 56% of revenue, +34% from a year earlier.
What is Waystar Holding's profit margin?
Net earnings were $31.0M, 9.5% of revenue, in the third quarter 2026; the operating margin was 18.8%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.