Waystar Holding Corp. reported a significant increase in financial performance for the first quarter of 2026, with total revenue reaching $313.9 million, a 22.4% rise from $256.4 million in the same period last year. The company’s net income also saw a substantial increase, climbing to $43.3 million compared to $29.3 million in the prior year, reflecting a 47.9% growth. This performance translated to a basic net income per share of $0.23, up from $0.17 in the previous year. The increase in revenue was primarily driven by a $47.1 million rise in subscription revenue, which accounted for 54.9% of total revenue, and a $9.5 million increase in volume-based revenue.
In terms of operational metrics, Waystar's customer base has expanded, with 1,433 clients generating over $100,000 in revenue over the past year, up from 1,244 clients a year earlier. The company facilitated over 7.5 billion healthcare payment transactions in 2025, amounting to more than $2.4 trillion in gross claims volume. The Net Revenue Retention Rate stood at 110.5%, indicating strong client retention and growth. Waystar's platform continues to evolve, leveraging AI technology to enhance its service offerings and improve operational efficiencies for healthcare providers.
The company has also made strategic moves, including the acquisition of Iodine, a leader in AI-powered clinical intelligence, completed in October 2025 for approximately $1.26 billion. This acquisition is expected to enhance Waystar's capabilities in automating manual processes and improving financial performance for healthcare providers. Additionally, Waystar has been actively investing in its technology infrastructure, with capital expenditures increasing significantly, which contributed to a net cash used in investing activities of $112.5 million for the quarter.
Waystar's balance sheet reflects a total asset value of $5.84 billion as of March 31, 2026, with stockholders' equity increasing to $3.94 billion from $3.88 billion at the end of 2025. The company reported total liabilities of $1.90 billion, slightly down from $1.91 billion at the end of the previous year. The increase in cash and cash equivalents was offset by a decrease in cash on hand, which fell to $34.3 million from $61.4 million, primarily due to increased investments and operational expenditures.
Looking ahead, Waystar remains optimistic about its growth trajectory, driven by its expanding client base and the ongoing adoption of its solutions across various healthcare settings. The company anticipates continued revenue growth as it leverages its AI capabilities and enhances its service offerings to meet the evolving needs of healthcare providers.
About Waystar Holding Corp.
Waystar provides cloud-based software solutions that streamline healthcare payments, covering the entire revenue cycle from eligibility verification to post-encounter collections. Its platform automates workflows, reduces errors, and enhances claim accuracy using AI and advanced algorithms. Serving over 30,000 healthcare providers, the company improves payment speed, accuracy, and transparency, helping providers increase revenue and operational efficiency in a complex, highly regulated industry.
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