Waystar Holding Corp. reported significant financial growth in its latest quarterly filing, with revenues reaching $268.7 million for the three months ended September 30, 2025, an increase of 11.9% from $240.1 million in the same period last year. For the nine months ended September 30, 2025, total revenue was $795.7 million, reflecting a 13.8% increase compared to $699.4 million for the same period in 2024. The company achieved a net income of $30.6 million for the third quarter, a substantial rise from $5.4 million in the prior year, while net income for the nine months was $92.1 million, compared to a net loss of $38.2 million in 2024.
The company’s operating expenses for the third quarter decreased to $208.4 million from $213.0 million year-over-year, primarily due to a significant reduction in depreciation and amortization expenses, which fell by 44.7% to $33.3 million. This decline was attributed to several intangible assets becoming fully amortized. Additionally, Waystar's interest expenses decreased to $16.6 million from $17.8 million, reflecting the impact of previous debt repayments. The company’s effective tax rate for the quarter was 28.3%, up from 37.7% in the prior year, driven by increased pre-tax income.
Waystar has also made strategic moves to enhance its market position, including the acquisition of Iodine Software Holdings, Inc. for approximately $1.25 billion, which was finalized on October 1, 2025. This acquisition is expected to bolster Waystar's capabilities in AI-powered clinical intelligence, further automating processes and improving financial performance for healthcare providers. The company has also expanded its client base, serving over 30,000 clients, including 17 of the top 20 U.S. News Best Hospitals, and facilitating over six billion healthcare payment transactions in 2024.
Operationally, Waystar reported a Net Revenue Retention Rate of 113.1% for the twelve months ending September 30, 2025, indicating strong client retention and expansion. The company also noted an increase in its customer count generating over $100,000 in revenue, rising to 1,306 from 1,173 year-over-year. As of September 30, 2025, Waystar had cash and cash equivalents of $421.1 million, significantly up from $182.1 million at the end of 2024, providing a solid liquidity position to support ongoing operations and future growth initiatives.
Looking ahead, Waystar remains optimistic about its growth trajectory, driven by its innovative cloud technology solutions and strategic acquisitions. The company anticipates continued revenue growth as it expands its product offerings and enhances client relationships, while also managing its operational costs effectively. The outlook reflects confidence in sustaining profitability and leveraging its market position to capitalize on the evolving healthcare landscape.
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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