Waystar (NASDAQ:WAY) Announces Earnings Results

Waystar (NASDAQ:WAY) announced its quarterly earnings data on Wednesday. The company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.03, FiscalAI reports. Waystar had a net margin of 10.90% and a return on equity of 6.99%. The company had revenue of $319.67 million during the quarter, compared to analysts’ expectations of $316.21 million. During the same quarter in the prior year, the company posted $0.36 EPS. The business’s revenue was up 18.1% on a year-over-year basis.

Here are the key takeaways from Waystar’s conference call:

• Q2 revenue rose 18% year over year to $320 million, while adjusted EBITDA increased 21.5% to $137 million, producing a 43% margin and exceeding consensus expectations.
• Bookings remained strong, including a double-digit number of engagements worth more than $1 million in annual contract value, while AI-enabled solutions represented approximately 40% of bookings for the quarter.
• Waystar raised its full-year outlook, increasing the revenue range to $1.276 billion-$1.294 billion and adjusted EBITDA guidance to $535 million-$545 million, citing healthy demand, favorable deal mix, and operating leverage.
• Net revenue retention was 108%, within the company’s historical range, while normalized organic growth was approximately 10%; volume-based revenue grew only 3% reported, though management said normalized growth was closer to 8%.
• CFO Steve Oreskovich will transition out of the role after eight years, with Alpana Wegner appointed as his successor; management also expects increased AI investment and capitalized software spending to pressure second-half cash flow and margins.

Waystar Price Performance

WAY opened at $21.56 on Thursday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.76 and a quick ratio of 1.76. The stock has a market capitalization of $4.14 billion, a P/E ratio of 33.22, a price-to-earnings-growth ratio of 0.93 and a beta of 0.08. The company’s 50 day simple moving average is $20.73 and its 200-day simple moving average is $23.31. Waystar has a one year low of $17.26 and a one year high of $41.47.

Key Stories Impacting Waystar

Here are the key news stories impacting Waystar this week:

• Positive Sentiment: Q2 earnings and revenue beat estimates: Waystar reported adjusted earnings of $0.43 per share, above the $0.40 consensus estimate, while revenue reached $319.7 million versus expectations of $316.2 million. Revenue increased 18.1% year over year, and earnings rose from $0.36 per share in the prior-year quarter. Waystar Holding Beats Q2 Earnings and Revenue Estimates
• Positive Sentiment: Profitability remained strong: Second-quarter net income was $40.9 million, non-GAAP net income was $83.3 million, net margin was 13%, and adjusted EBITDA margin was 43%. These results support the investment case for Waystar’s healthcare-payment software platform. Waystar Reports Second Quarter 2026 Results
• Positive Sentiment: Full-year guidance was raised: Management now expects 2026 revenue of $1.276 billion to $1.294 billion and adjusted EBITDA of $535 million to $545 million. The updated outlook reinforces expectations for continued growth and cash-generation potential. Waystar Outlines 2026 Revenue and EBITDA Guidance
• Positive Sentiment: Analyst support increased: Needham reaffirmed its Buy rating and set a $33 price target, implying substantial upside from the referenced share price. Benzinga Analyst Rating Report
• Neutral Sentiment: CFO transition: Alpana Wegner, an experienced technology CFO, will become CFO on August 1. Her appointment may support Waystar’s growth strategy, although investors could monitor execution during the leadership change. Waystar Appoints Alpana Wegner as CFO

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of WAY. Smartleaf Asset Management LLC raised its stake in Waystar by 6,005.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,160 shares of the company’s stock worth $38,000 after buying an additional 1,141 shares during the period. EverSource Wealth Advisors LLC raised its holdings in shares of Waystar by 3,219.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,394 shares of the company’s stock worth $57,000 after acquiring an additional 1,352 shares during the period. Los Angeles Capital Management LLC bought a new stake in Waystar in the 4th quarter valued at $83,000. State of Wyoming boosted its stake in Waystar by 45.1% in the 2nd quarter. State of Wyoming now owns 2,098 shares of the company’s stock worth $86,000 after purchasing an additional 652 shares during the period. Finally, Pacer Advisors Inc. boosted its stake in Waystar by 22.1% in the 4th quarter. Pacer Advisors Inc. now owns 3,144 shares of the company’s stock worth $103,000 after purchasing an additional 569 shares during the period.

Analysts Set New Price Targets

A number of research firms have weighed in on WAY. Raymond James Financial reaffirmed a “strong-buy” rating and set a $32.00 price objective on shares of Waystar in a report on Thursday, April 30th. Citigroup restated a “buy” rating on shares of Waystar in a research report on Monday, July 20th. UBS Group set a $34.00 price target on Waystar in a research report on Monday, July 20th. Needham & Company LLC reiterated a “buy” rating and set a $33.00 price objective on shares of Waystar in a research note on Thursday. Finally, KeyCorp started coverage on shares of Waystar in a research note on Wednesday, July 1st. They set an “overweight” rating and a $30.00 price objective on the stock. Three equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $35.09.

Waystar Company Profile

Waystar (NASDAQ:WAY) is a leading provider of cloud-based revenue cycle management and payment solutions for healthcare organizations. The company’s unified platform streamlines the entire financial continuum of patient care, from eligibility verification and claim submission to payment reconciliation and patient billing. By automating key processes and improving claim accuracy, Waystar helps providers reduce administrative overhead, accelerate cash flow and enhance overall revenue performance.

At the core of Waystar’s offering is a SaaS-based architecture that integrates seamlessly with existing electronic health record (EHR) systems and payer networks.