Waystar Holding (WAY) financial statements
Waystar Holding reported revenue of $1.1B in fiscal 2025, up 16.0% a year over 3 years.
Net income was $112M and the operating margin 22.7%, against 12.7% in 2022.
Free cash flow was $283M.
The diluted share count rose 52% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Waystar Holding's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $705M | $791M | $944M | $1.1B |
| Cost of revenue | $215M | $250M | $316M | $348M |
| Gross profit | $490M | $541M | $628M | $751M |
| Research and development | $33M | $35M | $49M | $55M |
| Selling, general and admin | $185M | $187M | $269M | $307M |
| Operating income | $89M | $142M | $124M | $249M |
| Pre-tax income | -$66M | -$64M | -$23M | $172M |
| Income tax | -$14M | -$12M | -$3M | $60M |
| Net income | -$51M | -$51M | -$19M | $112M |
| EPS (diluted) | -$0.42 | -$0.42 | -$0.13 | $0.61 |
| Diluted shares | 122M | 122M | 150M | 185M |
| Gross margin | 69.5% | 68.4% | 66.5% | 68.3% |
| Operating margin | 12.7% | 18.0% | 13.1% | 22.7% |
| Net margin | -7.3% | -6.5% | -2.0% | 10.2% |
Balance sheet
Fiscal years, from Waystar Holding's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Cash and short-term investments | $65M | $36M | $182M | $86M |
| Receivables | — | $126M | $145M | $177M |
| Total current assets | — | $222M | $371M | $308M |
| Property, plant and equipment | — | $61M | $47M | $52M |
| Goodwill | $3.0B | $3.0B | $3.0B | $4.0B |
| Total assets | — | $4.6B | $4.6B | $5.8B |
| Total current liabilities | — | $123M | $146M | $218M |
| Long-term debt | — | $2.2B | $1.2B | $1.5B |
| Total liabilities | — | $2.5B | $1.5B | $1.9B |
| Shareholders' equity | $2.1B | $2.0B | $3.1B | $3.9B |
| Net debt | -$65M | $2.2B | $1.1B | $1.4B |
Cash flow
Fiscal years, from Waystar Holding's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating cash flow | $103M | $51M | $170M | $310M |
| Capital spending | $17M | $22M | $27M | $26M |
| Free cash flow | $85M | $30M | $142M | $283M |
| Stock-based compensation | $8M | $9M | $54M | $42M |
| Share buybacks (net) | -$2M | -$688,000 | -$844,000 | $0 |
| Net borrowing | -$65M | -$18M | -$1.0B | $238M |
| Free cash flow margin | 12.1% | 3.8% | 15.1% | 25.8% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for WAY.
Open WAY in InvestinglyQuestions
What was Waystar Holding's revenue in 2025?
$1.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Waystar Holding generate?
$283M in fiscal 2025 (operating cash flow minus capital spending).
From Waystar Holding's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.