Description

Waystar’s Client Base Deepens as 1,453 Accounts Cross $100,000 in Revenue; A Well Deserved ‘BUY’ Rating?

Waystar reported solid results for the second quarter of 2026, demonstrating continued growth across key financial and operational metrics. Revenue increased 18% year-over-year to $320 million, driven by both client expansion and sustained demand for the company’s AI-powered revenue cycle management platform. Subscription revenue grew robustly by 34% year-over-year to $176 million, representing 55% of total revenue and reflecting the health of Waystar’s core recurring business. Volume-based revenue rose modestly by 3% year-over-year to $142 million, consistent with expectations and reflecting normalized volume trends following elevated utilization in prior years. Adjusted EBITDA rose 21.5% year-over-year to $137 million, with a strong adjusted EBITDA margin of 43%, consistent with the previous quarter. This margin achievement highlights the scalable nature of Waystar’s platform, disciplined cost management, and the profitability of high-value solutions contributing to growth.