Description
Waystar: The AI-Powered Revenue Cycle Story Wall Street May Be Underestimating!
Waystar’s first quarter of 2026 results reflect growth driven by strong execution across its healthcare revenue cycle platform and accelerated adoption of AI-powered capabilities. The company reported revenue of $314 million, marking a 22% year-over-year increase, supported by solid organic growth of 11%. Subscription revenue, making up 55% of total sales, grew 38% year-over-year, while volume-based revenue rose 7%. Client retention remained healthy with a net revenue retention rate of approximately 111%, slightly above historical averages, and the client base expanded with 42 new customers generating over $100,000 in trailing 12-month revenue. The company’s adjusted EBITDA was $135 million, representing a 43% margin, boosted by a favorable revenue mix that leaned more toward higher-margin provider solutions, which constitute about 75% of revenue. Waystar’s capital position is solid, holding $159 million in cash and equivalents against $1.5 billion in gross debt, with a net leverage ratio improving to 2.
